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>> No. 6197 Anonymous
14th April 2016
Thursday 11:25 pm
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Are our tax rates too low?

Someone earning £20,000 with a full personal allowance has an effective tax rate of around 9% on all their income. Someone earning £50,000 has an effective tax rate of 18.4%. The most a higher rate taxpayer with an income up to £100,000, and full personal allowance, will have is an effective rate of c. 29%. Obviously there's also National Insurance, but that's 2% for higher rate taxpayers.

Graph from: https://www.gov.uk/government/publications/budget-2016-documents/budget-2016
Expand all images.
>> No. 6198 Anonymous
14th April 2016
Thursday 11:27 pm
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>>6197
Get a job.
>> No. 6199 Anonymous
14th April 2016
Thursday 11:42 pm
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>>6198
I have one. I wouldn't mind paying more tax if it meant better public services.
>> No. 6200 Anonymous
15th April 2016
Friday 12:22 am
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>>6197
Personal allowance should be £20 000. Anyone earning more than £50 000 should be taxed at 60p.
>> No. 6201 Anonymous
15th April 2016
Friday 12:56 am
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Yes, relative to our level of government spending. Post-war British economics have been characterised by a boom-and-bust cycle of unfunded public spending commitments and subsequent austerity. A relatively minor increase in total taxation could provide vital long-term stability.

The UK's total tax revenue is 39% of GDP. This is considerably higher than the EU average of 35.7%, but lower than Germany, France and the Nordic countries. Increasing our overall taxation to match Germany (40.6%) would provide an additional 31bn in revenue; Matching France (44.6%) would provide an additional £109bn.

The alternative is that we accept a reduced level of public services. Osborne has already trimmed every last scrap of fat in the public finances, so further cuts will be increasingly painful.
>> No. 6202 Anonymous
15th April 2016
Friday 1:13 am
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>>6201
>Painful
Ever wondered if it's actually a public service or just a hole somebody else would fill if the government didn't?
>> No. 6203 Anonymous
15th April 2016
Friday 1:15 am
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Absolutely not.

>>6201
Also I don't know where you got your numbers from, these are from Eurostat.
>> No. 6204 Anonymous
16th April 2016
Saturday 12:33 pm
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The real question is, 'are interest rates to low?'

I have two savings / ISAs whatever you want to call them at 2% and 1.5% respectively and even with thousands in them I make less than one hundred quid a year.

What's the fucking point?
>> No. 6205 Anonymous
16th April 2016
Saturday 12:36 pm
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>>6204
For what purpose are you keeping funds in cash?
>> No. 6206 Anonymous
16th April 2016
Saturday 1:09 pm
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>>6205

I left uni in my overdraft and worked a shit paying job to get out of it.

Now I have a proper job that pays bonuses/generous expenses and I'm just trying to establish some amount of decent savings that I can fall back on should I need to as an emergency back up.

That and I'm financially illiterate. I wouldn't know what to invest in that isn't property but I doubt I have enough for that.
>> No. 6207 Anonymous
16th April 2016
Saturday 1:16 pm
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>>6204

Fuck, that should be 'too low', too.
>> No. 6208 Anonymous
16th April 2016
Saturday 4:49 pm
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>>6197
You're not taking into account student loan contributions, which for current graduates is an effective tax on incomes over £21k.
>> No. 6209 Anonymous
16th April 2016
Saturday 6:13 pm
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>>6208
What percentage of the working population have a student loan and are actually earning enough start repaying it?
>> No. 6210 Anonymous
16th April 2016
Saturday 6:16 pm
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>>6209
Go look it up yourself.
>> No. 6212 Anonymous
16th April 2016
Saturday 6:39 pm
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>>6210
I'm not the one stating it's significant enough to be included.

The median graduate starting salary in 2014/15 was £28,000, according to the Association of Graduate Recruiters. If 9% is paid on amounts over £21,000 then that amounts to £630, 2.25% of their overall salary. When you factor in the number of people paying this then it amounts to the square root of fuck all.
>> No. 6213 Anonymous
16th April 2016
Saturday 6:46 pm
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>>6204

Get a Santander 123 and (with 500 quid going in and 2 direct debits) you can earn 3% on up to 20k (with a 5 quid / month fee). I have one with almost 20k in, and my calculations indicate I will earn 540 quid a year in interest (tax free for most, too).
>> No. 6215 Anonymous
16th April 2016
Saturday 9:57 pm
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>>6212
True, but you said it yourself - £28k is the mean starting salary. It might not be a significant source of revenue currently but it will be in 10 years time when more people have graduated under the new scheme and are earning significantly more than when they started work.
>> No. 6216 Anonymous
16th April 2016
Saturday 10:46 pm
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>>6215

Student loans are moot. The money has already been paid out in the form of fees and living costs. The repayment schedule is calibrated to recoup those costs, so the government won't gain any real revenue. Many projections suggest that there'll be a considerable shortfall, so the student loans system may need to be subsidised by general taxation.
>> No. 6217 Anonymous
16th April 2016
Saturday 11:01 pm
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>>6212
That would be for a narrow definition of "median graduate staying salary", namely for people entering the specific programmes they recruit into.

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