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Re: Dumb and Dumber (voters!)
Posted by 'richydehav' on 27 Feb 2013 @ 12:26

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richydehavJoined: August 2006
Total Posts: 180
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It is interesting that you refer to the government giving the rich a tax break> By this i take it you are referring to them scrapping the 50% tax rate that Labour introduced just a few months before an election they expected to lose!

You are quite right in saying that the banking crisis had a major impact on the economies around the world. However over their years in government the Labour party were spending more evry year than they received in tax revenues but it never seemed to occur to them that a 50% tax rate for higher earners would help reduce the deficit - WHY.

The latest idea from labour is to bring back to 10% tax band. Who benefits from this tax reduction? Every single taxpayer, including the very rich! Thay could have helped the lower paid by increasing personal allowances but this does not have the same impact on voters as lowering the tax rates.

With personal allowances you lose Ł1 of allowance for every Ł2 of income over Ł100,000. So, if Labour wanted to have the first Ł10k of income (over the Ł8,105 current allowance) at 10% instead of 20% (giving all taxpayers earing Ł18,105 or more Ł1k in their pockets)they could have raised the tax allowance by Ł5k and achieved the same benefit for those with incomes under Ł100k. Anyone earning over Ł113,105 would have lost all their personal allowance and not benefit from any tax reduction.

If Labour really believed in the 50% tax rate then why not use that to fund the proposed tax reduction? I believe (but could be wrong) that it is because the 50% rate was just a very clever ploy - they knew it would raise virtually no additional revenue, after increased collection costs, but they could accuse the coalition of giving the rich a tax break if they scrapped it.

Instead of using the 50% rate, Labour are suggesting a mansion tax on properties valued at Ł2m or more. At just 1% that would be an extra Ł20k tax on a Ł2m property whilst one valued at Ł1.9m would pay nothing! Should we really base taxation on ownership rather than ability to pay?

Message Thread:

Dumb and Dumber by 'tweaker' (26 Feb 2013 @ 21:49)

Re: Dumb and Dumber (voters!) by 'itpro' (27 Feb 2013 @ 0:38)

Re: Dumb and Dumber (voters!) by 'michaelg36' (27 Feb 2013 @ 10:22)

Re: Dumb and Dumber (voters!) by 'michaelg36' (27 Feb 2013 @ 10:23)

Re: Dumb and Dumber (voters!) by 'itpro' (27 Feb 2013 @ 10:49)

Re: Dumb and Dumber (voters!) by 'richydehav' << You are here!

Re: Dumb and Dumber (voters!) by 'itpro' (27 Feb 2013 @ 13:56)

Re: Dumb and Dumber (voters!) by 'itpro' (27 Feb 2013 @ 14:30)

Re: Dumb and Dumber (voters!) by 'fatsam' (14 Mar 2013 @ 7:42)

Re: Dumb and Dumber (voters!) by 'itpro' (14 Mar 2013 @ 16:13)

Re: Dumb and Dumber (voters!) by 'Chris34' (27 Feb 2013 @ 14:37)

Re: Dumb and Dumber (voters!) by 'PaulMRotax' (27 Feb 2013 @ 16:03)

Re: Dumb and Dumber (voters!) by 'itpro' (27 Feb 2013 @ 16:36)

Re: Dumb and Dumber (voters!) by 'BanzaiBoy' (27 Feb 2013 @ 17:03)

Re: Dumb and Dumber (voters!) by 'itpro' (27 Feb 2013 @ 17:42)

Re: Dumb and Dumber (voters!) by 'Traxtar' (27 Feb 2013 @ 19:28)

Re: Dumb and Dumber (voters!) by 'Chris34' (27 Feb 2013 @ 19:39)

Re: Dumb and Dumber (voters!) by 'itpro' (27 Feb 2013 @ 20:50)

Re: Dumb and Dumber (voters!) by 'BanzaiBoy' (27 Feb 2013 @ 22:55)

Re: Dumb and Dumber (voters!) by 'PaulMRotax' (27 Feb 2013 @ 21:14)

Re: Dumb and Dumber (voters!) by 'itpro' (28 Feb 2013 @ 0:28)

Re: Dumb and Dumber (voters!) by 'RSBW' (28 Feb 2013 @ 4:26)

Re: Dumb and Dumber (voters!) by 'itpro' (28 Feb 2013 @ 10:14)

Re: Dumb and Dumber (voters!) by 'dynamax' (28 Feb 2013 @ 10:54)

Re: Dumb and Dumber (voters!) by 'richydehav' (28 Feb 2013 @ 12:18)

Re: Dumb and Dumber (voters!) by 'PaulMRotax' (28 Feb 2013 @ 11:17)

Re: Dumb and Dumber (voters!) by 'itpro' (28 Feb 2013 @ 11:32)

Re: Dumb and Dumber (voters!) by 'PaulMRotax' (28 Feb 2013 @ 12:50)

Re: Dumb and Dumber (voters!) by 'NikG' (28 Feb 2013 @ 16:25)

Re: Dumb and Dumber (voters!) by 'itpro' (28 Feb 2013 @ 20:24)

Re: Dumb and Dumber (voters!) by 'PaulMRotax' (01 Mar 2013 @ 9:50)

Re: Dumb and Dumber (voters!) by 'buzzinrussell' (01 Mar 2013 @ 15:39)

Re: Dumb and Dumber (voters!) by 'itpro' (01 Mar 2013 @ 17:55)

Re: Dumb and Dumber (voters!) by 'PaulMRotax' (01 Mar 2013 @ 22:10)

PaulM -Rotax by 'dynamax' (06 Mar 2013 @ 13:02)

Re: PaulM -Rotax by 'buzzinrussell' (06 Mar 2013 @ 13:43)

dynamax by 'PaulMRotax' (06 Mar 2013 @ 14:22)

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