Tax Cuts!

andrewb · 10-11-2008, 22:18

All 3 parties appear to be falling over each other to cut taxes with Cameron and Brown apparently announcing them tomorrow morning.

I'm sure there will be a wide range of tax cuts, the purpose of which is to stimulate the economy. What I want tomorrow is a massive tax cut on energy saving products. Not only is it good for the environment, but buying energy saving products is a fantastic way to reduce fuel bills which can really help people out financially.

What do you make of the tax cuts once they're out? Any bets on if I'll get my wish?

cashman · 10-11-2008, 22:20

see what yer getting at, but no point cutting tax on energy products when people aint got the dosh to buy em.

garinda · 10-11-2008, 22:20

I need a hair cut.

I hope tomorrow's announcements will help me decide how much to have off.

andrewb · 10-11-2008, 22:24

Quote:

Originally Posted by cashman

see what yer getting at, but no point cutting tax on energy products when people aint got the dosh to buy em.

Yes very salient point, my suggestion would only work in conjunction with other tax cuts. The energy one would not provide instant relief, which we desperately need right now.

garinda · 10-11-2008, 22:27

Quote:

Originally Posted by cashman

see what yer getting at, but no point cutting tax on energy products when people aint got the dosh to buy em.

...or are too afraid to use them, because they're frightened the bill may be so high they'll struggle to pay it.

lancsdave · 10-11-2008, 22:29

I heard it mentioned of a 5% cut in the VAt rate. Only one problem we aren't allowed to do it

david1 · 10-11-2008, 22:34

I think that they should start with cutting petrol and diesel tax first . They have got to get the transport industry back on its feet first to transport the goods around the country !

katex · 10-11-2008, 22:36

Being selfish like, just hope he will do a U-turn on the 10% disaster ...affecting me plenty at the moment, and will give me a little more to spend come Christmas ...

West Ender · 10-11-2008, 22:56

I would like to see reductions in Income Tax to benefit the lower paid. An increase in the personal allowance (amount earned before income is taxed) would take many people out of the taxation bracket, and rightly so. Anyone earning, say, £10,000 a year is on a low income yet he/she will pay tax on any earnings over £6,035. He/she will only be eligible for Working Tax credit if working 30 hours a week or more.

The personal allowance should be increased to, at least, £10,000. The loss of revenue could be paid for by increasing the higher rate of tax to 50% for those earning over, say, £100,000 a year.

Boeing Guy · 11-11-2008, 09:02

Why not get rid of the Tax loopholes that the very rich (all those bankers for example) exploit to pay little or no tax. Then introduce a 20% tax for everyone, regardless what you earn. This will encourage people to work harder and better themselves.

cashman · 11-11-2008, 09:39

Quote:

Originally Posted by Boeing Guy

Why not get rid of the Tax loopholes that the very rich (all those bankers for example) exploit to pay little or no tax. Then introduce a 20% tax for everyone, regardless what you earn. This will encourage people to work harder and better themselves.

sounds ok, only problem i can forsee is MPs probably use those loopholes themselves in many instances.

jambutty · 11-11-2008, 14:45

Rather than messing around with tax cuts this and any government should be looking at how our taxes are spent or should that be wasted.

A huge chunk is spent on departments collecting them, not forgetting the hundreds and hundreds of Quangos. The reader can name the rest.

MargaretR · 12-11-2008, 15:50

Quote:

Originally Posted by lancsdave

I heard it mentioned of a 5% cut in the VAt rate. Only one problem we aren't allowed to do it

We only pay 5% on fuel bills and 5% is the minimum allowed by the EU.
It may well be possible to extend it to other things, and Ken Clarke was suggesting this very thing on tv a few days ago.

At the moment there is a petition to #10 which is asking for it to be applied to real fruit juices, and it has a large number of signatures.

MargaretR · 23-11-2008, 07:09

Quote:

Originally Posted by MargaretR

We only pay 5% on fuel bills and 5% is the minimum allowed by the EU.
It may well be possible to extend it to other things, and Ken Clarke was suggesting this very thing on tv a few days ago.

At the moment there is a petition to #10 which is asking for it to be applied to real fruit juices, and it has a large number of signatures.

Ten days after I posted that - the good news has arrived
Brown and Darling slash VAT in £18bn tax gamble - UK Politics, UK - The Independent

Neil · 23-11-2008, 08:35

I wonder if this VAT cut will actually cost shops money?

They will have to change the VAT rate that has sat still for 34 years.
I wonder if it will be easy for all the online sites to change their VAT levels. I know it should be easy but you never know.

This sounds good for now but it has been suggested VAT could be over 20% in a few years to pay for it all.