Issue in the UK is that taxes have been piled on the most economically productive massively disincentivising them from working, earning more and spending (all the people reducing hours or increasing pension to avoid child benefit claw back, free childcare withdrawal, 60% tax and pension taper). We need to increase base rate income tax by a small amount so that everyone contributes instead of employer national insurance which is a tax on jobs. You may think f*** the high earners but it helps everyone if they are incentivised to earn more. As an example, because of the tax situation I have an Ltd to distribute shares to my wife and to shield my money from tax. If after £50,000 there weren’t any cliff edges I would just be a sole trader, take the money, pay tax, feel richer and spend more money in the economy.
Legitimate-Meat-3278 on
Raise them or lower them, the money never feeds back to where it truly needs to go. The average street in a town, city or village is a messy shithole.
PatrickTheSosij on
But we NEED tax rises. We can’t just keep cutting services
Tricky_Routine_7952 on
I’m going to start calling my work emails “secret memos” it sounds much more interesting.
No-Cheetah4294 on
How about make pensioners drawing down large amounts pay NI and income tax so it’s not a two tier Ponzi scheme in our country
SkipperTheEyeChild1 on
I do my self employed work as an Ltd. There are more costs involved but after £50,000 it makes sense because you have more control over when and how much income you take.
gaynorg on
Imagine members of the cabinet discussing tax policy, outrageous!
Cultural_Tank_6947 on
Oh look the Deputy Prime Minister made a budget recommendation to the Chancellor of the Exchequer.
How scandalous. This interference must not be permitted. /s
I mean as much as I don’t want any further tax rises, and I certainly don’t want the pensions LTA to be capped at £1M, this isn’t especially scandalous an article.
It’s literally the Deputy PM, who is fairly left of centre, recommending tax rises. They may or may not come in. The additional tax raised may or may not make a difference.
But I’d much rather ministers communicate on potential policy via the appropriate channels.
Solid_Bee666 on
This is a paywalled news article. Other than paying, how are people able to read it?
Phenakist on
Taxation is theft. If you want to tax me, give me something for it.
Because I can never access the NHS, my car takes a frequent battering from shite roads, I’m not in receipt of any benefits and the myriad of other things that the tax on my personal time and labour supposedly give me access to or gain benefit from.
Similarly, fucking student loan tax of 10% (sorry, repayment), for having a modicum of success I pay enough taxes which disappear off into the ether, why can’t they just go towards that?
twinkmaster600 on
Stop suggesting we average brits should be paying even more tax in these comments. There’s 900bn being held by billionaires in this country, tax that first
Competitive_Cod_7914 on
The thing that isn’t often talked about is the “stealth taxes” tax rates are often quoted in income and NI but my pension contributions and student loans are almost that again! I earn more than double the minimum wage and take home only about ~50% more.
I am a couple of 2% rises from reaching the higher tax threshold. At which point I’ll be on a effective rate of tax of 70% of anything I earn over 50k. I know there are alot of people worse off than me I am reasonably comfortable. But there is no real incentive for me to try harder or go for a promotion/do any overtime. And I’m sure I can’t be the only one to notice this and decide to coast which can’t be good for the economy.
bluebottled on
Good to know someone at the top of Labour isn’t a fucking idiot. If Reeves had done this instead of the winter fuel cuts and welfare cuts Labour would have one more MP and a lot more councillors.
Also when did this sub turn into a right wing hellhole? People unironically advocating for trickle down economics and regressive taxes 🤢
caughtatfirstslip on
Wages are going up year on year. This is the weirdest part of these tax discussions. Fiscal drag means every single year, taxes go up. How much more do they want from us? All high taxes seem to have got us is millions of people reliant on the state. End the handouts.
g17gud on
If they increase taxes again and do that to working people, their chances of having another government in the next 14 years will evaporate…
16 commenti
Yes Angela more of the same will fix the problem??????
Note: increasing taxes lowers the governments tax revenues because it decreases the size of the economy!
https://en.m.wikipedia.org/wiki/Laffer_curve
Issue in the UK is that taxes have been piled on the most economically productive massively disincentivising them from working, earning more and spending (all the people reducing hours or increasing pension to avoid child benefit claw back, free childcare withdrawal, 60% tax and pension taper). We need to increase base rate income tax by a small amount so that everyone contributes instead of employer national insurance which is a tax on jobs. You may think f*** the high earners but it helps everyone if they are incentivised to earn more. As an example, because of the tax situation I have an Ltd to distribute shares to my wife and to shield my money from tax. If after £50,000 there weren’t any cliff edges I would just be a sole trader, take the money, pay tax, feel richer and spend more money in the economy.
Raise them or lower them, the money never feeds back to where it truly needs to go. The average street in a town, city or village is a messy shithole.
But we NEED tax rises. We can’t just keep cutting services
I’m going to start calling my work emails “secret memos” it sounds much more interesting.
How about make pensioners drawing down large amounts pay NI and income tax so it’s not a two tier Ponzi scheme in our country
I do my self employed work as an Ltd. There are more costs involved but after £50,000 it makes sense because you have more control over when and how much income you take.
Imagine members of the cabinet discussing tax policy, outrageous!
Oh look the Deputy Prime Minister made a budget recommendation to the Chancellor of the Exchequer.
How scandalous. This interference must not be permitted. /s
I mean as much as I don’t want any further tax rises, and I certainly don’t want the pensions LTA to be capped at £1M, this isn’t especially scandalous an article.
It’s literally the Deputy PM, who is fairly left of centre, recommending tax rises. They may or may not come in. The additional tax raised may or may not make a difference.
But I’d much rather ministers communicate on potential policy via the appropriate channels.
This is a paywalled news article. Other than paying, how are people able to read it?
Taxation is theft. If you want to tax me, give me something for it.
Because I can never access the NHS, my car takes a frequent battering from shite roads, I’m not in receipt of any benefits and the myriad of other things that the tax on my personal time and labour supposedly give me access to or gain benefit from.
Similarly, fucking student loan tax of 10% (sorry, repayment), for having a modicum of success I pay enough taxes which disappear off into the ether, why can’t they just go towards that?
Stop suggesting we average brits should be paying even more tax in these comments. There’s 900bn being held by billionaires in this country, tax that first
The thing that isn’t often talked about is the “stealth taxes” tax rates are often quoted in income and NI but my pension contributions and student loans are almost that again! I earn more than double the minimum wage and take home only about ~50% more.
I am a couple of 2% rises from reaching the higher tax threshold. At which point I’ll be on a effective rate of tax of 70% of anything I earn over 50k. I know there are alot of people worse off than me I am reasonably comfortable. But there is no real incentive for me to try harder or go for a promotion/do any overtime. And I’m sure I can’t be the only one to notice this and decide to coast which can’t be good for the economy.
Good to know someone at the top of Labour isn’t a fucking idiot. If Reeves had done this instead of the winter fuel cuts and welfare cuts Labour would have one more MP and a lot more councillors.
Also when did this sub turn into a right wing hellhole? People unironically advocating for trickle down economics and regressive taxes 🤢
Wages are going up year on year. This is the weirdest part of these tax discussions. Fiscal drag means every single year, taxes go up. How much more do they want from us? All high taxes seem to have got us is millions of people reliant on the state. End the handouts.
If they increase taxes again and do that to working people, their chances of having another government in the next 14 years will evaporate…