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Politics

“Tax the wealthy” (RR budget) what does this even mean?

639 replies

gggddjkki · 16/10/2025 08:32

I don’t remember anxiously waiting for budgets like we have the last few years earlier on in my adulthood. But when you read statements like this (as I have seen in the headlines today) what do you interpret it to mean? What does taxing the wealthy look like to you? Taxing higher earners more? From what point? Higher taxes on industry?

OP posts:
NorthXNorthWest · 17/10/2025 13:22

Bruisername · 17/10/2025 13:00

But then you have someone in a house worth the same not paying the tax because they bought it 10 years earlier? I guess they could base it on council tax bands

it would totally stall the market

Edited

It will stall the market at the top and force people in to the 3/4 be homes that are in high demand in the middle price brackets, pushing those homes out of the reach of many people on ordinary salaries with young families. Just like Londoners are being forced out of London by increasing house prices and increasing rents. Its not fixing a problem its kicking it down the road. To be fair it's an issue for most cities.

Anthempart2 · 17/10/2025 13:22

Savoury · 17/10/2025 13:19

All this because Labour can’t and won’t address the growing welfare/benefits burden..
I sense a poll tax moment is looming.

Yes, me too. I feel like disability is used in certain circumstances like race (the way white Westerners use race I mean - like a kind of trump card) where you can’t oppose anything without being labelled a eugenicist bigot.

But the ice is melting I think around ‘bigotry’ being used to shut down debate.

Namechangeragin · 17/10/2025 13:24

Why don’t they ever discuss taxing money sent out of the U.K.?

If it’s sent to another country it will not be spent in the UK. Tax it at 40%. It must be surplus cash if people can afford to send it elsewhere.

Quick google - World Bank suggesting remittances could have been as high as £24.5 billion in 2021.

sammyspoon · 17/10/2025 13:26

Bruisername · 17/10/2025 12:46

They’ve talked about rolling it up so if you are asset rich and cash poor you pay the tax when the house is sold.

the expression about nothing being certain except death and taxes has never felt more pertinent!!

For couples selling due to divorce and needing to share equity to buy 2 homes this would be a huge blow.

NorthXNorthWest · 17/10/2025 13:27

Bruisername · 17/10/2025 12:46

They’ve talked about rolling it up so if you are asset rich and cash poor you pay the tax when the house is sold.

the expression about nothing being certain except death and taxes has never felt more pertinent!!

Asset rich, so not wealthy. Most people buy a home with the hopes it can fund their retirement/ elderly care and to have some level of control over the roof over their head. If landlords could be trusted to be reasonable not greedy and mercenary (even politicians are not immune to this) there would not be such pressure to own you own home.

What will the government do when there are no homes to be sold to pay for elderly care?

suburburban · 17/10/2025 13:29

Namechangeragin · 17/10/2025 13:24

Why don’t they ever discuss taxing money sent out of the U.K.?

If it’s sent to another country it will not be spent in the UK. Tax it at 40%. It must be surplus cash if people can afford to send it elsewhere.

Quick google - World Bank suggesting remittances could have been as high as £24.5 billion in 2021.

Yes and sub letting of council properties is another one

Enterthewolves · 17/10/2025 13:30

Leavesfalling · 17/10/2025 08:15

Pretty good pensions though! Can't get those in the private sector. We will all be on the hock for that liability for generations.

@Leavesfalling So it’s a race to the bottom? Also my pension falls under the new rules, still good but not as good as the DB schemes at:

Allied Domecq Pension Fund
Asda Group Pension Scheme
Aviva Staff Pension Scheme
BAE Systems Pension Scheme
Barclays Bank UK Retirement Fund
BMW Pension Scheme
BoC Pension Scheme
Boots Pension Scheme
BP Pension Fund – BP Pension Scheme
BP Pension Fund – Burmah & Castrol
British Airways – NAPS
BT Pension Scheme
Diageo Pension Scheme
Electricity Supply Pension Scheme (Manweb ESPS)
Gallaher Pension Scheme
GE Pension Plan
HBOS Final Salary Pension Scheme
Honeywell Retirement Plan
Interserve Pension Scheme
Invensys Pension Scheme
Jaguar Pension Plan
Lafarge UK Pension Plan
Lloyds Bank Pension Scheme No 2
Lloyds Bank Pension Scheme No 1
Lloyds Bank Pension Scheme No1 – Pension Investment Plan
Marks & Spencer Pension Scheme
Merchant Navy Pension Fund
National Grid Pension Fund
Nationwide Pension Fund
Northern Powergrid Group of the ESPS
Prudential Staff Pension Scheme
Reed Elsevier Pension Scheme
Rolls-Royce UK Pension Fund
Rosyth Royal Dockyard Pension Scheme
Sainsburys Pension Scheme
Santander (UK) Group Pension Scheme
Sal Pension Scheme (SALPS)
Scottish Power Pension Scheme
Social Housing Pension Scheme
Standard Life Staff Pension Scheme (Aberdeen SLSPS)
Tesco PLC Pension Scheme
The Co-op Pension Scheme ( PACE DB)
The RHM Pension Scheme – Standard Scheme
Universities Superannuation Scheme
UTC (UK) Pension Scheme
UTC (UK) Pension Scheme – Goodrich Section
Vodafone Pension Scheme
Yorkshire and Clydesdale Bank Pension Scheme
ZF UK Pension

