Please Help Me Find More Of These.....
Jokes1 min ago
Labour's Tax Pledges.
We knew it was coming, again, but Mad Dog McDonnell has now confirmed it.
https:/
"The shadow chancellor said Labour’s manifesto will ask the richest 5 per cent to ‘pay a little more’.
The 45p income tax threshold would be cut from £150,000 to £80,000 – hitting all those earning more than this amount. Mr McDonnell also said Labour would reintroduce a 50p rate of tax for those on more than £125,000.
He did not say what would happen to national insurance rates for those on more than £80,000.
However there would be no rises in income tax or national insurance for everyone else."
I particularly liked the 'ask' to pay a little bit more - this suggests there's a choice.
IF Labour genuinely wants to raise revenue for the NHS, and this is not merely a success tax in order to punish those who have had the bare-faced temerity to do better in life than some others, wouldn't it be more sensible to collect an additional 1% from every taxpayer, rather than just targeting those who are (a) proportionately paying more (because, hey, that's how percentages work) and (b) are already paying an increased % amount over certain thresholds?
Somebody earning £80k is already paying a % amount of double that of somebody earning £20k, which equates to 8 x as much in pound note terms.
https:/
"The shadow chancellor said Labour’s manifesto will ask the richest 5 per cent to ‘pay a little more’.
The 45p income tax threshold would be cut from £150,000 to £80,000 – hitting all those earning more than this amount. Mr McDonnell also said Labour would reintroduce a 50p rate of tax for those on more than £125,000.
He did not say what would happen to national insurance rates for those on more than £80,000.
However there would be no rises in income tax or national insurance for everyone else."
I particularly liked the 'ask' to pay a little bit more - this suggests there's a choice.
IF Labour genuinely wants to raise revenue for the NHS, and this is not merely a success tax in order to punish those who have had the bare-faced temerity to do better in life than some others, wouldn't it be more sensible to collect an additional 1% from every taxpayer, rather than just targeting those who are (a) proportionately paying more (because, hey, that's how percentages work) and (b) are already paying an increased % amount over certain thresholds?
Somebody earning £80k is already paying a % amount of double that of somebody earning £20k, which equates to 8 x as much in pound note terms.
Answers
Diddly, //someone like me with a social conscience./
16:05 Thu 14th Nov 2019
What Commy Corbyn has perhaps not thought of is those earning in excess of £80K ( which in my opinion is not a huge amount) can afford to employ the services of accountants who will find loop-holes ( used to be called fiddling of course) so the Government will be no better off. If everyone paid the same % of tax less people would try and wriggle out of it as its seen to be unfair.
//Good point about VAT. Apart from exempt goods for every £ you spend 20p goes to the Government.//
***Pedantry alert*** For every £1 you spend on taxable goods 16.67p goes to the government.
//I know someone who earns slightly in excess of £80K, lives in a very expensive part of the country, has a pretty lavish lifestyle but is more than happy to pay higher rate tax. Indeed he believes it's his moral duty so to do. //
Then he's either a liar or an idiot.
***Pedantry alert*** For every £1 you spend on taxable goods 16.67p goes to the government.
//I know someone who earns slightly in excess of £80K, lives in a very expensive part of the country, has a pretty lavish lifestyle but is more than happy to pay higher rate tax. Indeed he believes it's his moral duty so to do. //
Then he's either a liar or an idiot.
The problems with setting tax at a monatory level is that it can hit someone quite differently depending on where they live. Earning 80K oop North would be good, in London very poor.
Tax the rich and they will leave, jobs will go and even less goes into the coffers. Unfortunately the economically illiterates like didlio dont have the brain capacity to process this.
Tax the rich and they will leave, jobs will go and even less goes into the coffers. Unfortunately the economically illiterates like didlio dont have the brain capacity to process this.
// The 45p income tax threshold would be cut from £150,000 to £80,000 – hitting all those earning more than this amount. //
MPs salary : £79,000. What a coincidence.
https:/
MPs salary : £79,000. What a coincidence.
https:/
//MPs salary : £79,000. What a coincidence.//
Possibly, Ludders. But even if they earned (or perhaps more appropriate in their case, "received") £90k, they would only pay an extra 5p on £10,000, so £500.
There is another complication. Those earning between £100k and £125k lose their £12,500 tax free personal allowance at the rate of £500 for every £1,000 earned above £100k. This means for each additional £1,000 they earn between those two amounts they lose £600 (60%) in tax. I think the disincentives to earn more for people in that group are already great enough.
Possibly, Ludders. But even if they earned (or perhaps more appropriate in their case, "received") £90k, they would only pay an extra 5p on £10,000, so £500.
There is another complication. Those earning between £100k and £125k lose their £12,500 tax free personal allowance at the rate of £500 for every £1,000 earned above £100k. This means for each additional £1,000 they earn between those two amounts they lose £600 (60%) in tax. I think the disincentives to earn more for people in that group are already great enough.
//Simply someone like me with a social conscience.//
Then he can always donate what he considers to be a suitable sum (to leave him at the "sackcloth and ashes" level of penury which it seems may make him feel more comfortable) to appropriate charities of his choice. He can "Gift Aid" the sums if he wishes (though being socially conscious he may choose not to do that). He doesn't have to rely on the State to salve his conscience and more importantly it does not force people with more sense than money to face compulsory deductions from their pay. Since governments (of all persuasions) are remarkably inept at getting value for the vast sums of other people's money they take delight in spending, taxpayers inevitably see vast sums of their taxes wasted. This leads me to take the opposite view; that individuals have a duty to provide for themselves and their families and they have an overriding obligation to reduce their tax bills to the absolute minimum allowed under the law.
Then he can always donate what he considers to be a suitable sum (to leave him at the "sackcloth and ashes" level of penury which it seems may make him feel more comfortable) to appropriate charities of his choice. He can "Gift Aid" the sums if he wishes (though being socially conscious he may choose not to do that). He doesn't have to rely on the State to salve his conscience and more importantly it does not force people with more sense than money to face compulsory deductions from their pay. Since governments (of all persuasions) are remarkably inept at getting value for the vast sums of other people's money they take delight in spending, taxpayers inevitably see vast sums of their taxes wasted. This leads me to take the opposite view; that individuals have a duty to provide for themselves and their families and they have an overriding obligation to reduce their tax bills to the absolute minimum allowed under the law.
I'm a Tory, I think that's probably obvious, and I have a social conscience - I fully accept we have a duty to help those who can't help themselves (note the use of the word 'can't' rather than 'won't') and contribute to the country's coffers, but my social conscience wanes when only a tiny percentage of taxpayers are targeted/punished.
When I submit my self-assessment every year upon receipt of my P60, it makes me want to weep in impotent rage the amount of tax I already pay - but Labour and people like diddlydo think I should pay even more.
I think it's probably fair to say diddlydo has employed the oft use tool seen on this site by fabricating a story to support an argument.
When I submit my self-assessment every year upon receipt of my P60, it makes me want to weep in impotent rage the amount of tax I already pay - but Labour and people like diddlydo think I should pay even more.
I think it's probably fair to say diddlydo has employed the oft use tool seen on this site by fabricating a story to support an argument.
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