Budgetamania 2018

[Henkeman]

Is that a yes, then?

Why would you demand he shuts up?

 

[The Light Was Yellow Sir]

Why would you demand he shuts up?

I wouldn’t ever demand anyone shut up, ever. I was just asking him, if a Labour government was elected, would he happily pay extra taxes and not moan about it, that’s all.

 

[Henkeman]

I wouldn’t ever demand anyone shut up, ever. I was just asking him, if a Labour government was elected, would he happily pay extra taxes and not moan about it, that’s all.

Ok, thanks for the clarification - it was a figure of speech rather than a real demand, yes?

 

[The Light Was Yellow Sir]

Ok, thanks for the clarification - it was a figure of speech rather than a real demand, yes?

Indeed it was.

 

[Mike D]

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.

Do you think its fair that someone on less say £50k should be pay the same % of tax as someone on £150k?

 

[Chippy_boy]

When the personal allowance increases, it benefits higher rate tax payers more. This is simple logic, because it is them that pay more in the first place; 40% not 20%.

There's the small matter that anyone earning over £125,000 doesn't actually get any personal allowance.

(A complete disgrace if you ask me. IMO everyone should be entitled to the same rates of tax on the same levels of income, and then you adjust the thresholds and rates to make sure poor people aren't penalised and the rates are high enough to generate the necessary tax revenues.

So for example, I would say it was fair if everyone paid:

0% up to £12,500
20% from £12,500 to £50,000
40% from £50,000 to (say) £125,000, and
(say) 45% from £125,000 upwards.

As it stands, anyone on £125,000 of more gets no personal allowance at all.

This leads to the ridiculous situation that someone on £125,000 a year pays a top rate of tax of 60% since they pay tax not only their income, but also on the personal allowance that they've lost. So the tax rates go 20%, 40%, 60%, 45% as you rise up the income scale. Someone on £125,000 a year pays a higher top rate of tax than someone on £130,000 a year. Bonkers.)

 

[Ancient Citizen]

Do you think its fair that someone on less say £50k should be pay the same % of tax as someone on £150k?

Someone earning £150,000 will pay around 5 times as much tax as someone on £50,000.
So he earns only 3 times more, yet pays 5 times as much tax.
How much more would you tax him/her?
The taxation system, is, more or less fair, apart from big corporations, but getting more from them is extremely difficult.

 

[hilts]

Someone earning £150,000 will pay around 5 times as much tax as someone on £50,000.
So he earns only 3 times more, yet pays 5 times as much tax.
How much more would you tax him/her?
The taxation system, is, more or less fair, apart from big corporations, but getting more from them is extremely difficult.

Don’t forget the self employed in the big tax ruse, we need a big rethink on everything but while we have a system of govt based on fptp and short cycles of elections we are doomed to tinkering.

 

[Mike D]

Someone earning £150,000 will pay around 5 times as much tax as someone on £50,000.
So he earns only 3 times more, yet pays 5 times as much tax.
How much more would you tax him/her?
The taxation system, is, more or less fair, apart from big corporations, but getting more from them is extremely difficult.

The taxation system has needed looking at for quite some time, it is far too complex. The biggest issue being the revolving door between the big 6 accountancy firms who are seconded in to write the tax laws and the leave to advice their own clients how to use the loop holes.

The problem with corporations is that governments have been too scared to tackle them and don't be fooled because plenty can be done but its all about having the will to do something about it.

 

[Chippy_boy]

Someone earning £150,000 will pay around 5 times as much tax as someone on £50,000.
So he earns only 3 times more, yet pays 5 times as much tax.
How much more would you tax him/her?
The taxation system, is, more or less fair, apart from big corporations, but getting more from them is extremely difficult.

Don’t forget the self employed in the big tax ruse, we need a big rethink on everything but while we have a system of govt based on fptp and short cycles of elections we are doomed to tinkering.

Agree with both of these posts.

The "poor" in this country do OK tax-wise since they hardly pay any and get what they do pay back in benefits. The "rich" do OK since they have the financial flexibility to arrange their affairs so as to minimise their tax burden.

And then it's the people in the middle who get clobbered. And god help you if you happen to do quite well for yourself and earn more than £100k a year, because then you'll really get clobbered.

Do people actually realise that the marginal rate of tax for someone on say £110k a year is 60%?

And someone on £40,000 pays about £8,000 in tax and NI, whereas someone with their own business who pays themselves £18,000 in income and £22,000 in dividends, pays only £3k. Not to mention the fact that they bought their van and whatever else as a business expense, and maybe put another few thousand in their pocket as cash never seen by the taxman at all.

Someone on £120,000 pays £47,000 in tax and NI. 3 times the income and yet 16 times the tax and NI of the person above on £40k.

How is that fair?