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!

It won’t be non dom’s, or anyone not on PAYE because they can easily move their money.

This really, really isn't true. Its increasingly hard to just "move your money" and most wealthy don't actually want to permanently move their life and family to the few places left in the world that will tax them a bit less. Bear in mind that they'd actually pay more in lots of places.

Lots of well off people won't move and don't mind paying their share. DH and I wouldn't move.

VAT on luxury goods at 33% (the standard rate of 20% won't change).
Basic rate relief only on pension contributions.
New council tax bands for properties worth more than £2.5m.

CGT rates matched to marginal income tax rates above £100k.
Removal of tax advantages on post-death variations of wills.
Eventually, replacement of IHT with a progressive annual wealth tax for individuals worth more than £5m.
Variable rates of corporation tax depending on nature of company.

I’d rather we all pay more tax and have the NHS work.

Kovus

Bang on

They want to crack down on tax evasion, but the tories got rid of all the tax offices & very few staff are left, they would need to replace all the HMRC staff who were finished as late as 2021.

But they will. I'm so peeved and looking to leave to go abroad.

‘Rather than the type of people who simply open their chequebooks without a thought to send their kids to private school, purchase private health insurance and who do not have to rely on public transport or social services. The type of people who made their money from inherited wealth and property rather than working...’

Am I not a working person? I have one child in state, another in private. My employer provides me with private health cover but I use the NHS GP. I mostly drive to work, although I catch public transport on team nights out. I adopted a child so have had social services involvement. I work full time in a stressful role, managing a large team and earn six figures (just) with big bills. Am I not a working person?

Lives are far more complex than rich or poor.

My apologies, it was another poster who implied I had a particular cause by what I was saying in my posts.

If I have a cause it’s because my main gripe throughout has been the reliance on sound bites and not being honest with the electorate so we can make well informed decisions on who we want in power rather than who we don’t. This applies across all parties.

https://www.gov.uk/government/statistics/measuring-tax-gaps/1-tax-gaps-summary See fig 1.4 (the graph). 60% of the value UK tax evasion is down to small businesses. It’s not the wealthy with offshore funds, or the large multinationals, or drug dealers. It’s the takeaways that claim to be trading under the VAT threshold as they pocket any cash takings, it’s the builders asking for cash payments, it’s the taxi driver who only puts half of his takings on his self assessment. These are the reasons why we have such bad public services. If you are offered a lower price for cash, shop the business to HMRC and do us all a favour!

If these Twats can tax Pensioners STATE pension ... they will be after us all!! Hopefully Im hoping and praying I will be wrong as it's nailed on we are in for a labour government. For my vote I'll stick with what we have and I absolutely know they are a utterly crap but I think its a case of better the devil you know 😮‍💨

You do know that under current Tory plans state pensions will be taxed ..

No what the Tories have said is rhay they are loving the personal tax free allowance up to ensure state pensions won't be taxed ad they recognise that after all the rises and the upcoming rise it will go over rhe current bracket. So they have been quite clear they will ensure it won't be taxed. Whereas Labour has not committed to move the tax free bracket at all so it's more likely to happen under a labour government.

The Tories had a reason to so that, such a slippery bunch of fuckers.
One rule for us and another for them.

You are also misquoting Sir Kier, as he also included in his definition those ‘who cannot afford to write a cheque when they get in to trouble’. Clearly signposting that those with savings are also fair game for tax rises. Expect ISA allowances, the tax free interest allowances and NI&S changes which most definitely will impact the ‘squeezed middle’.

That was in the context of putting VAT on school fees, not savings. But don’t let that stop your misinformation

No it wasn’t. Those with even modest savings are fair game. The misinformation is yours :)

“Pressed to explain what he meant, he told LBC: “When I say working people, it is people who earn their living, rely on our services and don’t really have the ability to write a cheque when they get into trouble.”
He said this included people whose mortgage had gone up several hundred pounds, and “don’t have the sort of money in the bank to pay for it”.”

Yeah, because throwing even more money hand over fist at that basket case of an organisation is going to achieve that isn't it? I'd rather I pay less tax personally, I pay enough as is.

I'm a pensioner with some savings and am expecting savings interest to suffer, we are also not 'working people', expecting it to be bad for pensioners, we are not all in huge houses with loads of money but many do have savings and ISAs to supplement lower pensions income

There is no evidence for that. We pay 13,000 average more tax now than when the Tories came to power.

Savings interest rates plummeted after Liz Truss threw her hand grenade in. I think this idea that the Tories can be trusted with the economy is just not proven.

And when you are in a road accident and you need an ambulance but it’s an hour away then what?

Yes, I'm sure stiffing me and every other semi decent earner with even more tax hikes is going to result in boat loads more ambulances and ambulance staff; and not get swallowed up by massive amounts of nonsense and wastage instead...

If these Twats can tax Pensioners STATE pension ... they will be after us all!!

I cannot believe people are still peddling this. How are we STILL just using the misleading line that 'Labour will tax pensioners'?

All pensioners are taxed now if their income is above the tax free allowance we all get. The only way pensioners who rely solely on the state pension would be taxed is if the state pension goes up more more than £1000 a year - in which case they will pay 20% of anything above £12,700 for a year or two*. So, if it goes up by £1500 there will be £86 tax payable - leaving those people £1414 a year better off than now.

There are so many IFS that need to happen for that scenario to unfold, I can see why all the parties (not just Labour) have refused to speculate on it. Except the Tories who have used the Triple Lock Plus to say that pensioners will have a their own special personal allowance that will never be lower than the state pension.

*Or longer if the personal allowance remains frozen (a Tory initiative).

And your evidence is?

When the cost of borrowing rises the amount of interest paid out to savers actually goes up.

That's why over the last 15 years or so savings rates have been very low. Because borrowing rates have been very low.

The two are intrinsically linked.