October budget going to be painful

[increasinglyconcerned]

Here we go..... I knew it. Labour were promising not to hike our taxes in the election campaign and here we are.... apparently they discovered £22 billion black hole in his first weeks in the role and it's not his fault.

Let me guess, those of us who earn six figures and already pay 45% will pay EVEN more and take home even less. It's the hard workers who will take the brunt. What's the point in working anymore!

I earn a little over £120k and I'm taxed the same as those earrings £500k.

Before people jump in saying they don't feel sorry for me, I work full time to support my family, as of January I will have 2 DCs in nursery, plus my mortgage and get ZERO free hours childcare, whilst they keep promising free childcare but I just pay more for everyone else to benefit.

I cannot afford to pay more taxes to fix this country and especially when so many people are getting a free ride and not paying their way, ranging from millionaires with tax havens to those claiming benefits dishonestly.

Why don't you work?

To what end? You still have to have somewhere to live so it's irrelevant that the mortgage is paid off other than perhaps being eventually able to afford to stop working.

One person saves and works to pay off the mortgage over 25 years or so and ends up owning the house at age 55/60, and continues to live in it.

The other doesn't work and doesn't pay anything at all for the same house but also continues to live in it.

I listened to that episode @mummymeister and I wouldn’t knock it as an idea. TBH a lot of the old people in £2million houses don’t need to be there and have had huge benefits simply from being born when they were with free university education and cheap housing. The economy is in a state and it should hit all of us.

I'm not seeing any of this.

The entire debate is about which group should pay more.

In a better world there would be a debate of slushing taxes to stimulate economy.

Then in a couple of years he'll have more to invest. But we're hearing about painful budget. And conditioning of audience to bear with him for five years, then vote for him again as nirvana will come in 2nd term

There will be such a level of disillusioning in five years that I do fear Reform will be next

I despise the Labour Party.
They had access to the books the whole time, so the nation's finances are not a surprise.
I'm with you, OP.
Also, inheritance tax should be abolished, never mind increased. You work hard, pay capital gains tax etc etc and then instead of being able to leave what you've worked for to your own children, the State wants to grab it for other people's. Absolutely disgusting.

Why does that matter? No one is asking her to move out. We end up with the same thing. Only one of us has paid for it.

Why are the people paying more expected to limit their choices?

I’d personally be better off if they did that, but how is that going to work? Just means places with higher house prices will get more than places with lower house prices, so won’t there be areas that lose out significantly?

So who do you think should be taxed more?

This thread is utterly fucking depressing. We're engaged in a race to the bottom. I know plenty who are abandoning ship and moving to countries where success is celebrated rather than derided. The brain-drain is very real.

By causing more people to choose better options due to tax?

No government has ever been brave enough to reform council tax - it would be sensible to abolish stamp duty whilst doing it as stamp duty is yet another thing that stops people moving for higher wages.

CGT is currently 18/24% on residential property

That's the price you have to pay for letting the Tories fuck thing up for 14 years.

On MN you're only allowed to use "race to the bottom" if you're challenging someone who works in the private sector when they say they couldn't possibly fund a pension like the ones the public sector get.

I think "race to the bottom" was coined as a put down by either the PCS or UNITE but not sure which.

Oh god. We have a small business. I was really hoping things were turning round 😭

Part of our sales are to middle-high earning homeowners. That work has been dead this year.

Our main sales periods are September and spring. We started getting a few enquiries last week so thought things were looking up. This is not good news for us.

To what end? You still have to have somewhere to live so it's irrelevant that the mortgage is paid off other than perhaps being eventually able to afford to stop working.

Im paying a mortgage on my home, when my kids leave home I’ll downsize, leaving me with a significant lump sum to do whatever I want with. My rent paying neighbours won’t have that option. Yes I’ll always need somewhere to live, I won’t always need or want a family sized home.

No one likes tax.... but it pays for roads, NHS, Dr's, Dentists, fire, police, councils, education etc etc.

In theory yes, @Gedoverit, except good luck (at least round my way) getting roads repaired, an NHS dentist, a prompt GP appointment or fire inspection and for the police to come out in a timely manner or even at all

As for councils, it may be true that other countries are even more corrupt, but when it comes to backhanders I'd say ours would give them a good run for their money - and that's without the issue of core services being neglected in favour of increasingly manic vanity projects, while constantly whining about being short of money

Tbh I don’t think labour have framed this whole debate well. 1) we have huge long run cost push factors due to an ageing population 2) higher earners are paying more tax and have been for some time.

I thought labour was the right outcome for the election but they’re blaming Tory populism whilst playing simplistic politics of blame the other team themselves.

"My point is, are we now going to be taxed at 50%? 55%? Where does it end."

55%? Luxury! You will be taxed at 120%!

Now, I know the Labour campaign said "No income tax rises", and the PM confirmed it this morning, but they are obviously lying because they are Labour and think that everyone is totally stupid and will forget what they said.

And next year you will be taxed at 150%. And then 200%. And then they will confiscate your home and put a load of benefit scroungers in it. And then you and your children will be put on a dinghy and sent to France. I remember all of this happening under the last Labour government too.

(For the avoidance of doubt: This is sarcasm on my part. But seriously, why do people feel the need to construct this kind of straw man about something that very, very obviously is not going to happen?)

It’s worse than that because if the house owner tries to sell the house , she’ll be taxed again for capital gains. If she leaves it to her kids, she’ll be taxed again in IHT.

Even worse, if both sisters need care ….. she’ll have to pay for hers while the sister gets it free so the likelihood is that she’s paid for an asset to achieve absolute nothing

It’s worse than that because if the house owner tries to sell the house , she’ll be taxed again for capital gains.

She won’t be charged capital gains on her main residence.

At least they can take the house I’ve paid for for years to cover my care. Good job cousin won’t own hers.

Offs …… European counties will grant work visas to highly skilled workers in a heartbeat. That’s what we are talking about here. Brexit has fuck all impact other than a fucking form or two more to fill 🙄

I just think right now we need to stimulate growth. Then there’s more to tax. It’s been really tough for business owners. People are just not spending.

Our business is small but established. We are teetering just below the vat threshold with barely any new work this year. If growth had continued in the way it had done in previous years then we would have smashed through that threshold and the gov would be getting a lot of vat from us.

They need to stimulate growth.

Yes ok... i hear what you say... but hey - look in Blackpool - no shortage of money there? https://www.blackpool.gov.uk/news/multi-coloured-crossings-lead-the-way-on-be-who-you-want-to-be-action-plan.aspx?date=18-03-2024
forget the potholes, they have pansies growing in them.