| Tax Rises are coming!!! 21:59 - Jul 30 with 12371 views | mutters |
Sounds like fun. Based on Labour sticking to its manifesto pledges of no increase in VAT, national insurance, or income tax increases, where will they raise enough cash to plug the "black hole"? |  |
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| Tax Rises are coming!!! on 11:59 - Jul 31 with 1647 views | noggin |
| Tax Rises are coming!!! on 11:48 - Jul 31 by textbackup |
Aren’t we all victims (financially) if we have to pay for those arriving here? |
Those arriving are the victims, of greed. Greed is the cause of poverty, war and organised crime. |  |
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| Tax Rises are coming!!! on 12:45 - Jul 31 with 1554 views | mutters |
| Tax Rises are coming!!! on 11:35 - Jul 31 by Europablue |
I think the older generation look at how hard they worked and feel like they were rewarded for their hard work, but they were fortunate to live at a time when hard work was rewarded.
Young people do seem to be more selfish and more work shy, but that is a product of them having nothing to aspire to. Whenever someone complains about the younger generations they don't stop to think who brought up that generation and allowed them to be how they are. |
The term work shy is a tad unfair here, to be honest. The younger generation is more clued up when it comes to a work-life balance. They have seen how companies treat employees over the decades and want a different path. It's not that people don't want to work hard they just want a different approach to work and more balance. Who can blame them? | |
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| Tax Rises are coming!!! on 12:58 - Jul 31 with 1540 views | PhilTWTD |
| Tax Rises are coming!!! on 11:42 - Jul 31 by DJR |
I'm sure they will for political reasons, but the IFS before the election stated that both parties were ignoring the difficult decisions that would have to be made after the election.
https://www.bbc.co.uk/news/articles/ckkkk90lw50o
Whoever wins the election in less than a fortnight faces a "trilemma", said the IFS.
"Raise taxes by more than they have told us in their manifesto. Or implement cuts to some areas of spending. Or borrow more and be content for debt to rise for longer," it said.
"What will they choose? The manifestos have left us guessing." [Post edited 31 Jul 2024 11:49]
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If Labour increases taxes other than those they said they wouldn't, then they are sticking to their manifesto, aren't they? |  | | |
| Tax Rises are coming!!! on 13:07 - Jul 31 with 1505 views | The_Flashing_Smile |
| Tax Rises are coming!!! on 08:34 - Jul 31 by textbackup |
Wonder how much we’d save if we stopped taking care of the thousands that arrive daily on boats. Probably a decent amount.
But I bet I’m wrong for saying that. |
I don't think you appreciate how lucky you are to have been born/brought up in this country. |  |
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| Tax Rises are coming!!! on 13:14 - Jul 31 with 1481 views | NedPlimpton |
| Tax Rises are coming!!! on 11:48 - Jul 31 by textbackup |
Aren’t we all victims (financially) if we have to pay for those arriving here? |
Errm, no
The NHS is awash with people whose health concerns are probably their own doing yet I don't consider myself a "victim" for my national insurance payments going towards it
Ridiculous take |  | | |
| Tax Rises are coming!!! on 13:17 - Jul 31 with 1469 views | blueasfook |
| Tax Rises are coming!!! on 12:58 - Jul 31 by PhilTWTD |
If Labour increases taxes other than those they said they wouldn't, then they are sticking to their manifesto, aren't they? |
If they leave Income tax, NI and VAT alone, what does that leave? The diagram below shows the proportion of taxes paid. Income tax, NI and VAT account for 64% of tax revenue. Corporation tax for example, accounts for just 6%. Hard to see where they are going to generate the revenue they need from those remaining minor taxes.
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| Tax Rises are coming!!! on 13:20 - Jul 31 with 1437 views | NedPlimpton |
| Tax Rises are coming!!! on 13:17 - Jul 31 by blueasfook |
If they leave Income tax, NI and VAT alone, what does that leave? The diagram below shows the proportion of taxes paid. Income tax, NI and VAT account for 64% of tax revenue. Corporation tax for example, accounts for just 6%. Hard to see where they are going to generate the revenue they need from those remaining minor taxes.
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So what you're saying is there's a lot of headroom to raise more corporation tax, rather than further tax rises on individuals.
I like it! | | | |
| Tax Rises are coming!!! on 13:37 - Jul 31 with 1385 views | blueasfook |
| Tax Rises are coming!!! on 13:20 - Jul 31 by NedPlimpton |
So what you're saying is there's a lot of headroom to raise more corporation tax, rather than further tax rises on individuals.
