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.... By contrast, the manifesto pledges outlined by John McDonnell, the current shadow chancellor, were modest. Under a Jeremy Corbyn government, someone earning around £125,000 or more would have been eligible for a new 50% income tax bracket and there would have been a 45% rate for people on more than £80,000. ... [Read full article on Guardian ]
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....Last year, the government made great talk of the need for a tax cut for those earning more than $80,000. The threshold for the 37% rate was raised to $87,000 to ensure – as the prime minister argued at the time that “middle-income Australians, those that are on average full-time earnings, which as you know is nudging $80,000, don’t move into the second top tax bracket”. ... [Read full article on Guardian ]
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Latest Finance News related to Tax Bracket

Tax cuts for the rich don't help the rest. Don't take my word for it, ask the IMF | Greg Jericho image
....Last year, the government made great talk of the need for a tax cut for those earning more than $80,000. The threshold for the 37% rate was raised to $87,000 to ensure – as the prime minister argued at the time that “middle-income Australians, those that are on average full-time earnings, which as you know is nudging $80,000, don’t move into the second top tax bracket”. ...
Should the rich be taxed more? A new paper shows unequivocally yes | Larry Elliott image
.... By contrast, the manifesto pledges outlined by John McDonnell, the current shadow chancellor, were modest. Under a Jeremy Corbyn government, someone earning around £125,000 or more would have been eligible for a new 50% income tax bracket and there would have been a 45% rate for people on more than £80,000. ...
Inheritance tax: The secret loopholes to help protect YOUR money from dreaded death duties image
....An additional £100,000 of allowance can be used to reduce the duty paid on a main home. But increases in stock markets, cash savings and inflation are helping to push more people into the inheritance tax bracket. ...
INHERITANCE TAX SHOCK: Government rakes in £5BN record high from Britain's dead image
.... By 2020 this extra allowance is to rise to £175,000, meaning a couple could pass £1million of inheritance tax-free. However, increases in stock markets, cash savings and inflation are helping to push more people into the inheritance tax bracket. ...
Pension planning: Avoid these costly mistakes with your savings  image
Source : Daily Express [Read Article] Sunday 16th of July 2017 02:14:00 PM
.... . Andrew Tully, pensions technical director at advisers Retirement Advantage, warns this could push many basic rate taxpayers into a higher tax bracket: “Many experts thought having to pay income tax would deter withdrawals, but this clearly is not the case. ...
Bosses under fire for telling staff to vote Tory or risk losing jobs image
Source : Guardian [Read Article] Monday 12th of June 2017 04:05:44 PM
....He said Theresa May was not the perfect PM but was a far better option than Jeremy Corbyn, who he said would be a nightmare. Brooker said Corbyn “resents those making good money, wants to hike corporation tax up by 7% immediately, hike higher rate tax payers by another 5%, bring far more people into the 40% tax bracket [and there are a lot of you here at Storm] borrow billions which at some point has to be paid back and will generally send us backwards. ...
What's better than a Buffett rule? Labor's Buffett rule by stealth | Greg Jericho image
....Take for example the 33,813 people who earned between $500,000 and $1m. Most of these individuals stayed in the $180,000 plus tax bracket, and they paid on average just $3,145 on their tax affairs. ...
Labour looks at  new tax bracket for those earning £80k-£150k image
Source : Guardian [Read Article] Sunday 7th of May 2017 10:20:48 AM
....McDonnell had hinted earlier in the weekend that those earning over £80,000 would be asked to pay a “modest” increase. This would effectively create a new tax bracket for those earning between £80,000 and £150,000. ...
General election 2017: Lib Dems pledge winter fuel cuts to protect pensions image
....Wealthier retired people would lose their annual winter fuel payment under Liberal Democrat proposals to protect the "triple lock" on state pensions. The election manifesto vow would see those on incomes in the 40% tax bracket lose the allowance - worth up to £300. ...
Trump under fire over 'huge tax cut for the rich' image
Source : Guardian [Read Article] Wednesday 26th of April 2017 06:35:17 PM
....Critics immediately called it “basically a huge tax cut for the rich”. The plan would cut the US’s individual income tax brackets from seven to three (10%, 25% and 35%) and slash US corporate tax rates from 35% to 15%. ...
