@Nicoledso Pensioners will pay the equivalent tax to a working person on the same income.
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James
33.5K posts
James
@TypeForVictory
UK-based investment analyst (ex-macro, now global equities), interested in econ & markets, defence, infra, etc. https://t.co/rF30HPOD4H
London, England Katılım Ocak 2013
1.3K Takip Edilen12.4K Takipçiler
@TypeForVictory It does matter, especially for single pensioners.
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I'm afraid I think we should merge Income Tax and NI with new thresholds and rates, and abolish the personal allowance.
It'd be simpler, raise more, tax different forms of income more fairly, remove cliff edges, and be healthy when it comes to tax/spend debate.
Dan Neidle@DanNeidle
Increasing the personal allowance is a bad tax cut. 1. A £500 increase in personal allowance costs £5bn. Saves a basic rate taxpayer £100/year. 2. 1p cut in employee NI also costs £5bn. But saves median full-time worker £250/year Only one choice if you want to reward work
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@ArnoldLabour It's simpler to give targeted support to the very poorest through UC, and avoid allowance manipulation and cliff edges.
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@TypeForVictory Tax the very poorest eh? Genius.
Let people earning less than 10K pay for everything. That's sure to work and have no negative consequences
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@Nicoledso Doesn't really matter if you net it off with targeted distribution to the poorest (ie through pension credit).
Something like 12% up to 10k, 17% up to 20k, 22% up to 30k, etc. Not suggesting those as actual numbers, but more tiers and a smoother curve merging the taxes.
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@TypeForVictory And I’m for combining IT and NI and wealthier pensioners paying more but abolishing the tax free allowance completely??
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Similarly, simplify VAT to 20% on everything (besides the services too awkward to tax), broaden the base.
You can make it up in UC support etc, but simplifying and improving collection rates helps business and govt. The burden of tax is administrative as well as financial.
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@MitchScott_K1 @LaveenLadharam @BenjaminDa74767 @DanNeidle Many just cut their hours to stay under the £100k threshold (especially those with young children) or put more into their pensions.
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@LaveenLadharam @BenjaminDa74767 @DanNeidle There are low earners who are struggling to put food on the table, pay for rent and energy.
If you are getting taxed at 60% tax in this current economy you should count yourself lucky, just like I do paying 40%. It’s a privilege compared to those on minimum wage.
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James retweetledi
Increasing the personal allowance is a bad tax cut.
1. A £500 increase in personal allowance costs £5bn. Saves a basic rate taxpayer £100/year.
2. 1p cut in employee NI also costs £5bn. But saves median full-time worker £250/year
Only one choice if you want to reward work
Steven Swinford@Steven_Swinford
One of the most interesting lines in @patrickkmaguire's interview with Andy Burnham was on the £12,570 threshold for the personal allowance, which has been frozen for five years It's a huge stealth tax that generates ever more revenue over the time at a significant cost to everyone who has an income The Times reported earlier this month that team Burnham has been discussing tax cuts for lower earners Nothing confirmed yet, and there's a long way to go before Budget, but Burnham's comments suggest it's something they're thinking about When you look at Burnham's tax policies over the year they have had a consistent thread - wealth taxes/ taxes for high earners allied with potential tax cuts for low earners The trouble - to state the obvious - is that they are expensive, and Burnham needs money to fund his cost of living package/ increased public spending/ defence spending But throughout the interview he expressed frustration with how his is caricatured/ characterised, and that was particularly true around claims he is a tax raiser Here's the quote: 'One thing I heard the most on doorsteps in Makerfield was frustration about the personal allowance frozen at £12,570. 'I can't say anything now... but I kind of heard that and it's lodged in my mind. So when people think about, they're just characterising me as a tax raiser, well again it's never that simplistic is it?'
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James retweetledi
Healey’s brutal resignation later specifically named the Treasury as blocking the defence spending rise. Now he’s in charge. There’s no way he cannot raise defence spending to 3% by 2030 now
John Healey@JohnHealey_MP
My letter to the Prime Minister
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James retweetledi
Wrong on several levels:
1) "Capital-intensive, highly automated" is literally what "investment" means. It's high productivity!
