10p tax rate

[HTH AMPS]

Anyone got thoughts on the abolishment of this 10p tax rate the government is gonna screw us with?

Seems like the core Labour voters are gonna be hit by this, I certainly will be.  it's a f*cking disgrace - I've always been a Labour guy, but after pulling free study and now this (not to mention the decision to go go war in Iraq), I've just had it with them.

I predict a hammering in the council elections for Labour.

[WezV]

as always, its the low earners that are hit more... typical new labour!!

[Simon D]

It's gonna hit me right where it hurts - I'm a single guy, with no kids, earning sub-£18k per year - I lose on every score. I also got hit with the first wave of student loans and up-front tution fees when I went to uni, and am now being screwed by the fact they sold off the Student Loans Company to people who put up the interest rate, despite promising not to do so.

All that, plus the war and cosying up to one of the most right-wing, reactionary presidential administrations America has had in the last 30 years, leaves me feeling very disillusioned with the Labour Party. I feel quite sad that's the case too, because when they came to power in '97, there was so much potential for them to do the right things

[Philly Q]

I just find it amazing that the Labour party, of all people, have brought in a tax change that leaves only the lowest-paid worse off.  But of course those are the people the government seems to care least about.

I've always thought we should have a band higher than the 40% band, like we had back in the '70s.  Just for real high earners - tax the people who can best afford to pay.  If these chief execs and hedge fund managers are going to award themselves 7-figure bonuses, at least get some extra tax out of the buggers.

Of course the government would never do that, as they're afraid wealthy foreign investors would take their money elsewhere.  And only the people who should be paying a lot of tax can afford to avoid tax through things like offshore trusts.

[JDC]

at least they gave us minimum wage, people always focus on the now, ye I don't like losing the 10p tax rate, all governments are bad, their first priority is pleasing the public to stay in power next time round

you can't tax the mega rich because they'll just $%&# off to another country and thanks to the credit crunch public finances are going to suffer and that's the fault of banks not governments

if there was an election now the tories would win because people blame the government for inflation problems, the credit crisis and falling house prices when it's not in their control

[noodleplugerine]

at least they gave us minimum wage, people always focus on the now, ye I don't like losing the 10p tax rate, all governments are bad, their first priority is pleasing the public to stay in power next time round

you can't tax the mega rich because they'll just $%&# off to another country and thanks to the credit crunch public finances are going to suffer and that's the fault of banks not governments

if there was an election now the tories would win because people blame the government for inflation problems, the credit crisis and falling house prices when it's not in their control

+100000.

I go to sleep safely at night knowing that no matter how bad it is, if it were Tory - It would be alot worse.

[FELINEGUITARS]

New labour = New Tories

Blair was always Thatchers bar-steward offspring.
Except they seem to have dropped the ball over imigration etc
And dont get me started over Iraq
My politics have always been more Liberal than either Labour or Conservative

The 10p Tax abolition will hit me hard I'm afraid to say

[MrBump]

at least they gave us minimum wage, people always focus on the now, ye I don't like losing the 10p tax rate, all governments are bad, their first priority is pleasing the public to stay in power next time round

you can't tax the mega rich because they'll just $%&# off to another country and thanks to the credit crunch public finances are going to suffer and that's the fault of banks not governments

if there was an election now the tories would win because people blame the government for inflation problems, the credit crisis and falling house prices when it's not in their control

+100000.

I go to sleep safely at night knowing that no matter how bad it is, if it were Tory - It would be alot worse.

+ another 100000.

I found the Tory rule of the 1980's a very depressing time - not sure I want to go back there...

Finance is in a bad way at the moment (I work for an investment bank, redundancies abound, it's pretty depressing...) - but on the whole we as a society have had a pretty easy ride.  And don't slam me for saying that; I'm speaking in general terms - there will always be big winners and big losers in any economy.  But governments play the game of averages, and in general I still feel safer with red than blue.  In general terms I believe that the 10p tax thing was compensated for in other ways, and so on AVERAGE people were better off.

But I know that it hurts when you fall outside the average...

