Theresa May calls General Election on 8th June.

[AlterEgo]

Remember folks, taxing the top 5% of the population works for 95% of the population.

In the short term perhaps. But completely unsustainable.

 

[47802]

In the short term perhaps. But completely unsustainable.

And frankly does anyone believe that it will stay at that rate and not get extended to a higher percentage of the population when Labour find they haven't actually got enough money.

And frankly I do not trust a regime that has an inbred and inbuilt hatred of capitalism or anybody who is reasonably well off.

 

[Xenophon PCDGS]

Bookmakers are usually a tad more reliable that those who run polls, so has there been any noticeable reduction in the odds offered on a Labour victory at the coming General Election since the Labour "four week period" to change the minds of voters was stated in the aftermath of the recent county council elections?

 

[SteveP29]

how many tens of thousands of jobs have been lost through the sheer intransigence of the unions? for a prime example you only have to look at the British car industry

Conveniently forgetting that 95% of the cars built by British car makers were absolute dogs**t

 

[Dave1987]

And frankly does anyone believe that it will stay at that rate and not get extended to a higher percentage of the population when Labour find they haven't actually got enough money.

And frankly I do not trust a regime that has an inbred and inbuilt hatred of capitalism or anybody who is reasonably well off.

As much as I dislike Corbyn and his back of a fag packet calculations, at least he wants to keep our public services well funded! Unlike the Tories who seem destined to turn our country into a tax haven and privatise the NHS.

 

[furnessvale]

Remember folks, taxing the top 5% of the population works for 95% of the population.

Unless the top slice of the 5%, who already pay a good chunk of tax per capita, decide to up sticks and move to a more tax friendly environment.

I can remember the days when the tax on "unearned", ie investment income, for top rate tax payers was 95% under a Labour government. Just how much of that "unearned" income do you think was left in the UK to attract such a tax?

 

[Dave1987]

Bookmakers are usually a tad more reliable that those who run polls, so has there been any noticeable reduction in the odds offered on a Labour victory at the coming General Election since the Labour "four week period" to change the minds of voters was stated in the aftermath of the recent county council elections?

Paul you really must congratulate yourself. You have managed to complete a post without insinuating that anyone that dislikes May is a member on "Momentum". If May is going to win the election then I would rather she wins big because then there will be no one to hide behind when she destroys the economy and decimates the NHS.

 

[ExRes]

Conveniently forgetting that 95% of the cars built by British car makers were absolute dogs**t

Which was caused by a Management/Union joint effort and could easily have been reversed if either had made an effort, individually or together

 

[me123]

Lib Dems launch their manifesto today.

Key policies include

• Legalisation and taxation of Cannabis
• Second referendum on EU membership - an opportunity to accept or reject the deal offered
• PR voting, and reducing voting age to 16
• 1p increase in income tax (affected bands not stated - presumably all taxpayers)
• Subsidised bus travel for under 21s
• Maintin pension "triple lock"

 

[Senex]

As much as I dislike Corbyn and his back of a fag packet calculations, at least he wants to keep our public services well funded! Unlike the Tories who seem destined to turn our country into a tax haven and privatise the NHS.

Am I alone in being very happy to see public services well funded provided they are well managed and deliver a high-quality service. Since the 1940s Labour seems to have been happy to throw money at their beloved public services without demanding high quality performance and good service for the public being served in return and Tories seem simply to have wanted to save money whatever the consequences for quality of service.

 

[trainmania100]

i like the idea of labour making a second brighton main line

 

[Tetchytyke]

alternatively you make it live within its means and provide the best possible service within that, and maybe you have to look what can be delivered within the NHS and what cannot, and what are the options that which cannot be delivered within the NHS.

What does "live within its means" mean? Really?

How much money is spent on the NHS is a political decision. It is not an economic decision. And it sounds like you are pitching for privatisation and pitching for an insurance-based healthcare system.

Poor? Refused insurance? Die quietly please.

Also if you Tax Higher Earners more it can be counter productive, they will look at ways around it, and possibly they may move abroad causing a Brain Drain

You close the loopholes. And if they move abroad then fine, revoke their passport and don't let them back into the country until they pay up.

If they want their money to live in the Cayman Islands then fine, off they pop. They can come back when they cough up.

 

[Tetchytyke]

In the short term perhaps. But completely unsustainable.

