Pension aged people are the richest people in the country yet their personal allowance is higher than those aged under 65. The change I believe you're referring to is the one which ends age discrimination and brings it in line with the now increased personal allowance of everybody else over the next couple of years. We have a deficit to deal with.Perhaps, but the fact remains, the British government cut taxes to the rich and the Pensioners are indirectly paying for it, or at least have taken the downside of the changes.
This is a completely separate issue to the top-rate of income tax. The budget is a whole package and no one thing pays for another, the state raises revenue in a number of different ways and spends it in a number of different ways. Rather than looking at what gets reduced and what gets increased, I think it better to look at what is the sensible level to set different taxes, whether than turns out to be an increase or a decrease is irrelevant except politically.
The top-rate of income tax was 40% from the late 80s through to the last couple of months of the previous government, raised by Brown to 50% despite him obviously thinking 40% is the better rate after keeping it for 10 years. As of next year, the current government is lowering it to 45% which is still higher than at nearly any point in the previous government, though they may seek to bring it in line with what Labour thinks (or thought) is best and what the previous Tory government preferred too.
I want a top-rate of income tax which, together with all other taxes, will cause the highest revenue for the Treasury as a whole in the long-term and have the greatest positive effect on the economy, jobs and the earnings and livelihoods of the majority long-term.
If the 40% rate or even 45% rate achieves that more effectively than the 50% rate, then so be it, but if there's better, more, let's say, economically efficient ways of taxing the rich, then let's push those instead. Thankfully, the government have pursued some of which measures in the latest Budget.
Following American politics causes insanity, but you clearly don't, so I don't know how to explain this comment.Both of these things compare to what the Republican party want to peruse.
They need to be used more often so that when policy is well thought out, balanced and proportional, it's much more likely to remain that way. It's a shame really, but it's nice to see one is going to be used on such a massive issue at least.I like the government's idea that Osborne outlined in the budget, automatic retirement age rises with life expectancy. Automatic stabilisers ftw...