I thought many low earners were already taken out of the tax system?
I don't think so. My husband only works part time because he is a pensioner (70 this year) and he still pays tax even though he is on the minimum wage .
I don't think so. My husband only works part time because he is a pensioner (70 this year) and he still pays tax even though he is on the minimum wage .
the personal allowance for this year is £9440.
the NMW is £6.31
if you took two weeks holiday a year you would start paying tax at ~30h per week
I can only assume that Labour have adopted the policy for no better reason than to differentiate themselves from the (far more sensible) Liberal/Tory policy.
I'd personally prefer to see National Insurance folded into general taxation and a flat tax rate that starts at a reasonably high level e.g. 30% above £24,000.
Let the low paid keep hold of their own money rather than taxing them and then handing the money back as benefits. But don't punish those with higher incomes with punitive tax rates but encourage people to bring their money and investment to the UK.
I dunno, how has Clever George paid for the lowering of corporation tax from 28% to 20% next year?;-)
If the Government, any Government, is serious about raising tax it can start with the estimated £50 billion it loses each year from tax avoidance and tax evasion, before it squeezes more money out those that pay in full and on time every month.
Comments
This may help.
http://labourlist.org/2014/01/balls-commits-labour-to-raising-top-rate-of-tax-back-to-50p/
well they are saying an introductory rate of 10p so from above the allowance.
but by the time it was abolished it applied to incomes between £5,225 and £7,455. now nobody pays tax until £10,000 rising to £10,500 from next year.
Why can they not just implement a decent tax threshold and then have a single flat rate above that?
Not really, that's an article on the 50p tax rate.
My mistake , it say's
I thought that was what you were asking about
How does Clever Eddie plan to do this?
Bankers bonuses obviously
I thought many low earners were already taken out of the tax system?
I don't think so. My husband only works part time because he is a pensioner (70 this year) and he still pays tax even though he is on the minimum wage .
the personal allowance for this year is £9440.
the NMW is £6.31
if you took two weeks holiday a year you would start paying tax at ~30h per week
if you had no other sources of income.
My husband works 16 hours a week at the NMW, he also gets £136. 70p a week state pension.
I can only assume that Labour have adopted the policy for no better reason than to differentiate themselves from the (far more sensible) Liberal/Tory policy.
I'd personally prefer to see National Insurance folded into general taxation and a flat tax rate that starts at a reasonably high level e.g. 30% above £24,000.
Let the low paid keep hold of their own money rather than taxing them and then handing the money back as benefits. But don't punish those with higher incomes with punitive tax rates but encourage people to bring their money and investment to the UK.
I dunno, how has Clever George paid for the lowering of corporation tax from 28% to 20% next year?;-)
If the Government, any Government, is serious about raising tax it can start with the estimated £50 billion it loses each year from tax avoidance and tax evasion, before it squeezes more money out those that pay in full and on time every month.
10p tax is a huge enormous Canard by Labour, much as anything else they say.
When it existed 10p applied to 5.5k to 7.5k. Today you pay 0p up till 10.5k.
Labour are just full of nonsense.
The problem is that once you are taken out of the income tax system, you can no longer be helped in respect of tax cuts.
A cut in VAT would really help the low paid.