In the small print image
Source : BBC [Read Article] Wednesday 26th of April 2017 03:35:41 PM
.... That includes a major increase in the amount of money families can subtract from their tax bill, which would lower their taxable income. The plan would also create just three tax brackets, with a top rate of 35%, down from 39. ...
The new status symbol: it’s not what you spend – it’s how hard you work image
.... They’re designed to express class power. In the second Gilded Age, you can typically estimate a person’s tax bracket by their physique – class is literally inscribed on the body. ...
Alarm bells ring over raids on pension pots image
Source : Daily Express [Read Article] Wednesday 1st of February 2017 12:01:00 AM
.... . “If you take too much you could accidentally push yourself into a higher tax bracket and hand a large chunk of it to HM Revenue & Customs. ...
 Act NOW to slash your tax bill: Self-assessment tax returns due by end of January image
Source : Daily Express [Read Article] Wednesday 11th of January 2017 12:01:00 AM
.... . You can also claim tax relief on pension contributions at either 20, 40 or 45 per cent, depending on your tax bracket. ...
How a healthy buy-to-let profit could soon become a painful loss image
Source : Guardian [Read Article] Saturday 10th of December 2016 07:00:07 AM
.... However, organisations representing landlords have rubbished this claim. What is a fact is that by inflating people’s taxable profits, the change will inevitably push some people into a higher tax bracket, without them earning a single penny in extra income. ...
Employee perks set to cost more image
Source : BBC [Read Article] Wednesday 23rd of November 2016 02:14:02 PM
....In its consultation document, it gives the example of a 24-month mobile phone contract worth £1,000. That would cost the Exchequer £321 for a basic rate taxpayer, or £426 if the employee is in the highest rate tax bracket. ...
We're not married, so can we avoid higher stamp duty on a second home? image
Source : Guardian [Read Article] Thursday 15th of September 2016 06:00:35 AM
.... If your home is in your partner’s sole name, you won’t be able to raise cash from it by remortgaging, so you would need a buy-to-let mortgage for the second property, which is likely to cost more than remortgaging your current home. If you buy the second property on your own, all the rental income will be taxed as yours, which could push you into the higher-rate tax bracket. ...
Pensions still a great way to save for retirement  image
Source : Daily Express [Read Article] Wednesday 31st of August 2016 07:50:00 AM
.... . Pensions still offer plenty of generous tax breaks, starting with income tax relief on contributions, which is paid at 20, 40 or 45 per cent, depending on your tax bracket. ...
Tax in retirement: Top tips to avoid getting caught in trap image
Source : Daily Express [Read Article] Sunday 21st of August 2016 12:01:00 AM
.... . “You could even be pushed into a higher tax bracket for that year, which could mean 40 per cent of your pension goes straight to HMRC, throwing away years of hard saving, so spread your withdrawals over a number of tax years,” he says. ...
Victory, taxed image
Source : BBC [Read Article] Wednesday 17th of August 2016 04:09:00 PM
.... On 21 August, Biles could be slapped with a tax bill close to $43,560 (£33,479). That estimate is based on the $2m that she has accumulated in endorsement deals and assuming she is charged in the highest income tax bracket in the US - 39. ...
Economic visions image
Source : BBC [Read Article] Monday 8th of August 2016 09:17:43 PM
How to negotiate the pensions minefield in Brexit Britain image
Source : Guardian [Read Article] Wednesday 27th of July 2016 11:41:14 AM
....Pro: You have the flexibility to do what you want with your money, rather than lock into low annuity rates. Cons: You risk being bumped into a higher tax bracket if you make large withdrawals. ...
INHERITANCE TAX: More families falling into death duty trap image
Source : Daily Express [Read Article] Wednesday 27th of July 2016 08:03:00 AM
....People who die before age 75 can now pass on untouched pension funds free of tax, whereas previously their families could face a 55 per cent charge. If they die after age 75 beneficiaries will pay income tax on the pension, according to their tax bracket. ...
