Scrap the entire tax system and replace with a single annual charge on net wealth. Gets rid of avoidance as it gets rid of all the grey areas and overlaps and reliefs they require, etc.
Scrap the entire tax system and replace with a single annual charge on net wealth. Gets rid of avoidance as it gets rid of all the grey areas and overlaps and reliefs they require, etc.
So, Sailo, r u advocating a form of Islamic style zakat then?
Really don't get this. Why? Most people in the country are broke as fk and just trying to get ahead (of the next bill, which is just around the corner). Why do you think it's ok to screw them over more than people who are living in mansions with millIons in the bank?
Residential lettings is a) quite an accessible way to earn money and b) provides people who can't afford to buy a house with a roof over their heads, which might otherwise be snapped up by some oligarch/ finance type as a fifth home.
So a property tax is fine, but it should primarily target absentee landlords, including second and third homeowners who use the property solely for their own benefit.
Interesting discussion I had a while back with a retired (managerial class) Brit who had been out in the Gulf for a number of years.
He mentioned that after the first Gulf War, so many of the Middle Eastern states were so grateful to the Americans for stepping in to save them from Saddam that US corporations had carte blanche to clean up commercially in the region had they played their cards right.
One big problem for them tho' was that they couldn't easily persuade their own countrymen to relocate to the Middle East and run their ME operations because of the pat tax that other nationalities didn't have to pay.
As a result a lot of US co's turned to the next best thing in their minds and hired Brits to head up their offices there; but what then happened in practice was that these Brit managers then turned to their own friends and countrymen to be their preferred suppliers and contractors rather than those from the US.
This was particularly true in terms of professional services of all kinds. In fact, perhaps above all, it gave the MC and other leading internationally-minded UK legal practices the chance to get a foothold in the region at the expense of their US competitors at that time.
Some real swings and roundabouts there on the concept of taxing pats, if this approach is not also followed by other countries.
Flat rate of 10% tax (with a form no more than two pages).
New department set up to investigate people who try to evade it. Very high salaries paid, recruited from top universities, managed as a high status job, non-performers sacked.
Benefits absolutely slashed to the bone.
Civil service pensions stopped.
Civil service eviscerated (not just decimated but 90% of them kicked out).
State pension stopped if you have assets over 20k (or whatever the care home limit is).
NHS performs emergency function only. Anything else you buy insurance or pay for.
Radical change is nearly always a bad idea. All we need is a gradual shift towards taxing unearned income and gains more heavily and making work pay, particularly eliminating the worst of the spikes in marginal rate (eg the effective >100% rate at £100k to £125k for people with free childcare). We should have been doing it 15 years ago, but even now, if people could see that that was even starting to happen, they would keep faith - not with the Tory party, but with the liberal capitalist system as a whole.
Eeyore radical change is needed. Tax avoidance and evasion only exist to a large extent because the system is so complicated that it creates the grey areas and overlaps that are exploited. If companies just paid a single tax on net wealth you wouldn't have court cases on whether a jaffa cake is a cake or a biscuit. If you didn't have CGT and primary residence exemptions you wouldn't have challenges about whether it's payable. Trouble is no political party will ever introduce a system that renders a large industry pretty much redundant overnight.
Seriously not sure why they don't legalise pot and tax the hell out of it, rather than support criminals and lose on income/VAT/etc in the pot supply chain.
Pot is gross in terms of the smell, but I much prefer to deal with stoned people than drunk people. And health wise I think probably better to eat a gummy than down 6 pints of an evening (maybe debatable but that's my limited understanding)
Agreed Fritz. Won't someone please think of the children....while we have Chris Pincher and Matt Hancock setting puritan moral examples from our government (to say nothing of BoJo and about 1000 other government figures on all sides of the political spectrum)
Heaven forfend we tax the sale of an edible. But please do go buy a litre of vodka down the Asda to enjoy responsibly.
Eeyore radical change is needed. Tax avoidance and evasion only exist to a large extent because the system is so complicated that it creates the grey areas and overlaps that are exploited.
1) A representative of the tax law mafia will be round shortly, to force feed you horseradish until you recant.
2) Radical simplifications of tax law have given me a good living and the law hasn't actually got any simpler.
As this is Rof and given the number of language pedants on here, how about a 'syn-tax', so to speak, for improper use of grammar, spelling and incorrect meanings of words?
0
0
Capital gains - higher than income please.
1
0
I would swap equalization of income and gains for a single rate income tax for all.
1
0
Inheritance tax - far, far too low
1
0
Only issue with IHT is no one knows what it’s for.
