[News] The 2009 Budget - Page 3

CHUCK LIDELOL · 23rd April 2009, 5:26pm

How are yous working out yer up?

Aw right. Can't be fucked filling in a form. I'll guess; £2, 359 better off!

SOLIDBOB · 23rd April 2009, 5:27pm

Quote:

Originally Posted by CHUCK LIDELOL

Aw right. Can't be fucked filling in a form. I'll guess; £2, 359 better off!

It takes about 20 seconds Pete.

Densu · 23rd April 2009, 5:29pm

Im 100 quid better off.

CHUCK LIDELOL · 23rd April 2009, 5:34pm

I'm busy guy

Puppy · 23rd April 2009, 7:12pm

"If you lead a similar lifestyle next year, the indications are that you will be £121.21 better off."

XMachina · 24th April 2009, 9:19am

Quote:

Originally Posted by Ghostsuit

Loosing an extra £15,000 will be noticed by most people even those on £150,000.

they won't be losing £15k per £150k tho. the basic rate is still in place, as is the 40% rate on annual earnings between £34k and £150k.

**Ghostsuit** · 24th April 2009, 11:58am

Quote:

Originally Posted by XMachina

they won't be losing £15k per £150k tho. the basic rate is still in place, as is the 40% rate on annual earnings between £34k and £150k.

Maybe I worded that badly but I was meaning that 'most' people earning £150,000 would notice an extra £15,000 coming out their pay which is roughly the difference between 40% and 50% tax rate.

Westy · 24th April 2009, 12:08pm

If yer earning over £150k, its an extra £80 a week. So its like a increase of £4160. Ontop of what they paid last year.

TSR · 24th April 2009, 12:22pm

Must still suck to see 50% of your wage go in tax. You've got NI on top of that too, mind

Quote:

Originally Posted by metallideth

When you earn over £150,000 I'm willing to bet you've already got the skills, the accountants, and the very friendly capital gains tax system as ways of hiding your earnings from Mr. Big Bad Fifty Percent. Who's the thief?

Being a thief is being illegal. There's nothing illegal about it, just people trying to hold onto their money any legal way they can. You don't do the same?

Quote:

Originally Posted by XMachina

you're already getting taxed 40% for over 35 grand, this new tax band will probably go barely noticed by those who qualify for it.

These people will have morgages and bills too, y'know. Could well be living on a thin budget, especially if their businesses (assuming business owners here) are running into trouble. Less income and more tax at the same time? Ouch.

Quote:

Originally Posted by Flump

The BBC were saying that the economy would shrink by -3.5%. Just being a pedant but if something shrinks by a minus does that not mean it actually grows. Stupid BBC.

Nobody really cares, do they?!

I care, but not in a huge way. Double negative, you are correct.

endless psych · 24th April 2009, 12:33pm

Quote:

Originally Posted by Jaemi

The majority of people on 150k+ salaries have the ways and means to get round this..

Aye, apparently (according to someone on another forum) less people try to avoid paying taxes at 40% of income then do at 50%. I can see the logic in that, and thus perhaps the suggestion to the treasury should have been to go for just under half then half when raising this amount.

Ultimatly the amount gathered in relation to the huuuuge defeciet probably makes this geusture politik at best.

Quote:

Originally Posted by Ghostsuit

Maybe I worded that badly but I was meaning that 'most' people earning £150,000 would notice an extra £15,000 coming out their pay which is roughly the difference between 40% and 50% tax rate.

Most people will notice any amount coming out of their income. Would such an amount have a huuuge impact on these folks lifestyles? Doubtful.

But it's worth noting most folk in that bracket will think most people earn more cash overall (the effect of their salaries anchoring how much they believe everyone else will have) hence why they will see it as unfair.

Quote:

Originally Posted by TSR

Must still suck to see 50% of your wage go in tax. You've got NI on top of that too, mind

Not that much more in fairness. Plus just think of the size of the state pension!

Quote:

Being a thief is being illegal. There's nothing illegal about it, just people trying to hold onto their money any legal way they can. You don't do the same?

Most people would probably aye. Thing is most of the ways of doing this are likely to become illegal in the next wee while...

Quote:

These people will have morgages and bills too, y'know. Could well be living on a thin budget, especially if their businesses (assuming business owners here) are running into trouble. Less income and more tax at the same time? Ouch.

They could be living on a thin budget aye - but that implies they are living above their means already. Paying more in tax could be the wake up call that causes them to scale down their personal expenditure to managable levels.

Most of the population, outside the richest 1%, will be (effectively) in the state of having less income and more tax after this budget.

metallideth · 24th April 2009, 12:44pm

Quote:

Originally Posted by TSR

Being a thief is being illegal. There's nothing illegal about it, just people trying to hold onto their money any legal way they can. You don't do the same?

A response to the suggestion that the tax itself is 'robbery', which of course the above smug assurance suggests that it can't be. Right? Heaven forefend the day when you figure out that legality and reality aren't the same thing.

m0nkeymafia · 24th April 2009, 12:48pm

Quote:

Originally Posted by TSR

Must still suck to see 50% of your wage go in tax. You've got NI on top of that too, mind

Being a thief is being illegal. There's nothing illegal about it, just people trying to hold onto their money any legal way they can. You don't do the same?

These people will have morgages and bills too, y'know. Could well be living on a thin budget, especially if their businesses (assuming business owners here) are running into trouble. Less income and more tax at the same time? Ouch.

I care, but not in a huge way. Double negative, you are correct.

A business owner is very unlikely to be paying themselves anywhere near even the 40% threshold. Its more likely that they will be paying themselves a salary of around minimum wage and taking the rest as dividends. Doing so means that they pay the minimum amount of NI both personally and as employers and benefit from a lower tax rate on the dividends compared to income tax on an equivalent salary. Thats before you consider expenses which will reduce the amount of corporation tax to be paid by the business.

karbon14 · 24th April 2009, 12:49pm

Quote:

Originally Posted by Ghostsuit

Maybe I worded that badly but I was meaning that 'most' people earning £150,000 would notice an extra £15,000 coming out their pay which is roughly the difference between 40% and 50% tax rate.

this is true.

but people earning 150k won't be getting paid any different.....

Zippy · 24th April 2009, 1:04pm

They only pay 50% tax on anything earned over £150k so it's not as black and white as saying there would be an extra £15k coming out their pay packet.

Is that right?

m0nkeymafia · 24th April 2009, 1:10pm

Quote:

Originally Posted by Zippy

They only pay 50% tax on anything earned over £150k so it's not as black and white as saying there would be an extra £15k coming out their pay packet.

Is that right?

It would have been spot on IF the personal allowance for those earning over £100k wasn't being tapered down to £0 by £1 for every £2 over £100k earnt.