Budget Calculator 2008

[JonB]

https://news.bbc.co.uk/1/hi/in_depth/629/629/7290230.stm

Over the year I am going to be £2.95 worse off.
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[Itchy]

I'll said it before and I shall say it again , the devil is in the detail ,

he is still pushing through road pricing , namely as the company that it going to be bidding on it has paid the nulabour government a huge bribe.

crap I just realised something through promotion I'm now the company tax expert , means I'm going to be innudated with 100s of calls asking how it affects them...

bleh
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[Keir]

im £293 better off.

still, i wont be voting for labour at the election.
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[SoND]

If I stay at my current wage I'll be £86.26 worse off but when I get a pay rise i'll be £10.26 worse off. Why is it worse for people who earn less money?

[Ste]

Next year, the indications are that you will be £40.06 better off.

Dunno how it came to that conclusion but I'm not going to argue.

[Itchy]

Thats funny I posted that on another forum,

it is worse for lower paid people because zanulabour loves regressive taxes, thus a person who earned 10K in 07/08 on the 4000ish they earn above the personal allowance they pay 10% on the first 2000 ie £200 then 22% on the next £3000

660+200 = £860!

From April

The same person will get 5500 tax free then the next 4500 will be paid at 20% = £900 £40 worse off!.


Regression is also bad in terms of consumption:

Lets say I earn 50K , and you earn 20K , we both say consume 1000 litres of petrol , lets say 86% tax, simply ay £1 (its not but its easier to calc)

The person who earns 20K pays £860
The person who earns 50K also pays £860.

But the person who earns 20K pays 0.043% of their income in tax

The person who earns 50K pays 0.0172 of their income in tax, thus the person who earns less pays effectively 250% more tax as a proportion of their income as tax.

As said this plays out when you consider food, utilities, council tax, clothing , and all consumer goods.
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Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching.

[LeeR]

£441.32 better off, and about time too.
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[Scouse]

[queen of string]

186 better off not sure how that works given the hike in corporation tax. It's my company, they take more in tax, ok it's not a personal tax, but it's my company so it feels like it is
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[jimbothe]

[Silver]

£256.96 better off - from income tax (not sure how it came to that conclusion though).

[PsychoHippy]

Apparently we are going to be £320 better off but I'm buggered if can I understand how!
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I spend all my money on bikes and beer, the rest I simply waste!

[Kris]

That budget calculator is laughable.

I've no idea how anyone thinks they're actually going to be better off, considering every indicator says we're entering a financial shit storm. Still, as long as the beeb website says you're okay, then you're okay, huh?


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[carvell]

That calculator takes into account the changes in PAYE I imagine which come into force next tax year. There was a lot of bleating about how it was disguised as just more tax, but the long and short of it is that if you earn over £16,000 then you will be better off because of it.

That's why it says everyone's going to be better off, because I assume you earn over £16,000 and are therefore taxed less.
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[Dragonfly]

£92.23 nice one. Least I am not worse off.
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Muzza on Binge:
He's too busy beating the everloving shit out of Lizzie to notice this thread has taken a turn down Drama Avenue and stopped off at the popcorn shop.

[JonB]

I'm only worse off because I don't earn over £5k a year and alcohol has gone up.
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Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it?s worth.

[D O G]

[Dragonfly]

Oh crap I done mine again as I was wrong the first time and it came up £35.56 worse off And I dont even drink!
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All the breast.
Muzza on Binge:
He's too busy beating the everloving shit out of Lizzie to notice this thread has taken a turn down Drama Avenue and stopped off at the popcorn shop.

[SoND]

[Al]

When they first gave details of the new tax system I was happy as it would have made me a bit better off.
But since then I've changed jobs and started an apprenticeship, now I'm going to be £80 worse off for my troubles (plus a 50% pay cut, plus a massive increase in council tax, gas and electric)
Although most of that £80 that I'll be losing probably comes on the 4p to be added to a pint of beer
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[Phoenix]

The main factor on that calculator is the income tax changes, the scrapping of the 10% band and reduction of the 22% to 20%. Which I think makes anyone earning less than about 15k worse off anyone earning more better off. The other main thing is benefits which are getting hiked. The only way I'll be better off is via income tax, but the fact fuel is going up constantly regardless of duty increases, council tax is going up etc etc I have no doubt i'll end up paying more for the same as lastyear.

[Itchy]

[carvell]

It's actually £17,000, so we're both nearly there!

https://news.bbc.co.uk/1/hi/business/6479145.stm

https://newsimg.bbc.co.uk/media/images/42714000/gif/_42714295_inc_tax_nic_compare_416gr.gif
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[Weedy]

£107 worse off.....I haven't got a bike, a car, I don't drink and don't smoke. That's bloody lovely that is!
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[Louise]

£157 Better off