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The tax break thread

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By (user no longer on site) OP   
25 weeks ago

We are in the tax break part of the campaign it seems.

Reform is suggesting a Personal Allowance of £20k. Reversing and more the fiscal drag. But I'm guessing a reasonable dent in tax income?

Tories want to raise PA for pensioners only, preventing them from being pushed over the cliff the Tories have taken them to over the last few years. But pushing over the low earners. However, a smaller dent.

Labour is uncommitted afaik

Tories are pushing out when child allowance stops. Great for those who benefit. But creates a 55pc marginal tax rate for those above 100k and 70pc at 120k.

Greens are suggesting a flat NI percentage. This creates a 77pc marginal tax rate for some!

....

Can we afford to change personal allowances so quickly or has the damage been done?

Is 70pc marginal okay for someone on £100k, or does it encourage people to reduce hours? (Wasn't that the argument with doctors' pensions?)

Should a party look at wholesale reform (in particular the tapered personal allowance which creates these crazy marginals?

Do I get too excited by our tax system? (Yes!)

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By *irldnCouple
25 weeks ago

Brighton

I want excellent well funded public services and facilities.

I want to pay no tax and keep all of what I earn or accumulate through taking risk with the money I earn. I want to give all my money/estate to my child(ren) when I die.

Hmmm I am having trouble squaring my own circle! The ongoing conundrum!

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By *abioMan
25 weeks ago

Newcastle and Gateshead


"We are in the tax break part of the campaign it seems.

Reform is suggesting a Personal Allowance of £20k. Reversing and more the fiscal drag. But I'm guessing a reasonable dent in tax income?

Tories want to raise PA for pensioners only, preventing them from being pushed over the cliff the Tories have taken them to over the last few years. But pushing over the low earners. However, a smaller dent.

Labour is uncommitted afaik

Tories are pushing out when child allowance stops. Great for those who benefit. But creates a 55pc marginal tax rate for those above 100k and 70pc at 120k.

Greens are suggesting a flat NI percentage. This creates a 77pc marginal tax rate for some!

....

Can we afford to change personal allowances so quickly or has the damage been done?

Is 70pc marginal okay for someone on £100k, or does it encourage people to reduce hours? (Wasn't that the argument with doctors' pensions?)

Should a party look at wholesale reform (in particular the tapered personal allowance which creates these crazy marginals?

Do I get too excited by our tax system? (Yes!) "

To be honest I wait on someone like the IFS to do the numbers in a manifesto and see if they add up

So for reform to suggest they would have a personal allowance of 20000 I also said.. show me the costings..what are you cutting!

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By *onica-mayhemWoman
25 weeks ago

Belfast/dublin

Maybe their first round of cuts might include the stopping small boats, ditching the Rwanda nonsense and closing down the migrant hotels. If they stop encouraging young men from Africa and the middle east (which is catastrophic for those countries) then savings could be made. Probably just a small step but one that could start the ball rolling.

*I am not a reform supporter or do I intend to vote for them*

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