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George Osborne: Low-Paid First In Line For Tax Cuts

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http://www.telegraph.co.uk/news/politics/georgeosborne/10602842/George-Osborne-Low-paid-first-in-line-for-tax-cuts.html

Any new tax cuts made possible by a recovering economy will be focused on people on “low and middle incomes,” George Osborne has said.

The Chancellor was speaking after official figures confirmed that the UK economy is now growing at its fastest pace since the financial crisis struck in 2007.

The economy expanded by 0.7 per cent in the last quarter of 2013, meaning overall growth for the year of 1.9 per cent.

That is still well below the 3.4 per cent recorded in 2007, but enough for ministers to declare that their economic policies have been vindicated.

..

The Coalition has increased the starting threshold for income tax to £10,000, a policy ministers say has cut tax for 2.7 million workers on lower incomes.

Mr Osborne hinted that if he has the money for more tax cuts, he will continue that policy, not least to address the pressure on living standards among marginal voters.

“Where I have had the opportunity I have focussed the effort on those on low and middle incomes,” he said.

The election bribery continues, although I doubt Osbourne will be aggressive enough. Lifting the income tax threshold to £15k or £20k is about the only way to make some difference, it would be a way of increasing wages without actually doing anything.

Naturally it would also be a tax cut for the rich as well.

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Mr Osborne hinted that if he has the money for more tax cuts, he will continue that policy, not least to address the pressure on living standards among marginal voters.

Just print it off - ah but the QE money is only for the 1% being first in line to get it.

“Where I have had the opportunity I have focussed the effort on those on low and middle incomes,” he said.

Oh no he hasn't. He's focused on being amazingly glib.

Edited by billybong

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http://www.telegraph.co.uk/news/politics/georgeosborne/10602842/George-Osborne-Low-paid-first-in-line-for-tax-cuts.html

The election bribery continues, although I doubt Osbourne will be aggressive enough. Lifting the income tax threshold to £15k or £20k is about the only way to make some difference, it would be a way of increasing wages without actually doing anything.

Naturally it would also be a tax cut for the rich as well.

As the top rate threshold was continually debased while at the same time raising the income tax threshold, there has been little or no benefit for higher rate taxpayers. Except if you're in the 45% bracket of course.

Edited by White Craw

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As the top rate threshold was continually debased while at the same time raising the income tax threshold, there has been little or no benefit for higher rate taxpayers. Except if you're in the 45% bracket of course.

You loose a percentage of your personal allowance as you go over 100k. at 150k you have no personal allowance. (although it would likely be eaten to death by BIK at that level anyway...)

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Apparently he was in Oxford. To put it in perspective it wasn't a government keynote speech on the building site of a property development.

https://

www.gov.uk/government/news/67-million-to-support-uks-world-leading-science-sector

4 business ‘incubator’ centres in Oxford will between them receive £67 million of investment to develop world leading science technology.

Better than nothing - just.

Peanuts compared to the £billions dished out year after year after year to the failed financial sector and suchlike - plus the financial sector's blank cheque to swindle, defraud, thieve and devalue just about everything and everyone it ever comes into contact with.

" 'Incubator' centres" - incubating more mugs? :lol:

This is how Britain will stay at the front of the global race in science.

Delusion and farce rolled into one.

Edited by billybong

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As the top rate threshold was continually debased while at the same time raising the income tax threshold, there has been little or no benefit for higher rate taxpayers. Except if you're in the 45% bracket of course.

Indeed. The next step is to lower the 40% threshold to 40k. It's near as damn it there already, but that will come soon IMHO.

So...and I appreciate it's sub optimal, but if you don't *need* the extra income right now, stick everything thats taxed at 40% into your pension. Instant 40% uplift. Seeing as every K over it was only worth ~50p/m in your pocket, might as well. As a lower rate payer, I'm just whacking everything above the personal allowance in there. Works very nicely indeed. I welcome him raising the personal allowance as much as poss - I reckon it'll soon be at the level a full time minimum wage worker would earn gross - i.e. 6.31 * 37.5 * 52 = 12304 because that would make on the surface a great political soundbite. George, if you want my vote, raise it to the living wage level - 15K. That is basically enough to live on for someone who's opted out of the charade of working for very little.

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Indeed. The next step is to lower the 40% threshold to 40k. It's near as damn it there already, but that will come soon IMHO.

