Monday's budget statement attempted to get our economy back on track but it looked like the usual smoke and mirrors to me - reduce VAT by 2.5% but increase the duty on fuel, alcohol and tobacco by the same amount. However the excellent Private Eye magazine draws this interesting fact to our attention:
£150,000
Earning threshold at which Government is to introduce new 45% tax rate.
£141,866
Annual salary of cabinet ministers.
Business as usual then in the corridors of power - and a rare example of the Treasury getting their sums right.
Thanks to D for pointing this out.
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4 comments:
I pay close to 40 percent in federal and social security taxes. I make a third of that.
Meh.
Taxes suck. I sometimes wonder how much debt I could pay off quickly with the tax money rather than contribute to the crap that our government thinks our money should be directed toward. Defense and infrastructure seems plenty for now.
Don't even get me started on the bailouts.
rt, 40% - WTF? That is way higher than what I thought you guys were have to shell out - even if you pay less for gas than we do.
Okay, promise not to mention the "B" word :)
I got a stipend check a couple of weeks ago for my after school duties. The only taxes taken out were Federal, Social Security and literally less than $20 for the other taxes. A total of slightly over $900 was taken out.
When you include my regular paycheck, my pension, union dues, the money I put aside for the summer, and savings...I see about 50 percent of my gross earnings, if that.
If I was married and had kids, I'd have lots of deductions, but I'm single and childless, so I get screwed for it. If you listen to the politicians they talk about "tax cuts" for families...never the single folks.
rt, Our politicians are always banging on about "hard working families" - ignoring the 34% of the population who are not.
But hard working single people does not make for a good "sound bite".
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