Child benefit to be cut Page 4

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  • Ignatius_Cheese Moderator 4 Oct 2010 12:27:56 10,852 posts
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    The Canadian economy is a very different beast to the UK economy.

    Looking back, they also had a lot of state owned machinery/services that were privatised/sold off to assist in the overall reduction of their deficit.

    Now, correct me if I'm wrong, but most of the UK's "expendible" public services were sold off in the 80s to pay for someone's coke habit but then again, I might be re-reading that wrong.
  • Mr_Sleep 4 Oct 2010 12:29:34 16,838 posts
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    TheSaint wrote:
    It's hard to say the great depression is one example of it not working while Canada in the 90s cut savagely and they are now booming.

    Aye, it's more complicated and I don't necessarily buy the growth argument as it's a very different time to how it was during the great depression. I was just pointing out what was written by someone else. I was trying to find the article but to no avail.

    You are a factory of sadness.

  • disusedgenius 4 Oct 2010 12:46:16 5,195 posts
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    TheSaint wrote:
    I really fail to see that people earning 44k a year won't be able to budget for the loss of child benefit in 2013. I'm surprised EG is so disgusted at what amounts to a middle class tax cut.
    Seems feasible in London if a mortgage is involved. Which is more of a problem of stupid property prices than the credit situation, to be fair.
  • Ignatius_Cheese Moderator 4 Oct 2010 13:01:16 10,852 posts
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    An extra 1,000,000 unemployed would do wonders for the property prices. That's partly why I'm now holding off until after 20th to reconsider jumping back on the ladder.
  • Lutz 4 Oct 2010 13:02:32 48,854 posts
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    Or a good plague...
  • Ignatius_Cheese Moderator 4 Oct 2010 13:06:53 10,852 posts
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    Yey! Plagues can be fun! \o/
  • thelzdking 4 Oct 2010 13:23:52 4,310 posts
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    This is why I'm doing a shit TEFL, so I can escape the country and live the life of a colonial dilettante before it's game over, man. Game over.
  • HoraceGoesSquiffy 4 Oct 2010 13:25:04 1,566 posts
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    Well, I'm one of the people who earns a bit over 40k and has a wife who looks after the kids at home. The really stupid thing about this legislation is that they've linked it to the next level tax threshhold. It means people who happen to pip just over the limit (and are pretty hard up if they have families) essentially get hit twice - 40% tax and now the cut in child benefit and tax credits. It means that either I keep my income under 44k or somehow magically earn significantly more - this is more pressure from the government to push both parents out to work and stick the kids in childcare, which is shit.
  • Carbon_Altered 4 Oct 2010 16:13:27 675 posts
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    HoraceGoesSquiffy wrote:
    Well, I'm one of the people who earns a bit over 40k and has a wife who looks after the kids at home. The really stupid thing about this legislation is that they've linked it to the next level tax threshhold. It means people who happen to pip just over the limit (and are pretty hard up if they have families) essentially get hit twice - 40% tax and now the cut in child benefit and tax credits. It means that either I keep my income under 44k or somehow magically earn significantly more - this is more pressure from the government to push both parents out to work and stick the kids in childcare, which is shit.

    That's not how the tax works though, is it? Say you earn 44,010 then is only the 10 that gets taxed at the higher rate, while everything below gets the relevent tax band applied to it. There is no point artificially keeping your income below 44k to avoid it.
  • Lutz 4 Oct 2010 16:16:43 48,854 posts
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    Carbon_Altered wrote:
    That's not how the tax works though, is it? Say you earn 44,010 then is only the 10 that gets taxed at the higher rate, while everything below gets the relevent tax band applied to it. There is no point artificially keeping your income below 44k to avoid it.
    If he earns 43,990 then he will pay margainly less tax than if he earns 44,010.

    However he'll lose the child benefit (80 a month, ish, for first child). So until he can jump from 43,990 to (about) 46,000 there's no financial benefit for him. At 45,000 he'd be (slightly) worse off.
  • mrpon 4 Oct 2010 16:16:47 28,420 posts
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    There is if you don't want to pay higher tax on your saving account interest C_A.

    Give yourself 5 or gig, you're worth it.

  • RunningMan 4 Oct 2010 16:34:10 2,386 posts
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    Lutz wrote:
    Carbon_Altered wrote:
    That's not how the tax works though, is it? Say you earn 44,010 then is only the 10 that gets taxed at the higher rate, while everything below gets the relevent tax band applied to it. There is no point artificially keeping your income below 44k to avoid it.
    If he earns 43,990 then he will pay margainly less tax than if he earns 44,010.

    However he'll lose the child benefit (80 a month, ish, for first child). So until he can jump from 43,990 to (about) 46,000 there's no financial benefit for him. At 45,000 he'd be (slightly) worse off.

    Nicely summed up Lutz. The loss of benefit for a small salary rise is ridiculous.
  • Lutz 4 Oct 2010 16:40:16 48,854 posts
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    RunningMan wrote:
    Nicely summed up Lutz. The loss of benefit for a small salary rise is ridiculous.
    It ain't great, but TBF no-one is getting my sympathy for it! However, what is ridiculous is that, as far as I understand it, a person on 45k wouldn't get anything, but a couple who were each on 40k would get it.

    That's fucked up.
  • Deleted user 4 October 2010 17:10:55
    TheSaint wrote:
    It will save a billion apparently and considering the vast majority who are losing it never needed it in the first place that is money that can be put to better use elsewhere.
    Like fishing out the tax evaders.