It depends where you set the levels. Personally I'd be more interested in closing self-employed/"consultant" loopholes than I would be in raising the headline rate of income tax.

Osborne, that noted socialist, had the right idea in whacking up NIC rates for self-employed people, it's a shame he didn't have the bottle to follow through. It's what is needed. Too many people are able to set themselves up as limited companies and pay themselves as dividends rather than paying the correct amount of income tax. Close that loophole and job's a good 'un.

If the top 5% want to live here and enjoy life here, they can pay for the cost of living here. If they don't want to live here then fine, I'll drive them to the airport myself, but I hear the nightlife in the Cayman Islands and Bermuda isn't all that.

 

[Dave1987]

A snap election could end up with being the most silly thing May has done. Inflation is outstripping wages, and that's before the consequences of Brexit have really kicked in. WTO regs will add a good amount to inflation. Unfortunately those who can least afford it will be hit hardest as they always are. I genuinely fear for the future of the NHS. Don't get ill over the next 5 years unless you can afford to pay for private health care.

 

[me123]

I genuinely fear for the future of the NHS. Don't get ill over the next 5 years unless you can afford to pay for private health care.

Don't get ill. Period. There's little to no private emergency care in the UK.

The NHS will not exist in its present form in a decade, of that I am certain. Enjoy it while it lasts, people.

 

[Dave1987]

Am I alone in being very happy to see public services well funded provided they are well managed and deliver a high-quality service. Since the 1940s Labour seems to have been happy to throw money at their beloved public services without demanding high quality performance and good service for the public being served in return and Tories seem simply to have wanted to save money whatever the consequences for quality of service.

Lots of people having to wait 2 weeks plus to see their GP. Nurses have seen a real terms pay cut by between 6-14%. Nurses completely despondent about their lives and working conditions. Yup that sure sounds like a well managed NHS.... not

 

[Moonshot]

A snap election could end up with being the most silly thing May has done. Inflation is outstripping wages, and that's before the consequences of Brexit have really kicked in. WTO regs will add a good amount to inflation. Unfortunately those who can least afford it will be hit hardest as they always are. I genuinely fear for the future of the NHS. Don't get ill over the next 5 years unless you can afford to pay for private health care.

Isnt it ironic that the RMT union actually promote a health care plan which includes 24/7 access to a GP helpline.

 

[AlterEgo]

It depends where you set the levels. Personally I'd be more interested in closing self-employed/"consultant" loopholes than I would be in raising the headline rate of income tax.

Osborne, that noted socialist, had the right idea in whacking up NIC rates for self-employed people, it's a shame he didn't have the bottle to follow through. It's what is needed. Too many people are able to set themselves up as limited companies and pay themselves as dividends rather than paying the correct amount of income tax. Close that loophole and job's a good 'un.

If the top 5% want to live here and enjoy life here, they can pay for the cost of living here. If they don't want to live here then fine, I'll drive them to the airport myself, but I hear the nightlife in the Cayman Islands and Bermuda isn't all that.

But it's not the "top 5%" that are the problem. Most of those people are just people on high salaries who happen to have done things right, and I don't see why they should be told to move to the Caymans, etc. We're talking about experienced doctors, senior managers in industry, some small and medium businesspeople and so on. Not the super elite, 0.1 percenters who really do abuse loopholes and really don't contribute anything like what they've gained from society at all.

 

[Moonshot]

But it's not the "top 5%" that are the problem. Most of those people are just people on high salaries who happen to have done things right, and I don't see why they should be told to move to the Caymans, etc. We're talking about experienced doctors, senior managers in industry, some small and medium businesspeople and so on. Not the super elite, 0.1 percenters who really do abuse loopholes and really don't contribute anything like what they've gained from society at all.

have u got a concrete example of a super elite who has abused loopholes...how much did the example earn last year , what tax they paid and what they should have paid?

 

[EM2]

Isnt it ironic that the RMT union actually promote a health care plan which includes 24/7 access to a GP helpline.

I've got one of those.
I pay 12% of my salary, and I get access to a 24/7 helpline, manned by qualified health professionals, using a simple three-digit phone number.
And then I don't have to pay for any more medical treatment and I get medicines at discounts.

 

[EM2]

have u got a concrete example of a super elite who has abused loopholes...how much did the example earn last year , what tax they paid and what they should have paid?

