How does the new tax rate affect you?

haysus, i'm staying a student forever

Originally Posted by embee

Of course I mean it.

It's simple, last year you could earn your allowance, then some was taxed at 10%, then some at 22%, then the rest at 40%.

Now you earn your allowance, then what was at 10% is now at 20%, then what was at 22% is now at 20% etc.

The bit that used to be taxed at 10% is now taxed at 20%, What part of that equates to it being "abolished"? It's been increased to 20%.

If the old rate was 10% and the new rate was 15% you wouldn't say it's been abolished, you'd say it was increased. The fact that it happens to be the same as the next rate up doesn't mean it's been "abolished".

I just hate politicians, lying devious scheming spiteful thieving robbing gravy-train-riding trough-snouting ................................................

Am I missing something here

Or is this some sort of fuzzy logic known only to mathematicians?

Of course it's been abolished. Like it no longer exists. It's not hiding under the table and it's not simply afraid of the dark. It's gone. Abolished.

[the_lone_wolf]

Originally Posted by Ed

Am I missing something here

nope


i think we're all wondering what embee's been smoking...

[embee]

...but no-one is saying the 22% rate has been abolished are they? They say it's been reduced.

Likewise the 10% rate hasn't been "abolished", it's been increased. If it was abolished you wouldn't be paying any tax on that part of your earnings.









OK, so it's semantics, but that doesn't change the fact that they're all robbing b@$tards.





.......and I've drunk it all anyway.

[timwilky]

dont worry Embee I understand. the first grand or so of taxable income used to be taxed at 10%. That has now increased to 20% taxation

The next 20 grand or so used to be taxed at 22%. That has decreased to 20%.


Yup robbed those who used to pay more most of their tax at 10%.

Originally Posted by timwilky

Yup robbed those who used to pay more most of their tax at 10%.

10% band was 0-2230.

Look at tax bracket shifts alone (not NI) anyone earning less than ~21k is year is worse off while those earning more is better off under the new scheme.

Originally Posted by embee

...but no-one is saying the 22% rate has been abolished are they? They say it's been reduced.

Likewise the 10% rate hasn't been "abolished", it's been increased. If it was abolished you wouldn't be paying any tax on that part of your earnings.









OK, so it's semantics, but that doesn't change the fact that they're all robbing b@$tards.





.......and I've drunk it all anyway.

I'd say the 22% rate has been abolished too, lol...only fools would say otherwise!

First reason being you stated the %, which has changed, and no longer exists, hence abolished. Now if you were perhaps just using the number (i.e. 10, 22) to refer to the band, and not as the actual rate of tax, fair enough. But it's never described as "you pay 20% on the first 2000, and then 20% on the next 35000" - i.e. indicating there's still two bands in existence, and that they have changed rather than being abolished . Instead it is always described as a single 20% band. Now that's semantics