Middle income earners ‘to be hit hardest’ by national insurance rise

1/28/2022 9:45:00 PM

Middle income earners ‘to be hit hardest’ by national insurance rise

National İnsurance, Tax And Spending

Middle income earners ‘to be hit hardest’ by national insurance rise

Workers on £30,000 to £50,000 will pay higher percentage of salary than those on £100,000, figures reveal

Read more: The Guardian »

Why are they raising national insurance? I saw a bus that said ther would be billions to fund the NHS if we left the EU. Has Boris spent it all on parties and cake? There is no financial need for a tax rise. The goverment has enough money to pay for the NHS. Its intentional hammering of the low paid For years, they've called for socialism for the middle class, hellish capitalism for the poor. And as we pointed out all along, the rich are the ones in power.

Red wall will love this … you voted Tories you got them Always is ! Middle ground England will never forgive or forget. Since 2010 nearly all the cost of financial crash (caused by bankers), green taxes,covid and failed energy suppliers falls on the middle to low earners and vulnerable. The asset rich wealthy have had a bonanza

Looks like the low income earners will be paying the same as the high earners. Isn't that a bigger rotten deal ? NationalInsurance I’ve just about had it with these utter scumbags. Frivolous and profligate with ‘our’ money when it suits them, then they plead poverty and demand that we give them even more. I work my arse off for my money and I object to giving yet more of it to the Govt…

Just keeping us hard working plebes in our place. To be honest the ladder has always been pulled up on small businessman and women by both political parties.

National Insurance: No 10 insists planned rise will go aheadDowning Street says PM and chancellor are 'fully committed' after some Tory MPs call for a delay. amazing that the Tories prioritised increasing the taxes on thee working poor, wrote off several billion they gave to fraudsters, prioritised cutting tax on the rich, increased vat and closed a loophole that benefited people who work low tax for the rich high tax for the poor the must have an endless supply of these photos “Yeah i agree this is totally unfair and unjust” *Keeps voting Tory*

Private rents in Britain rise at fastest rate on recordLondon rents hit record high due to workplace return and overseas students on hunt for housing Do private landlords ever do any work to their properties when needed or are they just in it for the easy money? 🤔 Will there be anybody left that can afford to pay it?

You can’t cancel poetry, says ‘censored’ author Kate ClanchyWriter accused of fuelling tropes hits back after split with publisher 'Poet Accused of Fuelling Tropes' Oh that Paul de Man & most other deconstructionists aren't here to live this. ddillingworth PoetrySociety From Goodreads: 'She describes students as 'so Afghan', Black young people with 'chocolate skin', others with 'slanted eyes', 'almond-shaped eyes', an 'African voice' or a Jewish nose. She calls one young person 'African Jonathon' ' And you can't see an issue here?!

NewsnightWe're live now on BBCTwo with Kirsty Wark - you can also watch online at Newsnight | KirstyWark BBCTwo KirstyWark Last night ‘Newsnight‘ put Starmer under the microscope with a ‘random’ selection of ‘viewers’. Why Kirsty? He is not the one under investigation. Smacks of stupidity at the least or ‘Protect Big Ejit’ at the other end of the spectrum. 'sympathises with Priti Patel' Lol gtf outta here. She deserves nothing for her incompetency, not fit to tie laces. I don't think it's impossible but it's difficult as it requires a lot of brave policy making to implement a growth policy, which no party is willing to put their weight behind.

Asian shares fall to lowest in 15 months after US Fed nails on March rate riseMarkets in Japan and Korea lose more than 3% on fears of costlier borrowing, with FTSE and Wall Street on course to follow suit LOL. Why East Asia always represents Asia, what about West, North, Southwest, South and Southeast Asia?

Markets rattled as hawkish Fed signals US rate rises coming – business liveRolling coverage of the latest economic and financial news

Rishi Sunak has been under pressure to scrap or delay the increase in national insurance contributions.Image source, Getty Images Downing Street has insisted the planned rise in National Insurance will go ahead after a number of Tory MPs called for it to be paused or scrapped.Luxury rental apartments near to the train station in Reading, Berkshire.James Beal, Social Affairs Editor Wednesday January 26 2022, 6.

