To suggest windfall taxes

[Meltingpots]

I'm miffed off at the profits banks are earning from increasing interest rates. I'm equally miffed off about the money energy companies have made during an "energy price crisis". I'm mouth wide open about Supermarkets still raking it in. The contempt we are heald in is disgusting.

Should the people of this country be putting pressure on the government to do windfall taxes and use that money to sort the NHS funding they promised us Brexit would bring. I'm sure all that money can be put into providing mental health services for the population they have crushed to breaking point.

I'm just beyond miffed off.

We are not living in a civilised society anymore. We are living in some elitist society where the people in power crush the weakest whilst feathering their own nests.

Don't I know that. Some of them are living here, running sucessful businesses here and still pay no tax.

Its not the windfall tax in my opinion. I would just like all companies that are making profits in this country to actually pay tax.

And i would like a cap on prices so that the outrageous profits being made by profiteering are not made in the first place.

That's a brilliant idea

These banks are now massively profiteering from the rise in interest rates. It doesn't seem right does it?

Lloyds - pre-pandemic share price 62p, now 43p, pre-pandemic dividend 3.2p, now 2.4p

Barclays - pre-pandemic share price 188p, now 147p, pre-pandemic dividend 6.5p, now 7.25p

NatWest - pre-pandemic share price 260p, now 234p, pre-pandemic dividend 13p, now 13.5p

There is no sign of profiteering here. If they were making excess profits their share prices would be much higher than they were pre-pandemic.

The largest shareholder in NatWest is the UK Government with 38%.

You're not being unreasonable to be miffed, but YABU to think windfall taxes are the answer.

I think you’ll find companies do pay tax on their profits. Do you mean tax that reflects their level of turnover? For instance Amazon and Google will make minimal profit in the UK as they have to pay so much over to their headquarters (which are based in other countries) in charges for IP, IT infrastructure etc. this is perfectly legal.

Thanks everyone for your input and insights. I reckon the answer after this debate is those companies and billionaires who benefit from being in the UK should pay their dues here.

I think you’ll find they do. HMRC will pursue those that don’t and ‘tax planning’ is not a good look nowadays. Companies have to publish tax strategies on their website too. International transactions are subject to scrutiny.

It’s actually far better to have people employed as that is where most of the U.K. tax take comes from https://ifs.org.uk/taxlab/taxlab-key-questions/where-does-government-get-its-money?tab=tab-312

Read about live of ordinary people in socialist countries.

Google price controls. You won't find many economists who think they're a good thing.

@jcyclops thats interesting. Would you predict therefore that when the banks publish their end of year accounts and reports that they will not show much increase in profits compared to last year?

I reckon that I am a communist at heart. Sign me up for a Mao suit and a standard accommodation unit and a universal salary amount regardless of what work you actually do, I'm all for it.

Problem with WF taxes is they strongly discourage investment. They look capricious to large corporations. They are bundles of wasp nests, really, in their unintended consequences.

I had no idea that the WF taxes announced last year are ongoing. This causes all kinds of problems (distortions in incentives) for would be investment. Investors can easily go elsewhere, there are so many other financial opportunities available.

I just think that if a heart-felt commie like me can understand why WF taxes are very tricky instruments, I am surprised that other people are so convinced that they are good thing. Maybe in a Marxist pre-globalisation world they were. But not now.

Supermarkets are not "raking it in". The energy companies have. That has reduced now and they have been clobbered already with taxes.

Sort out the NHS? I work in the NHS. It is a bottomless pit and which you can fill the pit with money and still not improve it. It is the most wasteful organisation I have every worked in. We have doctors (consultants) that still work on contracts that are based on the setting up of the NHS in 1948.

Loads of hospitals roster their doctors using spreadsheets....utterly laughable. So if you want to fling your money into this pit just to feel better feel free, but don't fling mine

The sooner the population of this country wake up and stop this bloody religion and sainthood status of the NHS the better. This mantra from the politicians that the NHS is the best in the world is utter crap. I have friends in Spain, Germany and France. All better healthcare systems.

And where does it go ? Notice how unclaimed benefits exceed those lost to fraud.

Posted in another thread, but fits here

https://www.theguardian.com/news/2023/jun/30/uk-super-rich-beware-pitchforks-torches-unless-they-do-more