Really? If I earn £10k and you earn £100k you don't benefit more than me?
When personal allowances go up tax rates should be adjusted further up the scale so the wealthy are not receiving extra. It seems strange to me we have only 2 basic rates of income tax. It should be staggered. The govt should be doing everything it can to raise the take home pay for the low paid. Keep increasing minimum wage and personal allowance, stagger tax bands, create an employee fund based on vat that goes to workers of the company.
Why should the wealthy not benefit from tax breaks?
Arguably they can afford it but do we want a fair system or not?
A truly fair system would have everyone paying the same rate but it is currently weighted so the rich pay the most. I don't see why we should have a system where the rich have to pay even more.
A top rate taxpayer will already pay more tax than most people earn in a year.
Why should the wealthy not benefit from tax breaks?
Arguably they can afford it but do we want a fair system or not?
A truly fair system would have everyone paying the same rate but it is currently weighted so the rich pay the most. I don't see why we should have a system where the rich have to pay even more.
A top rate taxpayer will already pay more tax than most people earn in a year.
He can't not support it because that bracket contains the vast majority of people. The Tories actually have played it quite well in this budget to surround Labour into an impossible response.
The only thing Mcdonnell can say is he will tax the rich and businesses more but the argument on that is simple. High taxes mean businesses don't make as much money or employ as many people so the tax gain is diminished.
On the flip side before brexit low tax hasn't lead to more investment. I don't agree with taxing the wealthy to the hilt, but taxation has to be progressive and it is a necessity to run the economy. What McDonald isn't saying but he would lambasted for if he did was that at some point the balance is going to tip and rest of us are going to have to pay towards this. Society is getting older people are living longer, contrary to popular belief you can't run the country on a never ending austerity. Personally I don't have a problem with paying more in taxes you have to be realistic about things, but I agree with McDonald that the top down approach not the current bottom up approach is the right way round to this.
The problem is how do you get people to increase their investment, time and energies if more of the rewards are being taken from them?
I agree we should be paying more tax but I think we should ALL be paying more tax. The collective is the absolute principle of socialism by the way.
Put it this way, someone earning £150k doesn't earn £150k, they actually earn £90k. That is 40% of their salary is taken from them, do you think its fair they should lose more?
The top down approach by Mcdonnell is not good, it is easy. It is easy because it is easy to sell to most people (voters) who aren't rich because it won't affect them. Will it raise the £500bn Mcdonnell needs though to do everything he wants to do? Not a single chance.
Although, if Labour win an election, I presume you will shut up and pay what they demand?The problem is how do you get people to increase their investment, time and energies if more of the rewards are being taken from them?
I agree we should be paying more tax but I think we should ALL be paying more tax. The collective is the absolute principle of socialism by the way.
Put it this way, someone earning £150k doesn't earn £150k, they actually earn £90k. That is 40% of their salary is taken from them, do you think its fair they should lose more?
The top down approach by Mcdonnell is not good, it is easy. It is easy because it is easy to sell to most people (voters) who aren't rich because it won't affect them. Will it raise the £500bn Mcdonnell needs though to do everything he wants to do? Not a single chance.
Although, if Labour win an election, I presume you will shut up and pay what they demand?
Is that a yes, then?Welcome to the authoritarian extreme socialist left.