how will the government raise the money?

[thereiscustardinthejamtart]

I’m curious as to how the government are going to raise the money for the “£22b black hole”.

Presumably they can either cut spending or raise more money (either through taxation or growth).

They have said they aren’t going to raise income tax, VAT or NI.

They don’t seem to be going for a growth plan.

So what are we expecting to be cut, and what are we expecting to be taxed.

I assume they are looking at pensions (get rid of tax free lump sum, reduce or eliminate relief on contributions), inheritance tax, some kind of additional tax on corporations. They are already doing VAT on private education.

Cuts - winter fuel allowance. I assume reduction in university funding, arts funding. What else?

I want a cat tax.

Tax the bloody things.

It'll rake in billions.

60K? 🤣 They are trying to raise money not lose more.

Genius!

Yes, or a dog tax!

Windfall tax on energy company profits could be a good start

Compare to if you had money in the bank and took the interest as income each year in the same way you might have rent from your land. If you put £40000 in the bank 25 years ago it would still be £400000 today it wouldn’t have gone up by inflation, even though there is inflation there is still a gain.

The CGT rate was reduced in 2008 by Labour to make it simple to understand. Out went indexing-linking of profits and in came a lower rate of 18%. You paid the lower flat rate and would not be too worried about whether your profits were real or 'paper' profits.

If the rate goes up to 40% then some form of indexing will be needed, unless they differentiate between business gains and 'passive gains' eg buy to let.

But maybe Reeves will say fuck it - just tax all profits at 40%. Then deal with the fallout later.

Just the cats, thank you very much!

Higher taxes. We’re all going to be worse off.

This. Honestly, they are coming across as embarrassingly clueless - I’m amazed they’re not expecting anyone to question why they have apparently been so incompetent all these years!

Thinking about this more, I can see the potential for introducing a token payment to access NHS services - say £5 per appointment, with something like a pre-pay certificate for people who need regular appointments.

Well cancelling Rishis VIP helicopter contract is a start. Shocked Rishi spent tax payers cash on that.

It would be super controversial but I would also revisit the NICE guidelines for treatment for the elderly/terminal. I think we spend too much money keeping people alive when it isn't really in the best interest of the patient and a more holistic "quality of life" assessment needs to be done somehow. I think this could release a lot of NHS resources.

I’m not shocked at all. Never underestimate the capability of a politician to screw money out of the taxpayer.

I am not generally in favour of the very old and infirm using up resources late in life. That includes me.

That didn't take long - euthanasise the elderly and sick they're a drain on resources. I think we should euthanasise sociopaths.

If they do anything to entrepreneurs/business assets relief - where will the incentive be for anyone to set up any new businesses or invest in them? How will any new growth realistically happen if there is now incentive to do it?
Why try to get jobs that pay more if you are just going to be taxed more?

I know that it's not always about the money - but for a lot of people - if you put more of your life into a company/role - you do it for more money- why would you if you aren't going to get more

Same with pension tax relief - many will reduce hours rather than pay more tax

That would be the beginning of the end for the NHS. So, so many things start off with a well-meant 'small token contribution' (not that everybody necessarily finds it easy to afford even then).

Then, once the principle is established, it creeps up and up until, before long, it soon bears no resemblance whatsoever to what it originally was sold to the people as.

They will defo come after wealth so higher CGT, IHT.

That is quite different to not actively treating more and more conditions, with more and more complicated and expensive procedures just because science can.

That didn't take long - euthanasise the elderly and sick they're a drain on resources. I think we should euthanasise sociopaths.

You didn’t read the post you replied too did you?

Is it? How?

Not sure I understand your thinking there.

I'm not sure that really needs explaining.