2% Drop in Income tax (all a con) and NI

dc

Budget Day should be re-named Smoke and Mirrors Day

Cud chewing Yuppie Gordon Brown, the Fat Cat's Friend, takes it out on the less well off again.

And what for? All for political gain/vanity, because of the Tory taunts of Labour Tax and Spend, this selfish person has refused to use Income tax ( the simplest and fairest tax ), replacing it with indiscriminate taxation that is expensive to administer (and his let-out? Tax Credits, well the problems there will vastly exceed anything caused by the useless CSA). Stange how families have benefitted since he became a father;) , you pensioners will have a long wait.:rolleyes2

exil wrote: »

That's what's so odd. The people who lose out are in the main young people who already are hit by student loan debt, and will in the next few decades have to pay increased tax to support the growing number of oldies such as myself as well as saving money for their own pensions.

Not quite, so too are the elderly with small works pensions, their income tax will double. Plus people working part time, many approaching retirement, will not be eligible for tax credits. SO MUCH RUBBISH FROM A SO CALLED SOCIALIST.:mad:

seven-day-weekend

Geoffo_M wrote: »

I sympathise as I am in a similar position. In fact, all low earners up to around £16k will be worse off. Labour used to stand up for the low earners, but I think Brown is trying to get back some of middle england who he has bombarded for years. What worries me is what is in the small print and will be discovered in the next few days. You know what a devious baa-lamb he is. What's the betting everyone will end up worse off?

My husband also is in a similar position (i.e. tiny income from Occupational Pension). He'll have to pay more tax.

exil

Well, not really - the age allowance is increasing in 2008 which will cancel out the effect of the loss of the 10% tax band.

EdInvestor

By 2011, pension income for those over 65 up to almost 10k will attract no tax at all because of the increased age allowance.

dc

Only if you have reached 65.
What about all those approaching, but still years away from 65? Say in their 50s, possibly been made redundant, or career came to an end prematurely through a myriad of reasons.
No this is a damaging budget not for just for the young and single.
They seem to think we are all Sun readers and Sky viewers, not so.

oldwiring

A small query. These changes do not take place until 08/09. I cannot recall if the actual Personal Allowances for that year have been announced. Is that not done in the pre-budget review in December? So do we have the complete facts yet?

Tirian

They haven't been announced yet - most of the analyses that I have seen either use the 07/08 allowance, or else an estimate (Grant Thornton guessed £5405)

Of course, this could be an ace in Gordon's pocket ... announce a big increase in the personal allowance in December, which would wipe out the loss to the low income groups that have lost out in this budget. We'll just have to wait and see I guess.

exil

That's a possibility - and if any of us want this to happen, now's the time to start lobbying your MP, especially if a Labour one.