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Libspero

Boris Johnson Would Raise Higher Rate Tax Threshold To £80k

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https://www.express.co.uk/news/uk/1138413/tory-leadership-latest-boris-johnson-income-tax-news-latest-prime-minister-brexit-news

 BORIS JOHNSON claims he will slash income tax for more than 3 million people by increasing the 40p rate threshold to £80,000, if he becomes Prime Minister.

...

So I presume cutting the higher earning tax rate from 40% to 34% (20%IT 14%NIC) for many..  but also stopping people avoiding 20% altogether by dumping it in their pensions.  Probably about cost neutral I would guess.

Any thoughts from the DOSBODs hive mind?

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26 minutes ago, stokiescum said:

How many of us earn 80k and particularly how many outside of London 

I don't.

I'm not earning enough to pay 40% tax at the current threshold.

xD

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1 minute ago, SpectrumFX said:

I don't.

I'm not earning enough to pay 40% tax at the current threshold.

xD

The London votes lost on this    This leaves the shires I don’t know anyone on 80k around here one of my

pof Xs was on 49k that’s an insanely high wage in stoke

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Posted (edited)

We have two main tax rates for paye in the UK:  about 40% as the base rate, and about 50% as the higher rate.  Anyone who thinks otherwise doesn't know where their pay goes.

[eds to add that this proposal would lead to a zone between 50ish and 80ish £k where the effective tax rate would be about 30sih% (I'd have to go over the calcs to be sure, but definitely lower than the current base rate).  That sounds like a gift for many, with a nice complicated shell to confuse the plebians]

Edited by dgul

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8 hours ago, dgul said:

[eds to add that this proposal would lead to a zone between 50ish and 80ish £k where the effective tax rate would be about 30sih% (I'd have to go over the calcs to be sure, but definitely lower than the current base rate).  That sounds like a gift for many, with a nice complicated shell to confuse the plebians]

Yep.. I assume they would raise the NI threshold at the same time,  and probably introduce other stealth taxes to bring the interim bit between £50k and £80k back up to the target 40% rate.

This struck me as probably being more about stopping people claiming tax relief on their pensions (knowing that that is an area they are desperately trying to reform).

As they also said on R4 this morning..  even if the effective tax rate stays the same,  they will struggle to get anything actually through parliament that on the face of it masquerades as a tax cut for higher earners.  

All of the leadership contenders are really struggling to find any ground breaking pledges to offer.

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Posted (edited)
9 hours ago, stokiescum said:

How many of us earn 80k and particularly how many outside of London 

Dunno what the figure is for over £80k, but almost certainly below 5%, and probably between 2-3%

The 2017 data says, gross pay for full time workers, UK wide, for the top 10% of earning deciles was £57,689. 

Only areas where the top decile exceeds £80k were Inner London (£89,283) and Surrey (£86,282). Majority of larger regions it was under £50k. 

Edited by PatronizingGit

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I'll never earn 80K, but I did always think that 50K was a bit low for people to start taking 40% off ya.

But I'm coming from the old-fashioned 'bloke working hard to support stay at home wife and kids' model that doesn't really apply these days. In that context, 50K doesn't exactly make ya rich.

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10 hours ago, Libspero said:

https://www.express.co.uk/news/uk/1138413/tory-leadership-latest-boris-johnson-income-tax-news-latest-prime-minister-brexit-news

 

 

...

So I presume cutting the higher earning tax rate from 40% to 34% (20%IT 14%NIC) for many..  but also stopping people avoiding 20% altogether by dumping it in their pensions.  Probably about cost neutral I would guess.

Any thoughts from the DOSBODs hive mind?

This ^ it's a 6% tax cut for higher earners that'd close off higher rate relief on pension contributions and brings forward spending into the economy, assuming these people are anything like my *ex-wife who'll just fritter away the extra disposable.

*six figure salary shires earner.

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12 minutes ago, JoeDavola said:

I'll never earn 80K, but I did always think that 50K was a bit low for people to start taking 40% off ya.

But I'm coming from the old-fashioned 'bloke working hard to support stay at home wife and kids' model that doesn't really apply these days. In that context, 50K doesn't exactly make ya rich.

I guess it depends on perspective. 40% is considered a very high rate in the US, but not particularly so on the continent. 

 

My dad was a tory throughout the 80s, three day week, piling rubbish, strikes and blackouts did it for him, never liked the loony left. He thought that it was absolutely necessary to reduce the top rate from 83% to 60% in the early 80s, but said he was 'surprised' when they reduced it from 60% to 40% in the late 80s, and didnt think it a good thing. Perhaps the 60% rate was far higher than the 40% rate threshold though. 

 

In the Tories 97 manifesto, it was their intention to reduce the top rate to 35%, and the basic rate to 20%. 

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Posted (edited)

The Cons car crash continues as they do what they always do and fight the last war.....

They refuse to accept the game has changed as more people get red pilled or at least stop taking the expensive and unpalatable blue ones.  Meanwhile, they continue their old ways and look embarrassingly outdated.

Boris has to first win the MPs vote so says something to appeal to them personally and to their old discredited mantra.  Then will likely adjust the message slightly when the Cons members vote, and then a bit more when elected and facing the country.  Meanwhile, the country looks on and the majority sees the Con party in a very bad light from the get go.  For some this is just looking after the rich while for others the majoring on self interest while people are worried about inequality and social cohesion is offensive.  May said the right things upon entering No 10, just failed to do any if it, or did the  SJW/totalitarian version of it.  Plus no one will know what he really intends, thus increasing the "shifty" persona he apparently has in the eyes of some.  Not smart.  

