My view is we need to shift the tax burden from earned incomes to other types of wealth/gains/property - so I would disagree with increasing income taxes at all (save perhaps at much higher levels).
That said, those rates would be liveable were it not for (i) the suite of other taxes etc that would also be implemented and (ii) the fact I have zero confidence that they would stop there when in power. You just need to look at their rhetoric/backgrounds to know that they think anyone on over 100K is rich beyond measure and that anything above 150K should be pretty much handed over.
On the other hand I'll be damned if I'm voting for this Conservative party.
Inflation surges due to massive government borrowing/GBP crashing.
Wages rise to keep up with inflation.
TAX THRESHOLDS REMAIN UNCHANGED OR RISE LESS THAN INFLATION.
Hey Presto, within a few years anyone earning more than 2 flumps a week is a 45% taxpayer.
Couple this with the mass unemployment caused by GBP15 per hour minimum wage (plus NI on top of that) forcing the likes of McDonalds to automate or go bust.
"My view is we need to shift the tax burden from earned incomes to other types of wealth/gains/property - so I would disagree with increasing income taxes at all (save perhaps at much higher levels)."
Agree with this. Income is not that significant really
Heh they said exactly the same about the original minimum wage it turned out to be bollocks - minimum wages do not cost jobs they in a small way do some much needed redistribution from capital to income and probably in a more efficient way than taxes and benefits,
Saw a Labour supporter yesterday suggesting that billionaires should be abolished as they can't possibly spend it all. They don't seem to appreciate that your average billionaire doesn't have all his money in cash in his bank account and may be substantially less wealthy if the value of his assets crashes due to a change of government.
Anyone know if the socialist worker party has shut up shop now corbo is in? I used to find their presence by clapham north tube hilarious - a man with a.donation bucket.who looked like a tramp with a nicotine yellowed beard trying to collect all the money from junior lawyers, accountants, hedge funders and PE spods as well as Foxtons agents with tie knots larger than their heads.
What pisses me off is that they are always on about closing the gap and ensuring everyone pays the right tax but the super wealthy and corporations just lobby, ensure complex and untraceable tax set ups and the only people to get whacked are the highly traceable middle income earners ie fooking me. Hard to want to vote for.
As long as it's spent sensibly* I'm ok with paying more tax. I think the thresholds are wrong, particularly the £50k threshold, but overall i'm happy to pay a few grand more tax if it means better state education, better mental health services, better road infrastructure etc. The differences to current rates are such that at that level of income, you shouldn't be feeling the difference.
(*garden bridges, unused ferries, false flag preparedness campaigns and melting coins are not sensible things to spend it on)
The 45p tax above £80,000 is way of Jeremy Corbyn ensuring all the Labour MP's (who earn £79,468 conveniently enough) will vote for it. Doubt Labour will get in though
I do think £50k is way too low to have the 40% band kick in. That should be closer to £80k, and they'd need to up the rate at that point to make up for moving the threshold. Haven't looked at the maths.
M5 I only pay UK income tax on my UK rental income so these tax rises won't affect me anyway. But hey, I'm sure Diane Abbott can spend your money better than you can.
She probably can tbf. Most of my disposable seems to go on brightly coloured well designed cans of beer that in the most part taste exactly like their much much cheaper alternatives
Susan Reynolds (Letters, 28 September) says: “I want to pay more tax for the public services I enjoy.” She might be relieved to know that she may do so simply by sending a cheque to HMRC. I understand that you can even specify where you would like to see that money spent. Interestingly, the government releases those figures on an annual basis, and it appears that 15 people have done so in the last two years.
HEH
Lefties being full of shit about being happy to pay more NON shocka
Typical Labour bollocks - more concerned with everyone getting an equal slice of an ever shrinking pie rather than increasing the size of the pie for everyone.
If I thought the tax was being spent wisely I'd be more amenable. But, for example, they steadfastly refuse to spend proportionate amount on infrastructure in the North, where I live, and instead want to build HS2, which connects everyone to London faster (not what most want or need), of course starts with the London to Birmingham leg first (naturally), will take for the rest of my working life to complete and will cost £88bn (and who knows what by the time its finished).
