MSE News: Child benefit cut to hit 1 million next Monday

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  • Our household income is about £18,500 this year,so we get a bit of tax credits and child benefit. I always said if you earn £50,000 then you don't need child benefit.Then i was talking to a friend of mine who made me look at it from her point of view.. her husband works (not sure of his salary) but he has a good job..She works but what she takes home in pay she has to pay £1200 a month in childcare for her 2 children,and her expenses for getting to work.So basically her wages are wiped out..But her thoughts on it was her husband pays 40% income tax so was putting more into the pot than those paying 20%,and felt she should be entitled to keep her child benefit.......Listening to the news last night "apparently" it is costing more money to administrate it than it would to leave it as it is now and let everyone keep child benefit.
  • SandraScarlettSandraScarlett Forumite
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    flight747 wrote: »
    Everyones know benefits is more money than hard worker as I used to work before and the salary is terrible only take home after tax is £11,745 and pay all the bills, rent, council tax, no holiday and got nothing left. No saving. Now I earn £21,505 in benefits and don't have to pay council tax or rent. And enjoyed my holiday four times a year.

    So, it proved benefits are better than in work.

    Incorrect use of "earn".
    jobdone1 wrote: »
    So in a nut shell on a like for like basis you would have to earn around £2500 before deductions if you have two kids earning over £60k to get back the loss of around £1700.

    Punish the working class who pay their way in life THANKS

    Correct use. ;)

    xx
  • jobdone1jobdone1 Forumite
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    annie1975 wrote: »
    Our household income is about £18,500 this year,so we get a bit of tax credits and child benefit. I always said if you earn £50,000 then you don't need child benefit.Then i was talking to a friend of mine who made me look at it from her point of view.. her husband works (not sure of his salary) but he has a good job..She works but what she takes home in pay she has to pay £1200 a month in childcare for her 2 children,and her expenses for getting to work.So basically her wages are wiped out..But her thoughts on it was her husband pays 40% income tax so was putting more into the pot than those paying 20%,and felt she should be entitled to keep her child benefit.......Listening to the news last night "apparently" it is costing more money to administrate it than it would to leave it as it is now and let everyone keep child benefit.

    I find it hard to get my point across but you can argue all day long what is right and what is not but why should some one that pays loads into the state get nothing and yet those who choose not to get every thing.
  • Gentile wrote: »
    Why ? You want the government to hand out dough which it doesnt have ? Are you aware of how much borrowing is happening every month ? At some point the bond market will collapse when the investors realise that the borrowed money is being spent on benefits and none of that is going to be repaid. We only have to look at Greece to imagine the result of investor fright.

    So you have bought into the Tories narrative. The reason that Greece is in such a state is because it is chained to the Euro.
    Our deficit was caused by the banks we had to bail out. Tax payers money is being used to lavish massive bonuses on bankers who add no value to the economy whilst we cut child benefit and disincentivise having kids and make the aging population problem worse.

    The Tories are a socialist party after all...Socialism for the rich!
  • nande2000 wrote: »
    So you have bought into the Tories narrative. The reason that Greece is in such a state is because it is chained to the Euro.
    Our deficit was caused by the banks we had to bail out. Tax payers money is being used to lavish massive bonuses on bankers who add no value to the economy whilst we cut child benefit and disincentivise having kids and make the aging population problem worse.

    The Tories are a socialist party after all...Socialism for the rich!

    You need to get some facts right. Who bailed out the banks ? Not the tories. Who bailed out Northern crock ? Not tories. Who bailed out RBS and LLoyds ? Not tories. Who gave massive bonuses to Northern Crock employees and executives ? Not tories.

    Tories are trying to reverse the massive !!!! ups done by Labour and if they hadnt we would have lost the triple A and investors would run away and there would be no money to borrow to pay benefits !

    But dont let the facts get in the way huh ? Listen to some Labour rhetoric on how Tories are ruining hard working families.
  • jobdone1jobdone1 Forumite
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    Gentile wrote: »
    You need to get some facts right. Who bailed out the banks ? Not the tories. Who bailed out Northern crock ? Not tories. Who bailed out RBS and LLoyds ? Not tories. Who gave massive bonuses to Northern Crock employees and executives ? Not tories.

    Tories are trying to reverse the massive !!!! ups done by Labour and if they hadnt we would have lost the triple A and investors would run away and there would be no money to borrow to pay benefits !

    But dont let the facts get in the way huh ? Listen to some Labour rhetoric on how Tories are ruining hard working families.

    A A A Rating, 2013 is the year we are likely to lose it, That was the talk in 2012. Investors are not going to bailout in their thousands for goodness sake
  • chaliepudchaliepud Forumite
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    Does anyone have any idea what happens if wage earner is working abroad, tax free and earning over £60k? OH says not to worry about it but I am as there is a chance he may lose his job at some point this year and we may not be in a position to pay back the money later..
  • michaelsmichaels Forumite
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    nande2000 wrote: »
    So you have bought into the Tories narrative. The reason that Greece is in such a state is because it is chained to the Euro.
    Our deficit was caused by the banks we had to bail out. Tax payers money is being used to lavish massive bonuses on bankers who add no value to the economy whilst we cut child benefit and disincentivise having kids and make the aging population problem worse.

    The Tories are a socialist party after all...Socialism for the rich!

    The bank bailout was what - 60bln (that may be recovered if Llloyds and RBS are sold in future)? In the last year of labour govt the deficit (govt spending on benefits and nhs etc over tax receipts) was about 180bn, it is now down to 120bn each year. None of this spending is on the banks it is all on benefits, health, education etc. I can not see how the bank bailout is anything but a small percentage to do with the need to balance spending and tax receips but perhaps you can explain it to me so I can understand?
    I think....
  • michaelsmichaels Forumite
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    Just for interest, if you can afford to:

    Salary 60k, 3 kids, after tax/benefits about 40k
    Salary sacrifice 48k to pension to make salary minimum wage (12k)
    Net after tax/benefits about 22k.

    Loss of income 18k.
    Increase in pension 48k

    If you have no savings you can also get free school meals, council tax benefit etc.

    Loss to the exchequer 30k

    Law of unintended consequences?
    I think....
  • FBabyFBaby Forumite
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    jollybeans wrote: »
    but if you earn over £50,000 a year and actually NEED that extra £80/£120 a month, you seriously need to re-evaluate your lifestyle and expectations of life!! ;)
    Why should they? If they have worked hard all their lives, made many sacrifices to get where they are, why should they have to re-evaluate their lifestyle? Is it how it is now, anyone who might potentially enjoy a pleasant house/car/holidays should feel ashamed of aspiring to such luxuries, and voluntary redistribute all their non-essential pay to those who have made different choices in life, in addition to what is already redistributed?

    Would you be as assertive to a single mother with a £1000 a month mortgage (average in many part of the SE) and just about as much to pay in childcare? Do you really think another £125 is pure luxury to her?
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