This country actually does quite well in terms of the current economic climate, we're just suffering from the lack of liquidity in the global market that was caused by stupid North American lending (and as I work for a Canadian bank I'm also a part of the stupid set...).

It'll get better.  It will take a couple of years, but it will improve.

Mark.

[MrBump]

at least they gave us minimum wage, people always focus on the now, ye I don't like losing the 10p tax rate, all governments are bad, their first priority is pleasing the public to stay in power next time round

you can't tax the mega rich because they'll just $%&# off to another country and thanks to the credit crunch public finances are going to suffer and that's the fault of banks not governments

if there was an election now the tories would win because people blame the government for inflation problems, the credit crisis and falling house prices when it's not in their control

+100000.

I go to sleep safely at night knowing that no matter how bad it is, if it were Tory - It would be alot worse.

+ another 100000.

I found the Tory rule of the 1980's a very depressing time - not sure I want to go back there...

Finance is in a bad way at the moment (I work for an investment bank, redundancies abound, it's pretty depressing...) - but on the whole we as a society have had a pretty easy ride.  And don't slam me for saying that; I'm speaking in general terms - there will always be big winners and big losers in any economy.  But governments play the game of averages, and in general I still feel safer with red than blue.  In general terms I believe that the 10p tax thing was compensated for in other ways, and so on AVERAGE people were better off.

But I know that it hurts when you fall outside the average...

This country actually does quite well in terms of the current economic climate, we're just suffering from the lack of liquidity in the global market that was caused by stupid North American lending (and as I work for a Canadian bank I'm also a part of the stupid set...).

It'll get better.  It will take a couple of years, but it will improve.

Mark.

[Elliot]

Well, i'm against it - but not because it affects 'the poor' but because it affects people who always get shafted - aspirant lower middle class families like my parents who are trying to lift their kids out of the mire that they came from.  

As a self employed higher rate tax payer I would like to know that the 40% tax rate I pay on my hard earned income does not go into some chav's pocket to give them a free ride - but all I see is the government giving them endless carrots and no sticks.

I have always been a labour voter and can't abide the current crop of snide Lord Snooty's in the Tory party who are currently saying anything to get elected.  But then I can't stand the current dour visionless Scottish mafia who are running England either.  I think its not apathy that stops people voting but disgust with the system.

[Philly Q]

I think its not apathy that stops people voting but disgust with the system.

Certainly agree with you there.  I've always voted whenever I can, I feel it's important to exercise our democratic rights (and all that gubbins...), but there's so little difference between the parties now that it makes almost no difference.

I have no idea how to vote in the London mayoral election.  I might just have to give it a miss.

[gwEm]

I think its not apathy that stops people voting but disgust with the system.

+1

[dave_mc]

I just find it amazing that the Labour party, of all people, have brought in a tax change that leaves only the lowest-paid worse off.  But of course those are the people the government seems to care least about.

I've always thought we should have a band higher than the 40% band, like we had back in the '70s.  Just for real high earners - tax the people who can best afford to pay.  If these chief execs and hedge fund managers are going to award themselves 7-figure bonuses, at least get some extra tax out of the buggers.

Of course the government would never do that, as they're afraid wealthy foreign investors would take their money elsewhere.  And only the people who should be paying a lot of tax can afford to avoid tax through things like offshore trusts.

+1

new labour seems to be the worst parts of labour combined with the worst parts of the tories... worst of both worlds...

 :(

[Woogie]

No wonder my parents are moving abroad when I go to uni...

[Roobubba]

I've always thought we should have a band higher than the 40% band, like we had back in the '70s.  Just for real high earners - tax the people who can best afford to pay.  If these chief execs and hedge fund managers are going to award themselves 7-figure bonuses, at least get some extra tax out of the buggers.

While I completely agree with this, I see the potential danger: Down the line, when year after year the threshold for higher rate tax isn't increased in line with inflation, you end up with more and more people being stung with it. Just like Stamp Duty - that was only there originally as a tax on big, expensive houses - now well all have to pay it pretty much, and not just that, we're all near to or over the bloody high rate 250k band, too!

Also, the Rich people always find ways to protect their cash through offshore investments and tax loopholes; the rest of us will always be screwed :(

Roo