And then today we had I assume one of Boris' team on TalkRadio doing a car crash interview given what he had to play with.  Refusing to answer embarrassing questions, not by openly refusing to do so (which is now one way to gain votes) but by ignoring the question multiple times.  And also being laughable and worse when trying to insist no policies have yet been issued.  Then add the platitudes, etc.

The strategy could have been to show the party the new world and the obvious cliff face they're teetering on, act up speaking some home truths, and list policies ensuring realignment and survival.  Instead its the same old same old at a time that mindset has been thoroughly discredited. 

Most other candidates act the same with the tiresome old manner.  Presumably they are working under the age old assumption that none of this matters at general election time.  Drip, drip, drip.  We'll see.

Dinosaurs.

Edited by Harley

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43 minutes ago, Bedrag Justesen said:

Taking 40% tax from any worker is outrageous.

Everyone that works pays too much tax in too many ways.

 

When i get close to that ,it`s almost hard wired that i lose all enthusiasm for work 

I had a good year last year and was getting close by xmas i done next to feck all for the next three months 

On the down side none of my clothes fitted me by the end of March 

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21 minutes ago, Bedrag Justesen said:

LibDem voters typically work in public sector.

For all their virtue signalling they will vote Tory if it saves them money.

Even in Wales, factory workers can be on £40k+.

Bridgend Ford workers earn up to £100k.

 

 

Some at management level they might get close to £100k but the boys on the line might  hit £40k with over time and shift allowance 

I would say most trades are now in the high 20`s to mid 30`s as a basic  here in Wales  

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When I was a student, holiday work was making Pampers nappies in Trafford Park for Proctor & Gamble. I had a basic role of filling machine with raw materials, but the full time engineering staff were on serious dough. These were working-class, shift employees but one guy had bought a stabled horse for his stay at home wife. 

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I for one would love this and actually pay more tax because of it. I deliberately keep myself just under the higher rate limit, bearing in mind the only way I earn more is by working more hours it really rankles me that after having a good year for two or three months I'm working until Wednesday morning just to pay income tax. 

Something tells me that the rate of tax payable on dividends will go up to compensate though, they'll teir it so as not to affect the retired too much but if you're a one man limited company they'll come after you.

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Good.

Hopefully this mean UKGOVs/Pols have stopped pissing money away on societies drains and foreigners who dont work, to actually rewarding work again..

Again, that fucking idiot Brown and his stupid free money scheme. Should have stopped dead in 2010.

And if those foreign dossers from Greenfell want to raise a court case i nthe US then they can all fuck off their and see how much bennies they get.

 

 

 

1 hour ago, PatronizingGit said:

I guess it depends on perspective. 40% is considered a very high rate in the US, but not particularly so on the continent. 

 

My dad was a tory throughout the 80s, three day week, piling rubbish, strikes and blackouts did it for him, never liked the loony left. He thought that it was absolutely necessary to reduce the top rate from 83% to 60% in the early 80s, but said he was 'surprised' when they reduced it from 60% to 40% in the late 80s, and didnt think it a good thing. Perhaps the 60% rate was far higher than the 40% rate threshold though. 

 

In the Tories 97 manifesto, it was their intention to reduce the top rate to 35%, and the basic rate to 20%. 

But he European high rates are at mcuh higher income.

Due to fiscal drag, UK has a high rate at what is an upper middle income.

 

 

10 hours ago, dgul said:

We have two main tax rates for paye in the UK:  about 40% as the base rate, and about 50% as the higher rate.  Anyone who thinks otherwise doesn't know where their pay goes.

[eds to add that this proposal would lead to a zone between 50ish and 80ish £k where the effective tax rate would be about 30sih% (I'd have to go over the calcs to be sure, but definitely lower than the current base rate).  That sounds like a gift for many, with a nice complicated shell to confuse the plebians]

3 - 0%. Or rather -30k for the work dodging fuckers doing 16h on TCs.

 

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Posted (edited)

For every Ying there is a Yang.  So no-one should be allowed to say such piffle without saying where the money is coming from - properly, with math workings.  So is he going to cut the aid budget, reign in immigration, cut benefits, burn all the quangos and NGOs, etc?  

PS: Usual cynical stuff: Due to drag on the tax thresholds (i.e. not rising in line with inflation), more people are now caught in a higher, rate.  Presumably the logic goes they're easy fodder for such bread.  Oh and talking of bread, as in bread and circuses, if this is the bread, is Boris the circus?

Edited by Harley

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15 hours ago, Libspero said:

..  but also stopping people avoiding 20% altogether by dumping it in their pensions. 

I would stop dumping money in to my pensions to avoid the higher rate only if they also put up the child beneft clawback up to 80K.

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Posted (edited)

You're all missing the point:

Who chooses whether or not Boris makes it onto the final shortlist of 2 that goes out to the membership?

Now, remind me again what is the current salary of those people?

 

There you go. Fucking blatant isn't it.

Edited by Southmartin

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Posted (edited)
5 minutes ago, Southmartin said:

.......here you go. Fucking blatant isn't it.

Indeed.  See the message change in line with the current audience to woo.  He has a historic credibility problem for some (as does the whole party now), and certainly the media are talking this up, so such an approach is borderline crass stupidity.  

Edited by Harley

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