2015- July Budget

[phoenixboy]

To a neo-keynsian it means cutting public spending. Or more accurately not increasing public spending as fast as they would like.

To a sensible person it would mean increasing taxes.

 

 

 

Where in your supposed losers list do you account for the increase in the income tax threshold?

 

accounted for the tax threshold (which only goes up £600 by the way). things like removal of tax credits means thousands of families are worse off and will be progressively worse off.

[DnAuK]

Will the young and the poor take the hint and start voting then??

 

The young will vote when they can do so via a smartphone app. The poor when someone gives them enough bus fare to get to the polling station. Or maybe they will just spend it on lager instead. Who knows?

[phoenixboy]

Will the young and the poor take the hint and start voting then??

 

if i was 18-21 or under 25 on low income id be royally ****** off right now wouldnt you?

[unbeliever]

accounted for the tax threshold (which only goes up £600 by the way). things like removal of tax credits means thousands of families are worse off and will be progressively worse off.

 

What tax credits have been removed? I must have missed that.

Have you also corrected for the increase in the minimum wage?

[DnAuK]

accounted for the tax threshold (which only goes up £600 by the way). things like removal of tax credits means thousands of families are worse off and will be progressively worse off.

 

The National Living Wage is supposed to offset that. But I haven't seen the figures so can't comment. Like most newspaper columnists apparently. Although they, of course, comment anyway.

 

---------- Post added 09-07-2015 at 11:34 ----------

 

What tax credits have been removed? I must have missed that.

Have you also corrected for the increase in the minimum wage?

 

Me and you are dangerously close to agreeing on things. Maybe it's something about working in the public sector...

[phoenixboy]

Bit bleak mate. Got Anarchy in the UK in my head now. Thanks for that! ;c)

 

how true it was....

 

---------- Post added 09-07-2015 at 11:40 ----------

 

What tax credits have been removed? I must have missed that.

Have you also corrected for the increase in the minimum wage?

 

tax credits threshold lowered to eventually be removed...osborne wants to remove tax credits and believes increasing the nmw will offset it. This is not taking into account lowering total benefits payments.

 

---------- Post added 09-07-2015 at 11:42 ----------

 

maybe its just me. i work with data / accounts, bit of a statto. and the sums suggest a long list of people will lose money from this budget.

Edited July 9, 2015 by phoenixboy
....

[Eater Sundae]

This is very true.

 

The whole tax credits system is a fiasco, Labour's biggest ever welfare mistake on so many levels.

 

---------- Post added 09-07-2015 at 07:36 ----------

 

 

This is the biggest mistake in the budget. Can anybody rationalise it? To me it seems spiteful.

 

I think it's an irrelevance.

 

The student will either succeed on the back of his/her degree and make good money - in which case he/she can afford to pay off the loan.

 

or

 

they will not get a good job (poor choice of degree, maybe?) and so will never have to pay it back. So no problem for them.

 

People from poor backgrounds are able to go the university, without being frightened off by the cost and debt - THIS IS A GOOD THING. Unfortunately, some people do not realize this - maybe they are not university material.

 

Nothing in life is for free. Someone has to pay for everyone having the opportunity to go to University. The system still puts the majority of the cost (especially in the short term, and possibly even longer term depending how the whole thing pans out) at the door of taxpayers in general, regardless of whether or not they have had the chance of a University education. On balance, University education has helped others achieve a higher salary than average, so they will be paying more.

[unbeliever]

how true it was....

 

---------- Post added 09-07-2015 at 11:40 ----------

 

 

tax credits threshold lowered to eventually be removed...osborne wants to remove tax credits and believes increasing the nmw will offset it. This is not taking into account lowering total benefits payments.

 

Are you talking about the cap on benefits?

Surely increasing the minimum wage will indeed correct for certain cuts in tax credits. Assuming that there are no great job losses from the nmw increase it sounds rather good. It is after all far more dignified to be paid better for your work than to have to go cap in hand to the state is it not?

 

---------- Post added 09-07-2015 at 11:45 ----------

 

I think it's an irrelevance.

 

The student will either succeed on the back of his/her degree and make good money - in which case he/she can afford to pay off the loan.

 

or

 

they will not get a good job (poor choice of degree, maybe?) and so will never have to pay it back. So no problem for them.

 

People from poor backgrounds are able to go the university, without being frightened off by the cost and debt - THIS IS A GOOD THING. Unfortunately, some people do not realize this - maybe they are not university material.

 

Nothing in life is for free. Someone has to pay for everyone having the opportunity to go to University. The system still puts the majority of the cost (especially in the short term, and possibly even longer term depending how the whole thing pans out) at the door of taxpayers in general, regardless of whether or not they have had the chance of a University education. On balance, University education has helped others achieve a higher salary than average, so they will be paying more.

 

Hear, hear.

[phoenixboy]

understand its removal of dependence on welfare state...i cant help thinking its more a budget of politics and a strengthening of big business than anything approaching helping young, underperforming or under privaleged people to do better.

 

---------- Post added 09-07-2015 at 11:53 ----------

 

Are you talking about the cap on benefits?

Surely increasing the minimum wage will indeed correct for certain cuts in tax credits. Assuming that there are no great job losses from the nmw increase it sounds rather good. It is after all far more dignified to be paid better for your work than to have to go cap in hand to the state is it not?

 

you say 'surely' but i put in loads of different scenarios in the budget calculator, and came up with a list of winners and losers.

 

As one MP said, 60% of her constituents are not even in tax! so how does increasing the tax threshold help?

 

the last point in bold, wouldnt disagree....but a cut is still a cut. tomorrow a host of people are waking up with less money in their pockets.

[unbeliever]

understand its removal of dependence on welfare state...i cant help thinking its more a budget of politics and a strengthening of big business than anything approaching helping young, underperforming or under privaleged people to do better.

 

you say 'surely' but i put in loads of different scenarios in the budget calculator, and came up with a list of winners and losers.

 

As one MP said, 60% of her constituents are not even in tax! so how does increasing the tax threshold help?

 

Growing the economy is good for everybody.

Growing the public sector by borrowing may look good on the short term figures but it's a house of cards as Gordon Brown spectacularly demonstrated.

 

Young people have yet more facility to borrow money at highly preferential, subsidised rates to pursue heavily subsidised higher education; but are deterred from looking upon it as a way to burn 4 years getting drunk.

 

If you want more state spending, you'll have to think of a way to raise the money in a way that doesn't slash private sector investment; then we can discuss it.

 

Those 60% are either earning minimum wage in which case they just got a pay rise, or they're unemployed in which case they just got slightly less free money that somebody else had to earn .

Edited July 9, 2015 by unbeliever