Photograph: WPA/Getty Images Rishi Sunak has been under pressure to scrap or delay the increase in national insurance contributions. Photograph: WPA/Getty Images Fri 28 Jan 2022 18. Some Conservatives said the measure should be put on hold or reconsidered because of rising household bills.32 GMT Last modified on Fri 28 Jan 2022 18.01 GMT Last modified on Thu 27 Jan 2022 00.36 GMT Earners of £100,000 a year could end up paying proportionately less in than those on middle incomes if a planned increase goes through in April, it has emerged. Why are prices rising so quickly? Under the plans, employees, employers and the self-employed will all pay 1. Figures produced by the website show those earning £100,000 a year will pay just 7% of their overall salary in national insurance contributions (NICs) – the same proportion of their income as someone on £20,000 a year. Critics that the book fuelled racist tropes, citing phrases such as “chocolate-coloured skin” and “Ashkenazi nose”, which refers to a Jewish ethnicity.

The prime minister and the Treasury have come under intense pressure to scrap or at least postpone the £12bn increase in NICs – introduced to cover the shortfall in social care funding – as the cost of living crisis continues to escalate. The increase will see an employee on £20,000 a year pay an extra £130 in tax.9% higher than a year ago as tenants making plans for a post-pandemic life jostle for properties, according to the website Rightmove. While the Treasury has repeatedly claimed the increase is “progressive”, figures published on Friday by the online tax calculator show that workers earning between £30,000 and £50,000 will be the hardest hit by far. It calculates that someone earning £50,000 a year will pay £5,086 a year in NICs alone after April – a £505 increase – amounting to 10% of their gross salary. People earning less than £9,564 a year, or £797 a month, do not have to pay National Insurance and will not pay the new levy. While someone earning £100,000 a year is set to pay the highest national insurance bill – £7,008 a year (an increase of £1,130), the proportion of their pre-tax income paid in NICs will be just 7%. In London it is £2,142. Those on £30,000 a year will pay 9% of their gross salary in NICs. And business leaders have warned that firms could offset the tax rise by raising prices.

“The increase in national insurance will have a huge effect on workers’ earnings in 2022, especially given soaring energy bills and the fact that inflation is at its highest point in 30 years,” said a spokesperson from Tax Calculator UK. “This data gives us a compelling insight into the fact that lower and average earners will be significantly more squeezed by the NICs hike than those at the very top. He said the government should look at raising the funds through other means, such as with a one-off tax on firms that made big profits during the pandemic or by taxing other forms of income. “The imbalance between high tenant demand and low rental stock is supporting asking rent rises, and has led to competition between tenants for the rental properties available nearly doubling compared to the same period last year,” said a spokesperson. “People earning some of the highest salaries in the country are set to pay the same percentage of their salary as a person on £20,000, despite earning five times as much.” From April, NICs are set to be charged at 13. There have been reports by some newspapers that Mr Johnson was considering a U-turn on the move.5% on most earnings up to £50,000 but at just 2% on income above that threshold. They include three Kent coastal towns – Ramsgate, Chatham and Folkestone – and locations such as Ascot in Berkshire and Bridgwater in Somerset.

The figures will be seized upon by Labour, which has called for a fairer, more progressive way to fund social care. The spokesman added: "The prime minister and chancellor are fully committed to introducing the health and social care levy in April. The shadow chancellor, , told the BBC on Friday morning that this was the “wrong tax at the wrong time” and described it as a tax on “ordinary working people and on jobs”. The increase in NICs was announced by the chancellor, ." Earlier Technology Minister Chris Philp said the tax rise would go ahead, telling Sky News: "It was approved by the whole cabinet, it was passed by Parliament with a significant majority, and the money is needed to fund the NHS, which I think is something that is a national priority. During the last few years many amateur landlords who were attracted by the buy-to-let boom have quit the market owing to regulatory and tax changes that have in some cases hit profits.