kendo
Prussian bot
I know no one knows...
Winter election II
- Thread starter gavreid
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Where does the idea of 'reversing cuts' come from?
It looks like a far more radical proposal, intended to cut a knife through the complex tax lawyer's attempts to pass money intergenerationally with their trusts, woodland, IHT-exempt schemes.
By giving each person a lifetime allowance of 125k it doesn't matter what happens at probate; the money gets counted when it hits the recipient's current account. Anything above 125k is taxed as though it is income, at income tax rates.
Isn't it this instead of 'reversing'?
peterplantagenet
Active Member
It's more like the profits that migrate. A La Amazon. That tax take leaves Britain to benefit somewhere else.
Brian
Eating fat, staying slim
If you overhaul the whole taxation system it’s worth considering but that isn’t what the ex-pat said. The reality is it’s a daft idea because it would be implemented by a tory govt as an additional tax with plenty of ways for the mega well off to avoid it, many others being hammered. If you think otherwise you’re living in some fantasy world.
Rubbish. Is this from The Beano?
Who said it is for old people? Have some posts been deleted?
Edit: I see his comment now. Daft, as you say.
gassor
There may be more posts after this.
Labour lost the confidence of the electorate in it's handling of the economy from the 70s to the 90s until Brown gave 'prudence' pride of place in Labour budgets. Labour is now putting forward spending plans which appear to be greater than anything that led to the IMF bail-out. It strikes me that injecting a vast amount of spending into an economy which has the lowest unemployment rates for 45 years could easily lead to wage inflation and consequently rising prices just like the good old 70s.
Corbyn had a credibility problem with voters before Labour it's announced plans to spend £1 trillion, now I suspect his popularity has become even less, this is not because the desire to abandon austerity is not worthwhile, it's the sheer volume of the spending programme that makes people wary. I might want to get a lot fitter, but saying I can run a marathon is 5 weeks from scratch does not fill people with confidence in my judgement. We may wish to reproduce the Scandinavian model of high tax, high state spending on services, but I doubt the UK can achieve it in 5 years.
clifftaylor
Absolutely retired!
The whole pre-election has turned into a giant wallet waving contest; I've not been promised so much free money since I got an email from a Nigerian prince a while ago.
Barrymagrec
pfm Member
I`d put the Nigerian prince as the better bet.
Seanm
pfm Member
The document references Osborne's cuts (2015?) This other stuff sounds good but I don't know anything about it - where's it from?
kendo
Prussian bot
...more trustworthy than Johnson by a long stretch...
NeilR
pfm Member
you must pay income tax on the notional rental income of your house. The notional income value for each house is assessed by the local authorities and is added to your taxable income for the year
matthewr
spɹɐʍʞɔɐq spɹoɔǝɹ ɹnoʎ sʎɐld
No it doesn't. This absurd idea that we cannot use the tax system to raise revenue, for social good and to reduce inequality is just sophistry driven by either self-interest and greed or some combination of ignorance, stupidity or a simple refusal to educate oneself.
cooky1257
pfm Member
Funnily enough you missed the fact he's been a QT audience member on 4 previous occasions and picked to ask questions on 3 of them.....yawn.
Seanm
pfm Member
Again, in the European context this isn't especially high-tax-high-spend - it puts us about in the middle. What is it, specifically, that makes you doubt it can be achieved? The article addresses some of the more common objections and while it doesn't dismiss them it offers good arguments against them. He suggests that the lack of wage growth over the last decade has been damaging and that raising wages needn't lead to unmanageable inflation because there's plenty of room to raise interest rates.
They aren't planning to spend a trillion by the way: I think it's more like £600 billion. TBH the figures don't mean much to me and I don't think they'll mean much to most people. The last manifesto declared an end to austerity and this one makes clear what that will mean, in terms of housing, health and other public services. (Most) people are ready for that, and no-one's actually arguing against it, because everyone knows it's necessary. More of a problem for the Tories, really: they can't match LAbour's offer because they've been banging on about borrowing for a decade and because they can't raise tax rates - and also no-one believes the money will end up where it's supposed to, rather than their mates' pockets.
Once in a lifetime chance, really: Labour would be mad to miss it.
Labour commissioned a report edited by Monbiot that came out in about June. I think lots of the economic stuff comes from there. But I've got nowhere reading the Labour manifesto on it.
I think probably won't sound good when you get into it (e.g. single parent gives only child 1 million and state takes 500k in IHT; single parent gives her 8 children 125k each, state gets nothing and 400k less than under old system). There must be loads of absurdities like that.
Brian
Eating fat, staying slim
More pitching for a job at CCHQ.
MikeMA
pfm Member
Interesting. We used to have that in the UK. It was part of Schedule A tax. Abolished in the Finance Act 1963.
matthewr
spɹɐʍʞɔɐq spɹoɔǝɹ ɹnoʎ sʎɐld
This is simply not true. Labour's plans take us from a from a spending level in terms of GDP / capita level above only the USA and slightly below Canada to a level just above Portugal and somewhere in the middle of the pack in terms of EU states. They also, unlike the Tories who show no indication of having learnt anything, have a state of the art fiscal policy rule to stop the catastrophic economic mistakes of this government since 2010 from happening again.
claire.foxx
-⃝⃤
Where are the 31,000 coming from? There is no training capability to make this happen from the ground-up in the U.K. and trainee nurses earn less than Patel’s overseas immigration salary target pledge which is £36K or is the “NHS Visa” actually a thing now?
Stunsworth
pfm Member
so it’s like the community charge we already pay.
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