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

[gggddjkki]

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?

The Duke of Westminster and other similar landowners don’t pay IHT but they do pay trust taxes of 6% of the value of the trust every 10 years rather than a lump sum of 40% on death. The trust tax is designed to be slightly more than IHT over a life time (42 per cent over 70 years).

When ever people say tax the wealthy they nearly always mean the same thing - tax people wealthier than me.

Then you get the virtual signalers who come along saying they would love to pay more tax but funnily enough they never actually do in practice. .

Make a change? How have they ‘attacked’ the poor and vulnerable as it is? There are plenty of 6ft drug taking men on benefits who spend their days robbing shops and intimidating the public. Are they vulnerable?

We need a total redefinition of the word, it’s utterly meaningless

You can if you want to! You can make a voluntary donation to HMRC, you can even specify where you want it to go. Why don’t they?

Because it is just virtual signalling. One person even responded in the past to say they would if they could trust the government to spend it wisely, they didn't get the irony in that.

👏👏 yes when it's pointed out that there currently exists a system whereby they can voluntarily pay more tax, they all backtrack and start making excuses 🤣

It's just virtue signalling.

If being attacked means being given ever increasing amounts of money, hopefully, Reeves will come and attack people like me!

Yep exactly

Lol cross posts 😄

In fairness doesn’t everyone pay the least they can lol? I’m a middle earner and I assure you I don’t voluntarily pay more 😁

I read it as meaning...
We will do fuck all to tax wealth or the wealthy but will tax the MC wwho are already net contributors to the hilt.

Are there any Tories left? I'm going Reform like 35% of the country.

What it means is that the small business owner who took a loan to start a business, took no pay out for years and somehow against all the odds, scrambled to form a business and is now selling it, will now get taxed as if he/she turned up to a job 9-5 and got a salary for taking no risk.

It means that the small time landlady who has 6

It means that the small time landlady who has 3 properties she keeps well and treats tenants fairly will also be slammed when she wants to sell these. Not surprisingly she’ll probably sell these to a multi national asset sucker who won’t care less about the community, because who else would want to reviled as much as landlords are in the UK?

What about the computer programmer or sales person in a start up, working long unpaid hours well under market rate, on the potential promise of a pay out if successful? Would you take this risk?

There is likely to be extensive reform of the capital gains regime which will lead to less risk taking and a much less entrepreneurial country. In turn, this means less tax income as people leave the UK and start businesses and invest capital elsewhere.

If you get any benefit at all - child benefit, universal credit, pension - this is bad news.

Not sure there are any "Tory bots" left these days. There are an awful lot of people who don't like this government though.

I hope it doesn’t include a tax on houses over £500k as that wound be so unfair, with massive regional disparities in house prices. People in the south are already spending so much more of their income on housing than others in cheaper regions. How does it follow that they have more available to pay in tax? For that to be true you’d need to look over the £1.2 million mark surely.

Probably houses over £500k, smaller landlords, people earning over £50k, savings, inheritance tax but mainly affecting those with assets about £300k-2mil. It won't be the large companies like Amazon and other tech companies as a lot of those are American so difficult to tax without repercussions. So mainly middle class as they are easy targets, especially those working in the private sector

It means "rich" people earning about 60k+ will be paying through the nose for other people to sit about on PIP because they have "anxiety", basically. If they do this I'll be looking at reducing my hours. I'd literally rather burn my money than fund grifters

Hard agre with this - a total overhaul that fully considers human behaviour is needed. At the moment the system penalises success. Make it not so.

Sadly, RR and co will not have courage or the support of their benches for radical reform.

I think it would need to be regionally adjusted, so a house over £500k in south might be £300k in the north .

It's pretty hard to take. This government doesn't work in the interests of people who work in the private sector. We've been written off in favour of making public sector workers like traindrivers richer and piling on the debt for their pension liability.

Of course they do. I'm not sure it makes sense to tax corporations more. We need business to be based in the UK. Given that most large corporations are owned by pension funds, we might as well just tax the pension funds directly. Maybe there should be a levy on pension funds invested outside of the UK to drive more internal investment

Remember we have to pay up for Chagos to make sure that the Mauritians can reduce their income tax rates. We may have to pay more income tax as a result. But that's Keir Starmer's negotiating skills for you.

That would just mean wrecking everyone's pensions.

What about people who ‘hoard’ their talent, their risk appetite, their entrepreneurial nature, their willingness to study hard, to work long hours, to sacrifice their personal lives for their chosen profession?

Should they be penalised, punitively?