[Politics] Next Gov: Where will the money come from?

[LamieRobertson]

No they haven't

I do hope you're not like one of my brothers who would rather have a conservative government than vote for a labour party that betrays socialism by not promising to nationalize everything that moves, forcibly repatriate money from the wealthy, boycott Israel, tax private health and education to the point it is no longer viable, etc.

Given the choice between millions of people voting for moderate labour, and my brother voting 'socialist' labour, I'll take the former.

And that's all taking into account that Corbyn was the most popular leader* since records began.

*Of a party that couldn't even beat some of the worst and most craven of tory leaders since records began. He was hugely popular, and yet lost. With a massive turnout. People turned out massively to vote against Corbyn, so that the teeny boppers, students and headbangers who turned out in their droves to vote for him wouldn't win. O, Jeremy Corbyn. O, Jeremy Corbyn. O. Jeremy Corbyn

I want these tories out, and am happy to see a centre left party hoik them out. I'm not going to sit around with my copy of Marxism today, dreaming of an imaginary Socialist Utopia and a plot of land I can call me own, on Fuchal.

You’re just jealous…..o Harry Wilson…o Harry Wilson …..o ….

Ps Well said

 

[abc]

Your whole post is about redistribution of wealth.

The only way forward is to grow the economy. Without that we are and will remain in a mess.

Surely both?

 

[Tom Hark Preston Park]

Labour will inherit a country with record levels of taxation and collapsed public services combined with ever increasing levels of inequality, a febrile world that is going to demand increasing levels of defence spending, an ageing population and an economy that is still in intensive care. Labour will need a magic money tree but they and we know there isn't one. So where do you suggest they go to get the funds they will need to make a difference?

I will start by suggesting an in depth review of charitable status which enables the paying of zero tax - which of course is 100% correct for many charities, from Cancer research to support for people with disabilities and autism. But should, for example, religious organisations benefit in this way? The Church of England have assets of c.£12 billion ranging from farmland and central London property to massive equity funds. They sell large areas of farmland for housing development annually, earning £ hundreds of millions p.a. They pay no VAT, Income or corporation tax, capital gains tax or tax on dividends. I'm not having a go at religion (I personally have a faith) but I feel that when we, rightly, expect the likes of Amazon or Google to pay their fair share of tax, so should some other wealthy organisations that currently go under the radar. If the C of E (or Church Commissioners to be exact - their investment arm) were subject to a full tax regime then they would contribute c.£1 billion p.a. to the taxpayer.

Where would you like Labour to find more money for the benefit of the country or would you simply seek further cuts to public services and the social care budget?

The money will come from the same place it comes from at the moment. It'll just be redistributed more fairly

 

[abc]

On one point you are wrong, charities do pay VAT on goods & services, there are things which are reduced VAT or VAT free but these are generally related to medical stuff & aides for disabled. Generally they can't claim a VAT refund except end of life hospices, air ambulance, search & rescue. I'm sure you wouldn't want the rules to change for these charities.
What does need fixing is the likes of Amazon pay very little corporation tax shifting their profits to low tax countries so they don't pay their fair share.

I certainly wouldn't! VAT maybe more nuanced than I realised but I know the Church Commissioners pay little or no VAT in areas that others would. However VAT income would be small versus that raised if they paid tax on land sales, dividends, rental income etc

 

[Cheshire Cat]

 

[abc]

the obvious place is a rise in income tax. 1p will raise something like £7bn, so 2-3 give gov £14-21bn more to spend. that's sort of amount need to cover all the promises. the second obvious place is higher rate pension relief, it's bonkers we give those earning over 50k 40% rebate into thier pensions, when most wont pay high rates on those pensions. i've seens this is as much as £14bn, so similar to 2p on income tax. capping at 20% will be plenty enough incentive to maintain pension contributions. the third place is flat taxes, to harmonise a simpler system that is less prone to avoidance and evasion.

everything else is tinkering around the edges, claims for piffling amounts that often dont get raised in practice due to optimistic estimates, changes in behaviour or avoidance.

I have often wondered why labour don't change the pension relief allowances. I can see no reason why a higher tax rate payer should get more benefit than the basic rate. Changing it would be easy, fair and largely well received by the electorate. An easy win on the face of it so why don't they?>

 

[jellycat]

Correct me if I'm wrong but I think we have one one of highest rates of inheritance tax but there are so many loopholes no rich person ever pays it.

I would lower inheritance tax but cut all the loopholes. (Stuff like owing art and land)

 

[Uh_huh_him]

Your whole post is about redistribution of wealth.

The only way forward is to grow the economy. Without that we are and will remain in a mess.

Do you believe there is no need to redistribute wealth?

 

[dejavuatbtn]

But are lupins the real answer?

 

[The Antikythera Mechanism]

Save the £billions wasted within the NHS by incompetent management. My optician, gave me an example the other day where a company came up with an innovative bit of kit that clinicians identified as being something that would be extremely successful if purchased and implemented. This bit of kit cost £X per unit, but as the company that designed and manufactured it was not an “approved” supplier a direct purchase could not be made. Said management then instructed an existing “approved” supplier to purchase the kit from the manufacturer and sell to the NHS. Which they did at £3X per unit. Madness.

