Mini Budget aka Fiscal Statement

[eek]

Exactly, the problem with taxing via NICs is precisely that they do not fall on everyone. NICs very specifically target people in work, leaving pensioners, dividend income, rental income, capital gains etc well alone.

The dividend tax is an NIC equivalent for dividend income. Granted there isn't the same for rental income but that is actually fairly heavily taxed as is now a lot of historic allowances have been binned and it's clobbered when you sell as profit is based on the difference between the purchase and sale prices rather than the indexed linked purchase price that used to be the basis.

[DealorNoDeal]

Traders in the city have coined a nick for Truss: "Daggers" - as in Dagenham, 2 stops past Barking

[d000hg]

All this talk that the changes disproportionately affect the rich seem to be true... they have been hit far harder since most of their wealth tends to be in shares and so on.

Although with a bit of foresight you could have bought a LOT of USD and made a killing off this.

[AtW]

I see you have dropped the fking Tory scum moniker now you have been gifted a large set of tax breaks....

Fking Tory Scum are doing it in the last year of their fking Tory Scum dieing administration and in 2024 Labour Govt will tax way over it, happy now?

[AtW]

Actually, NICs do not fall on to everyone. Once you are eligible for state pension, you don't pay them. And the tax free band is to help the lowest paid, including an awful lot of pensioners, as a sort of minimum wage assistance.

Yes, makes sense because pensioners don’t use the Nhs so why tax them?

I referred to NICs as a form of income tax falling on as many working people as 20% tax does - 1% drop in those is as “expensive” to the Treasury as 1% in main income tax band.

[AtW]

Exactly, the problem with taxing via NICs is precisely that they do not fall on everyone. NICs very specifically target people in work, leaving pensioners, dividend income, rental income, capital gains etc well alone.

Income tax - 228 bln
NICs - 161 bln

Pretty close in revenue even though top 10% tax payers pay more than half of income tax

https://commonslibrary.parliament.uk...in%202021%2F22.

NIcs are are on work - incime tax by another name that for some idiotic reason employers have to pay

[mattster]

NIcs are are on work - incime tax by another name that for some idiotic reason employers have to pay

Yep, high time we got rid of NI and rolled everything into a single "any method" income tax (all income, divs, capital gains etc) (plus a payroll tax for employers, if you must).

[AtW]

Yep, high time we got rid of NI and rolled everything into a single "any method" income tax (all income, divs, capital gains etc) (plus a payroll tax for employers, if you must).

There must be no “payroll” taxes - the only responsibility employers should have is deduct at source income tax from employed people

It’s complete load of crap that employers have unlimited 13%+ NICs - total madness

[malvolio]

Yep, high time we got rid of NI and rolled everything into a single "any method" income tax (all income, divs, capital gains etc) (plus a payroll tax for employers, if you must).

Good way to get elected. "We're putting income tax up to a starting point of 38%..."

[AtW]

Good way to get elected. "We're putting income tax up to a starting point of 38%..."

Can be done by the ruling party that will first combine all taxes into one and people get shocked by looking at how much of their money is taxed - that’s the kind of thing I would have expected from the Conservative Party if they were not fking Tory Scum party