1
0
Capital transfer tax, but with the recipient taxed not the donor
7
0
Taxing pats on their worldwide income. US stylee.
0
0
Rof Royalty30 Oct 23 13:08
Reply |
Report
Taxing pats on their worldwide income. US stylee.
I thought you were cool, man. :-(
7
0
Given how many ex pats come back to use the NHS we absolutely should do this
0
0
Only issue with IHT is no one knows what it’s for.‘
1. raising money
2. Annoying all the right people
1
0
Income tax should rocket.
Starmer should squeeze the rich and reintroduce the old 83% rate from 1974.
Of course most people on here would hate that.
0
0
Nobody who has to actually earn money for a living is ‘rich’ these days. We’re basically a feudal economy ruled by Kirsty and Phil
0
0
Scrap income tax.
Purchase tax on everything from 0% on essentials, to 100% on luxury foreign goods.
Savings tax on all interest for money deposited globally, stepped up in increments.
No stamp duty on first homes under £1m. Double stamp duty on any subsequent home.
0
0
OK we are now doing this seriously?
Scrap (earned) income tax.
Scrap VAT.
99% tax on residential letting income.
Significant land value tax on all real estate other than primary residence.
Legalise all drugs and tax sales.
1
0
Income tax should rocket.
Starmer should squeeze the rich and reintroduce the old 83% rate from 1974.
Of course most people on here would hate that.
Dux, why not go even further back to the Wilson/Callaghan/Healey era and have income tax (including surtax) on certain types of income at over 100 pc!
1
0
Scrap the entire tax system and replace with a single annual charge on net wealth. Gets rid of avoidance as it gets rid of all the grey areas and overlaps and reliefs they require, etc.
0
0
Rodneyplonker tax - 20%
Sechsytax - 17%
1
0
Scrap the entire tax system and replace with a single annual charge on net wealth. Gets rid of avoidance as it gets rid of all the grey areas and overlaps and reliefs they require, etc.
So, Sailo, r u advocating a form of Islamic style zakat then?
1
0
3-ducks30 Oct 23 13:19
Reply |
Report
Income tax should rocket.
Really don't get this. Why? Most people in the country are broke as fk and just trying to get ahead (of the next bill, which is just around the corner). Why do you think it's ok to screw them over more than people who are living in mansions with millIons in the bank?
2
0
Sorry, car tax. Absolutely hammer the ICE industry and its flock.
0
0
Something for other people at last. Tax.
0
0
Sorry, car tax. Absolutely hammer the ICE industry and its flock.
Yes, completely agree with this.
Watch this if you're not convinced;
https://www.youtube.com/watch?v=p-I8GDklsN4&t=103s&pp=ygUQdGFrZW4gZm9yI…
0
0
I'm not necessarily against punitive capital taxes as well FAOD.
0
0
Residential lettings is a) quite an accessible way to earn money and b) provides people who can't afford to buy a house with a roof over their heads, which might otherwise be snapped up by some oligarch/ finance type as a fifth home.
So a property tax is fine, but it should primarily target absentee landlords, including second and third homeowners who use the property solely for their own benefit.
0
0
Yes Realist except it's compulsory and the money goes to the Treasury.
3
0
Taxing pats on their worldwide income. US stylee.
Interesting discussion I had a while back with a retired (managerial class) Brit who had been out in the Gulf for a number of years.
He mentioned that after the first Gulf War, so many of the Middle Eastern states were so grateful to the Americans for stepping in to save them from Saddam that US corporations had carte blanche to clean up commercially in the region had they played their cards right.
One big problem for them tho' was that they couldn't easily persuade their own countrymen to relocate to the Middle East and run their ME operations because of the pat tax that other nationalities didn't have to pay.
As a result a lot of US co's turned to the next best thing in their minds and hired Brits to head up their offices there; but what then happened in practice was that these Brit managers then turned to their own friends and countrymen to be their preferred suppliers and contractors rather than those from the US.
This was particularly true in terms of professional services of all kinds. In fact, perhaps above all, it gave the MC and other leading internationally-minded UK legal practices the chance to get a foothold in the region at the expense of their US competitors at that time.
Some real swings and roundabouts there on the concept of taxing pats, if this approach is not also followed by other countries.
3
0
Cool story.
3
0
Flat rate of 10% tax (with a form no more than two pages).
New department set up to investigate people who try to evade it. Very high salaries paid, recruited from top universities, managed as a high status job, non-performers sacked.
Benefits absolutely slashed to the bone.
Civil service pensions stopped.
Civil service eviscerated (not just decimated but 90% of them kicked out).