Sir Philip Green (although I will concede that this is from 2005):
https://www.theguardian.com/business/2005/oct/21/executivesalaries.executivepay

The retail entrepreneur Philip Green has banked £1.2bn after awarding himself the biggest pay cheque in British corporate history. The huge dividend has come from the Arcadia fashion business, which has 2,000 outlets and spans high street names including Top Shop, Wallis and Burton. It is more than four times the group's pre-tax profits of £253m.

The billionaire revealed a £1.3bn payout yesterday as he unveiled Arcadia's annual results. Mr Green owns 92% of the business and will therefore receive £1.17bn. The balance will go to the banking group HBOS, which bankrolled his purchase of the business for £850m three years ago and owns 8% of the shares.

The entrepreneur's payday is nearly £100m more than the previous record. Last year the steel tycoon Lakshmi Mittal paid himself a £1.1bn bonus after merging his two businesses, Ispat International and LNM Holdings.

Mr Green's £1.2bn will not be taxed as it will be paid to his wife, Tina, who lives in Monaco. Mrs Green is the direct owner of Arcadia.

Now, if this is *his* dividend, why is it being paid to his wife?

 

[Moonshot]

Sir Philip Green (although I will concede that this is from 2005):
https://www.theguardian.com/business/2005/oct/21/executivesalaries.executivepay

Now, if this is *his* dividend, why is it being paid to his wife?

I can guarentee you that payment of dividends to buisness owners wives is not limited to Philip Green .....its standard practise in thousands of small and medium size businesses.

 

[EM2]

I can guarentee you that payment of dividends to buisness owners wives is not limited to Philip Green .....its standard practise in thousands of small and medium size businesses.

So that makes it OK then... :roll:

 

[AlterEgo]

have u got a concrete example of a super elite who has abused loopholes...how much did the example earn last year , what tax they paid and what they should have paid?

Funnily enough I don't happen to know the tax status of individual millionaires, but it remains the case that several hundred million pounds is not recovered by the taxman every year because of avoidance schemes.

 

[AlterEgo]

I can see some of those higher earners deciding to move abroad.

Water companies is a good one to take back in under public ownership, seeing as currently consumers have no choice about which company they get water from

The water market was opened just this year to competition, so that's not quite correct. The changes are already in the pipeline (pardon the pun).

 

[Moonshot]

So that makes it OK then... :roll:

Yes......its perfectly legal.

 

[Moonshot]

Funnily enough I don't happen to know the tax status of individual millionaires, but it remains the case that several hundred million pounds is not recovered by the taxman every year because of avoidance schemes.

How much of welfare benefit overpayments get recovered ?

 

[EM2]

Yes......its perfectly legal.

It shouldn't be. That's the point that was being made.

 

[EM2]

How much of welfare benefit overpayments get recovered ?

Seeing as that it's a drop in the ocean compared to tax avoidance:
http://www.theweek.co.uk/62461/benefit-fraud-v-tax-evasion-which-costs-more

at £1.3bn to £1.6bn, it appears outright benefit fraud accounts for less of a burden on the taxpayer than the £4.4bn officially assumed to be lost by evaders. So why, the government was asked this week, does it devote more resources to the former?

The Guardian says as many as 3,600 people work in the DWP investigating abuses of the benefit system, while 700 work in the two units at HMRC that deal with the richest taxpayers.

But seeing as you asked:
http://www.moneywise.co.uk/blogs/debtwizard/why-the-government-can-t-reclaim-overpaid-benefits

the Court of Appeal ruled that the secretary of state for work and pensions cannot recover overpayments of social security benefits through the courts in cases where the claimant is not at fault.

The case was brought by the Child Poverty Action Group after the government wrote to over 65,000 claimants telling them it could take them to court at common law if they did not pay back benefit overpayments.

The benefits in question included income support, incapacity benefit, housing benefit, pension credit and the state pension – benefits that cost the taxpayer the most.

However, The Court of Appeal’s ruling means the government cannot write these letters to claimants in future.

 

[Moonshot]

Seeing as that it's a drop in the ocean compared to tax avoidance:
http://www.theweek.co.uk/62461/benefit-fraud-v-tax-evasion-which-costs-more


But seeing as you asked:
http://www.moneywise.co.uk/blogs/debtwizard/why-the-government-can-t-reclaim-overpaid-benefits

Tax avoidance and tax evasion are not the same.

Interestingly I had a quote last week for £4k for some building work on my house......when I asked could I have a discount for paying cash in hand, I got £400 knocked off.