Election 2024

  • Please bear with us on the new site integration and fixing any known bugs over the coming days. If you can not log in please try resetting your password and check your spam box. If you have tried these steps and are still struggling email [email protected] with your username/registered email address
  • Log in now to remove adverts - no adverts at all to registered members!

How are Labour doing after their first 12 months

  • Total voters
    23
RANDY said:
Agree with this. I actually think the rate of income tax should rise so that everybody pays a bit more according to their earnings, but I know how unpopular it is and why politicians swerve it. But like you say, the vast majority of people would be willing to pay more tax if they knew it was going to pay for the NHS, schools etc.

Starmer is sitting on a potential £119bn extra per year if he can close the tax loophole system that the rich use to swerve paying their fair share and rightly he's said he's going to end the non dom status. I hope he goes after more, because that is something that the Tories allowed to fester during their time in office (partly because loads of them were taking advantage of it)

There's also corporation tax and windfall taxes he can levy. I know he has to balance investment into the UK alongside corporation tax, and Brexit has left the UK looking like a barren wasteland for investors, so that's an area where he needs to tread carefully, but potentially could also raise significantly more than if he were to raise the small taxes on individuals that the Tories were claiming he would do.
Click to expand...

Corporation tax is a comparatively tiny part of the Exchequer tax take and needs to be balanced with broader principles - i.e. keeping the CT rate low encourages foreign business to locate / have operations here thereby creating increased payroll taxes which (along with VAT and council taxes (rates)) are the largest contributors to the Exchequer...
 
  • Like
Reactions: Solid Air 2 and PINKIE
FosseFilberto said:
Corporation tax is a comparatively tiny part of the Exchequer tax take and needs to be balanced with broader principles - i.e. keeping the CT rate low encourages foreign business to locate / have operations here thereby creating increased payroll taxes which (along with VAT and council taxes (rates)) are the largest contributors to the Exchequer...
Click to expand...

Yeah, that's why I said Starmer needs to balance CT along with investment into the UK

The actual tax loopholes that the wealthy use to hide and swerve their tax liabilities is something that he should 100% go after though, as there's almost as much money lost there each year as we spend on the NHS. We could literally build new hospitals, staff them and eradicate the waiting lists with that money.
 
Solid Alboland said:
The biggest tax dodgers are the self employed .
Click to expand...

No mate - the biggest tax dodgers are the very rich who can afford the top accounting firms to help them structure their affairs legally (if not morally) to minimise the tax they pay in comparison to the vast sums of money they receive... the changes to nom-dom rules are 50 years too late ...
 
  • Like
Reactions: Nuggets
Solid Alboland said:
<laugh>
Click to expand...

Laugh all you want - but I've seen it first hand ... Woodlands into pension schemes, film industry tax incentives, residence vs domicile, double-dip interest deductions using US tick the box entities ... people like David Cameron having amnesia over the family Swiss Bank accounts he'd personally been receiving monies from for decades are nothing compared to the bigger picture...
 
  • Like
Reactions: Welshie
FosseFilberto said:
Laugh all you want - but I've seen it first hand ... Woodlands into pension schemes, film industry tax incentives, residence vs domicile, double-dip interest deductions using US tick the box entities ... people like David Cameron having amnesia over the family Swiss Bank accounts he'd personally been receiving monies from for decades are nothing compared to the bigger picture...
Click to expand...
<laugh>
 
  • Like
Reactions: brb
You must log in or register to reply here.
Top Bottom
Back