Do a U-turn on tax credits, George Osborne – or you’ll never be prime minister

[PurpleGorilla]

Do a U-turn on tax credits, George Osborne – or you’ll never be prime minister

We're the 1%ers income wise that are being targeted. The thing is, since I'm living down south am young and inherited tulip, I'm actually relatively poor. Happily long term projections will turn that on it's head, but if you tax the likes of us enough, I'll be needing that state pension when I'm older.

We probably need land value tax to redistribute wealth. Obviously that won't capture all wealth, but it would cool the property market and be much more inline with taxing wealth as opposed to taxing income. I don't see either labour or the tories delivering such a thing though.

No way am I top 1%. Maybe top 10%, anyone have a source?

[AtW]

She is supposedly running a nail bar at home and failing to make a profit. I'm not an expert but I understand that its about £10 -> 20 for 30 min session and the tools of the trade are <£100 so not sure why she isn't making a profit.

Business rates? All sort of other business taxes and overheads.

[AtW]

"The Winter Fuel Allowance costs around £2billion a year, the free TV licence for over-75s £600million, free bus passes £1billion and free prescriptions and eye tests £4billion."

Pensioners WILL get to keep £7.5bn in winter fuel cash, bus passes and TV licences if I'm PM, says David Cameron | Daily Mail Online

2+0.6+1+4 bln plus some more spent on civil servants to run all this, easily 7 bln+ - more than extra tax on dividends.

[Zero Liability]

But the 1%er's and the big corporates who avoid tax to the extreme. They REALLY need to pay up.

But they are all in the Tory public old boy lodge network. An THAT is the real scandal.

The flipside of that is that a vast proportion of the income tax is born by the 'rich' in the 1%/10%, anyway. I'd venture that most individuals in these groupings are not connected to state-sponsored leeches, like some of the big banks. As for corporates, in the end they're just a network of contracts between employees, suppliers, owners etc., so I fail to see what chasing them for money will do, when the real problem is the tax system and govt proclivity to spend way beyond its means and in proportion to any reasonable functions it might have.

I do agree that the govt's attitude to 'avoidance' is nothing short of hypocritical, and inconsistent, and the UK could certainly do with a much flatter, lower, more transparent tax system, but I don't see how chasing corporates engaged in perfectly legal behaviour will change that, other than allowing them to scrounge a few more billions together in the short term, which they will go on to waste in due course.

The government will always devise ways to make use of any perceived envy or discontent, and use it to broaden its reach and definitions of who is 'rich', particularly if it can get away with doing so to small groups that lack much political connection or visibility. So be careful what you wish for.

[AtW]

Most of the "wealth" of those households is in their house - you can't use it unless you sell and move to live in a tulipy area compared to what you've used to.

[PurpleGorilla]

The flipside of that is that a vast proportion of the income tax is born by the 'rich' in the 1%/10%, anyway. I'd venture that most individuals in these groupings are not connected to state-sponsored leeches, like some of the big banks. As for corporates, in the end they're just a network of contracts between employees, suppliers, owners etc., so I fail to see what chasing them for money will do, when the real problem is the tax system and govt proclivity to spend way beyond its means and in proportion to any reasonable functions it might have.

I do agree that the govt's attitude to 'avoidance' is nothing short of hypocritical, and inconsistent, and the UK could certainly do with a much flatter, lower, more transparent tax system, but I don't see how chasing corporates engaged in perfectly legal behaviour will change that, other than allowing them to scrounge a few more billions together in the short term, which they will go on to waste in due course.

The government will always devise ways to make use of any perceived envy or discontent, and use it to broaden its reach and definitions of who is 'rich', particularly if it can get away with doing so to small groups that lack much political connection or visibility. So be careful what you wish for.

I agree, gov does waste huge amounts on
London frufru.

[minestrone]

The woman in the Question Time audience was close to tears. She’d voted Tory in May because she believed David Cameron when he said there’d be no cuts to tax credits for low-paid workers like her.

Now she didn’t know how she was going to cope.
...

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Tories only won the election because of the grand deception - I'd say it should be overturned on the ground of fraud by politicians...

The tories never promised not to cut tax credits and Cameron never said it either.

https://fullfact.org/factcheck/econo..._promise-46421

[vetran]

Business rates? All sort of other business taxes and overheads.

yeah right she will be paying those...

[vetran]

No way am I top 1%. Maybe top 10%, anyone have a source?

you are probably top 10% earnings.

UK incomes: how does your salary compare? | Money | The Guardian

[PurpleGorilla]

you are probably top 10% earnings.

UK incomes: how does your salary compare? | Money | The Guardian

Curious.

I'm wife two kids group. Our take home as an equivalent salaries total puts us in the top 20%.