BT Pension Scheme

BT Pension Transfer Advice | BT Pension Scheme (BTPS)

If you have an old BT Pension Scheme you can probably transfer it into a new flexible arrangement; and release 25% cash tax free.

https://www.grove-pensions.co.uk/defined-benefit-pension-transfer/schemes/bt-pension-scheme/

Bruisername · 17/10/2025 13:31

Remitting money that’s already been taxed? and then taxing again? And what would count as remittance?

Bumblebee72 · 17/10/2025 13:35

Enterthewolves · 17/10/2025 09:24

Seriously?! My salary increases are very very much below inflation - the IFS states:

Real public sector pay at the end of 2023 was still 1% lower than its level at the beginning of 2007. Real private sector pay increased by 4% from 2007 to 2023. https://ifs.org.uk/publications/recent-trends-public-sector-pay

Removed as misread post.

slightlyunimpressed · 17/10/2025 14:08

LaChouette · 17/10/2025 12:59

Surely it would have to be based on last sale price, similar to Switzerland, as Zoopla or other would only be able to give a prediction?

For that to work, they would have to have all the details on every house recorded at the Land Registry. About 13% of UK property isn't registered yet, so there will be no central record of the last sale price.

Enterthewolves · 17/10/2025 14:47

twistyizzy · 17/10/2025 08:21

When did you last get a payrise and how much is your pension?

I last got a pay rise in March 2.5% - but as previously noted (see my previous posts) this means that public sector workers are still tracking at 5% below the increase experienced by private sector workers in the same period and we had lower salaries on average to start with. Now those lower salaries (which are not rising at the rate of private sector wages so getting lower) could be argued to be the trade off for the good pensions….oh but our pension rules have changed so they’re not as good anymore, and oh….unlike private sector pensions can’t be inherited - so swings and roundabouts there hey!

I’m so tired of people whipping public sector workers- we are social workers, teachers, nurses, doctors, rubbish collectors, housing advice workers, public health workers, during Covid we were essential, we were praised, but now we want investment in essential sectors because we see how they are breaking, how we are breaking, we’re the problem?

ThisTicklishFatball · 17/10/2025 15:11

Enterthewolves · 17/10/2025 14:47

I last got a pay rise in March 2.5% - but as previously noted (see my previous posts) this means that public sector workers are still tracking at 5% below the increase experienced by private sector workers in the same period and we had lower salaries on average to start with. Now those lower salaries (which are not rising at the rate of private sector wages so getting lower) could be argued to be the trade off for the good pensions….oh but our pension rules have changed so they’re not as good anymore, and oh….unlike private sector pensions can’t be inherited - so swings and roundabouts there hey!

I’m so tired of people whipping public sector workers- we are social workers, teachers, nurses, doctors, rubbish collectors, housing advice workers, public health workers, during Covid we were essential, we were praised, but now we want investment in essential sectors because we see how they are breaking, how we are breaking, we’re the problem?

I agree, everyone needs higher salary increases to keep up with the cost of living. It helps cover taxes and the government’s demands, allowing public sector workers to contribute more effectively through their earnings.

The problem with the country lies in its highly inefficient and troubled public spending, which desperately needs better management. The country isn't producing people capable of addressing these issues, and those who are capable choose to act based on personal gain. It's an awful situation we're facing.

Even if political leanings push for the idea of "taxing the rich," I believe the indirect effect would ironically lead to higher taxes for everyone. To be fair, wealthy individuals can't support everyone indefinitely, so it's essential for everyone to contribute.

Socialism functions when wealthier individuals (even the middle class, who are often seen as wealthy by the poor and sometimes resented as much as the truly wealthy) support those who are less fortunate—or those clever enough to navigate the system—to benefit from it.

I come from a farming background, which isn't very well-regarded or well-paid nowadays unless smart financial choices were made years ago. Some of my family members work in the armed forces as public sector employees, and thankfully, they enjoy decent salaries and plenty of perks, especially if they hold officer positions.

