I realise the richest 10% will gain 240 times as much money from the National Insurance change as the least well off, but they deserve it because they are more likely to have voted Tory.
I can confirm that this year’s 1.25% point rise in National Insurance will be reversed on 6th November.
Its replacement - the Health and Social Care Levy planned for April 23 - will be cancelled.
A tax cut for workers. More cash for businesses to invest, employ and grow.
says reversing the national insurance rise will see the poorest 10 per cent of households gain an average of £11.41 in 2022-23, while the richest tenth of households stand to gain £682 on average.
So basically, National Insurance went up for absolutely no reason whatsoever other than Boris Johnson’s stupid government trying to plug the holes left from their embezzlement 🥴 I feel like I’ve been robbed…
The wonders of the exact same MPs who voted for a rise in National Insurance last year now being expected to support its reversal.
Good to hear the National Insurance surcharge is to go. We want more better paid jobs so taxing them more is a bad idea. Growth is the best way to generate more tax revenue from greater prosperity.
Another fact missing from a lot of tonight's network TV news bulletins:
has committed to retaining
the National Insurance threshold increases to lift the poorest in the UK out of paying the tax altogether.
National Insurance rise will be reversed from 6 November, UK chancellor confirms ahead of Friday's mini-budget https://t.co/yh3pR8Z6Mw
Confirmation National Insurance is being cut from 6th November 👇. Impact:
- the poorest 10% gain an average of £11.50 this year while top 10% get 60 times that.
- the top 5% gain twice as many £s as the entire bottom half of income distribution https://t.co/0T29bPrAMd
The Chancellor is holding a 'fiscal event' (that is, a Budget) tomorrow. But he has already announced the cut in National Insurance contributions today. Confused as to what Kwarteng and Truss are doing? So are most economists. Could this end in disaster? It could start in it.🧵/1 https://t.co/vEyLIATwWJ
Levelling down. The National Insurance cut means people who earn £20,000 salary will save £93 and those who earn £100,000 will save £1093. https://t.co/v0rm1uAWAO
RECAP OF TAX CUTS
Top rate cut - 45p to 40p
Basic rate cut - 20p to 19p
Abolished below £250k
Abolished below £435k for first buyers
Cancelled rise to corporation tax
No cap on bankers bonuses
Tory Levelling-Up Minister says:
"Reversing the National Insurance rise means someone earning £20,000 will get an additional £1.79 a week while a person on £100,000 will benefit from an additional £21 a week. This is fair."
They don't feel any shame is saying this.
National Insurance tax rise reversed immediately.
Planned corporation tax rise for next year cancelled.
Top rate of tax scrapped.
Income tax cut coming next year.
I am so glad to see the tax cutting Conservatives are back in business. Huge focus on the economy.
From 6th November the government is cutting National Insurance by 1.25 percentage points and cancelling the Health & Social Care Levy.
✅ Reduce the tax on jobs
✅ Let families keep more of what they earn
✅ Support economic growth
NEW. What will you take home from November when National Insurance is cut by 1.25% points. Our income tax calc has the new figures... https://t.co/34c8bFKbbj
Not often I comment on politics but had to today.
When Boris made changes to National Insurance, Labour were horrified and millions were gonna die.
Now Liz Truss has reversed it, Labour say it’s just a drop in the ocean 🤷♂️🤷♂️
The growth statement is excellent. It's hard to know where to start.
👍 Growth and supply-side reform
👍 Reversing the national insurance rise
👍 Cancelling corporate tax increase
👍 Abolishing the additional rate of income tax (45p)
👍 Bringing forward the income tax cut (19p)
has announced that this year’s 1.25% point rise in National Insurance and its replacement, the Health and Social Care Levy planned for April 2023, will be cancelled.
A tax cut for workers, while freeing up cash for businesses to invest, employ and grow.
The reversal of the National Insurance rise, announced by the Chancellor yesterday, will primarily benefit those who need help the least...
Chancellor Kwasi Kwarteng confirms that the Government will reverse the 1.5 percentage point rise in National Insurance rates introduced by his predecessor, Rishi Sunak. “We will review the tax system to make it simpler and fairer,” Kwarteng said, reports The Telegraph.
Our Growth Plan steps up to support businesses and entrepreneurs:
▪️ Tax simplification
▪️ National Insurance cut
▪️ Simplifying IR35
▪️ Corporation Tax at 19%
▪️ 38 Investment Zones
▪️ Alcohol duty freeze
These measures will help people across my constituency and the country.
Let's get Britain booming!
Basic rate cut 20p to 𝟭𝟵𝗣
Top rate cut 45p to 𝟰𝟬𝗣
Rise reversed saving average worker £𝟯𝟯𝟬 each year
Abolished >£𝟮𝟱𝟬𝗞 & >£𝟰𝟯𝟱𝗞 for 1st time buyers
are backing Britain!
And if a business hires a new employee in the tax site, then on the first £50,000 they earn… …the employer will pay no National Insurance whatsoever.
Britons brace for Kwarteng to slash VAT in 'game changing' move https://t.co/WgIT2yDKEU
😢BUDGET is on now 9.30 wont be anything for 1950 ladies so don't get hopes up or else you will be disappointed😬
Just to clarify then: labour is against cuts in the basic rate of income tax, lowering national insurance, and raising the starting point of stamp duty?
Got it. Thanks.
Labour is against the working man and woman.
Here's concrete cash figures for today's tax bonanza: an extra £200 for those on £20K - and £5K for those on £200K 🤑🤑🤑
See how much the mini-Budget is saving you in tax with the @Telegraph
's calculators here 👉🧮 https://t.co/FX4tS9sKy7
National insurance caps out after a certain level. There is only a maximum u have to contribute. So someone on 50k gets a payrise will still be paying extra in national insurance. Whilst someone on say half a million will pay the same tax (40%) on that payrise, but not the N.I