Mini Budget aka Fiscal Statement

[DealorNoDeal]

Traders in the city have coined a nick for Truss: "Daggers" - as in Dagenham, 2 stops past Barking

[eek]

Exactly, the problem with taxing via NICs is precisely that they do not fall on everyone. NICs very specifically target people in work, leaving pensioners, dividend income, rental income, capital gains etc well alone.

The dividend tax is an NIC equivalent for dividend income. Granted there isn't the same for rental income but that is actually fairly heavily taxed as is now a lot of historic allowances have been binned and it's clobbered when you sell as profit is based on the difference between the purchase and sale prices rather than the indexed linked purchase price that used to be the basis.

[mattster]

Actually, NICs do not fall on to everyone. Once you are eligible for state pension, you don't pay them. And the tax free band is to help the lowest paid, including an awful lot of pensioners, as a sort of minimum wage assistance.

Exactly, the problem with taxing via NICs is precisely that they do not fall on everyone. NICs very specifically target people in work, leaving pensioners, dividend income, rental income, capital gains etc well alone.

[eek]

Actually, Employee NICs do not fall on to everyone. Once you are eligible for state pension, you don't pay them. And the tax free band is to help the lowest paid, including an awful lot of pensioners, as a sort of minimum wage assistance.

Sorry but I thought it worth being clue - given that anyone working via an umbrella is subject to employer NI even after retirement...

[malvolio]

25% in Sweden, which pretty much socialist heaven, frankly minimum income tax rate should be 25% - that would generate a lot of tax actually, that’s the only way to increase big tax take, which is why Brown, Boris went for “NICs” because they fall onto everyone.

It was also a mistake to have large tax free allowance - 10% tax band was much more sensible in the past

Regressiveness is commie BS - people choose what they spend money on, food (cold) got no VAT, should be aero VAT on domestic energy also

Actually, NICs do not fall on to everyone. Once you are eligible for state pension, you don't pay them. And the tax free band is to help the lowest paid, including an awful lot of pensioners, as a sort of minimum wage assistance.

[_V_]

25% in Sweden, which pretty much socialist heaven, frankly minimum income tax rate should be 25% - that would generate a lot of tax actually, that’s the only way to increase big tax take, which is why Brown, Boris went for “NICs” because they fall onto everyone.

It was also a mistake to have large tax free allowance - 10% tax band was much more sensible in the past

Regressiveness is commie BS - people choose what they spend money on, food (cold) got no VAT, should be aero VAT on domestic energy also

I see you have dropped the fking Tory scum moniker now you have been gifted a large set of tax breaks....

[d000hg]

I would just tax everyone 20% flat rate. On all income from £1 to million.

Nice and simple. Then the wealthy can get on with their lives.

FTFY

[Paddy]

I would just tax everyone 20% flat rate. On all income from £1 to million.

Nice and simple. Then everyone can get on with their lives.

This works in some European countries but in order for it to work perks and expenses need to be abolished.

[mallisarealperson]

I would just tax everyone 20% flat rate. On all income from £1 to million.

Nice and simple. Then everyone can get on with their lives.

[SueEllen]

Odd how Lord Russian Emigre is now an expert on the tax system of England & Wales.

Off course he is.

Who do you think funds the Tory party?