October Budget is "going to be painful", Starmer warns

[BlueSharp]

By "the Rich" you mean anyone that's worked hard enough to have a mortgaged house, some savings and an income somewhere around the national average? Because that is the target. The rich, being much more able to escape, they will simply drive out of the country.

It's all going to horribly wrong in about three months time. Just remember the warm glow you got when this bunch of lying incompetents got elected. They may well make the last bunch of lying incompetents look like the better option.

All politicians are lying incompetents. Anyone who takes income from assets or waiting for an inheritance is well in labour's sights right now. I'm not expecting there to be much difference between inside and outside contracts once Labour is through.

[malvolio]

honest? are you sure you're a tory?
ahhh, - that's more like it! - true blue.

Tit. HTH...

[Zigenare]

Correct. I have no skin in the game at all - I didn't vote during the GE, even though I've been re-enfrachised. But it's fun to watch the Tory fanboyz meltdown.

Btw, it doesn't make me a It just means I upset you. Now drink your cocoa and calm down

Pointing out that you're a clueless hypocrite is par for the course and doesn't mean I'm upset.

[jamesbrown]

Sure some of them leave but the reality is most of them generally don't… they love London and it's social scene, they have roots, connections, property here etc.

There are sensible ways of raising taxes too - why doesn't winding up a company get a lower tax rate (BDAR), why are DC pensions exempt from IHT if someone dies below age 75 etc.

Even the Tories (or, rather, the Treasury) were going to ditch “BAD” relief. You don’t rename it from Entrepreneurs’ relief to BAD unless you’re planning to nuke it . It has lasted way longer than I expected, but it’s definitely disappearing now.

[NigelJK]

just see it as a wrapper to potentially give away funds to your benefactors?

And WTF is wrong with that?

Your co. is taxed on what you conjure out of thin air, you are taxed on what you pay yourself, you're taxed if you want to own your own property, you are taxed if you take any of your pension savings, you (usually) pay twice for your health care. Then if you happen to have any left to give your 'benefactors' they tax that.

All of that pays for those who don't do any of the above.

Yet somehow, because you have stuff after all of the tax, it's unfair?

[Zigenare]

And WTF is wrong with that?

Your co. is taxed on what you conjure out of thin air, you are taxed on what you pay yourself, you're taxed if you want to own your own property, you are taxed if you take any of your pension savings, you (usually) pay twice for your health care. Then if you happen to have any left to give your 'benefactors' they tax that.

All of that pays for those who don't do any of the above.

Yet somehow, because you have stuff after all of the tax, it's unfair?

That is the state which the labour government don't wish you to achieve. If you "generate a surplus" then it must be redistributed. The politics of envy.

[Andy2022]

And WTF is wrong with that?

Your co. is taxed on what you conjure out of thin air, you are taxed on what you pay yourself, you're taxed if you want to own your own property, you are taxed if you take any of your pension savings, you (usually) pay twice for your health care. Then if you happen to have any left to give your 'benefactors' they tax that.

All of that pays for those who don't do any of the above.

Yet somehow, because you have stuff after all of the tax, it's unfair?

Pension savings are tax free on the way in

[BolshieBastard]

What?! No post by Taxed to Death? Did he die in the end?

It wouldnt be so bad if Stalin, sorry, Starmer had said we 'want to tax and spend' instead of this 'we've found a £22b black hole in the public finances even the OBR didnt spot' after the election but, I guess the electorate wouldnt have been so gullible and voted en masse for them if they had.

Dont blame me though, I didnt vote for them.

[woody1]

... 'we've found a £22b black hole in the public finances even the OBR didnt spot' ...

It was well known, long before the election, that the public finances were shot, and that taxes would have to go up, but it was the elephant in the room that unsurprisingly neither the Tories or Labour wanted to talk about during the campaign. Labour are being disingenuous claiming they didn't know the scale of the problem but what do you expect from politicians. In a way the Tories have dodged a bullet by losing and not having to deal with it.

[Zigenare]

It was well known, long before the election, that the public finances were shot, and that taxes would have to go up, but it was the elephant in the room that unsurprisingly neither the Tories or Labour wanted to talk about during the campaign. Labour are being disingenuous claiming they didn't know the scale of the problem but what do you expect from politicians. In a way the Tories have dodged a bullet by losing and not having to deal with it.

Pledging (yes I know it was in 2019 and therefore the tories) £11.6B to other countries in the fools errand quest to halt climate change might have added to the black hole, along with ~£10B of puplic sector payrises contributing a major chunk. Still, Labour must pay back the unions somehow.