I once had an instruction to prosecute somebody (developer for a property freeholder) who cut down protected trees. (A wider and longer story which I will not bore you with here within. (Or end further sentences with prepositions. With which etc.etc.))
The property owner [1] was a company registered in Gibraltar
The owner of that company [1] was a company registered in Gibraltar
The owner of that company [2] was a company registered in Gibraltar
The owner of that company [3] was a company registered in Gibraltar
The owner of that company [4] was a company registered in Gibraltar
The owner of that company [5] was a company registered in Gibraltar
...which was all held in a discretionary trust for the benefit of the owner over which he/she had de facto control (via directorship of a trust company, obviously)?
Me too. I think it's just the easiest target as a regular and pretty uncomplicated flow of money. And you can claim to be hitting the greedy wealthy in their greedy pockets.
I will say it again but the whole tax systems needs ripping up and simplifying. The more layers of tax you have the more areas of overlap and confusion there are and consequently the greater the potential for tax avoidance.
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My view is we need to shift the tax burden from earned incomes to other types of wealth/gains/property - so I would disagree with increasing income taxes at all (save perhaps at much higher levels).
That said, those rates would be liveable were it not for (i) the suite of other taxes etc that would also be implemented and (ii) the fact I have zero confidence that they would stop there when in power. You just need to look at their rhetoric/backgrounds to know that they think anyone on over 100K is rich beyond measure and that anything above 150K should be pretty much handed over.
On the other hand I'll be damned if I'm voting for this Conservative party.
Lib Dem is the only choice.
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What are the Marxist Antisemite Party's intentions as regards dividend tax rates?
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New tax rates come in.
Inflation surges due to massive government borrowing/GBP crashing.
Wages rise to keep up with inflation.
TAX THRESHOLDS REMAIN UNCHANGED OR RISE LESS THAN INFLATION.
Hey Presto, within a few years anyone earning more than 2 flumps a week is a 45% taxpayer.
Couple this with the mass unemployment caused by GBP15 per hour minimum wage (plus NI on top of that) forcing the likes of McDonalds to automate or go bust.
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Buzz - i am sure they will abolish it. afterall everything will be nationalised
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"What are the Marxist Antisemite Party's intentions as regards dividend tax rates?"
You think dividends will be permitted? All they do is take bread from the mouths of hard working union officials.
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"My view is we need to shift the tax burden from earned incomes to other types of wealth/gains/property - so I would disagree with increasing income taxes at all (save perhaps at much higher levels)."
Agree with this. Income is not that significant really
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Heh they said exactly the same about the original minimum wage it turned out to be bollocks - minimum wages do not cost jobs they in a small way do some much needed redistribution from capital to income and probably in a more efficient way than taxes and benefits,
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That said there is a strong case for regional minimum wages reflecting cost of living and allowing cheaper regions to remain competitive
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Saw a Labour supporter yesterday suggesting that billionaires should be abolished as they can't possibly spend it all. They don't seem to appreciate that your average billionaire doesn't have all his money in cash in his bank account and may be substantially less wealthy if the value of his assets crashes due to a change of government.
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HEH Labour just lost another dozen seats with this bollocks.
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That said there is a strong case for regional minimum wages reflecting cost of living and allowing cheaper regions to remain competitive
Outside the EU the U.K. can adopt this policy
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Why can’t it adopt it in the EU?
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Anyone know if the socialist worker party has shut up shop now corbo is in? I used to find their presence by clapham north tube hilarious - a man with a.donation bucket.who looked like a tramp with a nicotine yellowed beard trying to collect all the money from junior lawyers, accountants, hedge funders and PE spods as well as Foxtons agents with tie knots larger than their heads.
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What pisses me off is that they are always on about closing the gap and ensuring everyone pays the right tax but the super wealthy and corporations just lobby, ensure complex and untraceable tax set ups and the only people to get whacked are the highly traceable middle income earners ie fooking me. Hard to want to vote for.
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As long as it's spent sensibly* I'm ok with paying more tax. I think the thresholds are wrong, particularly the £50k threshold, but overall i'm happy to pay a few grand more tax if it means better state education, better mental health services, better road infrastructure etc. The differences to current rates are such that at that level of income, you shouldn't be feeling the difference.
