To wonder how the UK will look in 3 years time?

[Labradorlover987]

I was inspired to write this after reading the UC post that was just reported - the govt’s welfare bill has passed but was watered down so unlikely to make any real savings.

I earn 40k, have a school age child and just feel like I am living hand to mouth 😩 I 100% think there should be a welfare systems that supports people on low incomes but I wonder how the current system will be sustained in the long run?

Just wondered what other people thought.

I actually wouldn’t mind paying more in taxes if we could be guaranteed more in services etc - for example my council tax just went up and the services seem even worse this year than usual.

Socialist governments traditionally do make a financial mess. They always run out of other people's money. Pennies don't fall from heaven.

Good thing we don't have one, then.

Perhaps if public transport wasn't so expensive and infrequent there would be less cars

Goodness you’re not advocating we would be better off under totalitarianism are you?

Pretty fundamental information if you’re arguing that this island is overcrowded ….
Or is it really ok to just post any old figure you’ve grabbed from thin air now?
Of course it isn’t. Get your bloody facts right. It’s really not that difficult.

Are you always so terribly pleased with yourself?

Simples.

His wealth will be evaluated by someone (not sure who's qualified for this, but let's assume Labour will found someone competent).

Said landlord will be presented a tax bill comprising 2% of the value of his wealth (that's the number circulating in press).

Depends on his cash position he might decide to pay first year, possibly even second.

Then he will realise that this tax will wipe out 75% of his wealth within 65 years (means still within his lifespan?), or nearly 90% within 100 years.

So he decides f.. it, sells his portfolio off to Saudis/Chineese/choose your own. No tax liability anymore because they are not residents.

Or he moves to Italy/Dubai/ choose your own and lose his UK tax residence. No tax liability anymore.

Then wealth tax limit needs to drop from 10mn to 5mn, rinse and repeat, in a few years time you'll be paying this on your semi.

Wonder why there are so few countries implemented wealth tax and on selected assets only, not the entire person's wealth?

When did I argue the island was over crowded?

you are clearly just picking up low level criticisms and shooting out insults rather than engaging with an interesting discussion in any real way. I’d rather just ignore you since there are plenty of interesting ideas from other posters to discuss

Even more unbearably crowded than it is now.

I’d rather they didn’t come in the first place, it’s getting unsustainable

where will it end

I’m inclined towards this view.

but I do firmly believe we need to access their unearned wealth somehow. This is where IHT is outstanding, and who it should be entirely focused on. Like Robin Hood.

but tbf to the aristos, they need to be in an environment where their wealth is growing or at least maintaining, otherwise this is only a short term injection of tax revenue for anyone.

The IMF may not be able to bail us out given our level of debt. Much worse than at the time of the last bailout.

"For a developed economy, the UK has suffered several humiliating economic episodes, and there could be more trouble ahead. The UK is, once again, it would seem at the precipice of a financial upheaval, one that carries unsettling echoes of the 1976 International Monetary Fund (IMF) bailout crisis."

Two-Tier-Never-Here Starmer is only interested in securing own future career within the eu Parliament in Brussels. That's why he parades on the International stage rather than deal with the problems at home .

Reeves doesn't understand that small business drives the economy through the taxes it pays, and has hammered them so much so that some are reducing hours. People aren't hiring

Ed Silliband will bankrupt us all with his zealot ideology while driving production abroad. He even looks like a madman. He's building wind farms when the grid doesn't have the capacity to cope and we switch them off in high wind... Honestly you couldn't make this shit up. They take no advice from knowledgeable specialists, only their sycophants, the Civil Service.

Listen to Kathryn Porter, the Energy Analyst on Watt Logic! She'll make you cry in frustration.

I think the UK has a long way to go before we can call it overcrowded.

Of course we do.

My mistake, obviously. So you don’t believe that this island is ovecrowded? Good. We agree.

Get your bloody facts right is a statement. People who disagree with you or who pick you up on your errors are not “insulting” you 🙄
Petulance when you’re caught out really isn’t great in an adult.

Don’t go spoiling rhetoric with fact.

Well at least you’re honest.

Its the same here in my part of the North East.

oh, and too late to edit my post about wealth tax:

Then your super clever DC decides to create a business, it growth and DC is fast approaching a limit. They will seriously consider other locations.

Yes

i don’t have a problem with genuine asylum seekers but there are a lot of economic migrants who shouldn’t be here.

The David Lammy that thought men could grow a cervix?

Slightly left of centre is not socialist.

It’s interesting how, when the topic is taxing the rich, some people leap on any complication as proof it’s impossible.

You never hear the same defeatism when it comes to taxing ordinary people – even though that’s also extremely complex.

Yes, taxation is complicated, whoever you’re taxing. But some challenges simply have to be faced, or we – and especially our children – risk societal collapse

It's similar to tackling climate change - a formidable task but one that we have to rise to for future generations.

I agree with this but I don’t understand what even the basic proposal would be? It’s not about leaping on any complication, I’d love to tax them. But do we have any idea how it would work?

Also lots of people paid little or no NIC but accrued "credits" for state pension via caring responsibilities, unemployment, or part time work earning between the thresholds where you qualify for NIC credits but don't pay any NICs.

So, yes, lots of people reaping their £12k state pensions but having paid little or nothing into the govt coffers in NIC.

As you say, outside the state nic/benefit system, you'd have to pay a small fortune into a private pension to get an annuity worth £12k per year for life after retirement!