So...and I appreciate it's sub optimal, but if you don't *need* the extra income right now, stick everything thats taxed at 40% into your pension. Instant 40% uplift. Seeing as every K over it was only worth ~50p/m in your pocket, might as well. As a lower rate payer, I'm just whacking everything above the personal allowance in there. Works very nicely indeed. I welcome him raising the personal allowance as much as poss - I reckon it'll soon be at the level a full time minimum wage worker would earn gross - i.e. 6.31 * 37.5 * 52 = 12304 because that would make on the surface a great political soundbite. George, if you want my vote, raise it to the living wage level - 15K. That is basically enough to live on for someone who's opted out of the charade of working for very little.w

are you seriously paying into a spiv administered sllowly depreciation, possibly ponzi, pension scheme?

have you learned nothing.

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are you seriously paying into a spiv administered sllowly depreciation, possibly ponzi, pension scheme?

have you learned nothing.

www.monevator.com there are ways to make the game bearable. The rug will probably be pulled from under me before i get to 55? in 20 odd years

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www.monevator.com there are ways to make the game bearable. The rug will probably be pulled from under me before i get to 55? in 20 odd years

35 now..you will be working till...you die....unless you buy a house in London with a massive IO mortgage...hen you will be rich by the time you are forty :lol:

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As a lower earner I'll be grateful for the increase in the tax threshold to £10k. :)

IIRC it was the Liberal Democrats who pushed for this, not the Tories.

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As a lower earner I'll be grateful for the increase in the tax threshold to £10k. :)

IIRC it was the Liberal Democrats who pushed for this, not the Tories.

Yes, it was in their manifesto and became part of the coalition agreement - although in the early years the increases were small and they had to fight each year to get them.

In the TV debates at the last election Dave told Nick he'd love to increase the allowance but it was impossible and unaffordable.

I'll benefit too, and am wholly in favour.

Edited by mrtickle

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are you seriously paying into a spiv administered sllowly depreciation, possibly ponzi, pension scheme?

have you learned nothing.

Erm..,obviously not. Multiple SIPP's, administered by me, with near instant liquidation available and with the possibility of using exotic financial instruments to extract cash whenever volatility allows.

Do get with the times old chap. The spivs have created various tools to allow them to pillage us. Use them like they don't want you.

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The poor bear the brunt of taxation. Local tax of a hundred pounds per month or so does not really bother the rich. But sure takes a bite out of the pay of the low paid. It can be getting on for ten percent of their income. Sales taxes are regressive and hurt the poorest most. Especially energy taxes, which are a tax on the north, where it is colder. Fuel tax disproportionately hit the poorest. Ten or fifteen pounds per week out of the pocket of the low paid is a lot. Ten or fifteen quid to the wealthy is nothing at all. Taxes on alcohol and tobacco are taxes on the poor.

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Especially energy taxes, which are a tax on the north, where it is colder.

Sorry but I just died laughing :-)

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What should happen is we have a sliding scale instead of a fixed price for everything. A big mac should cost a millionaire ten grand. That way its fair.

Some of you like that idea don't you. :lol:

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What should happen is we have a sliding scale instead of a fixed price for everything. A big mac should cost a millionaire ten grand. That way its fair.

Some of you like that idea don't you. :lol:

I agree with Gordon Brown. The rich would be punished, unless they're aVI of some sort, in which case they should be bailed out, especially if they say they'll vote labour, or they run a bank, or are btlrs, or boomers

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What should happen is we have a sliding scale instead of a fixed price for everything. A big mac should cost a millionaire ten grand. That way its fair.

Some of you like that idea don't you. :lol:

Err, it pretty much does work like that. The trouble is that someone earning 10,000 times as much as the average bloke doesn't pay 10,000 times as much for his posh burger. Consequently, he has some loose change to buy up any available assets and then charge us for using them.

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Biggus is right though - a good way to cut tax on the poor would be to cut VAT and sin taxes.

Sin taxes in particular - I mean the whole point of them is to discourage behaviour, but the rich don't give a toss, only the poor will feel the bite of them. So really far as I'm concerned sin taxes are purely there to torment the poor.

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What should happen is we have a sliding scale instead of a fixed price for everything. A big mac should cost a millionaire ten grand. That way its fair.

Some of you like that idea don't you. :lol:

It happens already how much does some one who is rich pay for a car?

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