Article: The Green Party has its say on TSR Watch

Jammy Duel
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#61
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#61
(Original post by Fair1988)
I am just an ordinary hard-working person and everything I have got is from my job. In the past five years I have been worse off due to the tax raised and benefit cut. I don't think it is fair for the rich to have their tax cut while all hard working families have to have tax raised and benefits cut to help Britain to pay the huge deficit...
:rofl:
If we just keep the benefits to one side a second, and stick to the taxes. So, the personal allowance has been increased by about £4,000, so supposing you're still above the new threshold you're £800 better off there. The only tax I recall off the top of my head that is likely to effect these people is the VAT hike, but if £800 more is being paid in VAT then there was already £5,600 being paid (at least given you get the 5% rate unchanged) and to be doing that you need to be spending £32,000 (£38,400 with the VAT included). Now, if you're up here we can actually cut the figures a bit, the 40p rate starts £1k lower so that's £200 of the £800 gone but even so the VAT increase still requires almost £30k to be spent to offset the lower tax.
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Fair1988
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#62
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#62
(Original post by Jammy Duel)
:rofl:
If we just keep the benefits to one side a second, and stick to the taxes. So, the personal allowance has been increased by about £4,000, so supposing you're still above the new threshold you're £800 better off there. The only tax I recall off the top of my head that is likely to effect these people is the VAT hike, but if £800 more is being paid in VAT then there was already £5,600 being paid (at least given you get the 5% rate unchanged) and to be doing that you need to be spending £32,000 (£38,400 with the VAT included). Now, if you're up here we can actually cut the figures a bit, the 40p rate starts £1k lower so that's £200 of the £800 gone but even so the VAT increase still requires almost £30k to be spent to offset the lower tax.

Let's not talk about the VAT because it affects everybody more or less the same.

https://www.gov.uk/government/upload...9/Table-a2.pdf

The link above will tell you the history of income tax rate.

The threshold for 40% tax rate dropped from 37,400 to 31,785 this year gradually over the past 5 years and that's how I have been worse off for over £2300 a year and on top of that I have lost about £1770 of child benefit because we have only one income.


I won't support the Green party because I will lose even more income.
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Good bloke
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#63
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#63
(Original post by Fair1988)
The threshold for 40% tax rate was raised from 37,400 to Over 31,785 this year gradually over the past 5 years and that's how I have been worse off for over £2300 a year
You are ignoring the simultaneous changes to the personal allowance, which isn't valid. Anyone earning exactly £43,875 in 2010-11 (the start of the 40% tax band in that year) and each of the years since would have seen their overall income tax liability fall from £7,380 in 2010-11 down to £6,953 in 2015-16 - a saving of £527.
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Fair1988
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#64
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#64
(Original post by Good bloke)
You are ignoring the simultaneous changes to the personal allowance, which isn't valid. Anyone earning exactly £43,875 in 2010-11 (the start of the 40% tax band in that year) and each of the years since would have seen their overall income tax liability fall from £7,380 in 2010-11 down to £6,953 in 2015-16 - a saving of £527.

I am talking from my own experience and my own bills and that's how much I have lost.

That's why I won't even consider voting the Green!
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Jammy Duel
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#65
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#65
(Original post by Fair1988)
Let's not talk about the VAT because it affects everybody more or less the same.

https://www.gov.uk/government/upload...9/Table-a2.pdf

The link above will tell you the history of income tax rate.

The threshold for 40% tax rate was raised from 37,400 to Over 31,785 this year gradually over the past 5 years and that's how I have been worse off for over £2300 a year and on top of that I have lost about £1770 of child benefit because we have only one income.


I won't support the Green party because I will lose even more income.
Those tables would be a bit more transparent if they also included the personal allowance, and how does a drop of the 40p rate relative to the personal allowance of just shy of 6k mean an extra £2300 in tax lol, the 40p rate is only an increase of 20 pence in the pound, not 40. And by the sounds of it you didn't lose £1770 because you only have one income, it sounds much more like it's because you're earnings are above the threshold, at the very least, for a reduced rate, possibly above the threshold to have child benefit revoked entirely.
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