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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To believe that if Labour wins we wont be hit with 98% taxes?

231 replies

DistinguishedSocialCommentator · 19/04/2024 15:01

And the other day one of the Labour lot let slip taxing pensioner more than others

A bit of Labour what they say and do - the 98% tax

You an Google the 98% tax if you dont want to read the link

AIBU not to trust the Labour lot just like I dont trust the Tories

https://www.adamjwalker.co.uk/business/are-you-ready-for-labours-tax-bombs/

Are you ready for Labour’s Tax bombs? | Adam J Walker & Associates Ltd

When I started work in 1979 , the top rate of tax was 98%: 83% income tax plus a 15% surcharge on investment income. If you don’t believe me then Google it! I wasn’t earning enough in those early days to pay this tax rate myself but my boss was and he...

https://www.adamjwalker.co.uk/business/are-you-ready-for-labours-tax-bombs

OP posts:
Thread gallery
8
Dymaxion · 21/04/2024 21:05

Can I mention again that income tax is not the only tax. Everyone pays tax regardless of their income.

BIossomtoes · 21/04/2024 18:59

EffortlesslyInelegant · 21/04/2024 18:52

I'm rasing the white flag as I can't take any more of this

The good Lord moves in mysterious ways...

😭

EffortlesslyInelegant · 21/04/2024 18:52

I'm rasing the white flag as I can't take any more of this

The good Lord moves in mysterious ways...

BIossomtoes · 21/04/2024 18:45

The Second World War brought similar hikes in tax rates. The standard rate of tax was 29% (with additional surtax – as supertax had been renamed – at 41% on incomes over £50,000) in 1939; by the 1944/45 tax year this had risen to 50% (with surtax at 48% for incomes over £20,000 – so an effective 98% maximum tax rate). 1944 also saw the introduction of Pay as You Earn.

There have been two tax years since WW2 when income tax rates exceeded 100%. In 1947/48, Clement Atlee’s Labour government imposed a ‘special contribution’ of 50% on investment income above £5,000 – this applied on top of basic rate income tax at 45% and surtax at 52.5%, giving an overall rate of £147.5%! A similar special charge imposed by Harold Wilson’s Labour government on investment income over £8,000 for the 1967/68 tax year resulted in a slightly lower effective rate of 136.25%.

Even leaving those two anomalies aside, tax rates remained at eye-watering levels until 1979 despite the abolition of surtax in 1973, which was simply replaced by higher income tax rates by Labour chancellor Dennis Healey (who famously said “I warn you that there are going to be howls of anguish from those rich enough to pay over 75% on their last slice of earnings”).

BIossomtoes · 21/04/2024 18:41

caringcarer · 21/04/2024 18:39

No government could charge 98 percent tax. What a stupid question.

Well we had one that did so it’s not really so stupid.

caringcarer · 21/04/2024 18:39

No government could charge 98 percent tax. What a stupid question.

MushMonster · 21/04/2024 17:46

DistinguishedSocialCommentator · 21/04/2024 16:31

so you do care, right? I do care if I, my family and like minded people that have are working hard, being prudent with our money and then we are taxed at even higher rates and the money the increased tax produces is wasted

Yes, it is not the money I put in what I am missing, but to be able to get a Doctor appointment, proper healthcare, a good education system, a welfare system that will hive me a hand in between jobs if I need it.
I am not happy at all with what the tory current and previous governments are providing us with for our money.
I am sure Labour will not kill us with unreasonable levels of tax.

poetryandwine · 21/04/2024 16:48

OP,

I support Labour because I believe that currently Labour are significantly more ethical than the Tories. I am far from being a fanatical supporter however

I also believe most politicians put themselves and their mates first. I think Labour do better on this score but are far from perfect.
I also believe we are all in it together. We just differ about what that means and how it should play out

DistinguishedSocialCommentator · 21/04/2024 16:37

poetryandwine · 21/04/2024 16:30

This makes no sense whatsoever.

Unless I reply No, the Labour Party has certainly not indicated that we will be getting 98% taxes. They also have not indicated that we will be getting free tuition fees for university students, an extra £100 billion pa for the NHS or a 1000% rise in the state pension. I believe therefore that if Labour wins, none of these things will occur

It makes good "sense" but you have chosen to be deliberately obtuse

The bottom line is we are in it together, IE working people or people that have retired early or retired. The same people who help fund to run our nation.

I'm sure you don't just like me and the others that we dont want our hard earned money taken away from us via taxes to be thrown away on far away wars and worse still, incompetence.

The bottom line is this
The Tories are no different to Labour when it comes to telling the truth and who they put first. For the record its not you, not your mate, not your work mates or me for that matter but they put first the most important people in their lives, IE
themselves and this is all day long, day in, and day ot

I'm rasing the white flag as I can't take any more of this

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BIossomtoes · 21/04/2024 16:37

DistinguishedSocialCommentator · 21/04/2024 16:24

You are joking? Did the labour party indicate 98% taxes before the election? You have your answer.

Yes, they did. Those of us with long memories remember Denis Healey promising to “squeeze the rich until the pips squeak”. That long ago Labour government got elected.

poetryandwine · 21/04/2024 16:32

MushMonster · 21/04/2024 16:25

I do not care if I pay more taxes, within what I can afford, but I do want to receive the services I pay for.

This is a good point and a view that I share!

