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What Proportion Of Income Tax Goes Towards Paying Interest On The National Debt?

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It's been mentioned for some time that every penny in income tax in the US goes towards paying the interest on the national debt. I was wondering if anyone knows what the situation is in the UK?

I think interest payments about 5 years ago, stood at around £26 Billion. Anyone know what the total amount of income tax collected is?

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It's been mentioned for some time that every penny in income tax in the US goes towards paying the interest on the national debt. I was wondering if anyone knows what the situation is in the UK?

I think interest payments about 5 years ago, stood at around £26 Billion. Anyone know what the total amount of income tax collected is?

I'm sure we had this conversation about a month ago.

Interest is projected to be £30 billion for the year 2007-8.

Income tax is projected to raise £157 billion for the year 2007-8.

http://budget2007.treasury.gov.uk/page_09.htm

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I'm sure we had this conversation about a month ago.

Interest is projected to be £30 billion for the year 2007-8.

Income tax is projected to raise £157 billion for the year 2007-8.

http://budget2007.treasury.gov.uk/page_09.htm

Must have missed it last time around.

I think I may withhold a fifth of my income tax in protest!

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It's been mentioned for some time that every penny in income tax in the US goes towards paying the interest on the national debt.

Whoever provided you with that gem of information was not enlightening you a great deal. Did they tell you what proportion of Federal income is made up of income tax? What if it's very large or very small? If they told you that, then you'd have something to work on.

As to the UK, I think you'll find that the proportion of total government income that is spent on interest payments is a lot lower than it was 10 years ago. Whether it's lower or higher as part of income tax, I don't know.

An easy way to reduce the proportion, of course, is to increase income tax.

What message are you trying to give? If we knew that, then we could try and supply you with the figures and arguments that would back your pre-arranged message. 'You pays your money, you takes your choice.' Trouble is, any one with a brain will be able to rip your arguments to shreds.

p

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Whoever provided you with that gem of information was not enlightening you a great deal. Did they tell you what proportion of Federal income is made up of income tax? What if it's very large or very small? If they told you that, then you'd have something to work on.

As to the UK, I think you'll find that the proportion of total government income that is spent on interest payments is a lot lower than it was 10 years ago. Whether it's lower or higher as part of income tax, I don't know.

An easy way to reduce the proportion, of course, is to increase income tax.

What message are you trying to give? If we knew that, then we could try and supply you with the figures and arguments that would back your pre-arranged message. 'You pays your money, you takes your choice.' Trouble is, any one with a brain will be able to rip your arguments to shreds.

p

Why are you such a pernicious turd? Your cretinous prose can only be the product of some hateful brain disease.

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Whoever provided you with that gem of information was not enlightening you a great deal. Did they tell you what proportion of Federal income is made up of income tax? What if it's very large or very small? If they told you that, then you'd have something to work on.

As to the UK, I think you'll find that the proportion of total government income that is spent on interest payments is a lot lower than it was 10 years ago. Whether it's lower or higher as part of income tax, I don't know.

An easy way to reduce the proportion, of course, is to increase income tax.

What message are you trying to give? If we knew that, then we could try and supply you with the figures and arguments that would back your pre-arranged message. 'You pays your money, you takes your choice.' Trouble is, any one with a brain will be able to rip your arguments to shreds.

p

We should not be paying any interest. It should be Governments and not the money lenders who get the privilege of creating money.

Edited by sikejsudjek

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Why are you such a pernicious turd? Your cretinous prose can only be the product of some hateful brain disease.

A hateful brain disease and Lowestoft pretty much amount to the same thing.

I'd like to see some real stats here, or at least some educated analysis.

I suspect that a large proportion of our taxes just pays off interest, but again I just add to the speculation and fiction in this right said Fred...

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We should not be paying any interest. It should be Governments and not the money lenders who get the privilege of creating money.

Firstly it is the government who create the debt themselves, ie. gilts (bonds). And I disagree, the government should never be trusted with the money supply, thats why we have this stupid fiat system in the first place.

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Firstly it is the government who create the debt themselves, ie. gilts (bonds). And I disagree, the government should never be trusted with the money supply, thats why we have this stupid fiat system in the first place.

Yes, because we can trust bankers like the Rothschilds can't we?

............