    GLOLOOPSIFORGOTWHATGOVERNMENTITIS
  • ronuds 4 Oct 2010 17:45:15 21,788 posts
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    40k is enough to live on for 2 adults and a child?
  • Deleted user 4 October 2010 18:07:31
    ronuds wrote:
    40k is enough to live on for 2 adults and a child?

    As long as you don't live in central London, yes. Even then it's doable, just not a great idea.
  • jonsaan 4 Oct 2010 18:23:56 25,326 posts
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    HoraceGoesSquiffy wrote:
    Well, I'm one of the people who earns a bit over 40k and has a wife who looks after the kids at home. The really stupid thing about this legislation is that they've linked it to the next level tax threshhold. It means people who happen to pip just over the limit (and are pretty hard up if they have families) essentially get hit twice - 40% tax and now the cut in child benefit and tax credits. It means that either I keep my income under 44k or somehow magically earn significantly more - this is more pressure from the government to push both parents out to work and stick the kids in childcare, which is shit.

    +1

    It's a pretty damned significant hit to my household. We can barely make ends meet as it is. This doesn't help. That's nobody's fault but mine so I know this a personal upset but it will make a hell of a difference to my family.

    FCUTA!

  • Deleted user 4 October 2010 18:36:41
    ronuds wrote:
    40k is enough to live on for 2 adults and a child?

    Edited by ronuds at 17:45:27 04-10-2010

    I'm on £25k and have enough to pay for a house in a not-shit bit of Leeds, supporting 2 kids and a wife in the proces
  • Deleted user 4 October 2010 18:40:52
    Flat caps, whippets and hotpot are very cheap though.
  • Dougs 4 Oct 2010 18:44:25 66,629 posts
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    Damn, M_E beat me to it.

    As ever, much will depend on mortgage costs. I just sneak over the threshold, but have a large mortgage that takes up a 3rd of my take home pay. Living in a 2-bed cottage on the Isle of Wight. If my wife doesn't go back to work after maternity, I'm sure we'll cope, but there's not much left after bills and my extortionate travel into London.
  • mrpon 4 Oct 2010 18:49:31 28,420 posts
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    I have friends with kids who manage on less than 25k. Cut your cloth accordingly.

    Give yourself 5 or gig, you're worth it.

  • ronuds 4 Oct 2010 19:00:29 21,788 posts
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    Very nice, indeed. I should move! :p
  • jonsaan 4 Oct 2010 20:56:07 25,326 posts
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    mrpon wrote:
    I have friends with kids who manage on less than 25k. Cut your cloth accordingly.

    Where do they live mrpon?

    FCUTA!

  • jonsaan 4 Oct 2010 20:56:55 25,326 posts
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    TeleFunken wrote:
    ronuds wrote:
    40k is enough to live on for 2 adults and a child?

    Edited by ronuds at 17:45:27 04-10-2010

    I'm on £25k and have enough to pay for a house in a not-shit bit of Leeds, supporting 2 kids and a wife in the proces

    I don't live in Leeds though.

    FCUTA!

  • Deleted user 4 October 2010 21:04:20
    Had a woman in today who was wanting help with a claim for ESA. After a long discussion it turned out her husband earns 60k+ but she has been accumulating debts because they have insisted in sending their children to private school and renting in the very well to do part of town as well as various other luxuries. I then had to deal with floods of tears as I explained that she just was not entitled to state aid because of her husbands income...
  • silentbob 4 Oct 2010 21:08:58 28,947 posts
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    Lutz wrote:
    RunningMan wrote:
    Nicely summed up Lutz. The loss of benefit for a small salary rise is ridiculous.
    It ain't great, but TBF no-one is getting my sympathy for it! However, what is ridiculous is that, as far as I understand it, a person on 45k wouldn't get anything, but a couple who were each on 40k would get it.

    That's fucked up.
    I keep hearing conflicting reports on this. Is there a definitive answer on whether this is the case?

    Technically I'd be 'affected' by this cut, but IF it's implemented fairly (i.e. if what Lutz says isn't true) I think it's probably one of the least worst ways to raise a Billion.

    VR News: www.roadtovr.com -- Follow us on Twitter.

  • mrpon 4 Oct 2010 21:12:29 28,420 posts
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    jonsaan wrote:
    mrpon wrote:
    I have friends with kids who manage on less than 25k. Cut your cloth accordingly.

    Where do they live mrpon?

    Derby.

    Give yourself 5 or gig, you're worth it.

  • Deleted user 4 October 2010 21:19:21
    I do work for a guy that is worth 3m+ on paper, lives in a manor in Notts with a few acres of land and never needs to work another minute of his life at 55ish

    Yet he claims child benefits *to the penny* to fall in lne with his tax return. His pension income is carefully monitored to make sure it doesn't exceed the current limit

    It's a disgrace and the sooner they get rid of this discrepancy the better as this example above shows, it can be a piss take of epic proportions
  • DaM 4 Oct 2010 21:24:54 12,892 posts
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    I know some millionaires (cash!), who came into the money (via business) after having children. One phoned up to cancel their child benefit, but was told not to bother, it was more trouble than it was worth....
  • jonsaan 4 Oct 2010 21:25:02 25,326 posts
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    mrpon wrote:
    jonsaan wrote:
    mrpon wrote:
    I have friends with kids who manage on less than 25k. Cut your cloth accordingly.

    Where do they live mrpon?

    Derby.

    That's a pudding.

    FCUTA!

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