 |
 |
UK Middle Class To Face 61% Tax To Fund Bailouts
Emma Simon
London Telegraph
Tuesday, Nov 25, 2008
High earners face increased National Insurance payments and a new supertax under a raft of measures announced in today’s pre-Budget report.
As widely predicted, Alistair Darling introduced a new top level of tax, which will be imposed on people earning over £150,000 a year. They will pay 45p in the pound, up from 40p, from April 2011.
Less anticipated though was the clawback of the personal allowance for higher earners, which will see some taxpayers effectively paying paying 60p in the £1, according to leading accountants. These changes will not just affect the 1pc of taxpayers earning more than £150,000 a year. It will potentially affect 650,000 people earning more than £100,000 a year. To further rub salt into the wound these higher earners will also pay an additional 1pc in National Insurance costs, giving an effective taxation rate of 61pc – a rate not seen since the late 1980s.
(ARTICLE CONTINUES BELOW)
These changes will not be introduced all at once. The changes to the personal allowance will come into effect in April 2010. This could be before a General Election which would effectively give the Government a mandate to introduce new taxes on higher earners. The new National Insurance rates and supertax will be introduced the following year.
Richard Mannion, the national tax director at Smith & Williamson said the effect on higher earners will be substantial. He said: “An individual earning £140,000 a year today is likely to see their tax bill increase by over £1,200 a year because of the restriction on the personal allowance.
“Any individual currently earning £200,000 a year will suffer a double whammy: the loss of their personal allowance will cost them over £2,400 a year plus it appears the impact of the 45pc new supertax rate will cost them a further £2,500.”
It is estimated that about 400,000 people will have to pay the new supertax, which should raise £2bn for the Treasury.
Prison
Planet.tv Members Can Watch
Fall Of The Republic
Right Now Online -
Don't Miss Out! Get
Your Subscription Today!
CANCER CONSPIRACY? Are
"they" suppressing the cure? Will YOU
be the next victim? Learn
the Secret Truth! - READ FULL STORY
-
- Social bookmarks
- Email this article
-
- Print this page
20 Responses to “UK Middle Class To Face 61% Tax To Fund Bailouts”
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | |||||||
| By N2H | |||||||||||||||||||||||||||||||||||||||||
November 25th, 2008 at 5:36 am
if only everybody would get on the same page at one time and stop paying taxes, the beast maching will die !!!!!!!!
http://www.youtube.com/watch?v=z-t7PmonBEA
goldieshouse.piczo.com
November 25th, 2008 at 6:32 am
comming to america-if you truely ad up the percentage of tax paid in the usa-it is shocking-income tax-state tax-local tax-sales tax-gas tax-liquior tax-tobacco tax-perscription tax-enviromental tax-court tax-police tax-death tax-vehicle tax-it never ends-i wish someone could figure it out-i had it at over 50% at one time-that was paying around 30% income tax for a single male-
November 25th, 2008 at 7:31 am
# 1 rich…i concur and i am on the same page as you; we should pay NO TAXES, and we should stop paying for our motgages also!
(May Jesus Christ help those of us who are on the same page….Amen!)
November 25th, 2008 at 8:00 am
Big deal in Australia anyone who earns in Australian dollars of 70,000 ( 35,000 pounds or 45000 us dollars) pays 49% Tax
November 25th, 2008 at 8:36 am
If you are lucky enough to earn £2,000 per week, the average in the UK being around £350 per week, I dont think you would bat an eyelid at £1,200 per year. I earn £400 per week but lose £105 from that in tax and national insurance, I think my end of the scale have more reason to revolt…and revolt we will..we are comming nwo!.
November 25th, 2008 at 9:00 am
The UK middle class, nor the USA, nor any middle class deserves this treatment…
…we should all move to the Lakota Nation!
(check out: freelakotabank.com or phone: 888-784.9996)
November 25th, 2008 at 9:23 am
Free Market Economy, simply put is to rob Peter to pay Paul. Peter being the Middle Class and Paul being the super rich class. Same will be true in USA as well.
November 25th, 2008 at 9:29 am
I read that title for the article and my eyeballs about jumped out of my head! How on earth are they going to get away with this?