Labour only became electable when they surrendered themselves to the banks and other ruling elite e.g. Murdoch

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Why are you such a pernicious turd? Your cretinous prose can only be the product of some hateful brain disease.

Down in the gutter, still, Xurbia? Or should I say, sewer? (By the way, because I didn't know the exact meaning of 'pernicious', I looked it up - something you should do sometime, Xurbia. It means, apparently, 'destructive, ruinous, fatal'. What a high opinion you have of me! Even higher than I have of myself!)

Apart from the prose, you don't have any objection to what I said? Good.

p

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It's been mentioned for some time that every penny in income tax in the US goes towards paying the interest on the national debt. I was wondering if anyone knows what the situation is in the UK?

I think interest payments about 5 years ago, stood at around £26 Billion. Anyone know what the total amount of income tax collected is?

2007 Tax Receipt

where_taxes_from.gif

And where it goes.

taxpayers_moneyspent.gif

And No, not all US income tax goes on interest payments. Wherever you got that information is an unreliable source.

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Down in the gutter, still, Xurbia? Or should I say, sewer? (By the way, because I didn't know the exact meaning of 'pernicious', I looked it up - something you should do sometime, Xurbia. It means, apparently, 'destructive, ruinous, fatal'. What a high opinion you have of me! Even higher than I have of myself!)

Apart from the prose, you don't have any objection to what I said? Good.

p

Pat, obviously Lowestoft is bereft of good English teachers but replete with the mentally ill. Now be a good patient and get back to your junior dictionary.

Edited by Xurbia

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Pat, obviously Lowestoft is bereft of good English teachers but replete with the mentally ill. Now be a good patient and get back to your junior dictionary.

Why Lowestoft, Xurbia? Not too bright, are you?

By the way, how are the cat, budgie and teddybear - your sole companions in your attic room? How's the roof in this damp weather? Still leaking, is it? Are you still trying to convince your animal menagerie of your financial expertise by talking to them about trading in NZ dollars? Do they think their current 'home' is better than the 'uni digs' you took them to for one weekend a few years ago, telling them "We can claim we've been to university now!"

Your sad and lonely life has made you bitter and twisted, Xurbia. Now, sod off and take it out on someone else, like one of your Train Spotting Club colleagues or those other saddoes you share the morning papers with in the library.

p

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Why Lowestoft, Xurbia? Not too bright, are you?

By the way, how are the cat, budgie and teddybear - your sole companions in your attic room? How's the roof in this damp weather? Still leaking, is it? Are you still trying to convince your animal menagerie of your financial expertise by talking to them about trading in NZ dollars? Do they think their current 'home' is better than the 'uni digs' you took them to for one weekend a few years ago, telling them "We can claim we've been to university now!"

Your sad and lonely life has made you bitter and twisted, Xurbia. Now, sod off and take it out on someone else, like one of your Train Spotting Club colleagues or those other saddoes you share the morning papers with in the library.

p

I love it when a Socialist shows his true colours.

Socialist spelt ****

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I love it when a Socialist shows his true colours.

Socialist spelt ****

Obviously, I can't sink to the level you seem to live at, jimbo, but you'll appreciate that when you're dealing with a cretin, you have to use cretin language. The cretin will then understand and return to his damp, cramped and animal filled pit leaving the rest of us who have not had a full frontal lobotomy to get on with their lives.

BTW, what's a 'Socialist'? Is it one of those very ordinary individuals who beats Tory inbreds into third place at every location? Oh! Happy Day! :lol:

p

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Another perfectly reasonable thread turns to mush.

HPC would probably do well to have a sticky with a list of all the UK's debating societies, so that those who want nothing more than to pick pointless fights know where to go.

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Why Lowestoft, Xurbia? Not too bright, are you?

By the way, how are the cat, budgie and teddybear - your sole companions in your attic room? How's the roof in this damp weather? Still leaking, is it? Are you still trying to convince your animal menagerie of your financial expertise by talking to them about trading in NZ dollars? Do they think their current 'home' is better than the 'uni digs' you took them to for one weekend a few years ago, telling them "We can claim we've been to university now!"

