Clegg to push for £12.5k income tax threshold at Budget

[Martin@AS Financial]

Nick Clegg: Raising income tax threshold is key budget priority - Telegraph

[doodab]

The best policy this government has come up with was raising the income tax threshold.

[vetran]

now they just need to get rid of tax credits!

Stop subsidising Bigco!

[doodab]

Stop subsidising Bigco!

Yeah subsidise MyCo instead

[vetran]

Yeah subsidise MyCo instead

well you are more likely to pay UK tax and we can encourage you to pay a living wage without the threat of you flouncing being too much of a deficit to the UK.

[AtW]

The best policy this government has come up with was raising the income tax threshold.

Pity that it is financed by dropping the "high rate" threshold which is currently at levels that are hardly "a lot of money in the pocket".

That said it is still a correct policy to have liveable amount tax free to encourage people working.

[d000hg]

Pity that it is financed by dropping the "high rate" threshold which is currently at levels that are hardly "a lot of money in the pocket".

For a household with 2 working adults, the threshold does allow quite a large income. My main desire would be not to raise the threshold, but to allow unrestricted pooling on a married couple's income i.e. a joint income tax. Maybe make it opt-in, but for the many many traditional married units who believe in family finance, this would be great.

[DodgyAgent]

I think this is right. However I also think everyone should pay some tax just so they realise just how useless governments are at spending it

[AtW]

For a household with 2 working adults, the threshold does allow quite a large income. My main desire would be not to raise the threshold, but to allow unrestricted pooling on a married couple's income i.e. a joint income tax. Maybe make it opt-in, but for the many many traditional married units who believe in family finance, this would be great.

Yep, it should be like household income in France - makes more sense and naturally gives incentive for people to avoid being separate.

[GazCol]

To me, at least, the simple answer to resolving the crisis the government has found itself in, in-terms of deficits and inequitable tax rates should be resolved by removing income tax altogether up to the higher tax band. Tax should be paid on disposable income, remove VAT from what can be deemed as necessary food stuffs and increase the rate of VAT on a sliding scale based on the value of the goods being purchased, i.e. 10% <£100 50%>£5,000.

The distribution of wealth in this country will never be corrected by just adjusting income tax levels, those that have the wealth have the means to hide their income (how many of the 1% even have an income?), but it’s far harder to hide their purchases.

Companies that don’t pay any, or very little, corporation tax in this country should be given the ultimatum of pay-up or F off. They, for the most part, need the British market far more than they need their tax savings and those that do decide to cease trading in Britain, will, eventually, be replaced by British companies – the demand for products and services won’t subside just because the provider is no longer there. Whilst we have politicians with vested interests in these tax shy companies it’ll never happen though.