Finance thread 2022.

[Gone]

26 minutes ago, Tamworthram said:

I’m not a socialist by any stretch of the imagination but I don’t find it staggering. People are just complaining about the inequality. Your comment almost sounds like a put down of the lower paid: “shut up and just be thankful for what you’re getting”. 

Not at all, I think people should get paid more especially when companies are posting better profits. I also believe people should pay less tax (all pay grades) and have more of their hard earned money in their pocket. 

[Tamworthram]

14 minutes ago, TexasRam said:

Not at all, I think people should get paid more especially when companies are posting better profits. I also believe people should pay less tax (all pay grades) and have more of their hard earned money in their pocket. 

But the fact is that those on lower wages are going to benefit far less than those on much higher salaries and you seem to find it staggering that anyone is complaining about it.

[Gone]

3 minutes ago, Tamworthram said:

But the fact is that those on lower wages are going to benefit far less than those on much higher salaries and you seem to find it staggering that anyone is complaining about it.

Yes sorry I do, I don’t begrudge anyone doing ok for themselves and benefitting from it. Complaining  others are getting more than you I find barmy personally. I also don’t see the uproar when the high earners get ~50% of their salary taken of them and re-distributed, How’s that fair ? But of course people don’t complain about that as they benefit from it  

[Tamworthram]

52 minutes ago, TexasRam said:

Not at all, I think people should get paid more especially when companies are posting better profits. I also believe people should pay less tax (all pay grades) and have more of their hard earned money in their pocket. 

I get your argument and can understand the it's validity. 

I suppose the question is what is the purpose of the mini budget? Is it to boost the economy by putting more money in people's pockets (as discussed - a lot more in the pockets of those that already earn more) or is it to ease the burden of the cost of living crisis? Whilst everyone's circumstances are different, some my argue that the crisis is going to hit the lower paid more but they're benefitting less.

[1of4]

32 minutes ago, TexasRam said:

Yes sorry I do, I don’t begrudge anyone doing ok for themselves and benefitting from it. Complaining  others are getting more than you I find barmy personally. I also don’t see the uproar when the high earners get ~50% of their salary taken of them and re-distributed, How’s that fair ? But of course people don’t complain about that as they benefit from it  

Care to point out any of these high earners that are havng 50% of their salary taken of them?

Those that were on the 40% tax rate, only paid that rate on any portion of their salary that goes into that higher tax band. The first forty odd thousand pounds of their salary was paid at the basic rate like everyone else.

So not sure how you come up the the 50% figure?

[Gone]

7 minutes ago, 1of4 said:

Care to point out any of these high earners that are havng 50% of their salary taken of them?

Those that were on the 40% tax rate, only paid that rate on any portion of their salary that goes into that higher tax band. The first forty odd thousand pounds of their salary was paid at the basic rate like everyone else.

So not sure how you come up the the 50% figure?

Tax plus NI, plus for every penny you earn over £100k you lose for tax free allowance incrementally. It may not be exactly 50% but near as dam it, I take it you agree with it then? 

Edited September 25, 2022 by TexasRam

[1of4]

7 minutes ago, TexasRam said:

Tax plus NI, plus for every penny you earn over £100k you lose for tax free allowance incrementally. It may not be exactly 50% but near as dam it, I take it you agree with it then? 

So they lose not exactly 50% of what they earn over 100k. 

So what salary figure do we have to reach for the high earners to have 50% of their total salary taken off them, as you were implying in an earlier post?

[Stive Pesley]

I have to say that I know very few people who sit in the top tax bracket, but of the handful that I do - all of them express no issues with paying a higher rate of tax. Primarily because they recognise that they are comfortably well-off and have no money worries. Secondary to that is the fact that they are all decent people who understand the purpose of taxation and consider themselves very lucky to earn what they do. I've only spoken to one of them about the budget so far and his response was "it's just effing embarrassing"

To me taxation should be linear and proportional. The more you can afford to pay, the more you should pay. That's the bedrock of a healthy functioning society. Kind of how it looks here until you get to Income Group 20. It's absurd and it's indefensible

And that's not me "stamping my feet and whining". That's me saying we're governed by morons 

 

 

[Stive Pesley]

From The Times today

 

[Boycie]

Not more blue on blue. I thought we’d stopped that?

[Gone]

2 hours ago, Stive Pesley said:

I have to say that I know very few people who sit in the top tax bracket, but of the handful that I do - all of them express no issues with paying a higher rate of tax. Primarily because they recognise that they are comfortably well-off and have no money worries. Secondary to that is the fact that they are all decent people who understand the purpose of taxation and consider themselves very lucky to earn what they do. I've only spoken to one of them about the budget so far and his response was "it's just effing embarrassing"

To me taxation should be linear and proportional. The more you can afford to pay, the more you should pay. That's the bedrock of a healthy functioning society. Kind of how it looks here until you get to Income Group 20. It's absurd and it's indefensible

And that's not me "stamping my feet and whining". That's me saying we're governed by morons 

 

 

Your bedrock of a healthy society is all ready happening. The top 50% of Income Tax payers were liable for 90.5% of total Income Tax from 2019 to 2020, or £171 billion out of a total of £189 billion; the top 1% of Income Tax payers were liable for 29.0% of total Income Tax in 2019 to 2020

[PistoldPete]

2 hours ago, Stive Pesley said:

I have to say that I know very few people who sit in the top tax bracket, but of the handful that I do - all of them express no issues with paying a higher rate of tax. Primarily because they recognise that they are comfortably well-off and have no money worries. Secondary to that is the fact that they are all decent people who understand the purpose of taxation and consider themselves very lucky to earn what they do. I've only spoken to one of them about the budget so far and his response was "it's just effing embarrassing"

To me taxation should be linear and proportional. The more you can afford to pay, the more you should pay. That's the bedrock of a healthy functioning society. Kind of how it looks here until you get to Income Group 20. It's absurd and it's indefensible

And that's not me "stamping my feet and whining". That's me saying we're governed by morons 

 

 

Quite a few doctors complain about high rates of tax ... ironic given the tax is to pay for better healthcare. Doctors have reduced their hours, or even taken early retirement  to avoid paying high marginal rates of tax. I know other people in other professions who are high earners who have done similar. 

