To ask how much you think income tax will rise by?

[Wonderofwimbledon]

We’re absolutely financially at our limit… I’m so incredibly stressed. An income tax rise will break us and we won’t be able to afford it. We won’t have money to eat.

What do you think it’ll be? I just want to curl up and cry- we can’t take anymore increases our bills , mortgage everything has increased we have no spare money at all

Sorry, could you outline how I'm warped. entitled or selfish? You don't know me from Adam.

Ironic that you think left-wingers can't debate the merits of various policy outcomes and resort to personal attacks, when that's exactly what you've done to me.

Reeves ‘I would trade my 15.5 years in opposition for one day in government’

We know how you feel, Rachel. Many of us would trade your last 15 months in government, for an eternity WITH ANYONE BUT LABOUR.

I had to stop listening to the rest of the 5Live interview - that metallic voice, and the inevitable lies.

sure, I wrote ‘It’s this warped sense of self righteous entitlement and utter selfishness that is causing all these problems.’ in relation to your post that people not wanting an assortment of tax rises on top of the last assortment of tax rises 11 months ago are expecting the Government to sort out their finances. Further evidence of this attitude would be claiming victim hood whilst supporting the rinsing of families incomes without any concern at all for these people as long as there is some virtue signalling to be had. I haven’t said anything about left wingers or what I think about them, this is that self righteous entitlement coming through that I mentioned in my previous post.

Yeh don’t do it. Too painful.

We have astonishing levels of economic inactivity. Our current systems, both taxation and welfare, disincentives individuals from working on both sides of the spectrum and also prevent businesses from investing and creating jobs.

We need to reduce taxes and eliminate cliff edges as a priority and dramatically reduce UC and PIP entitlements in parallel. People shouldn't be entitled to top ups unless working full time, UC must be very time limited, e.g. 9-12month max over e.g. 5 years and the amount should depend on previous earnings. With increases of NMW a couple working full time will have enough to live on without UC help in most areas of the country.
And we have to start celebrating success, not hating those "priviledged or lucky" ones who dared to try.

Dubai offers 0% tax rates, so we can never ever compete.

Taxes went to post war highs under the Tories, were the papers and MN filled with concern that the wealthy will leave?

Nope.... funny that.

What??

Brexit was their fucking idea!

And the idea the UK was doing well at anytime from 2010 2020 pre pandemic, is a joke, we had piss poor growth, no investment, huge amount of immigration.

They even took borrowing from 65% to 87% whilst giving us crippling cuts to public services which we are still paying for now.

Staggering anyone would see their tenue as a "Huge Success"

What an odd comment to make re Dubai.

I am in the sector so I can speak with some knowledge - this is a push factor, not pull. Labour has made capital and UHNW/HNW etc feel so unwanted, with both policy and rhetoric. Many of those compelled to stay will cut hours, retire early, turn down promotions, tax plan etc.

But carry on with the socialist experiment by all means (tip - it doesn’t work).

Are you saying Dubai doesn't operate a 0% income tax rate and its not a factor? how odd.

Yes i'm sure do, funny how these people who work in sector x or y also have huge amounts of time to be on MN.

Staggering anyone would see their tenue as a "Huge Success"

You missed off the relative to the last 14 months part. I’m sure it was an honest mistake and you wouldn’t be being disingenuous. The Tories are not in power, Labour are and with a huge majority….they are in total control and the consequences are there for everyone to see. Shouting Tory or austerity isn’t going to cut it, you are going to have to face the reality that your ideology does not work and never has.

Are you seriously looking at a jurisdiction’s income tax rate in isolation?
You need to factor in the COL, of course. I have lived and worked in Asia, Europe and the US.

Believe me or don’t - happy for you to ask me any professional question you like.

What would you have done in 2010 in the aftermath of the GFC and the recession and the deficit?

you didn't ever understand what this poster is saying...

The deficit just increased during the austerity years, despite interest rates being close to zero. I’d love to know where all the money public services cuts were supposed to save actually went. Just about every economist agrees that austerity was the wrong approach.

Then what was the alternative?

Borrowing money when rates were at rock bottom and investing in the country. Essentially a Keynesian approach.

https://www.google.com/amp/s/www.bbc.co.uk/news/articles/c70j7dxjp5wo.amp

Fuck me.

Fair point. Would it work now?

Not really. We don’t have the benefit of the very low interest rates Cameron and Osborne had.

Is she just trolling net tax payers at this point?

I can only assume this is the case!

I actually cannot believe that they are going to raise taxes and then get rid of the 2 child benefit cap.

So let’s break a manifesto promise because we need more money and at the same time increase the benefits bill. This is just unbelievable and to think we’ve got another 3 more years of this 🤬.

Alexandra2001
They even took borrowing from 65% to 87%

Alastair Darling - Labour's Chancellor in December 2009;

'Net debt to reach 56% of GDP this year and increase to 65% next year, and 78% by the end of the forecast period in 2014-15.'

https://www.theguardian.com/uk/2009/dec/09/pre-budget-report-key-points

Then we had the eurozone crisis which obviously affected the UK economy:

June 2012 - Timeline: The unfolding eurozone crisis

https://www.bbc.co.uk/news/business-13856580

November 2011
Sir Mervyn King also said that the eurozone debt crisis was the "single biggest risk" to the UK.

https://www.bbc.co.uk/news/business-15755835

The financial crisis was 17 years ago for goodness sake! Austerity in the majority of other countries only lasted about 2 years. We had 14 years of it!

Public sector pay growth has been below private sector pay growth for years. Between 2010 and 2015 they were relatively equitable, but private sector pay increases has totally outstripped public sector since 2015. Add to that public sector generally pays less anyway and the ongoing reduction in funding that has pushed services to breaking point.

Tax take under the last Tory government was higher than it had been since 1949 and yet public services are the worst they've ever been. Growth has been absolutely minimal.

According to the latest GDP figures, Labour have 4 consecutive quarters of growth. More importantly Net Domestic Product is increasing - which is a better measure of growth because it shows how much money is left from GDP after production costs.

Increasing NDP means more money for public services. Under the Blair / Brown government NDP increased by 12.3% - and that's after the financial crash. Prior to the crash it had increased by 20.8%.

Under 14 years of Tory rule NDP has increased by 9.5%. Even pre-covid it had only gone up 10.5%.

Post covid NDP had recovered, only to fall again throughout 2023.

So the Tories:

• increased the tax burden to its highest level since 1949
• created absolutely minimal growth in GDP and NDP
• decimated public services.

And despite the economy growing and more money going into public services to try and fix that mess, it is Labour who are screwing everything up?

I don't agree with everything they are doing by a long shot - but they are better than what we had before!

So austerity was needed??