Your sad and lonely life has made you bitter and twisted, Xurbia. Now, sod off and take it out on someone else, like one of your Train Spotting Club colleagues or those other saddoes you share the morning papers with in the library.

p

I don't brag about going university but I'm proud to have completed a rounded education when it was still free and meant something. I don't profess to be a currency trader but perhaps you'd like to argue in favour overvalued NZD? No, thought not, and that is your problem Pat: you like to pick battles that you're ill-equiped to deal with. Just like the abuse you gave to original poster on this thread, you are as misguided as your beloved Labour party. You are one of life's little grey people, full of bitter invective but without purpose; a nobody in effect.

You have the typical traits of a bully. You enjoy dishing it out but you now find yourself out of your depth and feeling foolish like some errant schoolboy.

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Another perfectly reasonable thread turns to mush.

HPC would probably do well to have a sticky with a list of all the UK's debating societies, so that those who want nothing more than to pick pointless fights know where to go.

I couldn't agree with you more, Jonesie. Who'd have thought that someone would post this puerile messgage:

Why are you such a pernicious turd? Your cretinous prose can only be the product of some hateful brain disease.

in response to the following, perfectly polite and on-topic contribution:

Whoever provided you with that gem of information was not enlightening you a great deal. Did they tell you what proportion of Federal income is made up of income tax? What if it's very large or very small? If they told you that, then you'd have something to work on.

As to the UK, I think you'll find that the proportion of total government income that is spent on interest payments is a lot lower than it was 10 years ago. Whether it's lower or higher as part of income tax, I don't know.

An easy way to reduce the proportion, of course, is to increase income tax.

What message are you trying to give? If we knew that, then we could try and supply you with the figures and arguments that would back your pre-arranged message. 'You pays your money, you takes your choice.' Trouble is, any one with a brain will be able to rip your arguments to shreds.

We all feel sympathy for Xurbia in his difficult and disgusting circumstances but there's surely a limit on how far we allow him to go before we return some of his bile. You obviously are prepared to suffer fools a lot more gladly than I will, Jonesie.

p

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I couldn't agree with you more, Jonesie. Who'd have thought that someone would post this puerile messgage:

in response to the following, perfectly polite and on-topic contribution:

We all feel sympathy for Xurbia in his difficult and disgusting circumstances but there's surely a limit on how far we allow him to go before we return some of his bile. You obviously are prepared to suffer fools a lot more gladly than I will, Jonesie.

p

Pat, is this tag-team posting? :lol:

Edited by Xurbia

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Why Lowestoft, Xurbia? Not too bright, are you?

By the way, how are the cat, budgie and teddybear - your sole companions in your attic room? How's the roof in this damp weather? Still leaking, is it? Are you still trying to convince your animal menagerie of your financial expertise by talking to them about trading in NZ dollars? Do they think their current 'home' is better than the 'uni digs' you took them to for one weekend a few years ago, telling them "We can claim we've been to university now!"

Your sad and lonely life has made you bitter and twisted, Xurbia. Now, sod off and take it out on someone else, like one of your Train Spotting Club colleagues or those other saddoes you share the morning papers with in the library.

p

Yeah but lets see some facts like the american debt will need each and every household to pay $31,000 a year if they want to pay the debt off in 75 years time or some thing backed up by facts and not pent up sexual frustrations.

when they make you an editor i';m sure they will tell us all so why don't you 'Sod off' as you put it dip stick ?

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Whoever provided you with that gem of information was not enlightening you a great deal. Did they tell you what proportion of Federal income is made up of income tax? What if it's very large or very small? If they told you that, then you'd have something to work on.

As to the UK, I think you'll find that the proportion of total government income that is spent on interest payments is a lot lower than it was 10 years ago. Whether it's lower or higher as part of income tax, I don't know.

An easy way to reduce the proportion, of course, is to increase income tax.

What message are you trying to give? If we knew that, then we could try and supply you with the figures and arguments that would back your pre-arranged message. 'You pays your money, you takes your choice.' Trouble is, any one with a brain will be able to rip your arguments to shreds.

p

I think this is where the turning-thread-to-mush process began in this instance.

Your reply could have been couched as an objective counter-argument. It didn't need to resort to sarcasm, or to insulting or attempting to belittle the other party.

And, for me, a particularly important point: Assuming this isn't some elaborate bluff where you actually want people to adopt the opposite point of view, surely being objective is likely to strengthen your position. I would think that the only people you'll attract to your 'side' with replies like this are those folks who think it's 'cool' to belittle and insult others.

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