Income tax - top 45% rate scrapped! Bonkers!

[HoppingKangaroo]

The 45% top rate of tax (which currently applies on earnings above £150,000) will be scrapped entirely. How will this help the economy? It will just add to the government debt and it just helps out the very weathly.
Why not have more help for the poorest in the country and not have tax cuts for the very wealthy.

Corbyn?! Have you been asleep for the last 18 months?

Well said @MongoOnlyPawnInGameOfLife

Ok fine. But that’s not really the thrust of your conversation tbh and you keep sidetracking.

You make many definitive statements about people needing to keep sharing - and what plenty of people are saying back to you is that
they already share enough. But when asked (by me and a couple of others) what hood, fair sharing looks like in practice, you have nothing.

I don’t actually think my views are far off yours tbh, but I do think by repeatedly saying ‘share, give more’ etc you are oversimplifying something which when pushed on, you can’t even suggest reasonable figures for, but yet you continue to chastise others for not agreeing.

And my question here is, why aren’t so many getting their basic needs met?

Is it all everyone else’s fault and that higher taxpayers should have to fix it?

Would you agree @Kissingfrogs25 with me that it is ludicrous that whilst families struggle to feed children, some of the biggest spongers in the country who have just given themselves a tax cut, have massively subsidised meals?
I really can't understand why Tory MPs seem to incapable of doing any work and taking responsibility for themselves.

If you earn circa £950k then it will give you an extra £40k

I for one am delighted that we have had a sighting of the increasingly rare But Corbyn...

I do hope we have a but Keir had a beer, and Boris is only responsible for the pot plants soon.

Absolutely bat shit decision that shows how completely out of touch Liz Truss is. Why should I be paying for years to fund a tax cut for the top % of earners?

This was to the £40k poster

My feeling is that the Tories are no longer bothered by the optics, and are not beholden to anyone now. They have decided to take the most ambitious route out of this mess, and it might just pay off. If it does, they will be reelected, if it doesn't I am sure Keir and Angela will be more than happy to take over with their outstanding joint fiscal capabilities. Rachel can road test her non policies and I am sure we will be much happier for it.

And they way to do that is for the government to borrow money at high interest to give to the richest in society?

It's just not fair to expect the successful to pay so much tax to pay for the low life living off the state.

And again, the insults come out.

Why should anyone want to pay more tax to help you when you so clearly hate them?

"rather than accepting that they almost certainly are only earning that money because the rich scratch each other’s backs and the vast majority were just lucky to be born to the right parents."

Bollocks.
Every high bracket tax payer I know is from a council background, with low earning parents, and worked hard to get themselves through Uni and then worked their way up the ranks in their chosen career sacrificing just about everything on the way.

The utter jealousy and bitterness on this thread is unbelievable but very predictable.

I was trying not to answer the 47% tax for everyone suggestion because I wasn't able to find the words to respond politely.

Given that many lower earners are struggling to feed their families and heat their homes as it is, I can't imagine why you would suggest that taking 47% of their income in tax would be remotely viable. They would not be able to eat, as I'm sure you well know.

So - as politely as I can muster - I think it's a stupid idea that wasn't actually proposed with any serious intent, so I didn't think it warranted a serios answer.

With regard to whether I personally would pay more tax in order to achieve a fairer society, yes I would. Gladly.

Being successful and rich should be an aspiration not resented what is the matter with people in this country.

The answer to why so many are not having their basic needs met is really simple.

Very many people are not paid enough. Over the past 12 years, the difference between the pay of the lowest and highest paid has increased dramatically. If instead of spending their time making sure the rich got richer, the government had in that time enacted some policies that promoted the standards of the more vulnerable in society we would not be in this mess.

The government is not “giving” higher earners anything, they are continuing to take quite a lot off them.

It’s not tenable to claim that those who pay the most tax are being given anything by the state; their money is being taken in tax and redistributed.

Corbyn has policies very similar to China, and in fact he is a huge fan of Russia so I can't think of anyone better to run our future bloated nanny state than him. He can strip the country of all defence and nuclear capability, and indeed bring us truly to our knees, whilst isolating old allies.
This is the world many pp are looking for. Where everyone is 'fed' the same, and everyone is the same without question. What country does that remind you of?

I generally think it a mad announcement and don’t really get why they’ve gone for scorched earth in this way. It would have been better to level it out from a PR perspective

I do try to understand people and their motivations, if it’s how people feel then let them express it without hounding them off. Not you just how the thread goes when someone bucks the trend.

I have a happy life I don’t really talk about income on here I’ve been lucky in many ways - I don’t feel the need to go into it more (and definitely not my dh’s which always makes me cringe when people do)

But if there is any benefit to all this I’ll take it over zero benefit

It isn't. You're making shit up to start a culture war on a thread about Tory Government Policies.

I don’t hate rich people. I’m impartial to trolls but that’s a different matter.

This budget has a tangible silver lining insofar as the tories have just made they’re re-election chances exponentially slimmer.

*their re-election chances

@Luckydip1 I am sure that you are aware that over the past few years those who have spent their time living off the state have been among some of the richest in the country, paid for by the disproportionate taxes that the poorest pay. For further details do feel free to read Private Eye which has document much of the sponging off the state done by companies during the covid pandemic for example in supplying unusable PPE at grossly inflated prices.

I don’t think that they really have. Very few normal people are going to be upset at the top rate dropping back towards where it was under Labour.

The Briefing Room (R4 BBC) did an excellent programme last night about this, and it wasn't even about tax cuts or trickle down economics. It was actually about this thing I still don't understand called "productivity". Anyway, I wonder who listened to TBR last night and still thinks Trickle Down Economics is a great plan.

I want Kwartang's ideas to work. I don't want all the problems to happen that are seeming more likely consequence. Dutch take on why the 1980s USA had an economic boom (deficit spending not tax cuts).