Labour and tax

[Iwishicouldflyhigh]

Is anyone else concerned about all the talk about Labour getting in and then increasing lots of taxes - capital gains, CT, tax on pensions etc. I'm accepting that they are going to get in, but i am genuinely concerned that they are going to clobber the middle classes.

I don't think that KS is a bad person (actually - with a few exceptions - i think that most politicians at least START in politics with the correct intentions), but i 'm worried that his genuine ideals are far more left then he is making out. The rich will be all right (they always are), but the middle classes (of which i am one) - i'm genuinely worried. He supported JC for God's sake!!

I think that people are genuinely so pissed off (rightfully) with the Tories, that they are voting in Labour with the idea that they can't be any worse. But i'm concerned that they might be (for different reasons).

Can any party really fix the issues in this country?

Please talk me down, someone!

Yawn.

It’s common sense the money has to come from somewhere
there stock answer seems to be growth
which would take years to get the payback to finance anything

and the big question is how will they make growth happen ,how long will it take and plan b if it doesn’t happen

there’s a deafening silence on this

There is so much to 'fix' so they will either tax or borrow.

One of the few things I know for certain is never to waste a moment worrying about any party's so-called "tax plans" in an election year.

The amount of distortion and/or downright lies in the press coupled with changes in financial circumstances when they actually get into government makes the whole thing a total waste of time.

Probably both.

It won't be borrowed as the markets won't let this happen. We've pretty much reached the debt ceiling.

It will be taxed from working people.

We're probably a lot poorer than you, but I'm not against paying more tax/NI - I objected to the current government reducing NI despite obviously benefiting from it. What I want is a functioning country with functioning services and I'm willing to pay more for that even though it would not be great for us financially.

Yep! We will be screwed. Personally and the country. Totally fucked over.

Yes there is this narrative that the country has broken public services of all kinds but it’s political suicide if a party wants to tax in order to change anything. We have a choice the conservatives have been running down services for 14 years now it’s going to be a long haul to improve anything. Look at the water industry privatised by Margaret thatcher large profits have been made out of an utility we have no choice but to use and now we are in a situation of polluted rivers and seas and tap water unfit to drink.

“The money has to come from somewhere”. Well not from this pocket again. Enough is enough. Glad I can move and looking forward to it.

Also, nothing prevent people to go to the HMRC page and pay voluntary tax once Labour is in. So many said they are happy to do it. Let’s see.

Well the Tories have taken us to the biggest tax take ever, we'll done them.

Yes I’m worried. It would be so unfair for them to go after the middle classes. My generation have had
stagnant/low wage rises since we graduated, high student fees and loans, high and rising house prices, austerity, inflation and rising interest rates, very high childcare costs. We’ve done all we can to try and pull ourselves up and make sure we have a decent future, if they do CGT rises or higher rate tax rises then I’m out.

It depends if he wants more than one term of government. I dont think there will be huge changes as he needs two terms to do anything useful.

I think we will hardly notice there has been a change of government to be honest.

This is the only thing that the Daily Mail can think of to batter Labour with. They have not said anything about tax hikes. However, we do need some changes IMO and the Green Party are the only ones suggesting it and I’ve already done my postal vote.

We need to tax wealth. Once people reach a certain threshold, it’s like when you are winning at Monopoly. Capital Gains Tax needs increasing once you get to a certain threshold. So does inheritance tax. If you are leaving billions to your children you and they can afford to pay a bigger chunk towards maintaining a civil and evolved society.

Rises in income tax will not help.

Of course they will. The wording so far has been very carefully managed to give them wriggle room.

I'm just back from Denmark, which is lovely and has fantastic public services.

This is because they pay a lot more than we do in taxes and the population understand that if they want good schools, health system and pensions, they have to be paid for.

@VickyEadieofThigh they also get a lot more back e.g. subsidised childcare. I'm sure if high-quality public services were actually on offer, people would be fine. But they're not.

Personally, if there were guarantees that waste and reform would be addressed first especially in the NHS, and still more money was needed I'd be ok with that. But it just feels like filling a bucket with holes.

The country being screwed does not lie at Labour's door, thank the Tories for the total shitshow that we have become.

Well they're being quite vague. All that's been said is that they won't increase taxes for working people. So that should rule out an increase to income tax or NIC.

What they might do it increase the rate of Employers NIC. If they do, then it's proof that Labour have no understanding of the knock on effect to employees of raising employer NI.

They're looking at raising capital gains tax. Probably to bring it back closer in line with income tax, like it used to be.

Maybe raise the main rate of corporation tax?

What about VAT? Could increase the rate of VAT.

I guess we'll find out soon enough.

I would rather pay more tax than have a sudden bill of £1000s for the dentist or private hospital. I'd rather pay more tax than get attacked in the street because the criminal justice system has fallen apart

KS was very careful refer to 'working people' in an interview recently.

I have no doubt they will raise taxes on higher earners.

They seem to forget that if you are earning a salary then you are 'working'.

I would say the middle class are fucked!!

Ha, yes like here it would be the same. May be population number and culture is a factor here and there. Nice try. There is always one coming back from Denmark. 🥱

But what if you didn't need to pay more tax? What if we could just do stuff better? Surely we have to accept that there is loads of waste in the public sector - people see it and talk about it a lot.

I am sick of paying as much tax as I do for a government and public sector that isn't delivering. The highest tax burden since the war. Surely that has to count for something?

Here you lot. https://www.gov.uk/guidance/voluntary-payments-donations-to-government