DistinguishedSocialCommentator · 21/04/2024 16:31

MushMonster · 21/04/2024 16:25

I do not care if I pay more taxes, within what I can afford, but I do want to receive the services I pay for.

so you do care, right? I do care if I, my family and like minded people that have are working hard, being prudent with our money and then we are taxed at even higher rates and the money the increased tax produces is wasted

OP posts:
poetryandwine · 21/04/2024 16:30

DistinguishedSocialCommentator · 21/04/2024 16:24

You are joking? Did the labour party indicate 98% taxes before the election? You have your answer.

This makes no sense whatsoever.

Unless I reply No, the Labour Party has certainly not indicated that we will be getting 98% taxes. They also have not indicated that we will be getting free tuition fees for university students, an extra £100 billion pa for the NHS or a 1000% rise in the state pension. I believe therefore that if Labour wins, none of these things will occur

DistinguishedSocialCommentator · 21/04/2024 16:30

Notonthestairs · 21/04/2024 16:10

Overall tax burden is the highest it's been for 70 years.

It is - and what will the labour part do - reduce it or increase it. I believe we all know the answer as giving more money to the NHS, defence, education, education, social care etc cost billions

OP posts:
MushMonster · 21/04/2024 16:25

I do not care if I pay more taxes, within what I can afford, but I do want to receive the services I pay for.

DistinguishedSocialCommentator · 21/04/2024 16:24

poetryandwine · 21/04/2024 15:31

But absolutely no one in power has come close to suggesting a 98% tax rate on anything, OP. Even that clickbait article you linked to did not provide a single piece of evidence for the author’s scaremongering assertions

You are joking? Did the labour party indicate 98% taxes before the election? You have your answer.

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Saschka · 21/04/2024 16:23

pointythings · 20/04/2024 11:38

Going by a previous thread, OP is in the Australia.

OP changes her mind on many things. She has also lived in the Up North and simultaneously in the London, on other threads. One might wonder whether OP is having trouble keeping track of where she lives because she is actually an account run by Tory HQ. This might also explain the 3-4 slightly wrongly-spelled sock puppets she also runs.

Zonder · 21/04/2024 16:12

Notonthestairs · 21/04/2024 16:10

Overall tax burden is the highest it's been for 70 years.

But labour...

BaconCozzers · 21/04/2024 16:11

I love a good political debate, arguing for or against something or just learning. But, it's easier if the op's posts are somewhat coherent...

Notonthestairs · 21/04/2024 16:10

Overall tax burden is the highest it's been for 70 years.

Brumhilda · 21/04/2024 15:55

DistinguishedSocialCommentator · 21/04/2024 15:22

Like minded Labour MP's are still in the party.

They only have one “answer” and it’s more tax.

But “more tax” won’t result in more revenue so they’ll double down, and they’ll do it fast - so yes - we will see very very high tax rates again - possibly 98%.

pointythings · 21/04/2024 15:43

@DistinguishedSocialCommentator the mis 70s were 50 years ago. So no, you don't have to be 'really young' to not remember them.

You've also just accused an established poster of lying, so I will be reporting that post. It wasn't in the spirit of Mumsnet.

poetryandwine · 21/04/2024 15:37

I don’t even understand this post, OP. Are you accusing me of lying? We are embarrassed by our income, and not because it is low. I suspect you might struggle with that concept.

DistinguishedSocialCommentator · 21/04/2024 15:33

poetryandwine · 21/04/2024 15:31

But absolutely no one in power has come close to suggesting a 98% tax rate on anything, OP. Even that clickbait article you linked to did not provide a single piece of evidence for the author’s scaremongering assertions

"click bait" kid - I'm call you a kid as you must be really young not to recall the massive tax burned on those that paid the most taxes and when the total tax went up to 98% - they started to naff off to other countries and guess what happend

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DistinguishedSocialCommentator · 21/04/2024 15:31

poetryandwine · 21/04/2024 12:35

We pay a lot of tax because we are lucky to make a good amount of money. We think we should be paying more. Many people share this viewpoint. Your anecdote, @DistinguishedSocialCommentator , is just that. We could trade them all day long, but it is boring. The people will have their say later this year.

All those Labour supporting Guardian columnists you presumably despise are higher rate taxpayers, and their columnist Will Hutton is a distinguished economist and former Master of an Oxford college, handsomely compensated for sure in addition to supporting Labour. Do you really suppose he is more ignorant than you are?

Exactly what most of those with little to show for say and that is a fact

You are well aware why the Tories and the Labour lot fear talking, being honest about tax and that is NOT because people that make a lot or some money are "happy to pay more tax," and that is a historical fact.

Joe Smith from down the always wanted to buy his own property, nice car, nice holidays and not have to like like his great grandparents, his grandparents or his parents. So Joe worked hard, very hard got promotions, started to save and spen wisely, got a deposit bought his own 2 bed house with a 90% mortgage and was striving to pay this off. As Joe worked hard and well he got promoted and got a pay rise and Joe though at last I see see light at the end of the tunnle and instead of taking 30 years to pay off his mortgage he would pay it off in 27 years.
Then along came the big bad B of a new gov that promised not to penalize those that worked and worked hard and upped his taxes by 10%. The same gov increased welfare benefits by 10%. So Joe left his job and after taking out his traveling cost of a hundred pounds a week, he was miles better off on the dole and NO WORK or silly B mangers to push him about. Thank you Labour

OP posts: