[Finance] Tax Rates Going Forward

[Tim Over Whelmed]

I don't know about you but I'd plump for a shorter period of higher taxes to get us out of the huge, but very necessary, debt we've accumulated and will continue to accumulate over the next few months.

I'd suggest we plump for a slightly higher tax free amount, to support the lowest paid, say £15,000 tax free. Then we go to 22.5% up to £30,000, 33% 30,001-50,000 and 50% £50k +.

Whilst this will hit many of us in the pocket it will protect the lowest paid, encourage people to get into work, if they can and, hopefully, shorten what will be another period of careful cost management and lowering of budgets to public services.

 

[Beach Hut]

You've also not taken into account the additional tax rate for over £150k! This is where most of our tax comes from, currently at 45%... would you leave this as it is?

Clearly a good living Tory promoting the ethos the rich get richer

 

[Bry Nylon]

Would be nice if the likes of Amazon, Starbucks, Google, Vodaphone etc were compelled to pay their fair share of tax on UK profits.

Not going to happen, obvs, so the burden will fall on those of us lucky enough to still be in jobs and our children thereafter.

 

[beorhthelm]

if we go down the tax increase path, a simple 2.5% across existing bands would be simpler.

 

[Deleted member 2719]

I would have a special tax of 95% for Journalists and Tv presenters like Piers Morgan and Susanna Reid.

 

[Tim Over Whelmed]

Agree to a point, but you're introducing a brand new tax band here by turning the basic rate (currently 20% £12.5k to £50k) into two separate bands.

This could hit people earning £30k-£50k in your basic rate band 2 pretty hard, if they are committed to expensive mortgages etc.

You've also not taken into account the additional tax rate for over £150k! This is where most of our income tax comes from, currently at 45%... would you leave this as it is?

No, you're right, top rate needs to be 55%

 

[Wrong-Direction]

Whatever happens they'll **** us

Sent from my SM-A600FN using Tapatalk

 

[pb21]

I don't know about you but I'd plump for a shorter period of higher taxes to get us out of the huge, but very necessary, debt we've accumulated and will continue to accumulate over the next few months.

I'd suggest we plump for a slightly higher tax free amount, to support the lowest paid, say £15,000 tax free. Then we go to 22.5% up to £30,000, 33% 30,001-50,000 and 50% £50k +.

Whilst this will hit many of us in the pocket it will protect the lowest paid, encourage people to get into work, if they can and, hopefully, shorten what will be another period of careful cost management and lowering of budgets to public services.

I presume you mean a shorter period relative to the exisitance of the universe? It's going to take an aeon to pay this off.

 

[beorhthelm]

...and unfair. Those with the broadest shoulders should bear the greatest burden.

I would suggest introducing a wealth tax to supplement our income tax.

dont let a crisis go to waste eh? watch the wealth evaporate in a recession where businesses failures rise and no one will buy assets. i dont care about the wealth itself, just think of the consequences.

 

[blue-shifted]

Agree with the fella who was saying it will take a while to pay this off. A generation. Maybe more.

In terms of the economics, the young are (ok i'm being slightly simplistic) paying for the elderly to have longer lives. Which I don't object to. However the young are also sidled with the colossal costs that we'll have to pay to mitigate climate change over the coming 50 years, plus the costs of leaving the EU, which isn't exactly a project they wanted to go ahead with as an age cohort.

I'm not trying to stoke up inter generational discord, but I do want to make the point that I disagree with the majority of those who have posted so far who are automatically assuming that this money should be raised from Income Tax.

The money we need should be primarily collected from untaxed property wealth. It's not a perfect solution. Older people may have to move house when they don't really want to, or they may have to give less in their wills. However, it's completely unfair, to just shove the tab to, for example, a young person just graduating now, who will have had their life chances dramatically reduced by the immediate and necessary need to stop the economy to protect the elderly.

 

[happypig]

The cost of replacing Trident is about £205bn.
Scrapping that would be a good start.

 

[Official Old Man]

Would be nice if the likes of Amazon, Starbucks, Google, Vodaphone etc were compelled to pay their fair share of tax on UK profits.

Of course, if we stopped using these companies they may go away. Oh, doorbell. Delivery driver.

Why not just ask the Royal Mint to print out a few billion extra £50 notes and transfer them into the Bank of England. That's what they do in some South African countries I'm sure.

 

[Knocky's Nose]

...and unfair. Those with the broadest shoulders should bear the greatest burden.

I would suggest introducing a wealth tax to supplement our income tax.

Which will simply make the mega-rich, most talented and most entrepreneurial sod off to tax havens and foreign countries in their droves. We tried caning the crap out of the rich in the 70's... and it doesn't work. Rich people can afford brilliant accountants.

I'm no economist but I'd encourage buying British (and possibly introducing some tariffs on imports where the consumer has a genuine choice) keeping as much money swirling around in our own economy as possible, putting VAT up a little, and squeezing the companies like Starbucks, Google, Amazon and so on to chip in a fair amount. We've made them billions, so let's have some back when we need it.

 

[Bry Nylon]

We could knock HS2 on the head too. That’s going to come in at way over £100 billion.

 

[Weststander]

Which will simply make the mega-rich, most talented and most entrepreneurial sod off to tax havens and foreign countries in their droves. We tried caning the crap out of the rich in the 70's... and it doesn't work. Rich people can afford brilliant accountants.

I'm no economist but I'd encourage buying British (and possibly introducing some tariffs on imports where the consumer has a genuine choice) keeping as much money swirling around in our own economy as possible, putting VAT up a little, and squeezing the companies like Starbucks, Google, Amazon and so on to chip in a fair amount. We've made them billions, so let's have some back when we need it.

Agree totally.

A tax rate should never take away the majority of an income or gain, much of the incentive for doing things would be lost, once into that tax bracket.

Someone paying 45% tax is fair enough. After all, they're the honest people declaring large income. An easy target.

Instead the country (in cahoots with other nations) needs to tackle the multinationals ripping this country off by paying negligible Corporation Tax on huge revenues.

 

[Weststander]

We could knock HS2 on the head too. That’s going to come in at way over £100 billion.

The cost is a joke, but the midlands/north would go berserk. Sick and tired on the investment in SE England.

 

[A1X]

We could knock HS2 on the head too. That’s going to come in at way over £100 billion.

HS2 serves a valid purpose. There are many more, entirely unnecessary projects we could save money on by scrapping. Heathrow's third runway and Trident would be good starts.

 

[Weststander]

HS2 serves a valid purpose. There are many more, entirely unnecessary projects we could save money on by scrapping. Heathrow's third runway and Trident would be good starts.

The only issue, it’s a shame the cost rises exponentially. Many snouts in the trough no doubt, pennies from heaven for a vast array of consultants, contractors and subcontractors.

 

[Bulldog]

The cost is a joke, but the midlands/north would go berserk. Sick and tired on the investment in SE England.

Do you mean the investment going into London? I don't see a hell of a lot of money going in to the Sussex transport infrastructure.

 

[Weststander]

Do you mean the investment going into London? I don't see a hell of a lot of money going in to the Sussex transport infrastructure.

Not transport, just generally. But it does include £20b Crossrail.

Whether they’re right or wrong, the rest of the country (businesses, politicians and people who care), resent the ever more skewed towards London & SE economy. Stemming from many reasons, but poor rail connectivity/journey times in the north is always cited as one.