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krazy kaju
04-22-2009, 12:44 PM
Are you prepared for GDII?

From the BBC News: (http://news.bbc.co.uk/2/hi/uk_news/politics/8011321.stm)


The chancellor tore up a key New Labour election pledge by unveiling a new 50p tax rate for earnings over £150,000.

He also cut future spending plans in a Budget which added 2p on fuel, 1p on a pint of beer and 7p on cigarettes.

The package would steer the UK through to recovery, he said.

Ummm... Right.

Zippyjuan
04-22-2009, 12:53 PM
P would be pence which is equal to about two US cents.

krazy kaju
04-22-2009, 12:57 PM
"P" in this case refers to "percent." If you would have looked at the article I linked you would have noticed that.

silverhawks
04-22-2009, 12:58 PM
And over to Sir Winston:


"We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."

Zippyjuan
04-22-2009, 01:07 PM
"P" in this case refers to "percent." If you would have looked at the article I linked you would have noticed that.
Then you read it differently that I do. The article uses % to mean percent in other locations and when both p and % are used, the p refers to pence.

Alcohol duties will go up by 2% - about 4p on a bottle of wine and 13p on a bottle of spirits - from midnight.

krazy kaju
04-22-2009, 01:14 PM
Read closely, young padawan:


The chancellor tore up a key New Labour election pledge by unveiling a new 50p tax rate for earnings over £150,000.

[...]

50% tax rate for earnings over £150,000

I'm pretty sure a government wouldn't go through the legislative pains to raise taxes by a measly dollar on some people's income.

nate895
04-22-2009, 01:19 PM
I doubt Labour will voluntarily adjourn. I think that the UK will have a five-year parliament for the first time since the war, I believe.

Zolah
04-22-2009, 01:35 PM
Are you prepared for GDII?

From the BBC News: (http://news.bbc.co.uk/2/hi/uk_news/politics/8011321.stm)


The chancellor tore up a key New Labour election pledge by unveiling a new 50p tax rate for earnings over £150,000.

He also cut future spending plans in a Budget which added 2p on fuel, 1p on a pint of beer and 7p on cigarettes.

The package would steer the UK through to recovery, he said.

Ummm... Right.

The first line refers to 50p tax rate - this means 50p per pound (£) goes to tax man, which is obviously the same as 50% - so 50% tax on people earing more than £150,000 apparently.

The 2nd line refers to adding 2 pence onto fuel tax, 1 pence onto the price of a pint of beer, etc.

Anyway, what I had been reading was that the tax rate was being raised 45p to the pound for the higher bracket, so the increase was even higher than expected from what I've read. Nothing too surprising here, fabian socialists raising taxes, creating taxes and increasing spending, increasing borrowing, 13 months until they get kicked out of Downing Street.

/edit, I just heard on BBC news that the tax increase on beer is an extra 5 pence per pint :( As if it isn't already hard enough for pubs up and down the country already going out of business without the government driving customers away with more taxes..

Agent CSL
04-22-2009, 01:35 PM
Ok so let's say you work your ass off, long nights, immense headaches to Sell! Sell! Sell! At the end of the year, after your £100,000 salary, you earn your £60,000 commission. Now if you just kept your salary you could be looking at a 30% tax, making your £100,000 salary slip to £70,000. BUT, with your commission, you are getting over 50% taxes which would make your total yearly earnings about £75,000... No incentive to Sell! Sell! Sell!

And this is how a communist society never produced quality goods or services.

HOLLYWOOD
04-22-2009, 01:42 PM
Ok so let's say you work your ass off, long nights, immense headaches to Sell! Sell! Sell! At the end of the year, after your £100,000 salary, you earn your £60,000 commission. Now if you just kept your salary you could be looking at a 30% tax, making your £100,000 salary slip to £70,000. BUT, with your commission, you are getting over 50% taxes which would make your total yearly earnings about £75,000... No incentive to Sell! Sell! Sell!

And this is how a communist society never produced quality goods or services.


Well the Bank of England, Barclays, and the people have to payback the US FEDERAL RESERVE all the money we lent them. I'm just wondering if it will be the 60% equivalent loan rate regional and smaller banks must pay the FED back?

Oh and guess where all those FED "Loan Shark" rates eventually are paid by?

Yeap, We The People. another conjured-up Inflation Tax by the Federal Reserve. I wonder what line item the FED is upon in their "hypothetical Scenarios" game book?