Chancellor to announce his intention to increase the top...

[Olf]

rate of income tax. More soon. BBC News.

Fancy that. The good old highe rate tax payers will pick up the bill again. You can always rely on them.... Treasury meeting minutes:

Higher rate tax payers... Always pay their income tax, often have private healthcare, regularly educate their kids privately, always pay their council tax, speeding fines, road tax, stamp duty, capital gains tax, inheritance tax, etc etc etc.

Stooges. RAPE THEM!

[dougc]

BBC Online reckons 45% above £150k

[10 Pence Short]

The Unions own Labour. What comes next should be no surprise.

[Olf]

dougc said:

BBC Online reckons 45% above £150k

There's a winning incentive to succeed.

[Puggit]

In terms of sharing the wealth - this isn't outrageous, most EU countries have more punitive rates of tax at far lower thresholds.

However, spending less on cr@p would be a better solution for the government to balance the books.

[thinfourth2]

Oh my god this is so surprising


Did i sound surprised enough

[10 Pence Short]

Politically it's a token gesture- the proportion of voters earning that level is tiny and are not generally Labour voters. It'll certainly make the drooling knuckle draggers who do vote Labour happy, though. Nasty executives and their bonuses and lack of Special Brew habits.

[Bill Carr]

Puggit said:

In terms of sharing the wealth - this isn't outrageous, most EU countries have more punitive rates of tax at far lower thresholds.

However, spending less on cr@p would be a better solution for the government to balance the books.

Agreed, on both counts.

(does that mean +2?)

[Bernie-the-bolt]

Thin end of the wedge.

40% to rise by a couple of % next budget combined with an increase in employees NI contributions by say 1% with no upper limit.

I'm going to vote with my feet as soon as I can and fk off with my £'s and spend them how I want, not how they want to.

[10 Pence Short]

Bill Carr said:

Puggit said:

In terms of sharing the wealth - this isn't outrageous, most EU countries have more punitive rates of tax at far lower thresholds.

However, spending less on cr@p would be a better solution for the government to balance the books.

Agreed, on both counts.

(does that mean +2?)

On the first point, some other Western EU countries may have higher tax at source, but this balances out on lower taxes elswhere. Generally the tax burdens are similar.

[andy-xr]

dougc said:

BBC Online reckons 45% above £150k

After the election. Sneaky

[Twit]

anonymous said:

[redacted]

It won't just hit bankers... But it won't hit that many people, thats why you have a good accountant!

Just a political move, but one that will probably be quite popular...!

[Olf]

Puggit said:

In terms of sharing the wealth - this isn't outrageous, most EU countries have more punitive rates of tax at far lower thresholds.

However, spending less on cr@p would be a better solution for the government to balance the books.

It's not about the headline figures though is it? As we well know it's the money skimmed at every other opportunity. Council tax for instance. A higher rate tax payer living in a 500k house has to clear nearly 5k gross now just to pay the council tax.

[Twit]

anonymous said:

[redacted]

Spot on, the Tories are in a right mess over this whole thing. They got wrong footed about 3 months ago and have spent the whole time reacting, no doubt the same will happen again. Its purely political, but the whole fiasco is showing the inexperience of Tory central office.

[srebbe64]

Bunch of bleedin' muppets!

All the utter waste they preside over and the best idea they can come up is hiking up taxes! Notwithstanding payment of NI and employers NI this now brings total income Tax burdon to not much less than 60%!!!

[Bing o]

From the other thread...

sniff diesel said:

Bing o said:

bigburd said:

Just heard 45% tax bracket on people earning in excess of £150K

So that is just higher than the top rate an MP can earn then - how convenient

Well spotted.

[Bernie-the-bolt]

Twit said:

Its purely political, but the whole fiasco is showing the inexperience of Tory central office.

I suspect you are spot on.

I would still rather have inexperienced Conservatives than Labour any day though

[Puggit]

Bing o said:

From the other thread...

sniff diesel said:

Bing o said:

bigburd said:

Just heard 45% tax bracket on people earning in excess of £150K

So that is just higher than the top rate an MP can earn then - how convenient

Well spotted.

PM gets £194k thought

Edited by Puggit on Sunday 23 November 22:17

[Bernie-the-bolt]

Oh, forget to add that no doubt employers NI contributions will have to rise as well - :wkers:

[Puggit]

BTW - another broken pledge

bbc said:

BBC political editor Nick Robinson said the move would break a Labour pledge held ever since Tony Blair came to power in the 1997 election.

He said sources suggested that after the next election a new 45p rate could apply to incomes above £150,000 a year.

The government has not confirmed any of the details.

Mr Robinson said he understood a top rate increase would be delayed until after the next election so the party can claim it has not broken its 2005 promise and that it would have a new electoral mandate.

If implemented, the measure would be of "huge symbolic significance", he said.

"However it would only raise a fraction of the sum needed to get the public finances back in order so other significant tax raising measures will have to be announced tomorrow for introduction in future years," Mr Robinson added.