Unbelievably Helen Whately is right.
I repeat HELEN WHATELY IS RIGHT 😮
We have a stupid disincentivising personal allowance taper at £100,000 so HMT thought ‘why not try that again for pensioners at £12,570’ 🤷♂️
What you won’t find in the Chancellor’s speech… Around 210,000 pensioners just above state pension income will face a 53% marginal tax rate.
What’s going on here?
He announced the new Pension Tax Allowance so people just on the state pension won’t have to pay income tax.
Sounds sensible. But the devil is in the detail…
👉 For every £3 of income above the full State Pension, you’ll lose £1 of the allowance.
That means for every extra £3 of income:
•60p goes in normal income tax (20%)
•£1 of allowance is lost
£1.60 out of £3 = a 53% marginal tax rate
This hits people with modest private pensions or savings and robs them of the benefit of doing the right thing.
@MrIanAHunter@DanNeidle The brave decision is for small increasing marginal rates, but the Labour Party seem to think this is unsellable to the electorate 🤷♂️
Those of us who love both sports despair of the binary crowd on both sides…e.g the ‘rounders’ crowd. Jomboy does a great job here trying to use measured reason and rhetoric (obviously doomed to fail 😂)
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NEW BBC pushes again for a date for President Trump to give his deposition in defamation suit. It was originally Oct 16 - but Trump said "matters of national importance" meant he would be unavailable.
BBC lawyers rather dryly say they now know what those "matters of national importance" were ...
Zelensky: If President Trump really wants to have elections, tell Putin to give us two months, 60 days of a total ceasefire, and we will organize elections. Of course, we will be ready for any choice of our people