That I think is how those of us who not pay the highest rates of tax benefit.. high earning doctors can now work longer hours, and high earners in the private sector can work longer hours, so the economy grows. It's not the so called trickle down, its all about trying to stave off  recession by  encouraging more economic activity. Trouble is I think recession is right on our doorstep and the tax cutting measures would take a lot longer to stimulate economic growth.

SO Im not expecting any benefits for me in the near future.. so cancelled Sky sports and movies. Any More money saving ideas?  

 

 

[Stive Pesley]

1 minute ago, PistoldPete said:

not expecting any benefits for me in the near future.. so cancelled Sky sports and movies. Any More money saving ideas?  

Yes!

Now that city fibre have implemented quite widely across Derby, they have broken the monopoly on Virgin fibre broadband being the only reliable quality home broadband solution. I've been with Virgin NTL Nynex since the early 90s but just got a cheaper quote from the city fibre providers

Go on the virgin website and you can talk to an adviser via WhatsApp chat, tell them you want to leave and what the deal you've been offered is. They immediately under cut that deal and doubled my broadband speed to 500mb. Fixed for 18 months. Jackpot, don't even have to change provider and I'm saving £25 a month for the next year and a half (compared to if I'd just done nothing)

 

 

[angieram]

8 minutes ago, Stive Pesley said:

Yes!

Now that city fibre have implemented quite widely across Derby, they have broken the monopoly on Virgin fibre broadband being the only reliable quality home broadband solution. I've been with Virgin NTL Nynex since the early 90s but just got a cheaper quote from the city fibre providers

Go on the virgin website and you can talk to an adviser via WhatsApp chat, tell them you want to leave and what the deal you've been offered is. They immediately under cut that deal and doubled my broadband speed to 500mb. Fixed for 18 months. Jackpot, don't even have to change provider and I'm saving £25 a month for the next year and a half (compared to if I'd just done nothing)

 

 

We've just taken out Virgin on a fixed 18 month deal at £17 something a month BUT then it goes up to £50 a month. At which stage we'll be back to some other crappy provider.

I think we live too far out of Derby to get any other fibre Broadband. The Virgin is very good, though.

I never renew anything without at least trying to get a better deal by obtaining alternative quotes. Got to have patience, though. (And time to argue with your previous provider who are continuing to bill us despite writing to us to say our old Broadband ended on 5 September!) 

[PistoldPete]

14 minutes ago, Stive Pesley said:

Yes!

Now that city fibre have implemented quite widely across Derby, they have broken the monopoly on Virgin fibre broadband being the only reliable quality home broadband solution. I've been with Virgin NTL Nynex since the early 90s but just got a cheaper quote from the city fibre providers

Go on the virgin website and you can talk to an adviser via WhatsApp chat, tell them you want to leave and what the deal you've been offered is. They immediately under cut that deal and doubled my broadband speed to 500mb. Fixed for 18 months. Jackpot, don't even have to change provider and I'm saving £25 a month for the next year and a half (compared to if I'd just done nothing)

 

 

I tried that one, bundling the broadband with my Sky.. but unfortunately I am in a 2 year contract and would face a big penalty if I broke it now. 

[Gaspode]

19 minutes ago, angieram said:

We've just taken out Virgin on a fixed 18 month deal at £17 something a month BUT then it goes up to £50 a month. At which stage we'll be back to some other crappy provider.

I think we live too far out of Derby to get any other fibre Broadband. The Virgin is very good, though.

I never renew anything without at least trying to get a better deal by obtaining alternative quotes. Got to have patience, though. (And time to argue with your previous provider who are continuing to bill us despite writing to us to say our old Broadband ended on 5 September!) 

If you ring Virgin 6 weeks or so before your contract ends, they’ll normally offer you a similar deal to the one you’re on - not guaranteed, but we’ve only had small increases for the past 4 or 5 years even though the price should have increased by a lot more….

[Stive Pesley]

1 minute ago, Gaspode said:

If you ring Virgin 6 weeks or so before your contract ends, they’ll normally offer you a similar deal to the one you’re on - not guaranteed, but we’ve only had small increases for the past 4 or 5 years even though the price should have increased by a lot more….

Yes, meant to emphasise my point that you can now do it all online via WhatsApp so you don't have to sit on hold or have to have the painful human conversation out loud 

Also that this time they seemed to be way more generous than previous times I've haggled with them. Knocking 25 quid a month off and upping the package for 18 months really surprised me

[ariotofmyown]

3 hours ago, PistoldPete said:

SO Im not expecting any benefits for me in the near future.. so cancelled Sky sports and movies. Any More money saving ideas?  

Stop ruining growth and work harder!

[Grumpy Git]

Maybe as we hardly manufacture any mainstream goods here anymore, the government is onto something. Just stop bankers buying Porsches & Ferraris and insist they only buy Bentleys and Maclarens?

Edited September 25, 2022 by Grumpy Git

[Boycie]

Call me a fool, but if the bankers who get bonuses pay their taxes on the bonuses then that helps the people who need it who pay no taxes no?