Budget 2021: 10 ways Rishi Sunak's speech affects you

[johnofgwent]

OMG.

Anyone else want to agree with the above nonsense?

The only nonsense in this country is that it is not possible to have a full time job without being a taxpaye too.

[Nick]

OMG.

Anyone else want to agree with the above nonsense?

[srb7677]

^^^.
Holding income tax at the same rates means just that. If people get paid the same they take home the same. If they get a raise and get paid more, they take home more. How's that any different from the current pattern, and how's that stealth?

Disappointing for those who want tax cuts. But with over £300 billion borrowed in the current financial year, much of it to help keep jobs and support the population over this period, tax rises were more likely, and tax cuts, a forlorn hope...

If you fail to understand that failing to raise thresholds in line with either inflation or earnings results in people paying a greater proportion of their income in tax because the exempt portion shrinks in real terms, you need a maths lesson. How else do you think it is supposed to raise revenue?

And when it is the basic rate being frozen of course it hits the poor - unless their pay is frozen too which itself would be a real terms pay cut for them.

[patman post]

^^^.
Holding income tax at the same rates means just that. If people get paid the same they take home the same. If they get a raise and get paid more, they take home more. How's that any different from the current pattern, and how's that stealth?

Disappointing for those who want tax cuts. But with over £300 billion borrowed in the current financial year, much of it to help keep jobs and support the population over this period, tax rises were more likely, and tax cuts, a forlorn hope...

[srb7677]

Budget 2021: 10 ways Rishi Sunak's speech affects you

Chancellor Rishi Sunak's Budget is packed with policies that will affect your finances. Here is a guide.

Source: Budget 2021: 10 ways Rishi Sunak's speech affects you

The freezing of the basic rate income tax threshold for five years is a stealth tax on the low paid. What this means is that every pitiful pay rise they get will result in them paying ever more in tax, and a larger proportion of their income being taxed. Whilst some of the very poorest part time workers will end up paying some tax when they do not at present. The basic tax threshold should not have been frozen. It hits some of the lowest paid people who are struggling financially as it is.

[GBNews]

Budget 2021: 10 ways Rishi Sunak's speech affects you

Chancellor Rishi Sunak's Budget is packed with policies that will affect your finances. Here is a guide.

Source: Budget 2021: 10 ways Rishi Sunak's speech affects you