Problem is that they print money to erode their long term debt. The US is now 33 trillion in debt and almost at the point where it can’t even afford to pay the interest on it. So they are now stuck in between a rock and a hard place. They have to print to inflate away the deficit; but if they do they’ll cause even more inflation. The next decade should be extremely interesting geopolitically
The Tories have always borrowed more than Labour, and always repaid less: they are the party of big deficit spending https://www.taxresearch.org.uk/Blog/
Ask Gordon Brown for advice, his plans after the global financial meltdown were widely lauded. Unfortunately not used by the incoming Tory administration who introduced the disastrous austerity measures.
Also worth looking at because it shows Sunak’s tax return for 22/23. His income of £2.2 million was taxed at a level that was similar to that of a person earning £41,600 pa, something I read elsewhere, but shows how high earners are being given a very easy ride with regards to Capital Gains Tax. It also, IMO, shows why very wealthy people enter politics. Not to help the people but to be in a position to reduce the tax burden for themselves and other wealthy people.
Indeed So the Tories want to reward owning more than earning Capital gains should be higher than PAYE
It’s there to encourage investment, plus the money that you’re putting into that has already been subject to income tax. Labour have said they will keep it the same, too.
Although … “The former Conservative chancellor Nigel Lawson set the rates of CGT at the same level as income tax in 1988, saying: “In principle, there is little economic difference between [earned] income and capital gains ... And in so far as there is a difference, it is by no means clear why one should be taxed more heavily than the other.” “Those who can manipulate the tax system in their favour tend to be those with high incomes or high levels of wealth, leaving a larger tax burden on younger people and those on lower incomes, further perpetuating inequalities between and within generations,” it added” “The tax privileges granted to those with unearned income in the UK are also over- generous by European standards, the report said. “For example, in Germany the annual exempt allowance is only €1,000 and all capital gains are taxed at 26.38%, while in France unearned income is taxed at 30-34%”
Jesus ****ing Christ. Trump says he would 'encourage' Russia to attack Nato allies who do not pay their bills - BBC News
Well no he didn't. He said it at one of his rallies. Doesn't make the comments any less dangerous though. Madman.
Read the article again. It clearly states he's claimed to make these comments at a NATO meeting. Addressing crowds during the rally in South Carolina, Mr Trump said he had made his comments about Russia during a meeting of leaders of Nato countries. He recalled that the leader of a "big country" had presented a hypothetical situation in which he was not meeting his financial obligations within Nato and had come under attack from Moscow. Mr Trump said the leader had asked if the US would come to his country's aid in that scenario, which prompted him to issue a rebuke. "I said: 'You didn't pay? You're delinquent?'... 'No I would not protect you, in fact I would encourage them to do whatever they want. You gotta pay.'"
Some interesting articles on the taxsearch site this amongst them https://www.taxresearch.org.uk/Blog/2024/02/11/pragmatism-as-an-exercise-in-hearing-the-music/ which lead to this. I've a lot of time for Mick Lynch he talks more sense than most and runs rings around the tories and their press
Yeah I don’t disagree with that, I’m just saying the logic is to encourage investment to obtain returns at a lower rate. Hence why both parties have committed to not reducing it.
New analysis by the Electoral Reform Society has revealed that an estimated 7.6 million eligible voters are missing from the electoral register in England and Wales. https://www.electoral-reform.org.uk/ers-reveals-constituencies-with-the-most-missing-voters-is-yours-on-the-list/?utm_medium=email&utm_source=ers-email&utm_campaign=blog-roundup&utm_content=ERS News: 10 Feb 2024 A