The budget is coming so standby for talk of 'ordinary Australians'. Who are these people? | Greg Jericho image
.... The large numbers in “other ranks” (that is, not officers) are certainly within the middle band, whereas officers, both junior and certainly senior ones, are not:. Of course most defence personnel don’t have to pay the Medicare levy, which is why for example only a quarter of the nearly 19,000 non-officer defence personnel earning between $37,000 and $80,000 pay the Medicare levy – compared to 97% of everyone else within that tax bracket. ...
Bracket creep might be all the rage but the tax statistics tell a different story | Greg Jericho image
.... The average net rental loss in 2013-14 was the lower than any year since 2002-03. The annual release of data also revealed that while more people have shifted into the top two tax brackets, three quarters of tax payers earn less than $80,000, and that 52 millionaires were able to reduce their taxable income so much, they ended up paying no tax at all (well, strictly speaking it was 51 millionaires - the 52nd paid the grand total of $4 in gross tax). ...
Budget 2016: George Osborne's speech in charts image
Source : Telegraph [Read Article] Wednesday 16th of March 2016 03:29:58 PM
.... . The higher tax rate threshold was also increased by the Chancellor in his Budget, taking some middle earners out of the higher tax bracket. ...
Pensions Isa: what is the chancellor considering? image
Source : Guardian [Read Article] Friday 4th of March 2016 12:34:10 PM
....Higher-rate taxpayers stand to lose from reforms that take away their larger relief on contributions. Many will no longer be in that tax bracket when they retire so will get less out of any move to scrap tax on withdrawals. ...
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Real wages have stalled and the government's worried about bracket creep?| Greg Jericho image
....And this low wages growth rather diminishes the government’s argument that it must urgently reduce spending in order to pay for income tax cuts to ameliorate the effects of bracket creep. Bracket creep occurs when a natural wage rise (as opposed to a wage rise from a promotion or new job) moves you into a higher tax bracket. ...
Raiding life savings may prove to be too risky image
Source : Daily Express [Read Article] Wednesday 13th of January 2016 12:01:00 AM
....”. Taking a large lump sum could easily tip a 25 per cent taxpayer into the 40 per cent tax bracket, whereas spreading the withdrawals could have prevented that. ...
Five-minute guide to wising up to the pension rule changes image
Source : Daily Express [Read Article] Sunday 10th of January 2016 12:01:00 AM
.... Any cash you withdraw will be added to your total earnings for that financial year and be liable to income tax. A basic rate 20 per cent taxpayer who drew a large lump sum could find it pushes them into a higher tax bracket for that year, so they hand over 40 or even 45 per cent of the money to HM Revenue & Customs. ...
Source : Reuters [Read Article] Friday 8th of January 2016 09:20:21 AM
....However, some in the industry remain concerned that people could make poor investment decisions and be financially crippled in old age if they fail to get quality advice. Those with a little more money put aside could also fall into a higher tax bracket if they take too much out at once. ...
Most British savers fully cashed out pension pots on retirement after rule changes image
....However, some in the pensions industry remain concerned that people could make poor investment decisions and be financially crippled in old age if they fail to get quality advice. Those with a little more money put aside could also fall into a higher tax bracket if they take too much out at once. ...
Source : Reuters [Read Article] Thursday 7th of January 2016 12:23:38 PM
....However, some in the industry remain concerned that people could make poor investment decisions and be financially crippled in old age if they fail to get quality advice. Those with a little more money put aside could also fall into a higher tax bracket if they take too much out at once. ...
'Will my Isa earnings count towards the Personal Savings Allowance?' image
Source : Telegraph [Read Article] Thursday 7th of January 2016 11:56:44 AM
.... . At present, unless your total income is under £15,600 per year, you pay interest on your savings income depending on your income tax bracket. ...
Does the 3% stamp duty for second properties apply in Scotland? image
Source : Guardian [Read Article] Thursday 7th of January 2016 07:00:02 AM
.... Both the existing and new properties are in Scotland – does the proposed 3% stamp duty land tax for second properties apply in Scotland? If so, and we kept our flat, would this apply to our new house even though we’d be living in it?We would need to get a buy-to-let mortgage on the flat – the existing mortgage is in my name only. Could this be taken out by my wife and the rental income paid to her? If yes, would this make sense given that she earns less than me (we both earn below the higher-rate tax bracket)?I have some separate savings for a deposit for the new house, but are there any options for using some of the equity in the existing flat towards a deposit for the new house? LS. ...
