[Finance] Cut tax or leave alone?

[Leekbrookgull]

There's a lot of debate regards the level of all forms of taxation within the UK from those wanting to become the next prime minister. Leaving the candidates out of this thread but imagine that it's down to you regarding any possible changes to taxation. Would you leave alone possibly bringing the deficit down,cut tax in the hope that people will spend or are there other options?

 

[jonny.rainbow]

Higher rate of corporation tax for Amazon, Google etc. would do.

 

[Springal]

Higher rate of corporation tax for Amazon, Google etc. would do.

Not that I disagree but how and under what metric ?

 

[Swansman]

Make rich people and companies pay taxes seems like the most sensible thing to do.

Of course another way of going about it is to remove all taxes and see where it takes you as a society. All those who moan about taxes because they believe they need a new stereo more than they need nurses, firemen and whatnot would pretty swiftly be taught a lesson.

 

[LamieRobertson]

Eliminate VAT on fuel and gas……(maybe something on the green levy as well)….fuel excise duty cut substantially (even if its done in a way that its periodically reviewed)…but in some way where we can see those who own the petrol stations actually pass it on ..
Obviously its not just about cutting taxes…but ive stuck to the thread topic

 

[LamieRobertson]

Make rich people and companies pay taxes seems like the most sensible thing to do.

Of course another way of going about it is to remove all taxes and see where it takes you as a society. All those who moan about taxes because they believe they need a new stereo more than they need nurses, firemen and whatnot would pretty swiftly be taught a lesson.

Are we talking about where you live or UK?

 

[Is it PotG?]

Make rich people and companies pay taxes seems like the most sensible thing to do.
/QUOTE]

In this context, what is rich and at what levels of income would your sliding scales of taxation be set?

 

[Thunder Bolt]

Make rich people and companies pay taxes seems like the most sensible thing to do.

Of course another way of going about it is to remove all taxes and see where it takes you as a society. All those who moan about taxes because they believe they need a new stereo more than they need nurses, firemen and whatnot would pretty swiftly be taught a lesson.

Guernsey doesn’t have the NHS. This is a list of charges in A&E

 

[Bedsex]

Whilst raising corporation tax seems like a popular option, it may not be particularly effective. Currently corporation tax makes up less than 10% of the UK’s total tax take, so it’s not a particularly significant tax, especially when compared to employment taxes (PAYE and NI) and VAT.

There is a school of thought that by lowering corporation tax rates to encourage more inward investment into the UK, can actually increase the total tax take, by virtue of more people being employed in the uk and consequently more people spending money on VATable goods and services in the UK.

 

[beorhthelm]

its sad the debate is always around tax cuts or rises, not about what is needed and how to fund it first. so it gets bogged down to narrow politics rather than broader consideration. example, tax Amazon more - why them? why not VW, they make a lot of money too.

right now we have confluence of high inflation and impending recession, making tax cuts very awkward as they are inflationary but also help growth. so targeted cuts, duties VAT, levies on fuel and energy bills would make sense for short term. these will reduce inflation, so benefical without negative effects, and lower revenue is offset by tax revenues higher elsewhere.

 

[Kinky Gerbil]

Eliminate VAT on fuel and gas……(maybe something on the green levy as well)….fuel excise duty cut substantially (even if its done in a way that its periodically reviewed)…but in some way where we can see those who own the petrol stations actually pass it on ..
Obviously its not just about cutting taxes…but ive stuck to the thread topic

Cutting the green tax completely should be done asap.

I’m sure there is a better way to incentivise the oil companies into investing more into green fuels.

 

[Kinky Gerbil]

Guernsey doesn’t have the NHS. This is a list of charges in A&E

View attachment 149927

Seems pretty good to me, claim via insurance.

Pretty simplistic - but support those that need it and those that can afford it can go down the insurance route.

I’d start charging for GP appointments which is refunded if you turn up.

 

[Thunder Bolt]

Seems pretty good to me, claim via insurance.

Pretty simplistic - but support those that need it and those that can afford it can go down the insurance route.

I’d start charging for GP appointments which is refunded if you turn up.

Insurances have excess, and also have exclusion clauses. Many insurances find excuses not to pay out. A tragedy in my family meant my cousin’s daughter, in her 40s, died in the USA because her insurance wouldn’t pay out.

 

[jakarta]

Remove lower paid people from Income tax - put the personal allowance up to £16K or so?

Or zero VAT on gas & electric?

 

[Cheshire Cat]

No tax cuts unless details are provided of the alternative funding sources, or the compensating reduction in services.

Otherwise it's just wishful thinking economics, and underlines the intellectual paucity of the candidates.

Numbskulls.

 

[Kinky Gerbil]

Insurances have excess, and also have exclusion clauses. Many insurances find excuses not to pay out. A tragedy in my family meant my cousin’s daughter, in her 40s, died in the USA because her insurance wouldn’t pay out.

USA is a mess, quite a few countries have a mixture of insurance/ state funded.

 

[Eric the meek]

Guernsey doesn’t have the NHS. This is a list of charges in A&E

View attachment 149927

That's an interesting one TB. There's a view that the NHS is 'free', but it isn't of course. That's the real cost of the services that are perceived as free on mainland UK.

 

[Swansman]

In this context, what is rich and at what levels of income would your sliding scales of taxation be set?

Primarly referring to the dirty rich... the 0.01% of the top rather than the 10%. Would go a long way in providing more resources to society.

Are we talking about where you live or UK?

Fat, aging populations and economical policies shaped to make the wealthy wealthier and the poor poorer... our countries are not that different.

 

[lawros left foot]

Seems pretty good to me, claim via insurance.

Pretty simplistic - but support those that need it and those that can afford it can go down the insurance route.

I’d start charging for GP appointments which is refunded if you turn up.

Quite honestly, I don’t think any insurance company would accept me due to a raft of unconnected medical problems. I have probably cost the NHS over £1 million over the years, and I have problems that will never be cured, only managed.
The only way I could afford the premium I would be charged, is if they gave a substantial dispensation for Armed Forces Veterans.

 

[Pavilionaire]

Whilst raising corporation tax seems like a popular option, it may not be particularly effective. Currently corporation tax makes up less than 10% of the UK’s total tax take, so it’s not a particularly significant tax, especially when compared to employment taxes (PAYE and NI) and VAT.

There is a school of thought that by lowering corporation tax rates to encourage more inward investment into the UK, can actually increase the total tax take, by virtue of more people being employed in the uk and consequently more people spending money on VATable goods and services in the UK.

That ignores the fact we already have close to full employment, with a record number of vacancies. An increased demand for labour could have been met before Brexit but now there is no free movement of labour.

This will inevitably mean demand will continue to exceed supply and so we'll either end up with huge wage inflation or nobody to do the low paid jobs like care workers, cleaners, hospitality.

If there ever was a good side to Brexit we now need to see it because by not having access to labour we are tying one hand behind our back when it comes to growth.