(*garden bridges, unused ferries, false flag preparedness campaigns and melting coins are not sensible things to spend it on)
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how people feel things depends on their exact circs
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esp how many dependents
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If you're earning over £150k p/a then it is likely those circumstances are of your own choosing.
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"As long as it's spent sensibly"
heheheheheheh
PS this applies to all parties.
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Happy to pay more tax as Foolio says.
UK can't carry on as it is
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Actually IRA John said 50% tax rate over 125k, not 150.
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The 45p tax above £80,000 is way of Jeremy Corbyn ensuring all the Labour MP's (who earn £79,468 conveniently enough) will vote for it. Doubt Labour will get in though
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I do think £50k is way too low to have the 40% band kick in. That should be closer to £80k, and they'd need to up the rate at that point to make up for moving the threshold. Haven't looked at the maths.
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To those claiming to be happy to pay more tax:
https://www.theguardian.com/politics/2017/oct/01/you-can-pay-more-tax-if-you-want-to
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Iguana, maybe concentrate on being more successful so a pretty minor tax rise won't sting.
There's a lad
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M5 I only pay UK income tax on my UK rental income so these tax rises won't affect me anyway. But hey, I'm sure Diane Abbott can spend your money better than you can.
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She probably can tbf. Most of my disposable seems to go on brightly coloured well designed cans of beer that in the most part taste exactly like their much much cheaper alternatives
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Susan Reynolds (Letters, 28 September) says: “I want to pay more tax for the public services I enjoy.” She might be relieved to know that she may do so simply by sending a cheque to HMRC. I understand that you can even specify where you would like to see that money spent. Interestingly, the government releases those figures on an annual basis, and it appears that 15 people have done so in the last two years.
HEH
Lefties being full of shit about being happy to pay more NON shocka
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The UK generated £180m in income tax last year.
UK taxpayers make annual charitable donations of around £10m.
Lots of people already give away money to support worthy causes.
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I think you've missed off three zeros there...
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I think you're right.
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Typical Labour bollocks - more concerned with everyone getting an equal slice of an ever shrinking pie rather than increasing the size of the pie for everyone.
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I think I knew that you could pay more tax if you wanted to but not that you could choose how its spent. Interesting.
But I would still much rather give to chosen charities.
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I thought Cookie was a Liberal
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what LF said
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Wellington
I do think there is a psychological barrier in any society about paying more than 40 per cent tax.
I accept that. And I am about as socialist as you will find any man walking the streets of your that London town.
But pay the effing tax.
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If I thought the tax was being spent wisely I'd be more amenable. But, for example, they steadfastly refuse to spend proportionate amount on infrastructure in the North, where I live, and instead want to build HS2, which connects everyone to London faster (not what most want or need), of course starts with the London to Birmingham leg first (naturally), will take for the rest of my working life to complete and will cost £88bn (and who knows what by the time its finished).
I know its not all about me but, also, it is.
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I once had an instruction to prosecute somebody (developer for a property freeholder) who cut down protected trees. (A wider and longer story which I will not bore you with here within. (Or end further sentences with prepositions. With which etc.etc.))
The property owner [1] was a company registered in Gibraltar
The owner of that company [1] was a company registered in Gibraltar
The owner of that company [2] was a company registered in Gibraltar
The owner of that company [3] was a company registered in Gibraltar
The owner of that company [4] was a company registered in Gibraltar
The owner of that company [5] was a company registered in Gibraltar
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...which was all held in a discretionary trust for the benefit of the owner over which he/she had de facto control (via directorship of a trust company, obviously)?
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Wish they would stop fiddling around with income tax. Headline rates are fine as is.
It's capital gains, corporation and inheritance tax that all need an overhaul.
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Me too. I think it's just the easiest target as a regular and pretty uncomplicated flow of money. And you can claim to be hitting the greedy wealthy in their greedy pockets.
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42% of people pay no income tax at all I found out today.
Didn’t realise it was that high.
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And top 1% of earners pay around 28%.
Those two stats are one of the reasons it doesn't need fiddling with.
(And a clear indicator of the income disparity in this country.)
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I will say it again but the whole tax systems needs ripping up and simplifying. The more layers of tax you have the more areas of overlap and confusion there are and consequently the greater the potential for tax avoidance.
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42% of people pay no income tax at all I found out today. this includes people who choose not to work?
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