Enterthewolves · 17/10/2025 15:21

ThisTicklishFatball · 17/10/2025 15:11

I agree, everyone needs higher salary increases to keep up with the cost of living. It helps cover taxes and the government’s demands, allowing public sector workers to contribute more effectively through their earnings.

The problem with the country lies in its highly inefficient and troubled public spending, which desperately needs better management. The country isn't producing people capable of addressing these issues, and those who are capable choose to act based on personal gain. It's an awful situation we're facing.

Even if political leanings push for the idea of "taxing the rich," I believe the indirect effect would ironically lead to higher taxes for everyone. To be fair, wealthy individuals can't support everyone indefinitely, so it's essential for everyone to contribute.

Socialism functions when wealthier individuals (even the middle class, who are often seen as wealthy by the poor and sometimes resented as much as the truly wealthy) support those who are less fortunate—or those clever enough to navigate the system—to benefit from it.

I come from a farming background, which isn't very well-regarded or well-paid nowadays unless smart financial choices were made years ago. Some of my family members work in the armed forces as public sector employees, and thankfully, they enjoy decent salaries and plenty of perks, especially if they hold officer positions.

It is interesting you think I want a higher salary, I actually don’t, I’d rather we invested in systems, more staff, this isn’t about personal gain, it’s about a public sector that is desperately struggling to deal with the fall out of 14years of underinvestment while people like Michelle Mone made millions.

Overthemhills · 17/10/2025 17:13

As far as I can see RR has not said much one way or the other about the budget other than saying she won’t increase VAT, NI or income tax. She’s made some guff about reducing energy costs via lowering VAT and some means of encouraging investors to the UK but in so far as she’s mentioned “wealth tax” (she doesn’t use the term as far as I know) she’s also mentioned cutting public spending.
I really wouldn’t be having nightmares about her taxing primary residences just yet!
And as far as public spending cuts I’d be curious to see how brave she would be - they backed off pretty quickly from what their initial plans were.
I can think of numerous ways they could fo the latter and I don’t mean the usual stuff about getting layabouts to work (I find those sorts of views naive and pointless) but they’ll never do what they could do or should do (I’ll never vote Labour again btw).

Leavesfalling · 17/10/2025 17:14

Enterthewolves · 17/10/2025 13:30

@Leavesfalling So it’s a race to the bottom? Also my pension falls under the new rules, still good but not as good as the DB schemes at:

Allied Domecq Pension Fund
Asda Group Pension Scheme
Aviva Staff Pension Scheme
BAE Systems Pension Scheme
Barclays Bank UK Retirement Fund
BMW Pension Scheme
BoC Pension Scheme
Boots Pension Scheme
BP Pension Fund – BP Pension Scheme
BP Pension Fund – Burmah & Castrol
British Airways – NAPS
BT Pension Scheme
Diageo Pension Scheme
Electricity Supply Pension Scheme (Manweb ESPS)
Gallaher Pension Scheme
GE Pension Plan
HBOS Final Salary Pension Scheme
Honeywell Retirement Plan
Interserve Pension Scheme
Invensys Pension Scheme
Jaguar Pension Plan
Lafarge UK Pension Plan
Lloyds Bank Pension Scheme No 2
Lloyds Bank Pension Scheme No 1
Lloyds Bank Pension Scheme No1 – Pension Investment Plan
Marks & Spencer Pension Scheme
Merchant Navy Pension Fund
National Grid Pension Fund
Nationwide Pension Fund
Northern Powergrid Group of the ESPS
Prudential Staff Pension Scheme
Reed Elsevier Pension Scheme
Rolls-Royce UK Pension Fund
Rosyth Royal Dockyard Pension Scheme
Sainsburys Pension Scheme
Santander (UK) Group Pension Scheme
Sal Pension Scheme (SALPS)
Scottish Power Pension Scheme
Social Housing Pension Scheme
Standard Life Staff Pension Scheme (Aberdeen SLSPS)
Tesco PLC Pension Scheme
The Co-op Pension Scheme ( PACE DB)
The RHM Pension Scheme – Standard Scheme
Universities Superannuation Scheme
UTC (UK) Pension Scheme
UTC (UK) Pension Scheme – Goodrich Section
Vodafone Pension Scheme
Yorkshire and Clydesdale Bank Pension Scheme
ZF UK Pension

I don't understand your point. Apologies.

My point is that public sector pensions are unaffordable and will bankrupt the country. And Keir Starmer keeps piling on the liability by giving pay rises. And because it's a contractual obligation the pensions have to be paid. Unlike the state pension which the government can tweak. So the taxpayers are making the public sector richer potentially at the cost of the state pension and those relying on it now and in future.

Idstillratherbepaddleboarding · 17/10/2025 17:33

Leavesfalling · 17/10/2025 17:14

I don't understand your point. Apologies.

