10p tax rate nonsense
April 20th, 2008 at 10:50pm |
I didn’t even know the 10p tax rate had been axed - they kept that much quieter than the 2% cut. I guess this explains why, when I was calculating my take home pay for next year, there was barely any difference. The benefit of the 2p cut on income tax is virtually eliminated by the lack of the 10p band. So why do it? What a waste of time.
In fact, unless you earn more than £15k per year, you will actually lose money with the new rates. The people that gain the most are those that earn the maximum amount on the 20p band (i.e. higher rate tax payers), who will be about £300 better off per year.
Posted in Rants
The abolition of the 10p tax rate will succeed in locking even more people into the client state as tax credits become even more attractive. I find it astonishing that Labour MPs on Tyneside think that the answer to low pay is to shift more civil servants away from London, rather than reinstating the 10p rate.
dont agree with the scrapping of the 10p tax rate unless government start improving certain issues in the uk such as the health service, public services, education and tackling crime but to name a few things instead of going into other countries backyards and fighting wars in iraq and afghanistan as its all about the oil and the government wont admit this but am sure many other people in uk will agree with me anybody who dont then be great to hear from you as i aint met anybody yet that agrees with the war in the middle east. on the other side of the coin the 10p tax rate situation dont affect everybody except people earning less than £15,000 per annum who dont have children and im one of those people i could expect to lose up to £230 pounds a year which is not a great deal and wouldnt give a monkeys if the countrys problems improved then i feel it would be worth it but knowing government most of it will go in there back pocketsor to help the immigrants or other countries. the tax credit system is a big help though as i work 40 hours a week on just short of £12000 per annum and get £200 tax credits a month aas am disabled and i live in shared accommodation which is reletively cheap so i am lot better off than i was on the dole but for other people who aint disabled and who may have mortgages to pay for and cars etc then they may find it a struggle. people who read this please get in touch and let me know what you think. deano 23yo in leeds