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How much do you think taxes will increase after all this?

(47 Posts)
Namechangervaver Tue 05-May-20 09:20:09

The government has had to spend unprecedented amounts of money during this crisis. Obviously it will need to be paid back. How high do you think taxes will need to increase to recoup the money? I'm glad I don't have to make the decision!

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glittervalks Tue 05-May-20 09:27:18

Taxes are just oil in the machine. Depends on the tories unfortunately.

ChrissieKeller61 Tue 05-May-20 09:32:10

It literally puts me off working ... we’ve had no support whatsoever as a business or an individual. Pissed off to be paying for all this in years to come tbh

Polydolly7 Tue 05-May-20 09:34:28

I’m more concerned by how much my company are going to cut pay by which they have already alluded to although not done as yet.

Bluntness100 Tue 05-May-20 09:38:08

I’m not sure, I think it depends on how long the lock down goes on for, and then the restrictions, and how quickly the economy bounces back.

Right now it’s bad, it’s billions upon billions we have spent, but if it goes on much longer, which it will for some industries ie social or air travel, it could get a fuck ton worse.

I think it depends on what the final bill is, just how much they will increase,

Which sadly will result in all the people who shouted on it not to be lifted now, shouting it should have been lifted sooner. And had they known the tax increases they would have went back ASAP.

Namechangervaver Tue 05-May-20 09:40:26

What do you mean @glittervalks?

@Polydolly7 yeah, I've seen some companies have already given people pay cuts. I don't think the pay rise for nurses is going to materialise somehow.

@ChrissieKeller61 is that because you haven't lost your income though?

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Pomegranatepompom Tue 05-May-20 09:43:12

Agree with post above. People won’t be happy with returning to work or the increased taxes.
Not sure if MN representative ? But some of the responses on here around covid have been bizarre/disappointing/baffling/vile.

glittervalks Tue 05-May-20 09:44:12

Interesting discussion on this thread. Some people think the government works like a house hold budget it doesn't.

https://www.mumsnet.com/Talk/amii_being_unreasonable/3885505-Where-do-people-think-money-comes-from?pg=1

Pomegranatepompom Tue 05-May-20 09:47:09

I doubt they’ll be pay rises on nhs - people ha s already started to attack, dismiss work and dismiss nhs workers have put themselves at risk. People are rightly so continuing to recognise work of carers and other key workers, but the nhs staff - well the bashing has started.

Namechangervaver Tue 05-May-20 09:48:48

Bluntness100 I think the furlough scheme will end soon even if the lockdown continues.

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noblegiraffe Tue 05-May-20 09:49:32

I’m hoping they’ll start collecting taxes from Amazon given that they’ve profited massively.

Iwalkinmyclothing Tue 05-May-20 09:53:33

I heard some interesting talk of them looking at ways to tax assets/ wealth rather than income.

EmbarrassedUser Tue 05-May-20 10:05:00

I really hope taxes don’t increase massively. DH and I have worked full time throughout this (public sector) Yes, we’re guaranteed jobs at the end but it will still suck ☹️

Kingjarvis Tue 05-May-20 10:06:43

noblegiraffe

Amazon paid £800million in taxes last year

noblegiraffe Tue 05-May-20 10:13:45

“Amazon paid a total of £220 million in direct taxes in the UK last year despite its total revenues from doing business in the country amounting to £10.9 billion.”

Pretty sure they can afford to pay a bit more.

GhostofFrankGrimes Tue 05-May-20 10:19:10

It'll be an excuse for another ideological cull of public services. The efforts of the NHS will quickly be forgotten. Brexit will ensure the remaining family silver is sold off.

Bertoldbrecht Tue 05-May-20 10:20:30

Not directly related to taxes but why didn’t the government introduce some kind of universal wage rather than paying up to £2500 depending on your monthly income ? So everyone got a liveable wage rather than big extremes ?

ChrissieKeller61 Tue 05-May-20 10:24:56

@Namechangervaver No it’s bloody not. My business was eligible I put in a tax return for 2018-19 ... that was rejected. No bounce back Liam because Barclays, Natwest etc charge like a wounded bull usually and they are the only banks you can apply through. I’ve been stitched up like a kipper.

ChrissieKeller61 Tue 05-May-20 10:25:52

Loan - not Liam it’s not his fault

Reginabambina Tue 05-May-20 10:29:27

@Chrissie we’re in the same position but we’re quite used to paying for others. That’s the way tax works. A minority are obliged to support the majority to create a certain kind of society. If you don’t like it then move to a tax haven.

ChrissieKeller61 Tue 05-May-20 10:30:53

@Reginabambina I don’t usually mind. But I lost £40,000 on the 17th March, nobody’s fault but I kinda hoped they might throw us a bone ya know

Iwalkinmyclothing Tue 05-May-20 10:35:10

why didn’t the government introduce some kind of universal wage

My personal belief is that they don't want to introduce anything like UBI even temporarily because it will make it much harder in the future to argue against UBI.

Namechangervaver Tue 05-May-20 10:59:39

That sounds rough Chrissie

Re tax rises I'm imagining they will keep the personal tax allowance as it is, because it's not fair to tax people on NMW. Maybe the 40% threshold will be lowered a lot and maybe increased to 45% or 50%. Then other things like VAT will increase. We'll all have less money but goods will cost more sad

But from reading some of the replies on the thread someone linked to earlier, maybe taxes don't need to go up. Printing money seemed to work after they bailed out the banks. But I'm not an economics expert so don't really understand how it all works.

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stillfeelingmad Tue 05-May-20 11:05:37

How works UBI work? Surely no one one would go to work and specially not for low laid but essential jobs like carers and street cleaner ...

ChrissieKeller61 Tue 05-May-20 11:09:48

Well no it’s been proven
The opposite effect, if people have their basic needs met they are in a stronger position to strive for more. It’s no coincidence that families not concerned about food or heating or shelter are able to be more creative to generate income for holidays etc. To expend that energy on education, work for pleasure

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