I like it! |
Corporation tax rates already rose to 25% from 19% in 2023. (For companies making over 50k profit). Even if they hiked that up to 50% it's only going to have a relatively small impact, compared to say a 2% increase on income tax or NICs. Also a huge hike on corporation tax would no doubt lead to job losses. | |
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| Tax Rises are coming!!! on 13:46 - Jul 31 with 1327 views | NedPlimpton |
| Tax Rises are coming!!! on 13:37 - Jul 31 by blueasfook |
Corporation tax rates already rose to 25% from 19% in 2023. (For companies making over 50k profit). Even if they hiked that up to 50% it's only going to have a relatively small impact, compared to say a 2% increase on income tax or NICs. Also a huge hike on corporation tax would no doubt lead to job losses. |
Ah, I see you're willing to engage in a conversation about this one 
All true, but still considerably lower than France, Germany, Japan, US, Canada, South Korea and many more | | | |
| Tax Rises are coming!!! on 13:46 - Jul 31 with 1325 views | Lamp |
| Tax Rises are coming!!! on 13:37 - Jul 31 by blueasfook |
Corporation tax rates already rose to 25% from 19% in 2023. (For companies making over 50k profit). Even if they hiked that up to 50% it's only going to have a relatively small impact, compared to say a 2% increase on income tax or NICs. Also a huge hike on corporation tax would no doubt lead to job losses. |
Please explain how an increase in corporation tax would lead to job losses? It is of course levied on profit which would be stated after salaries have been paid |  | | |
| Tax Rises are coming!!! on 13:48 - Jul 31 with 1305 views | PhilTWTD |
| Tax Rises are coming!!! on 13:17 - Jul 31 by blueasfook |
If they leave Income tax, NI and VAT alone, what does that leave? The diagram below shows the proportion of taxes paid. Income tax, NI and VAT account for 64% of tax revenue. Corporation tax for example, accounts for just 6%. Hard to see where they are going to generate the revenue they need from those remaining minor taxes.
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Think you're underestimating the overall tax take and how much can be raised via other routes. | | | |
| Tax Rises are coming!!! on 13:57 - Jul 31 with 1274 views | blueasfook |
| Tax Rises are coming!!! on 13:46 - Jul 31 by Lamp |
Please explain how an increase in corporation tax would lead to job losses? It is of course levied on profit which would be stated after salaries have been paid |
You think companies operate as charities? Anything that hits a company's profits will be clawed back by making cuts elsewhere. Shareholders have to be kept happy. | |
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| Tax Rises are coming!!! on 13:59 - Jul 31 with 1270 views | blueasfook |
| Tax Rises are coming!!! on 13:48 - Jul 31 by PhilTWTD |
Think you're underestimating the overall tax take and how much can be raised via other routes. |
Maybe. The pie chart doesnt show what those revenues equate to in ££££ | |
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| Tax Rises are coming!!! on 15:03 - Jul 31 with 1185 views | mellowblue |
| Tax Rises are coming!!! on 22:39 - Jul 30 by Freddies_Ears |
I have had years of tax rises under the Tories. Several years of high inflation but no change in tax thresholds has cost me a lot. Wine & beer tax changes, nonsensical but expensive.
Beneficiaries? People whose NI has reduced hugely. Excludes unwaged and pensioners.
The great Tory con was to screw pensioners whilst making them think they were being looked after. |
I would disagree, the triple lock has been of considerable benefit and okay they haven't gained from an NI decrease, they certainly haven't lost. Yet. |  | | |
| Tax Rises are coming!!! on 15:30 - Jul 31 with 1154 views | bluelagos |
| Tax Rises are coming!!! on 13:46 - Jul 31 by Lamp |
Please explain how an increase in corporation tax would lead to job losses? It is of course levied on profit which would be stated after salaries have been paid |
2 ways.
Some companies would move operations to countries with lower tax rates
Some companies would reduce their investments. Companies expect a rate of return from the money they invest so higher taxes will make change some decisions from a yes to a no.
So whilst it's tempting to increase corporation taxes we really do need to ensure they are not materially different to other countries' rates. |  |
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| Tax Rises are coming!!! on 17:59 - Jul 31 with 1028 views | DJR |
| Tax Rises are coming!!! on 12:58 - Jul 31 by PhilTWTD |
If Labour increases taxes other than those they said they wouldn't, then they are sticking to their manifesto, aren't they? |
In terms of honesty and transparency, this strikes me as the sort of loophole that a flash lawyer would use to get a wealthy footballer off a motoring charge.
In any event, what Labour have done seems to me to be consistent with a pattern that began when Starmer stood on false pretences to win the leadership (and I voted for him).
