To be excited about trickle down economics?

[TrickleDownQuicklyPlease]

Aibu to get excited about the banker’ bonuses? Does anyone know when the bonuses might start trickling down?

I liked David Lammy's tweet.

"I have a joke about trickle down economics. 99% of you won't ever get it."

@pigcon1 - crossed!

Bonuses are actually taxed before they're paid to you so sending it to an offshore account is a bit stupid really.

Truss and Kwarteng think it'll all be Perf With Serfs.

Cunts.

Minford in the UK is like Laffer in the US.

No matter how much his work gets discredited by evidence, he will keep up the act because his livelihood depends on it.

Basically, they are both scummy characters who have zero credibility in real academia. They are just political props.

@LadyHarmby It was to discourage reckless behaviour (think back to 2008) because much of the bonuses I believe (if I remember correctly ) were linked to certain practices .

Buckle up for the ride! About hmmm year 2099 or so? This is going to benefit no one unless you are very wealthy.I think the worse is them saying we will all feel the benefit! Very few people will do well out of this

Yep.

You can choose to put the bonus into your pension as a contribution, but thats about it.

Reduces your taxable income for that month as well, so you pay less tax.

It feels like this government are trickling all over us, doesn't it?

WoolyMammoth55 · Today 13:36

About 7 years ago I worked for the richest person I've ever known - she was Director of her own company and invoiced £35K in an average MONTH. Married to a city guy with his own 6-figure income.

They paid their cleaner cash in hand, wouldn't put her on payroll. They also had a nanny for their baby who they paid partially in cash to avoid hitting the threshold where they'd have needed to make NI contributions.

Oh my God, so much this ☝️
DH works for a variety of people in the art world - one multi, multi millionaire in particular for getting on for 30 years. He does/did everything for this person.... such meanness, you would not believe. I can count on the fingers of one hand the number of times he's had a Christmas bonus, and these would be in the region of £50 ffs.
The rich don't get rich by giving it away.

Seems worth a try - putting the dole up - not invading the Cayman Islands although 🤔 . . .

On Twitter Phd student at LSE did some maths using HMRC data on the numbers behind those gaining from abolishing the 45% tax rate, the numbers are crazy. What particularly stood out is they calculated that scrapping the 45p rate gives £1 BILLION in tax savings to just 2,500 people, each with over £3.5m in income. On average, that’s an extra £400k for each of them, every year…

The Twitter thread if anyone interested.

“I think people haven’t yet priced in exactly who gains from abolishing the 45p rate…This isn’t about cuts for people on £150k, or even £200k. Most of the gain goes to those much higher up. I did some further analysis using HMRC data
Only 10% of the gain from cutting the 45p rate goes to people with incomes of £150-250k.

Two thirds go to those with incomes over £500k. That’s about 50k people = top 0.1% of UK adults. Even more striking: almost half of total tax saving goes to ‘income millionaires’. But it’s actually even more concentrated than that.

Scrapping the 45p rate gives £1 BILLION in tax savings to just 2,500 people, each with over £3.5m in income. On average, that’s an extra £400k for each of them, every year…

They’d better be really great at driving growth! “

twitter.com/d_burgherr/status/1574321607258128385?s=21&t=Wy50nkWANJhTh4LgmfxC_g

@RedAppleGirl My son's class is teaching it as an example of a bollocks theory that doesnt work

On about the twelfth of never, I should think!

It is like reading a book on economics and all bar one of the pages is missing, but thinking that you've read enough. Wait till the mortgage rate goes ballistic, then we will all see the value of the pages that were ignored.

Only a few things trickle down, cum or liquid shit and no one wants either.

Supply side economics doesn't work?.
So what does work?

Getting out my thimble now to catch the drips!

I'm so excited for it! It's just like at work when the executive office has a catered lunch meeting and they always leave the hummus and crudites tray and a few random falafel wraps on the soggier side...thats when it's finally trickle down time for all the lower band plebs to get a piece of the action. Wooohooooo

You can get a bit more background and perspective on it here📧
en.wikipedia.org/wiki/Trickle-down_economics
IMHO - this is conservative economic policy in a nutshell. It doesn't work.

This

The drip down idea won’t work. We are heading for a huge crash in our economy…

Our only chance is for labour to be voted in next election, but I doubt people will actually vote for them unfortunately. Too many people waste their votes on the smaller parties …

If people vote Tory in again, I think I'm done with the UK. Everyone is entitled to vote for who they want so that's on them but I have nothing tying me here and will definitely look to relocate. Enough is enough. I could just about handle the David Cameron type of Tory-ism but this Boris/Rishi/Truss/Kwasi pipeline to economic hell is not the one.

I'll keep voting for independence until we get it.

I could just about handle the David Cameron type of Tory-ism

I couldn’t handle that. The 2011 Welfare Reform Act reduced support for me as a disabled person. Austerity did a lot of damage (and again didn’t result in good growth) but the net is casting even wider this time.

In China, economic crime like that committed by Fred Goodwin would literally receive the death sentence. I’m not saying that we should implement the death penalty as I am vehemently against it for any reason. But an interesting contrast: in the UK he received no penalty at all and not even sure if his knighthood was stripped from him.