State pension stopped if you have assets over 20k (or whatever the care home limit is).
NHS performs emergency function only. Anything else you buy insurance or pay for.
People work or starve.
7
0
Liz Truss rofs
3
0
I worry people are susceptible to the kind of thinking iamlong outlines
"Why can't I re-enter the country for ten days?"
"Because border force and customs were eviscerated "
"BREXIT MEANS BREXIT THO"
3
0
Radical change is nearly always a bad idea. All we need is a gradual shift towards taxing unearned income and gains more heavily and making work pay, particularly eliminating the worst of the spikes in marginal rate (eg the effective >100% rate at £100k to £125k for people with free childcare). We should have been doing it 15 years ago, but even now, if people could see that that was even starting to happen, they would keep faith - not with the Tory party, but with the liberal capitalist system as a whole.
0
0
Fund free childcare for all
Increase IHT to pay for it
Tax property value increases as income
Decrease income tax for under 40s
Literally taking from the old and dead to give to the young
2
0
Get rid of the biggest tax break of all out there that favours the rich and the older - abolish main res exemption from CGT charges.
*awaits squeals of protest from Roffers*
1
0
This makes some sense, but what about when the property value falls?
For me:
Global wealth tax.
Drop the nonsensical assertion that private schools are charities.
3
0
lamlong’s dystopia sounds utterly terrifying.
0
0
could do with the idiot tax coming down a bit and having it funnelled to public services.
spazzed massive $$ over the years just by being a disorganised tit but the beneficiaries were undeserving.
0
0
Abolish public schools but tax everyone who attended one at the level of their fees when they left
Push the money into education spending
If house prices drop, just call it 2%. Cap and collar. 2-5% on primary resi, 4-10% on second etc etc
0
0
Eeyore radical change is needed. Tax avoidance and evasion only exist to a large extent because the system is so complicated that it creates the grey areas and overlaps that are exploited. If companies just paid a single tax on net wealth you wouldn't have court cases on whether a jaffa cake is a cake or a biscuit. If you didn't have CGT and primary residence exemptions you wouldn't have challenges about whether it's payable. Trouble is no political party will ever introduce a system that renders a large industry pretty much redundant overnight.
5
0
Catchy, but too negative. Maybe spin it to the positive like "Work sets you free?" or similar.
0
0
Fritz31 Oct 23 05:48
Reply |
Report
lamlong’s dystopia sounds utterly terrifying.
It exists!!! Dubai and Singapore. Many many people around the world (admittedly not some members of this Parish) can't wait to move there!!!
0
0
Catchy, but too negative. Maybe spin it to the positive like "Work sets you free?" or similar.
"work, eat, sleep" maybe?
It is a bit 'Down and Out in Paris and London'. I need to channel my inner mood board on this one.
1
0
Dubai and Singapore
Yep, very much right at the bottom of my list of places to visit.
2
0
"Legalise all drugs and tax sales."
Seriously not sure why they don't legalise pot and tax the hell out of it, rather than support criminals and lose on income/VAT/etc in the pot supply chain.
Pot is gross in terms of the smell, but I much prefer to deal with stoned people than drunk people. And health wise I think probably better to eat a gummy than down 6 pints of an evening (maybe debatable but that's my limited understanding)
0
0
Canadian, it's latent puritanism in our society.
From the exchequer's point of view it's a complete no-brainer.
0
0
Agreed Fritz. Won't someone please think of the children....while we have Chris Pincher and Matt Hancock setting puritan moral examples from our government (to say nothing of BoJo and about 1000 other government figures on all sides of the political spectrum)
Heaven forfend we tax the sale of an edible. But please do go buy a litre of vodka down the Asda to enjoy responsibly.
1
0
1) A representative of the tax law mafia will be round shortly, to force feed you horseradish until you recant.
2) Radical simplifications of tax law have given me a good living and the law hasn't actually got any simpler.
2
0
Singapore is nothing like Iamlong suggests.
2
0
It has massive state housing and universal healthcare with a small point of entry payment and a paid into state pension.
0
0
I grant you I was thinking more of Dubai.
The point is loads of people do want to move there.
0
0
But surely medical facilities out in the desert are world class? And if you go pat, surely you'd have enough dolla?
0
0
I'm glad Eeeyore agrees that the tax industry won't vote for their own demise.
0
0
Some taxes I wouldn’t mind
As this is Rof and given the number of language pedants on here, how about a 'syn-tax', so to speak, for improper use of grammar, spelling and incorrect meanings of words?
0
0
have reported the OP
0
0
Remove the taper
42% rate from 50k
50% rate from 200k
Join the discussion