[Post edited 31 Jul 2024 18:00]
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| Tax Rises are coming!!! on 18:33 - Jul 31 with 986 views | Hiphopopotamus |
If only there were thousands of millionaires and billionaires, and insanely rich global corporations (the majority of which have all been increasing their wealth), we could tax more to raise funds!!!!!!!! |  | | |
| Tax Rises are coming!!! on 18:42 - Jul 31 with 948 views | BanksterDebtSlave |
| Tax Rises are coming!!! on 11:05 - Jul 31 by blueasfook |
Figures are from the home office site. Go ask them. Not sure why you're looking for a debate on a football message board about it. |
Love to read this elite level stuff after work. |  |
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| Tax Rises are coming!!! on 18:43 - Jul 31 with 947 views | DJR |
| Tax Rises are coming!!! on 18:33 - Jul 31 by Hiphopopotamus |
If only there were thousands of millionaires and billionaires, and insanely rich global corporations (the majority of which have all been increasing their wealth), we could tax more to raise funds!!!!!!!! |
The IMF have even handily produced a note on how to do it.
https://www.imf.org/en/Publications/imf-how-to-notes/Issues/2024/03/08/How-to-Ta
This is the summary.
Tackling income and wealth inequality is at the top of the policy agenda in many countries. This note discusses three approaches of wealth taxation, based on (1) returns with a capital income tax, (2) stocks with a wealth tax, and (3) transfers of wealth through an inheritance (or estate) tax. Taxing actual returns is generally less distortive and more equitable than a wealth tax. Hence, rather than introducing wealth taxes, reform priorities should focus on strengthening the design of capital income taxes (notably capital gains) and closing existing loopholes, while harnessing technological advances in tax administration—including cross-border information sharing—to foster tax compliance. The inheritance tax is important to address the build-up of dynastic wealth. | | | |
| Tax Rises are coming!!! on 18:50 - Jul 31 with 913 views | itfcsuth |
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| Tax Rises are coming!!! on 19:26 - Jul 31 with 863 views | mutters |
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| Tax Rises are coming!!! on 19:26 - Jul 31 with 860 views | ibbleobble |
| Tax Rises are coming!!! on 22:07 - Jul 30 by _clive_baker_ |
The money has to come from somewhere. Public services are significantly underfunded, we've really got 2 choices, either continue to underfund them and live with the consequences, or fund them appropriately. The latter will inevitably result in more tax, whether its private school fees, IHT, NI & income tax, corporation tax. Probably a combination of all of the above over time. Harsh reality but probably unavoidable. |
Legalise and regulate the flow of drugs. An age old yarn which is still as relevant now as the day its was first mentioned. | | | |
| Tax Rises are coming!!! on 19:43 - Jul 31 with 848 views | SuperKieranMcKenna |
| Tax Rises are coming!!! on 13:20 - Jul 31 by NedPlimpton |
So what you're saying is there's a lot of headroom to raise more corporation tax, rather than further tax rises on individuals.
I like it! |
Sorry but that’s just Twitter sound bite rubbish. The problem is not the rate - we are hardly a massive outlier in the G7 (25pc vs a weighted average 26pc). The issue is those companies operating with huge profits and not even paying the mandatory rate on all their onshore profits. What is the point of a windfall tax when the UK has given 20bn a year in subsidies to oil and gas firms. We’ve now started an entire government department committed to subsidising their R+D.
You could tax at 40pc if you wanted to, but with so many legal mechanisms to transfer capital offshore what’s the point other than a populist soundbite. You can hire lawyers to close down this mechanisms, but better paid corporate lawyers will come up with new ones even faster. We have a tax haven across the Irish Sea who are committed to a race to the bottom.
The Global Minimum Tax rate is a start but 15pc is still pretty feeble, and the likes of Ireland, Bermuda, and the Caymans have devised workarounds (eg reducing taxes on a firm’s employees)before it’s even been implemented. [Post edited 31 Jul 2024 19:47]
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| Tax Rises are coming!!! on 09:11 - Aug 1 with 686 views | cooperd5 |
| Tax Rises are coming!!! on 00:50 - Jul 31 by Mercian |
My mum is a good example of wanting more and paying less. She is a well off younger pensioner in her late 60s with her own nice home and plentiful savings. She wants public services to increase and the local and county councils to repair roads quicker and stop closing libraries which she and an increasing number of people never use. On the other side of the coin she blasted the government when they announced the scrapping of fuel allowance for wealthier pensioners and believes her council tax should come down. She also believes young adults have never had it so easy where the opposite is true. She is really switched on when it comes to micro-economics but she does not understand macro-economics well at all. I find that hard to fathom. [Post edited 31 Jul 2024 1:27]
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Sorry, down voted in error...
My parents were in same boat, good pensions etc so never needed winter fuel allowance yet still got it. £400 a year. |  | | |
| Tax Rises are coming!!! on 09:55 - Aug 1 with 652 views | Pinewoodblue |
| Tax Rises are coming!!! on 09:11 - Aug 1 by cooperd5 |
Sorry, down voted in error...
My parents were in same boat, good pensions etc so never needed winter fuel allowance yet still got it. £400 a year. |
Paid per household. If both eligible then payment was split. |  |
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