Off Topic The Politics Thread

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Should the UK remain a part of the EU or leave?

  • Stay in

    Votes: 56 47.9%

  • Get out

    Votes: 61 52.1%
  • Total voters
    117
  • Poll closed .
BobbyD said:
Of course the debt has increased, we were in a massive trade deficit (and still are) due to the financial crisis and previous obligations racked up when we were still under the labour government. At the moment the trade deficit is being reduced and I'm still sort of weary that we are in deficit. We currently pay around 41 billion pounds a year on our interest.

We cant say for sure if austerity was the correct answer but all other Western governments have chosen austerity and labour even campaigned on an austerity programme (maybe not one as intense as the tories).

The Japanese tried the spending on investment in the 90s when they went into recession but wracked up too much debt (or so i read). Its risky as it means even more debt if it isn't successful.

I agree with labour that we need to tackle corporate tax avoidance and high net worth individuals. Tbh even the tax increases are fair and even renationalisation but there seems to be an awful lot of spending in labours books and i do believe corbyn is not afraid of spending away even if the books don't balance
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Good post, Bobby.

Care needs to be taken with high net worth individuals. They pay a huge amount of tax already, and if we get it wrong, they disappear to another jurisdiction and we get nothing. There's a balance to be struck here.
 
Stroller said:
Austerity failed, hence the continuing deficits (albeit somewhat reduced).
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Depends what you mean by failed.

Has it failed society? Certainly. Whilst i agree with univseral credit, im not blind to the implementation being an absolute farce and that its incorrectly penalising people. The common person is struggling more and services have gone down. I actually think culturally it has all got worse, tribalism on social media is bringing out the worst in us

Debt wise it could be better but its definitely heading in the right direction as you say so it is working to a certain extent.

Im under no illusion that some of these conservatives (actually senior mps in general) are coining it in there positions which they have no right to be and the likes of rees mogg and boris have vested interests rather than working for the people imo.

That doesnt mean i think labour and there plans are right for me though.
 
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Goldhawk-Road said:
Good post, Bobby.

Care needs to be taken with high net worth individuals. They pay a huge amount of tax already, and if we get it wrong, they disappear to another jurisdiction and we get nothing. There's a balance to be struck here.
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Maybe, but i think to a certain extent a lot of then already do that with things like non dom status. I would do away with that, investments and assets in uk shouldnt be tax free (not sure if this applies, i might be wrong) just because you are not a uk tax resident. Money made in the uk should stay in the uk personally.
 
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Marcher‏@MarcherLord1 10h10 hours ago
More
1) Go to an ex-Poly
2) Study a useless, arty BA
3) Gain £30k of debt
4) Graduate with no skills whatsoever
5) Become a professional victim
6) Blame some random 'Boomers
' 7) Vote Labour Britain 2019.
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BobbyD said:
Maybe, but i think to a certain extent a lot of then already do that with things like non dom status. I would do away with that, investments and assets in uk shouldnt be tax free (not sure if this applies, i might be wrong) just because you are not a uk tax resident. Money made in the uk should stay in the uk personally.
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You get into double taxation treaties here. Very complicated. If you gain dividends on US Nadaq stock, should you pay tax in the US and UK if you're a UK resident. Surely the US has to accept once only, in the UK, and vica versa
 
Goldhawk-Road said:
You get into double taxation treaties here. Very complicated. If you gain dividends on US Nadaq stock, should you pay tax in the US and UK if you're a UK resident. Surely the US has to accept once only, in the UK, and vica versa
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I believe the u.s. do double taxation don't they (their maybe a threshold on income)?

Uk would be less punitive as it isn't on what is earnt overseas, just on wealth earnt in the uk.

Also i would do away with trusts. I don't understand them well enough but maybe i could be educated on their uses other than to dodge tax.

Likewise private schools imo are fine except for their charity status. Chuck that in the bin
 
BobbyD said:
Maybe, but i think to a certain extent a lot of then already do that with things like non dom status. I would do away with that, investments and assets in uk shouldnt be tax free (not sure if this applies, i might be wrong) just because you are not a uk tax resident. Money made in the uk should stay in the uk personally.
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The other problem is multinationals that pay next to bugger all tax here because they use highly dubious transfer pricing methods to move profits generated here to other tax jurisdictions. I don't see we can't levy a transaction tax on these companies.
 
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BobbyD said:
I believe the u.s. do double taxation don't they (their maybe a threshold on income)?

Uk would be less punitive as it isn't on what is earnt overseas, just on wealth earnt in the uk.

Also i would do away with trusts. I don't understand them well enough but maybe i could be educated on their uses other than to dodge tax.

Likewise private schools imo are fine except for their charity status. Chuck that in the bin
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If you are domiciled in the UK for tax purposes, you pay UK tax on all your earnings whether made in the UK or overseas. I believe the same is true of the US,

Private schools should have to earn their charitable status imo, perhaps by sharing facilities with local state schools
 
Goldhawk-Road said:
If you are domiciled in the UK for tax purposes, you pay UK tax on all your earnings whether made in the UK or overseas. I believe the same is true of the US,

Private schools should have to earn their charitable status imo, perhaps by sharing facilities with local state schools
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You made me do it. I just googled but u.s. citizens still have to pay tax even if they pay tax even a foreign country.

I was pretty sure that was the case
 
BobbyD said:
You made me do it. I just googled but u.s. citizens still have to pay tax even if they pay tax even a foreign country.

I was pretty sure that was the case
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Are you sure taxpayers can't reclaim some tax paid?

I'm not familiar with US tax law, but do you think that's the right principle? To pay tax twice if you invest overseas?
 
Goldhawk-Road said:
Are you sure taxpayers can't reclaim some tax paid?

I'm not familiar with US tax law, but do you think that's the right principle? To pay tax twice if you invest overseas?
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Nope. But i do think it's fair if they invested in the u.s, decided to leave the u.s. and was making money in the u.s. then they should pay taxes on whatever they make in the u.s.? (Substitute for u.k.). Do you not think that is reasonable?
 
BobbyD said:
You made me do it. I just googled but u.s. citizens still have to pay tax even if they pay tax even a foreign country.

I was pretty sure that was the case
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Boris was born in the USA, therefore he should be paying dual tax. I remember that being in the news when he was Mayor. Perhaps he's not a dual passport holder...
 
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