From The Daily Mail:
Philip Hammond was last night urged to abandon plans for a £1billion tax raid on the self-employed, amid warnings it would wreck Britain’s growing entrepreneurial culture.
The Chancellor is reported to be planning a rise in National Insurance rates for the self-employed in tomorrow’s Budget to bring them closer to the level paid by those in salaried jobs. The move could eventually see the National Insurance rate paid by self-employed people rise from 9 per cent to 12 per cent.
Closer? It's not much closer is it? Employees suffer two levels of NIC, which cost 22.7% of gross pay (£25.80/£113.80); the self employed suffer one layer which costs 9%. NICs are a regressive tax and the rates above £43,000 are lower; this largely cancels out the fact that income tax is higher above £43,000 (i.e. the system is a lot flatter than people think).
I'm all in favour of aligning rates, but how about reducing the NICs suffered by employees as well and let the two meet in the middle?
Chris Bryce, chief executive of the Association of Independent Professionals and the Self Employed, said the Chancellor should hold a full consultation before deciding on a massive hit on the sector.
He added: ‘If the Chancellor were to increase National Insurance contributions for the self-employed, a large number of low-paid people could lose out on a significant amount of income.’
Three per cent of not much is not much, is it?
One former minister warned that Mr Hammond would face a major backlash if he pressed ahead with the full rise.
‘We can’t, on the one hand, claim that we are the party of the strivers while, on the other, say we’re going to hit millions of them with a massive tax bill,’ he said.
How about the 'millions' of employees whom you are already slapping with an NI bill that is twice as high?
Treasury sources did not dispute that the overall tax burden could rise slightly as a result of tomorrow’s Budget measures, despite warnings the UK is already heading for the highest tax burden since the 1980s.
Funny how the Tories get away with increasing taxes while still running huge deficits, exactly the thing they are always accusing Labour of having done. History shows that over the long run, Labour run smaller deficits/are more likely to reduce the national debt and do not collect more in tax.
The only good news from all this is that all parties appear to agree that National Insurance Contributions are indeed just another tax.
Time to Takedown Google - CSS - Hagmann and Hodges - 4/23/17 (Hour 1)
US Military Used Newborn DNA for Terrorist Profiling? (video)
Alex Jones - HD Commercial Free - Monday (4-24-17) Tommy Thommes and Tommy Robinson
Holocaust in Venezuela - US Is Next - Are You Ready?
X22Report Either This Is a Secretive Plan That Will Benefit America or Prepare for the Worst - Episode 1262b
Bundy Ranch: Judge Forced to Declare Mistrial in Bundy Ranch Protest Trial (Video)
Oh Boy: US Preparing to Evacuate 230,000 Americans From South Korea and Pence Stated Storm Clouds Are Gathering (Videos) Couragous Channel
President Trump Attacking North Korea
Hollywood Targeted Individual Stephen Shellen Shocking Plea Reverberating Globally
Benjamin Fulford Update Apr 24, 2017
Could This Be the Root Cause of Inflammation and Many Modern Diseases?
This Doctor Delivers the Best Explanation and Treatment for Alzheimer’s
Why Earth’s Winds are Changing with Tornadoes, Waterspouts & Plasma Lightning Intensifying
American Airlines flight attendant ‘whacks a mother in the head
TradCatKnight: Coronal Hole From Sun Could Put Power Grids In Danger Next Week – Produce Mass-Blackouts
Elite Rituals You Need To Know, Child Drag Queen Hour & Giraffe Baby Live
Big Changes May Be Coming To The Gas Pump Very Soon
BART Takeover Robbery: 40 to 60 Teens Swarm Train, Rob Weekend Riders
Taliban attack kills or wounds 160 Afghan soldiers at northern army base
Trump denies Exxon permission to drill for oil in Russia
Chili Peppers and Marijuana Calm the Gut
Store Owner’s Fight Against Robbers Caught on Camera (Video)
Mind Your Brains, You Might Be Under Attack! Have a Strong Coffee and Watch!
The Secret of Antarctica: "Astronaut Buzz Aldrin: the Timer "The End" Is Not a Joke"
Water Is Not What You Think it Is
A Very Important Announcement--- The Nature of the Battle
Eastridge Murals x ADLC
Trojan Horse - by Judge Anna von Reitz
NASA Astronaut Peggy Whitson Sets US Space Endurance Record, Speaks to President Trump
The Mystery of the 'Golden Ratio' Explained