2) "Low labour demand" is misleading - the UK defence industry directly employs about 181k people, and the wider industry supported 468k jobs, 2/3 of them outside the South East.
3) Regional distribution is the point - Barrow, Govan, Plymouth, Filton - defence gets you highly skilled manufacturing jobs, and thus training and industrial bases, away from London. They're critical to rebalancing the economy back from services.
4) Defence isn't just a 'stimulus' - it's an insurance policy. We have critically run down our national security, particularly naval/air, and that makes us extremely vulnerable to subsea threats to our comms & energy.
5) Defence underpins sovereign capability the rest of the economy's resilience depend on - steel, engineering, machining. Once they go, they're hard to get back, and expose us to supply chain disruption.
Philip Proudfoot@PhilipProudfoot
Getting this in early: The defence industry is one of the worst possible investments if you want fiscal multipliers. It’s absolutely terrible: capital-intensive, highly automated, low labour demand, minimal secondary impacts. Military Keynesianism doesn’t exist
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Obviously a slap to the left, but Mahmood's problem is that while every intelligent conservative is celebrating this, most conservatives are NOT intelligent, and will not look past her name and race
Politics UK@PolitlcsUK
🚨 BREAKING: Shabana Mahmood will remain as Home Secretary
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James retweetledi
🚨NEW: The government is seeking a court order to block the publication of migrant crime statistics
[@migrationCtrl]
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James retweetledi
The Economist on the Martin Lewis Nation:
"A measly 13% of the financial assets of British households are shares, the lowest in almost any large developed economy. In Ramseyan America the figure is 44%. No amount of scrimping and saving will compensate Britons for missing out on the profound benefits of long-term compound returns."
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Delighted to see interesting historical events get screentime, but worth remembering this is supposed to be a time when wealth / living standards are rising and the leaders were generally healthier artisans and small landowners.
It'd be nice to see sunshine and colour...
DiscussingFilm@DiscussingFilm
First trailer for Paul Greengrass' ‘THE UPRISING’, starring Andrew Garfield. The film follows a man who forms a rebellion in England against the tyranny of King Richard II. In theaters on September 11.
Hackney, London 🇬🇧 English
James retweetledi
I fully recommend having a read of the visa sponsor list sometime as a form of black comedy. You’d expect it to be things like Barclays or ‘City Finance Ltd’ or whatever, and then you look and it’s ‘Bossmans Retail Abergavenny’
DaxwellsMemon@DaxwellsMemon
Meet the Skilled Worker Visa Sponsor "Chacha Chaiwala Ltd"! Now I hear you, the shop front doesn't say that at all and in fact "Chacha Chaiwala Ltd" stopped being a shop front in 2022 according to Google Maps. "AL-HYDERABADI MANDI BIRYANI LTD" occupies the space now from October 2022. The problem is "Chacha Chaiwala Ltd" sponsored the following 20 visa in 2023 (AFTER the shop stopped existing): 12 Chefs 7 Catering and bar managers 1-5 WEB DESIGN AND DEVELOPMENT PROFESSIONALS?? So at the very least 20 "skilled" migrant workers to work in this very small (also non-existent) restaurant/cafe. With 12 chefs and 7 managers I assume there is not a lot of space left for actual wait staff, let alone customers ...
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James retweetledi
How many times does a company have to break the law before enough is enough?
Even the judge is having to repeat: What you are doing is CRIMINAL!
Remember: Southern Water has 174 previous convictions. You couldn’t make it up.
L-inglizi@Cantwara_
Southern Water fined £7m after illegally dumping sewage off Kent coast. According to the judge, the company has “a record of criminality.” And still they are allowed to manage and charge us for our water. theguardian.com/environment/20…
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James retweetledi
We should not be sending financial aid to a country with nuclear weapons and a space program actually Adam.
Adam Ramsay@AdamRamsay
Labour ministers are now bragging about having cut aid. We’re a long way from Gordon Brown and Make Poverty History.
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