My point is that public sector pensions are unaffordable and will bankrupt the country. And Keir Starmer keeps piling on the liability by giving pay rises. And because it's a contractual obligation the pensions have to be paid. Unlike the state pension which the government can tweak. So the taxpayers are making the public sector richer potentially at the cost of the state pension and those relying on it now and in future.

So if they stopped public sector pensions, what’s the incentive to work for them? So no NHS doctors, nurses, health care assistants, teachers, Police, ambulances, firemen, prison and probation staff, court staff, bin men, no DWP staff to assess the benefits that can’t be reduced under any circumstances… I mean I’d be happy for there to be no tax office but I’d quite like to keep the services that keep the country running on a shoestring.

Leavesfalling · 17/10/2025 17:36

Idstillratherbepaddleboarding · 17/10/2025 17:33

So if they stopped public sector pensions, what’s the incentive to work for them? So no NHS doctors, nurses, health care assistants, teachers, Police, ambulances, firemen, prison and probation staff, court staff, bin men, no DWP staff to assess the benefits that can’t be reduced under any circumstances… I mean I’d be happy for there to be no tax office but I’d quite like to keep the services that keep the country running on a shoestring.

Edited

We have to live within our means and pay the wages we can afford to the number of people we can afford. Otherwise we go bankrupt. Pretty straightforward.

Plenty of incentive to work. Unemployment is steadily rising thanks to Rachel Reeves. People won't be able to afford to be fussy especially young people.

Idstillratherbepaddleboarding · 17/10/2025 17:59

Leavesfalling · 17/10/2025 17:36

We have to live within our means and pay the wages we can afford to the number of people we can afford. Otherwise we go bankrupt. Pretty straightforward.

Plenty of incentive to work. Unemployment is steadily rising thanks to Rachel Reeves. People won't be able to afford to be fussy especially young people.

And the incentive would be what exactly? Do more with less and you don’t even have a pension to look forward to?

Leavesfalling · 17/10/2025 18:01

Idstillratherbepaddleboarding · 17/10/2025 17:59

And the incentive would be what exactly? Do more with less and you don’t even have a pension to look forward to?

Probably just be grateful you've got a job at all soon.

Enterthewolves · 17/10/2025 18:12

Leavesfalling · 17/10/2025 17:14

I don't understand your point. Apologies.

My point is that public sector pensions are unaffordable and will bankrupt the country. And Keir Starmer keeps piling on the liability by giving pay rises. And because it's a contractual obligation the pensions have to be paid. Unlike the state pension which the government can tweak. So the taxpayers are making the public sector richer potentially at the cost of the state pension and those relying on it now and in future.

My point is that public sector pensions are not better than everyone else’s- not your point but one made by people earlier. Public sector pay is lower than private (and the gap keeps getting bigger) how are you going to convince good people (and there are good people) to stay if you cut the DB? You could (further) lower the value of the pension (it’s no longer final salary) but you’d need to increase pay to compensate - bring it inline with private sector. How much would that cost?

Leavesfalling · 17/10/2025 18:37

Enterthewolves · 17/10/2025 18:12

My point is that public sector pensions are not better than everyone else’s- not your point but one made by people earlier. Public sector pay is lower than private (and the gap keeps getting bigger) how are you going to convince good people (and there are good people) to stay if you cut the DB? You could (further) lower the value of the pension (it’s no longer final salary) but you’d need to increase pay to compensate - bring it inline with private sector. How much would that cost?

Public sector pensions are underwritten by the tax payer for a start.

NorthXNorthWest · 17/10/2025 19:19

Enterthewolves · 17/10/2025 18:12

My point is that public sector pensions are not better than everyone else’s- not your point but one made by people earlier. Public sector pay is lower than private (and the gap keeps getting bigger) how are you going to convince good people (and there are good people) to stay if you cut the DB? You could (further) lower the value of the pension (it’s no longer final salary) but you’d need to increase pay to compensate - bring it inline with private sector. How much would that cost?

She wants those with 'broadest shoulders' to carry the weight of tax. Her version of the broadest shoulders does not seem to be those with really wealth and tax avoiding corporate but anyone who has scrimped and saved to buy their own home or planned for their old age. Meanwhile the benefit / healthcare bill spirals out of control, waste and inefficiency goes un checked and private equity and shareholders get to count their money all the way to their banks overseas.

NorthXNorthWest · 17/10/2025 19:23

Leavesfalling · 17/10/2025 18:37

Public sector pensions are underwritten by the tax payer for a start.

This.

RedRiverShore5 · 17/10/2025 19:48

Last year those with the 'broadest shoulders' were pensioners on over about £11.5k