VOTE Labour and

[DistinguishedSocialCommentator]

AIBU to feel this will happen un a Labour government???

From what I see and IMO, the Labour lot on the whole believe in aspirations but only for themselves

Older people will vividly recall the the hideous tax rates under labour - between 1974 and 1979 the paye tax rate was up to 80%. Then there was a tax on top of that for so-called higher earners of 18%. This equated to 98%

I don't trust Labour, nor do I trust the Torties. Liberals, IMO they will sell your soul down the river to get a sniff at number 10

As I said I don't trust any of them. But if you are working, worked hard, been prudent with your money and have savings, decent private pensions in the pipeline and possibly a property or two that you have worked for, for your retirement and not wasting your money and want to leave some behind for your kids, GC etc rather than throw it away on the hand to mouth life - then if Labour comes into power, you are totally and truly F'd

Labour rants they will do this and the other - the last time they almost bankrupted England,

If you are working hard being prudent with your money and made sacrifices to send your kids to a private school as many Labour MP's do on pay at almost 100k - they are eager to put VAT on this part of education. The MPS whose pay is a couple of times above average pay will be able to afford it - will you??

Me, my family, relatives have all worked hard, not on benefits, never lived in social housing and not thrown our money away but been prudent to be self-sufficient and pay our taxes to support our country. If you are like us, then trust me, under Labour, you will be shafted hard.

I'm not sure if I will vote tory or an independent but this circus of Tories and Labour taking turns to lie to the nation is not on and yes, most politicians lie and will lie and say anything to get into number 10 and if your feel that is not true, then you must be on another planet

Then set-up a direct debit in favour of HMRC. I'm sure they'll gladly facilitate your wishes.

As you say, you can't take it with you.

And you're selling BS to the gullible.

@Berga Google 98% tax and your proof will be there!

Labour also plan to kill all the puppies and kittens. I've heard they tip babies out of prams when no-one is looking too.

I used to vote Conservative because I truly believed they offered the best policies for the economy.

After 14 years in power - including Brexit, which I blame them for - I will never vote for them again.

I am in education and I have never ever known it to be this bad. Our school is oversubscribed and popular, but we are cutting everything. All the 'nice to have' are long gone. We are now losing staff and vital interventions. Parents have no idea yet but September will bring bigger classes, no TA support at all and no interventions. I hate them for what they have done to education.

The irony of this statement coming from an unrepentant Brexit voter.

OP posted a similar barely coherent load of twaddle about Labour and tax a while ago.

1p here or there off your tax isn’t going to make you rich. Despite what the Tories tell you.

Lol
YABU
That's all

I knew it.

I don't want to sit hoarding my money while kids in my son's class need better school dinners. What would be the point? I can't take it with me.

That rather depends on your definition of hoarding. I don't perceive keeping half of what you earn as hoarding, rather a reward for working. I think 45% is quite a high tax rate (particularly when you factor in NI, CGT, VAT, IHT etc on top).

As PPs have said, I hope you're voluntarily paying more tax rather than hoarding. I won't be doing that given the amount of wasted money in the public sector.

It’s not a flat rate of 45% tax though is it. And our tax levels are on a par with other countries.

that was a wealth tax on amounts over £260k of investment income in todays money. From memory.

Starmer could at least make it clear that he is talking about trans women and not pretend that they are just another type of woman or whatever guff Rayner and he came out with.

It’s not a flat rate of 45% tax though is it. And our tax levels are on a par with other countries.

That may be true but I still don't want to pay any more than 45% of what I earn (yes, in the upper rate band) in tax. I don't think that's unreasonable but if people would like to pay more tax, they should absolutely put their money where their mouth is and do just that.

I've yet to come across someone who has though, often it's the mythical 'rich but not us' people that MN want to shoulder even more of the tax burden than they already do.

Tax aside, there are major economic and demographic issues that Labour won't be able to resolve either and I think disillusionment will spread when the reality sinks in.

Clearly a lot of (usually Tory) voters see tax as some sort of bogey man and think people will get taxed to poverty (ignoring the fact it’s not tax, but low wages and high living costs which are the problem).

We actually need a way of being able to negotiate paid appropriate wages which recognise the value of our work.

Things have gone too far now. If wages kept apace with inflation then it wouldn’t be such a bin fire.

Yup. The Tories have done a great job of cultivating the myth that they are best for the economy.

Even ignoring the current shower, it has not been historically true

https://theconversation.com/labour-are-much-better-at-running-the-economy-than-voters-think-new-research-162368

I’ll be voting conservative. Thanks tho

What do you mean?

I don’t mind paying more tax. What I really object to is being offered tax cuts as if the odd penny here or there on a tax % is going to improve my living standards. It will not.

If those pennies were properly invested then it would make the world of difference.

The Tories like to sell themselves as the party of economic responsibility- but the facts demonstrate otherwise. Just because they say they want to be fiscally responsible does not actually mean that they are.

They are penny wise and pound foolish.

Oh you mean this:

'In 1971 the top rate of income tax on earned income was cut to 75%. A surcharge of 15% kept the top rate on investment income at 90%. In 1974 the cut was partly reversed and the top rate on earned income was raised to 83%. With the investment income surcharge this raised the top rate on investment income to 98%, the highest permanent rate since the war.This applied to incomes over £20,000 (£263,269 as of 2023).'

Definitely applied to the majority then 🤔 I find it very hard to find a shit to give for the people it applied to, then and now and it was extremely disingenuous for OP to quote it.

Based on a sensible assessment of the facts, yeah?

The top rate was 80% and then an additional 18% for so-called wealth tax - hence the exedos of welathly people leaving the UK leaving the UK close to bankruptcy hence the Tories came in and reversed that diaiblic tax regines

See below, bud - don't ask for more link as you too can Google them, ok!!

What was the Labour 98 tax rate?
s peaked in the period 1974-79, with income tax at 80% plus a supplementary tax on unearned income of 18%, making the notorious 98% tax rate.

https://www.quora.com/Was-the-higher-tax-rate-really-95-under-Harold-Wilson-s-Labour-government-of-the-mid-1960s#:~:text=Most%20countries%20between%201945%20and,the%20notorious%2098%25%20tax%20rate.

I wonder how they coped.

Things have gone too far now. If wages kept apace with inflation then it wouldn’t be such a bin fire.

But there would. Wage inflation fuels price inflation (hence why the BofE have kept referring to it in their MPC meetings).

Wage inflation at 11% would have driven even higher inflation, even higher interest rate hikes and total economic meltdown.

LOL you’re relying on a discussion forum for your argument?

That link you provided says “The claim that the top income tax rate was 95% under Harold Wilson's Labour government in the mid-1960s is a common misconception. While it is true that the top marginal tax rate was very high during that period, reaching 95% is a misconception.
During Harold Wilson's time as Prime Minister in the 1960s, the top marginal tax rate did reach 83% for earned income and 98% for unearned investment income. However, it's important to note that these rates applied to very high levels of income and only affected a small percentage of the population. The majority of taxpayers were subject to lower tax rates.
The 83% and 98% rates were indeed very high compared to today's standards, but it's worth noting that various deductions, allowances, and exemptions could significantly reduce the effective tax rate for many individuals. Additionally, tax avoidance strategies were common among high-income earners during that time”

What is your point?