DOOM: Taxes again

[SueEllen]

We are all in luck - it's only £43B a year to stand still....

[Fraidycat]

£50bn is a very big number to find.

Can't wait to see how they come up with it.

50 Billion is about 6% of tax revenue.
Therefore increase all tax rates by 6%, Income tax, NI, VAT CGT, Corp tax etc.
So, 20% income tax goes up to 21.2%, VAT goes upto 21.2%, 40% band goes up to 42.4%, 45% band goes to 47.7%, CGT goes to 29.7% on property. etc.


Sorted.

[SueEllen]

UK needs to start a sovereign wealth fund.

What rather than give people tax cuts?

What a novel idea like the one Norway, China, UAE, Kuwait, Saudi Arabia etc and even France, Canada and Australia have?

[Fraidycat]

UK needs to start a sovereign wealth fund.

Then buy £50 billion of bitcoins.
When price of bitcoin hits £1 million each, sell it all and pay off the national debt.

Buy some AMD as well..

[AtW]

Freeze the pension lifetime allowance and the £40k contribution limit, reduce the 25% tax free lump sum to say 10%, raise the state retirement age by another 2 years.

Not enough even if they do it - these money were taxable later anyway so it only brings money forward, not finding “new’ money

5% on base income tax is what’s needed for large amounts, even better topped with 5% VAT increase over 5 years, and making everybody pay tax even if it’s 10% minimum

[_V_]

Niwhere near enough to what they declared to achieve

Freeze the pension lifetime allowance and the £40k contribution limit, reduce the 25% tax free lump sum to say 10%, raise the state retirement age by another 2 years.

[AtW]

My prediction is

1. Freeze all the tax/NI/inheritance bands for the rest of this parliament to push many more people into higher taxation
2. Put a limit on the triple lock, then they can claim it is still in place
3. Raise CGT significantly
4. Raise fuel duty/road tax/BIK rates (COP27 - polluters pay)
5. Raise all the sin taxes (booze/fags/sugar) by a large margin (link them to inflation).

Niwhere near enough to what they declared to achieve

[_V_]

£50bn is a very big number to find.

Can't wait to see how they come up with it.

My prediction is

1. Freeze all the tax/NI/inheritance bands for the rest of this parliament to push many more people into higher taxation
2. Put a limit on the triple lock, then they can claim it is still in place
3. Raise CGT significantly
4. Raise fuel duty/road tax/BIK rates (COP27 - polluters pay)
5. Raise all the sin taxes (booze/fags/sugar) by a large margin (link them to inflation).

[DealorNoDeal]

£50bn is a very big number to find.

Can't wait to see how they come up with it.

[AtW]

If they do both it would be shooting themselves in the foot properly, pissing off both wealthier people and all employed. Probably much easier to just increase the top rate / amount and only piss off very little better off people who no one likes anyway.

Yes, no brainer politically, only problem - extra 5% will raise a billion or two max, most likely nothing or even cause drop in revenue

Not that it will stop them to use it as cover

[dsc]

If they do both it would be shooting themselves in the foot properly, pissing off both wealthier people and all employed. Probably much easier to just increase the top rate / amount and only piss off very little better off people who no one likes anyway.

[Platypus]

Judging by the hysterical reaction to Truss lowering NI and scrapping the 45% top rate, it seems there are no downsides to raising taxes, because only "the rich" pay them anyway, and that's only fair.

Given this, it's always surprised me that the SNP hasn't raised taxes in Scotland.

[AtW]

“Rishi Sunak could raise top rate of income tax, breaking Tories' manifesto promise

PM and his Chancellor need to find more money to protect pensions and benefits

The Telegraph understands that raising the 45 per cent top rate, or lowering the £150,000 annual income threshold at which it kicks in are options now being discussed.

..

The Telegraph can also reveal that the Treasury is looking at increasing the National Insurance rate paid by employers by 1.25 percentage points, despite a similar move being reversed by Ms Truss.“

https://www.telegraph.co.uk/politics...eaking-tories/