What is labour coming for next?

[MikeRafone]

I reckon after 12 years of dozen fuel duty that drivers will be next

what tax will the collect next to fill the black hole

The sick and disabled obviously.

Are you looking forward to paying more tax then when higher earners and wealth creators leave? Or what services do you plan to cut first?

@dottiehens you're being silly. Pretty much everyone has paid thousands in tax. It's expensive living in a safe country.

But off you pop, you won't be missed, and don't let the door hit your arse on the way out 👋

"They have to tax things that aren't under incredible pressure already.

Nail salons, coffee shops, barbers, takeaways.

Tax that lot first."

Seriously?
So many small businesses that have really suffered from covid and cost of living impacting customer spending
And you'd want to drive more out of business?
Wow

The top 1% receive 13% of income in the UK and pay circa 30% of income tax.

If just a fifth of that 1% leave then the UK loses an amount of income tax equivalent to everything paid by the bottom 25%. Eg if we lose 20% of the 1% highest tax payers, the impact on would be equivalent to forcing the bottom 25% of the population to double the amount of tax they pay. Or in fact equivalent to the bottom 65% of taxpayers paying 50% more.

Eg imagine basic rate income tax increasing from 20% to 30% - that's the impact of just 0.2% of the population leaving. It absolutely critical to our tax base that we don't lose higher earners.

This is incredibly naive

And no I am not in that category of wealth

The highest earning 1% in the UK pay an estimated 28% of all income tax – not the total “tax burden” as the Prime Minister states. This is close to a record level, but it isn’t quite the highest percentage ever – the top 1% paid an estimated 29% in 2015/16.

https://fullfact.org/economy/do-top-1-earners-pay-28-tax-burden/

@Dorisbonson I understand what you are saying, but the issue is more complex. You have to consider all the sources of government income. Increasing one of them, may cause a decrease in another source. Certainly it is easy to see why an increase in NI was so popular with the conservative government.

7Blunders I agree ,I am worried that I voted for Labour ,and they have let us down! RR says there s a 20 billion pound deficit.This seems odd to me as well .Food prices are still high and I wonder if the interest rate will reduce ?

Conservatives defending conservatives: no, it’s not about keeping us rich, it’s for the trickle down effect.

Conservatives when being forced into an actual trickle down, because the other one is pretend ‘fuck that, I’m off, you’re not having my money, peasants’.

They already knew pre.elextion they had the information they just didn't say anything

We.had independent bodies telling us manifestos were not fully costed and where was the money coming from

We were warned

You can still tax their U.K. assets. We don't have to have a resident based tax system.

I’m amazed at so many people wanting to pay more tax for the aspirational, fun things in life. I suspect a lot of people on here would like to have a house allocated to them, a job picked out for them, a universal income and allowed their one holiday (no flight, train ride only) and allocated miles per year to drive. Plus a box of government approved food to land on their doorstep once a week, certainly no booze or fags, pizza or cakes.

Those shareholders were also paid 300million in dividends this year due to the companies great performance!

What a fabulous demonstration of the inequality in the UK, something that the government should be striving to reduce.

How can anyone in that top 1% justify receiving so much income?
Why do they think they need so much income?

Because it’s nice to be rich so you can have a lovely big house and loads of stuff? Fab holidays, the best of everything, do anything you want. Who wouldn’t want to be really rich?

So we should want to be rich so that we can indulge in more activities that will lead to the planets destruction.

I think I will give it a miss thanks,

How dull of you. I’m working hard to make as much money as possible to enjoy every bit of life that I’m here for!

I recommend people do the maths and work out how much tax they actually pay (add up income tax, NI, VAT, fuel duty etc).

I reckon that for many on this forum 50-60p of every £1 they earn goes to the government one way or another

Then ask yourself is that right?

I always think it’s hollow when people paid a lot say “well, I’ll just leave”. It’s easier said than done. People have jobs, friends and families. I think it’s plausible some do. It’s also plausible that a bunch of foreign born folk up sticks. I think the more damaging and insidious is those people who don’t leave but simply reduce their hours (as we’ve seen with senior doctors), or retire early. The economy is hardly growing as it is, the labour force shrinking is the last thing we need.

It strikes me as deeply improbable that we can tax ourselves into growth.

'Wealth creators'? For themselves, no doubt but the rest of us? You'll be talking about trickle down economics next, or telling us that the wealth gap increasing exponentially is a good thing for society.

presently the council tax system goes from A - H

So you take a cit in the midlands and look at the charges

A band is £1500
H band is £4500

House value for A could be £150k and H could be £100000

so value is 10x more but council tax is only 3 times more per year and will never be more than 3x

You could put in I and J and K bands at the top and have the value 4, 5 & 6 x more

Westminster in London is always used as an example of where you could own a building worth 10 million but only ever pay 3x more than those living in an A band

sorry H hasn't got enough noughts - should be a million

Out of curiosity - does anyone know if tax is charged on fuel for private jets?

But so many people don’t care about facts or figures. Thinking rationally and realising that the argument is far more nuanced than saying “tax higher earners more” or “they have the most - make them pay”.
Sure -
most probably would be prepared to pay a bit more. However, I for one am not prepared to become an ATM for a Labour Party that just a few short weeks ago said “they wouldn’t increase taxes on working people”.

Good for your DH. Can you comprehend that not everyone has the same experience? And, what a mean spirited attitude to what other people choose to spend their money on.