Ten biggest changes to personal finances in 2016 image
Source : Telegraph [Read Article] Tuesday 29th of December 2015 08:40:41 AM
.... They face being hit with thousands of pounds of added tax if they buy more properties  Photo: Lorne Campbell / Guzelian. At present, savers pay tax on their interest earnings from current accounts, fixed-term bonds and other savings products, with the rate based on their income tax bracket. ...
I want to remortgage the family home to buy my daughter a flat – my worry is tax image
....My only concern is tax. Would the interest and capital repayments she makes directly to the bank be considered taxable rental income for us? If so, they would push me into the higher rate tax bracket and maybe make the plan unviable. ...
We can raise the GST and keep the tax system progressive but it's a tricky sell | Greg Jericho image
....That is a tough political sell. Daley and Wood thus also propose cutting income tax rates at the cost of $8bn for the second and third tax brackets. ...
Record low wage growth is a blow to the government's case for tax reform | Greg Jericho image
....The limp wages growth also makes Scott Morrison and Malcolm Turnbull’s worries about bracket creep rather a bit overblown. Yes, over time wage rises put people into a higher tax bracket (at least for some of their income) but currently that is happening more slowly than ever before. ...
Why holiday homes will be the next buy-to-let boom image
Source : Telegraph [Read Article] Sunday 8th of November 2015 07:55:23 AM
Q&A: what are the new revelations about VW? image
Source : Guardian [Read Article] Wednesday 4th of November 2015 12:33:21 PM
....Whether the affected cars will need to be repaired is unclear, because there is no absolute upper limit on CO2 emissions. Governments in Europe have already said that VW itself should pay any shortfall in tax income if it turns out that their vehicles were in the wrong tax bracket because they cheated CO2 emissions tests. ...
Buy-to-let calculator: how will new taxes reduce your profits? image
Source : Telegraph [Read Article] Saturday 31st of October 2015 07:21:22 AM
.... . Some current basic-rate taxpayers will also be hit, because the change will push them into the higher-rate tax bracket. ...
Top accounting body: 'buy-to-let tax is unfair, unreasonable, unworkable' image
Source : Telegraph [Read Article] Friday 16th of October 2015 09:47:26 AM
....” . It pointed out that some landlords would find themselves being pushed from the basic-rate tax bracket into the higher rate – even though their real incomes had not increased. ...
The unanswered VW questions image
Source : BBC [Read Article] Wednesday 30th of September 2015 10:57:20 AM
.... Such as, did the cheat software fundamentally alter the car that drivers thought they were buying and its value?. Similar question marks surround the tax brackets that these cars fell into. ...
Death of buy-to-let: landlords wake up to Osborne's 150pc tax image
Source : Telegraph [Read Article] Saturday 22nd of August 2015 06:33:48 AM
.... All higher-rate taxpayers who own buy‑to‑let properties on which there is a large mortgage will pay substantially more tax. Some current basic-rate taxpayers will also be hit, because the change will push them into the higher-rate tax bracket. ...
Where the smart money bought: The 5 best cities for rental growth image
Source : Telegraph [Read Article] Sunday 2nd of August 2015 05:56:48 PM
.... In fact, the Conservatives have sought to address this. In the emergency budget in July George Osborne announced that he will scale back the tax relief that those landlords with a mortgage, in the higher income tax bracket, have so enjoyed. ...
Cashing in pensions: Back to the pirate days image
Source : BBC [Read Article] Tuesday 14th of July 2015 11:09:27 PM
....The first 25% withdrawn is tax-free, but after that you pay normal income tax. Some who cash in large sums could find they are pushed into the 40% tax bracket. ...
Is this the death of the buy-to-let boom years? image
Source : Daily Express [Read Article] Saturday 11th of July 2015 05:10:00 PM
....Others claim that buy-to-let, and the property market as a whole, will survive relatively unscathed. Russell Gardner, UK head of real estate at accountants EY, says cutting tax relief will only hit landlords who are also in the higher rate income tax bracket: “This may marginally dampen down buy-to-let as an investment proposition for the middle classes over time, but we doubt people will sell. ...
Buy-to-let: How landlords can cut their shock new tax bill  image
Source : Telegraph [Read Article] Friday 10th of July 2015 06:50:22 PM
.... . The Chancellor slashed the tax relief that landlords in the top tax brackets receive on their mortgage interest payments, cutting it from the higher income tax bands, 40pc and 45pc, to 20pc by April 2020. ...
Pensioners’ tax hell image
Source : Daily Express [Read Article] Wednesday 8th of July 2015 09:54:00 AM
....”. If you have income from other sources, for instance if you are still working or have generous retirement income, taking a large lump sum could easily push you into a higher tax bracket for that financial year. ...
The price is wrong: survey exposes lack of personal finance knowledge in UK image
....The average full-time salary before tax in the UK is £27,000 and the public are near the mark with an average guess of £25,000. However, they also estimate that 10% of the population earn £150,000 or more, enough to put them in the top tax bracket. ...
A five-minute guide to making the most of your pension freedom image
Source : Daily Express [Read Article] Sunday 21st of June 2015 03:19:00 PM
....”. If you have income from other sources, that could quickly push you into a higher tax bracket. ...
People want fairer taxes – even high-income earners believe they pay too little image
.... Those earning above $150,000 but less than $200,000 may not see themselves as high earners. Though given the top income tax bracket kicks in at $180,000, they would be suspending a fair degree of disbelief about their wealth. ...
Tax allowances to track minimum wage image
Source : BBC [Read Article] Wednesday 27th of May 2015 09:31:48 AM
....That will benefit workers who currently earn more than £42,385 a year. Such taxpayers have been affected by so-called fiscal drag, under which more people were dragged into a higher tax bracket, as the allowance failed to be uprated in line with inflation. ...
An economic hiccup could easily derail Hockey's path back to a surplus image
....But given total personal income tax revenue is $189bn, that’s pretty small beer. The big driver of the increase in income tax revenue is “bracket creep” – where wage increases push you into a higher tax bracket. ...
If Joe Hockey wants to cut company tax, here's the smart way to do it image
Source : Guardian [Read Article] Monday 20th of April 2015 04:02:59 AM
.... Under the current system the shareholder is provided a rebate on the tax already paid by the company. This means that, for example, if you are in the top tax bracket you do not pay 47% tax on your dividend, but rather 47% less the 30% company tax. ...
The chart that shows there are 12 rates of income tax image
Source : Telegraph [Read Article] Friday 17th of April 2015 05:01:19 PM
.... More confusing is the vertical line where the higher rate of tax starts to apply at £42,385. This illustrates the point at which the new married couples’ allowance, worth £210 per couple, is lost, as the earner’s income enters the higher tax bracket. ...
Tories pledge inheritance tax cut for millions image
Source : Telegraph [Read Article] Saturday 11th of April 2015 09:30:48 PM
.... . The inheritance tax threshold of £325,000 per person has remained frozen since 2009, meaning that rising house prices have pushed tens of thousands more estates into the inheritance tax bracket in recent years. ...
Martin Lewis: Six reasons why Isas still beat other savings accounts image
Source : Telegraph [Read Article] Thursday 9th of April 2015 07:39:18 AM
.... Higher rate taxpayers get a lower allowance than basic-rate, and top-rate taxpayers don’t get it at all. If it’s likely you could move up a tax bracket in future, having cash in an Isa now again protects your cash in future. ...
Britons kept in dark over pension rules image
Source : Daily Express [Read Article] Monday 6th of April 2015 08:09:00 AM
....Annuities have been controversial due to falling rates, although the payout they guarantee means the retiree won't run out of cash as it guarantees and income for life. Concerns have also been raised about the potential pitfalls that some people will need to be wary of, which could potentially lead to them running out of cash too early, or not realising that they could be pushed into a higher tax bracket if they want to cash in a large chunk of their pension pot. ...
Pension changes: What are they, how do I access my money – and is it tax free? image
....Only a quarter of it, the rest attracts tax at your normal rate. That’s 40 per cent if you’re a higher rate taxpayer but even if you’re not, the money you draw will be added to your income and could very well push you into the 40 per cent tax bracket. ...
Investment firms braced for pensions revolution  image
Source : Telegraph [Read Article] Sunday 5th of April 2015 07:56:20 PM
.... . However, nearly nine in 10 over-55s are unaware they will face an income tax bill when taking out a cash lump sum, and could be pushed into a higher tax bracket, according to a poll from financial services firm Sanlam, suggesting that many pensioners may be left out of pocket by the reforms. ...
Pensioners more likely to invest than blow annuities image
Source : Independent [Read Article] Sunday 5th of April 2015 06:41:12 PM
....Only a quarter of it, the rest attracts tax at your normal rate. That’s 40 per cent if you’re a higher rate taxpayer but even if you’re not, the money you draw will be added to your income and could very well push you into the 40 per cent tax bracket. ...
Pension deregulation arrives, but cashing in the pot in one go is not quite as simple as you think image
....Only a quarter of it, the rest attracts tax at your normal rate. That’s 40 per cent if you’re a higher rate taxpayer but even if you’re not, the money you draw will be added to your income and could very well push you into the 40 per cent tax bracket. ...
Don’t fall into a tax trance! image
Source : Daily Express [Read Article] Sunday 5th of April 2015 10:15:00 AM
....This applies whether you decide to take your pension as an annuity, or if you prefer to withdraw cash from your pot instead. It means that you could hand over 20 per cent, 25 per cent or even 45 per cent of your lifetime savings to the taxman, depending on your personal tax bracket. ...
The new pension changes could mean you pay more in taxes  image
Source : Daily Express [Read Article] Sunday 5th of April 2015 07:56:00 AM
....This applies whether you decide to take your pension as an annuity, or if you prefer to withdraw cash from your pot instead. It means that you could hand over 20 per cent, 25 per cent or even 45 per cent of your lifetime savings to the taxman, depending on your personal tax bracket. ...
The pensions revolution: how to make the most of it image
Source : Guardian [Read Article] Saturday 4th of April 2015 06:01:07 AM
....This is likely to be the best option for savers who have built up larger sums. In pension parlance it is called “drawdown”, with canny savers drawing down only enough to stay below the 40% tax bracket. ...
Source : BBC [Read Article] Wednesday 1st of April 2015 11:36:38 AM
....It followed an interview with ITV West Country where he was asked if he was "leaving the door open" to changing tax thresholds. Mr Balls replied: "What I'd like to do is find ways I could have fewer people in the 40% tax bracket. ...
How flexible pensions will work – and the charges to expect image
Source : Telegraph [Read Article] Wednesday 1st of April 2015 08:30:00 AM
.... The first 25pc of each withdrawal will be tax free while the rest will be taxed, and there will be charges. To access £10,000 therefore, you may need to withdraw £11,765 if you pay basic-rate tax, or £14,286 if you pay the higher rate (and the withdrawal could push you into a higher tax bracket). ...
Buying a dream car or holiday? Check to see how much tax you'll pay image
Source : Telegraph [Read Article] Wednesday 1st of April 2015 06:20:12 AM
.... . Remember that the earnings used to determine your top tax bracket don’t relate just to your basic salary – they include bonus payments, any self-employed earnings plus income from savings and investments or the rental income on any property you own. ...
Ramping up GST while cutting company tax will be a tough sell for Hockey image
Source : Guardian [Read Article] Wednesday 1st of April 2015 01:32:29 AM
....And the paper emphasises that it doesn’t want to raise that extra revenue from individual income tax. It notes that bracket creep – wherein increases in your income through wage rises takes you into a higher tax bracket – “can reduce participation incentives for some groups”. ...
Source : Reuters [Read Article] Monday 30th of March 2015 01:14:37 PM
.... . One potential pitfall is the risk of withdrawing a sum that lifts you into a higher income tax bracket, said Anasuya Iyer, insurance analyst at Jefferies. ...

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