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Mini Budget aka Fiscal Statement

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    Originally posted by eek View Post

    The millionaire can afford to contribute more....

    And if you think live is hard for "millionaires" now wait until after the current crisis when the Government needs to satisfy the IMF and generate a balanced budget....
    They ARE contributing way more already? 33times more in this example. Why should people who devote their lives and sacrifice so much be penalised for this with an increased percentate of deductions on their salary, percentage already dictates they pay more?

    Look at it another way. Why should the person who can't be bothered to go to work pay less than the guy who decides relying on welfare isn't the way forward and gets a basic job.

    If we want equality that's fine we all have a tax debt to pay each year, same for everyone a fixed amount we must all pay?

    Comment


      Originally posted by WTFH View Post
      Am I being too cynical to say that I'm not convinced they will stick to that statement?

      It was just a PR exercise to say "hey look, we're doing something", then judge the reaction, but come budget time things might change.
      Also, given the murmurs in the Tory press, it appears that Liz could end up being the shortest serving PM - we could have a different one by Christmas.
      Nobody can sort this mess out as it's totally unsolvable. When you have printed so much money and the debt becomes so massive there is literally no way back. Every fiat currency has failed ... and all because of massive increases in the monetary supply. The debt becomes so big that in order to try and control the resulting runaway inflation you need high interest rates but the only way you can keep up the interest payments associated with them is to print more money.

      You know things are desperate when the monetary policy provides another interest rate increment and literally a couple of days later fiscal policy dictates more debt and lower taxes. We really shouldn't be raising interest rates into a recession and at the same time lowering taxes by borrowing even more.

      Of course, we are no different from virtually every other country ... we all just follow America's lead. Basically, there is now ZERO intention of ever paying back the debt.

      Comment


        I see the Chancellor has a new nick: Kami-Kwasi.
        Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

        Comment


          Originally posted by DealorNoDeal View Post
          I see the Chancellor has a new nick: Kami-Kwasi.


          Him and Lady Jane Truss…
          "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
          - Voltaire/Benjamin Franklin/Anne Frank...

          Comment


            Originally posted by cojak View Post



            Him and Chucky…
            FTFY

            Click image for larger version

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            Always forgive your enemies; nothing annoys them so much.

            Comment


              Originally posted by DealorNoDeal View Post
              I see the Chancellor has a new nick: Kami-Kwasi.
              They keep saying it's not a full budget, so I'm calling it a Kwasi budget which I think is better.
              Originally posted by MaryPoppins
              I'd still not breastfeed a nazi
              Originally posted by vetran
              Urine is quite nourishing

              Comment


                5% top rate reduction will make money or be close to being tax neutral

                1% cut on the main tax rate however estimated yo “cost” 17 bln, plus “NI” costs also very high because they actually fall on those “broad” shoulders of everybody in order to fund services used by almost everybody.

                So the mistake was to cut that 1% - or maybe it should have been balanced with VAT going to 25% over 5 years time

                Comment


                  Originally posted by AtW View Post
                  5% top rate reduction will make money or be close to being tax neutral

                  1% cut on the main tax rate however estimated yo “cost” 17 bln, plus “NI” costs also very high because they actually fall on those “broad” shoulders of everybody in order to fund services used by almost everybody.

                  So the mistake was to cut that 1% - or maybe it should have been balanced with VAT going to 25% over 5 years time
                  VAT is a regressive tax so would played by the opposition as starving poor hard working nurses etc.

                  Not building love for the new dream team.
                  Always forgive your enemies; nothing annoys them so much.

                  Comment


                    Originally posted by AtW View Post
                    5% top rate reduction will make money or be close to being tax neutral

                    1% cut on the main tax rate however estimated yo “cost” 17 bln, plus “NI” costs also very high because they actually fall on those “broad” shoulders of everybody in order to fund services used by almost everybody.

                    So the mistake was to cut that 1% - or maybe it should have been balanced with VAT going to 25% over 5 years time
                    It's actually all weeing in the wind compared to the tax grab of the frozen tax thresholds for another few years. At double digit rates of inflation we're going to be pulling people on <£40k now into the top bracket within 3 years (assuming they are lucky enough to get inflationary rises). I did see an analysis (by one of the few media outlets that seems to have noticed this blatant tax grab) that, unless you are on the additional rate, any savings from the NI and base rate reductions will be negated 3x over during the course of the next 4 years due to the threshold squeeze.

                    Comment


                      Originally posted by mattster View Post

                      It's actually all weeing in the wind compared to the tax grab of the frozen tax thresholds for another few years. At double digit rates of inflation we're going to be pulling people on <£40k now into the top bracket within 3 years (assuming they are lucky enough to get inflationary rises). I did see an analysis (by one of the few media outlets that seems to have noticed this blatant tax grab) that, unless you are on the additional rate, any savings from the NI and base rate reductions will be negated 3x over during the course of the next 4 years due to the threshold squeeze.
                      Yup, the frozen thresholds (particularly the 40% bracket) is the elephant in the room with current inflation rates. The other stuff may be politically toxic, but it's mostly irrelevant either way (in terms of tax for public services or stimulating growth).

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