 

[GT49er]

Lots of possibilities. Raising income tax - yes, fair enough, we all want better NHS and public services; they cost money. Stop the NHS out-sourcing everything under the sun - it just puts money in the company owners' pockets. Do it in-house.
My particular idea would be a property tax, based on the value of the property - graduated, of course, so it wouldn't hugely impact the folks paying off a mortgage on their three bedroomed semi, but would generate income from larger properties - and the catch would be that the tax would be payable on the property, regardless of who owns it, Russian oligarch, trust fund in the Seychelles, whatever - the tax must be paid, or the property becomes the property of the state, either to sell or use for social housing, thus generating income and helping to solve the housing problems we have.

 

[Me Atome]

Do you believe there is no need to redistribute wealth?

This thread is about where can the next government, assumed to be Labour, find (more) money to pay for all the demands on the public purse. Most of the replies on here are just thinking of ways to squeeze more money out of someone else. My starting point, from where we are now, is that we are already taxed to the eyeballs. To get more money into the public purse we need to increase the economy. 20% VAT on a bigger economy is more income. More people in work is more income tax.

 

[Jeremiah]

Seems NSC has now decided to pile in on religious organisations that pay reduced or little tax. However, you forget that these institutions do immense good in our society - most of which goes unnoticed ,unreported and unknown- from providing food banks, shelter for the homeless, debt advice and support, love and care ,in numerous ways, for the poorer in our society- all takes money and time from mainly volunteers or staff on low wages.

Make them pay more tax and these things will have to be reduced or even go - no doubt those of who contribute little in these charitable activities will moan about it when the government have to increase your tax burden to make up for it.

 

[BLOCK F]

Do away with gold plated public sector and MPs pension schemes.
Let ‘em join the rest of us plebs and our pension arrangements.
That’ll upset a few on here, no doubt, but could save a a bob or two.

 

[Me Atome]

Seems NSC has now decided to pile in on religious organisations that pay reduced or little tax. However, you forget that these institutions do immense good in our society - most of which goes unnoticed ,unreported and unknown- from providing food banks, shelter for the homeless, debt advice and support, love and care ,in numerous ways, for the poorer in our society- all takes money and time from mainly volunteers or staff on low wages.

Make them pay more tax and these things will have to be reduced or even go - no doubt those of who contribute little in these charitable activities will moan about it when the government have to increase your tax burden to make up for

Lots of possibilities. Raising income tax - yes, fair enough, we all want better NHS and public services; they cost money. Stop the NHS out-sourcing everything under the sun - it just puts money in the company owners' pockets. Do it in-house.
My particular idea would be a property tax, based on the value of the property - graduated, of course, so it wouldn't hugely impact the folks paying off a mortgage on their three bedroomed semi, but would generate income from larger properties - and the catch would be that the tax would be payable on the property, regardless of who owns it, Russian oligarch, trust fund in the Seychelles, whatever - the tax must be paid, or the property becomes the property of the state, either to sell or use for social housing, thus generating income and helping to solve the housing problems we have.

I can see it now. A letter comes through the door advising that " your house is valued at £500,000 and at 10% you owe £50,000. Please pay this sum within 28 days or your house will be taken into state ownership. You will be evicted forthwith. ". Brilliant.

 

[Blue3]

The country needs massive investment stimulus to kickstart econmic growth and in my option it needs that stimulus to benefit uk companies as much as it can now Not bound by EU compition rules we ought to be able to award contracts to companies that are uk based but not necessarily the cheapest.

To fund this we need the better off to make a bigger financial contribution to society and for the government to borrow more lots more.

The idea that debt must be reduced to less that 50% of GDP has been proven to be hog wash its not like domestic budgeting living within one’s means, the national debt could raised to 200% GDP If it stimulates big big projects that are of a real benefit to society especially if the investment goes into British companies based here paying tax here employing people from here who also live here paying tax here.

Globalisum is the future but we need a bit of inward investment to get us in the right place to take advantage of it

 

[Pavilionaire]

1. Properly resource HMRC so they can collect the tax, penalties and interest that is due. The organisation has cut staff numbers and it is on its knees and absolutely cluless and directionless.
2. Simplify tax and collect it faster. There are too many loopholes, Capital Gain Tax is ridiculously low.
3. Work to reduce and eliminate tax havens and types of trusts. Many of the rich pay a lower marginal rate of tax than you and I. Start with the domestic Crown dependencies.
4. You have to reach a post- Brexit agreement with the EU, a Customs Union at the very least. Brexit was a sham led by a gang of now proven liars. I regard this as Labour's biggest challenge.
5. We have to commit to green technology and not dither. Greening will pay dividends in the future if we commit now.
6. Crucially, we have to be leading on AI. This is real trump card Labour have inherited and could boost the economy like computerization and then the internet did.

 

[dwayne]

Your whole post is about redistribution of wealth.

The only way forward is to grow the economy. Without that we are and will remain in a mess.

Aren't we still the 6th largest economy in the world and our GDP recently is about average? It is about better redistribution of wealth, the super rich are just taking too much.

And as for others saying labour can't fix it quickly, yes they bloody can ! Just join the EU single market again , simples.

 

[Cheshire Cat]

Do away with gold plated public sector and MPs pension schemes.
Let ‘em join the rest of us plebs and our pension arrangements.
That’ll upset a few on here, no doubt, but could save a a bob or two.

Tough shit peasants....

 

[nicko31]

Apply CGT at the person marginal rate of tax

Tax aviation, esp premium flight and private jets

Tax the dead more, inheritance tax from £50k