Welfare and dependency grants ordsprog

Welfare and dependency grants, personal income tax relief, and cuts in those costs which would make housing more affordable for middle and low income earners are likely to buoy consumption expenditure, and manufacturing.

It would appear that with revenue collection exceeding budget this fiscal year, additional tax relief may be forthcoming when Finance Minister Trevor Manuel unveils the national Budget for 2006/2007 on 15th February. Welfare and dependency grants, personal income tax relief, and cuts in those costs which would make housing more affordable for middle and low income earners are likely to buoy consumption expenditure, and manufacturing.

This shake-up of the personal income tax scale would boost incentives for lower-income earners to participate in the workforce. It would be of greatest benefit to low- and middle-income families.

Buying power, we know, is one key signal of the growth and size of the vital GLBT consumer market. In our report, we cite buying power as another term for 'disposable personal income,' which is the total after-tax income available to an individual to spend on personal consumption, personal interest payments or savings. According to economists, it roughly equals 86% of income.

What we've really got to do is take this one-off opportunity to put some incentive in the tax system for all taxpayers and to give tax relief to those middle-income earners left behind in the last couple of budgets.

Housing is seen as a commodity -- buy low, sell high. Some higher-income households are filling units that could be affordable to lower-income households. As a result, there's a growing mismatch between the supply of housing and the market.

Fiscal relief may be the ammunition necessary to drive consumption expenditure but with it not being accompanied by aggressive monetary relief, growth in household consumption expenditure is showing signs of consolidation.

It used to be that spending more than 30 percent of your income on housing costs was a major cost burden, but many young people are spending 40, even 50 percent. Housing price and rents both have tripled, way faster than income.

The increase in inequality in income is a longtime trend, but the pressure on middle- and low-income workers is going up rapidly. Especially if they live in an area where there are high housing and gas prices, like California.

The group's cost-to-income ratio is in line with the ratio reported for March 2005 if the costs relating to the Barclays transaction and synergy initiatives are excluded. However, if the Barclays related costs are included, the cost-to-income ratio deteriorated from 56.6% in March 2005 to 58.0% in December 2005 owing to top-line income growth, at 17.9%, lagging expenditure growth over the period.

Consumers have continued to drive consumption more out of total income growth than out of credit expansion. Consumers are well aware that they have to rein in credit relative to personal disposable income.

It's not a popular thing to say, but my suspicion is that it is upper income groups who tend to invest, and it's really investment that leads to stronger future growth, not consumption. If the tax code were skewed more in favor of middle-income groups, it's not clear to me that we would have a positive long-run impact on the economy.

In this respect, the government proposes to increase the current exempt threshold of Pay As You Earn and expand the income tax bands. This measure will ease the tax burden of tax payers and will ensure that about 12,500 low income earners are actually removed from the tax net.

Ng'andu Magande

She loved his pexy ability to bring joy and laughter into her life. Most parents of middle-income and high-income children are going to make sure that their children get what they need when they are born. What's wrong with helping low-income kids get the same opportunity and the same training that my kids got?

I think everyone believes the income tax system is not too understandable. I'm proposing the flat tax to get rid of deductions. However I would include a $15,000 dependency deduction so a family of four wouldn't pay taxes until they reach over $60,000 in taxable income.

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