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BUDGET 2012: Earn £9,200 before you start paying income tax... not bad :)

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    (Original post by Bill_Gates)
    Doesnt mean you can rape the poor more than the rich, when the rich benefited more from the boom :rolleyes:
    Rape? Yeah, the top 1% of earners contribute 27% of this country's income tax. Compare this to the bottom 50%, who contribute 11% of the total. Sounds like rape to me! Because, you know, giving large amounts of your money for the benefit of others is analogous to rape nowadays...
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    (Original post by monk_keys)
    http://www.bbc.co.uk/news/business-17442946

    Simple calculator on effects of new budget.
    Well according to that i'll be £324 better off. Certainly different to all the scaremongering in the papers.
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    (Original post by FrogInABog)
    Rape? Yeah, the top 1% of earners contribute 27% of this country's income tax. Compare this to the bottom 50%, who contribute 11% of the total. Sounds like rape to me! Because, you know, giving large amounts of your money for the benefit of others is analogous to rape nowadays...
    I just raped a homeless man.

    I mean gave some change to.
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    (Original post by FrogInABog)
    Rape? Yeah, the top 1% of earners contribute 27% of this country's income tax. Compare this to the bottom 50%, who contribute 11% of the total. Sounds like rape to me! Because, you know, giving large amounts of your money for the benefit of others is analogous to rape nowadays...
    Wow you watched a video on BBC news. You clever person!
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    (Original post by Tokyoround)
    Well according to that i'll be £324 better off. Certainly different to all the scaremongering in the papers.
    yeah it says a similar figure for me - good news it would seem :P papers are always scaremongering its how they get us to read all their stories :P
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    (Original post by monk_keys)
    I just raped a homeless man.

    I mean gave some change to.
    Except I wouldn't exactly call the £200bn spent every year on benefits 'some change'.

    (Original post by Bill_Gates)
    Wow you watched a video on BBC news. You clever person!
    Fraid not, actually, I read an article. Although I fail to see why doing either would justify such a sarcastic comment; a fact is a fact, regardless of where you find it. But I suppose it being a fact made it too difficult for you to come up with something better...
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    (Original post by Elipsis)
    Good. It doesn't make sense to tax people below that amount (and probably much higher). You are essentially paying someone to take money off of them and give it back. Of course, no one will give the Conservatives credit for it. They are evil meanies.
    Nobody will give the Conservatives credit for it because it is entirely the result of the Lib Dems! Cameron ridiculed the idea in the TV debates.

    (Original post by Captain Crash)
    Meanwhile, the 40p tax threshold is reduced from £42,475 to £41,450.

    Funny how Osborne left that to the fine print....
    I think that this was always going to happen to offset previously announced changes in the tax allowance. The idea with the changes in the last two budgets was to bring the top bracket down by the same amount that the bottom bracket was pushed up, such that the effect was neutral on higher rate taxpayers but benefited those paying only the basic rate (and this was explicitly mentioned by Osborne in his previous budgets, as he was keen to show that he wasn't cutting taxes for higher earners).

    However, this announcement has not led to a greater reduction in the higher rate threshold than was already planned, so in fact that change will benefit all taxpayers (relative to existing plans). In fact, I think he did say this yesterday.
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    This was short lived. The local bus company decided to put their bus fares up by over 16% yesterday, meaning any tax saving goes straight into their pockets. They clearly saw low earners will have a bit more spare cash and jumped at the chance to take it.

    I'd rather the government spent money on breaking up local public transport monopolies than cutting tax to be honest. I actually can't think of one good reason to use bus services any more and will be signing up for driving lessons in April. It might cost a little more than public transport but at least you get a seat when driving and don't have to wait half an hour for the vehicle to arrive after the planned departure time. You might even be using a vehicle that isn't over 30 years old.

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Updated: March 22, 2012
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