"Quis custodiet Ipos Custodes"
Membership Level: Full
|Quoting Colin Davies.|
As an example a person earning £200000:
At that rate of pay, the person gets NO tax free allowance; so 100% of income is taxable.
Basic Rate tax will be £6,874 at 20%
Higher Rate tax will be £46,252 at 40%
Top Rate tax will be £25,000 at 50%
National Insurance £7,337
Total Deductions £85,463
The reduction in Top Rate tax to 45% will mean that the top rate will reduce to £23,750 a reduction of £1,250.
Clearly put, and easy to understand, the total of revenue collected this way is drop in the ocean on the countries requirements, and as I have previously stated, to people with this income, it is neither here nor there.
One other point I would make, this furore over the food banks, they have been with us for quite a while, they are a safety net for people awaiting benefits, for whatever reason, and have no other source of income, they are there purely to help people in the short term, they are now being advertised in job centers, and obviously more people are aware of them, but they are strictly means tested, only those in dire straits qualify.
The 5p tax relief, and the food banks are ammunition for the left to begin their ritual of misinformation, one day they may publish the facts, and be as honest as Colin, but I will not hold my breath.
Never say a humorous thing to a man who does not possess humour. He will always use it in evidence against you.