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This policy could assist with Section 24:Boris Johnson has promised to cut taxes for around 3 million higher earners by raising the 40p threshold from £50,000 to £80,000 if he becomes prime minister, in a move condemned by senior Labour figures.
The Tory leadership hopeful used the Telegraph to make the case for the cut, saying, “We should be raising thresholds of income tax – so that we help the huge numbers that have been captured in the higher rate by fiscal drag.”
The move would cost around £9.6bn a year, which would be paid for partly from savings in Brexit no-deal preparations, he said.https://www.theguardian.com/politics/201...-threshold
Learn Change and Adapt ?????
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I remember when the 40% tax rate came in in the late 80s
My partner at the time was a Sgt in the Police force and at that time was a basic rate tax payer
if you look at the pay scales of the Police a Sgt today is a 40% tax payer
I think if the Lower rate band had been inflation proofed it would be around 80k today
If I earn 50k in the North East its a dam good wage If I lived in London it would be a low wage How Nurses Police Officers ect manage in
London today on 50K I dont know they are hardly rich on 50k a year
This move will be very popular and Boris is following Trump Idlers and if it was used my Guess is the Govt would make more tax in the long run as folk spend there money on the every day things of life now that we have a 20% VAT rate
we need more of this sort of thinking in my opinion
Agreed but Thatcher got rid of the former 83% top rate on earned income (initially down to 60% IIRC) - plus the additional 15% investment income surcharge - though we now have 20% VAT etc to contend with.
I remember when I left school basic rate was 33% in the 1970s and Vat was 8%
today 20% basic rate 20% VAT its basically the same
smoke and mirrors
My bad yes VAT introduced 1973 - though NI was 5.5% in mid 1970s and is now universally 12% for employees as contracting out ceased in 2016.
There was though a far flatter wage distribution in 1950s to 1980s - with a far larger portion of jobs having a significantly manual element in stark contrast to 21stC - hence highest rates applying to tiny proportion of workers.
That said ONS say that after stripping out London wages from UK total the average gross individual wage in regions is just £17550 - generating just £1010 tax and £1070 NI (ignoring pension contributions) - which goes a long way to explaining why some 51% of UK households are net takers from Tax/Welfare system.
Will appeal the conservative faithful and may help him get elected.
Long term i think its more likely to be a Corbyn government. Such an easy attack to make. Whilst you are certainly not rich on £50k in London your still earning above the average wage.Never sure of the argument that cutting PAYE creates a higher tax intake. Never been proven and struggle to see it given PAYE is the easiest tax to collect and most difficult to avoid...
It a vote winner
The Tories have to give something to win back votes
I think the other way would be make Min Wage Tax free and raise the 40% tax threshold to around 70k
that way the bottom and the middle would welcome the change and push Labour to one side
Its only a vote winner for those earning above 50k, Id expect the vast majority of those vote conservative already.
Would increase the personal allowance upto something like £15k - now everyone is 'excited'
They ( Tories ) have already got all the tenant votes after Tenant fee ban and Section 21 abolishment.
This Govt have chucked Landlords under a bus.
I would be in favour of moving both Tax/NI thresholds to nearer £20k so that more workers can avoid being benefit claimants - esp WTCs which should be funded via higher min wage and employers fund their own wage costs from profits rather than having a taxpayer subsidy.
Some jobs would disappear with a higher min wage but system would be far more transparent.