November 25th, 2008 at 9:32 am
Eat the rich
November 25th, 2008 at 9:41 am
What a load of nonsense! It’s the vast minority of people in the UK who earn over £150,000 ($230,000). The London Telegraph is a staunchly right wing newspaper read by the conservative rich who is simply playing to its audience. Yes, there are many things that this government is doing wrong – but taxing the rich is not one of them.
November 25th, 2008 at 9:46 am
its a Labour goverment they only know how to tax the living hell out of us and then spend spend spend
November 25th, 2008 at 9:58 am
Yea well they brandish their titles and categorize us only to fleece us. Out of about 58K US dollar the government so graciously lets me have 23K (conservatively figuring) They want us to fund our own internment and destruction- but we’ve got other ideas!
November 25th, 2008 at 12:47 pm
Not many people earn £150K and pay full/proper tax on it as the rest of us do. And the added bonus is they have more than a year to plan for this change and get ready to avoid it. It certainly isn’t a tax on the average middle class/middle income.
What *is* a tax on the middle class is the increased national insurance contribution. That is where the real money to pay for the donations to our poor, dear, banking system are going to come from.
November 25th, 2008 at 2:17 pm
England is a beautiful country rich in history, unfortunately the original englandites dont fight for there own rights, and give too much fealty to a singular figure they call queen. Well you england basicly are close to a democracy, I dont see why you cant all use your excellent linguistic skills and talk the queen out of this stupidity, but maybe the queen doesnt care about england, maybe she and the elite of engalnd only want money? I would guess yes. When you rely on others and dont gather together, this is what happens, divided you will fall, america and england are being eviscerated by the NWO crowd that has been using mind control through pop culture for years. UNITE ENGLAND..UNITE.
November 25th, 2008 at 2:48 pm
funny, the banks are supposed to pay the bailout money back someday but the 61% tax comes out of a persons pay right now forever. So in effect, the government is making whatever the bailout costs now in pure profit!!!! What a phony excuse to steal money from the working class! I can’t believe these people just bend over and ask for more. What is with these spineless Brits anyway? They don’t even resist the rape at all.
November 25th, 2008 at 5:44 pm
lol @ 1: the queen
2: that she cares
3:that england was ever democratic
LOL
November 25th, 2008 at 6:05 pm
Brits have been bribed with rising house prices to replace pensions curtasy of G Brown.
The divide in UK is brought about by the younger generation having to rent off the baby boomers because the young, and I will use that term losely cannot afford a home.
When the older generation realises their pensions are evaporating and the younge realise they will have to wait even longer for their own home maybe just maybe we may see some of the bulldog spirit.
It is no suprise to me that UK police tasers are on the horizon.
Frankly I feel with the liberal….Politically Correct Doctrine that has muted so many Brits into apathy, Any future action I sadly would doubt.
We seem to be a nation hooked on debt and an asumption that government will some how make us all wealthy…….. IN TIME.
I HAVE TO STOP MY RIBS ARE HURTING.
November 25th, 2008 at 11:37 pm
OK, I KNOW this is off topic, but AJ hasn’t really talked about this – The new record from Guns N’ Roses is finally out – Chinese Democracy – and China is calling it a direct attack against their country. Do you support Axl calling the album this and his contrversial lyrics about bringing down the great wall of China andings like You’re worth more than they tell you – Nothing’s gonna stop us now (he is referring to the libertarian movement) – btw his next record will have a song called “Atlas Shrugged.”
If you do support them – please go and show your support by voting in the poll at
http://www.blistering.com
The poll is on the bottom right of the page, scroll down a little.
November 26th, 2008 at 4:24 am
12 andrew Says:
November 25th, 2008 at 9:46 am
its a Labour goverment they only know how to tax the living hell out of us and then spend spend spend
SPOT ON BUT YOU AINT SEEN NOTHING YET.
I THINK I CAN HEAR A PRINTING MACHINE STARTING UP.
The Brown piggy bank is empty and our credit rating is a joke.
Bye Bye Sterling…….. No I did not mean Buy Sterling. SELL SELL SELL!!!!!!!!!!!!!!!! LOL