Reply to: Osborne said to face £20bn black hole in Budget

[Doggy Styles]

Yes. The deficit is almost entirely caused by economic damage due to the bankster heist coupled with the coalition's disasterous attempt to realign the economy with the new fixed electoral cycle.

That's actually economically illiterate.

It was at a record peacetime level before they assumed power, and has been broadly coming down since.

Even an idiot like Ed Balls wouldn't try accusing the coalition of that.

[Boo]

So you are saying that this deficit is entirely homegrown without any contribution from the EU penpushers and Labour fostered benefit tourist spongers migrants?

Yes. The deficit is almost entirely caused by economic damage due to the bankster heist coupled with the coalition's disasterous attempt to realign the economy with the new fixed electoral cycle.

The net cost of membership of the EU to an average uk household is the same as taking a daily broadhseet 6 days a week. Immigrants make a net contribution to our economy, more would be better.

Boo

[OwlHoot]

This would cause utter outrage especially as you already have to pay hefty stamp duty fees on the way in.

Absolutely, which is why I doubt they will do anything before the election

I fear you could be right though.

There was a graph in the economist a couple of weeks ago of UK property ownership over the last 20 years, with curves of percentages of owners for different age groups. The "under 30" age group, and even the "under 40" age group I think, is practically a straight line sloping inexorably downwards to the right. So for any party advocating a bit of wealth redistribution it's an open goal.

[Martin@AS Financial]

Can't see that happening in a hurry. If business rates were scrapped then council taxes would have to rise a significant amount to compensate.

What I can see is capital gains tax creeping in on profits from the sale of primary residences, maybe a small percentage at first but rising over several years. They probably won't dare do anything before the election though

This would cause utter outrage especially as you already have to pay hefty stamp duty fees on the way in. I fear you could be right though.

[OwlHoot]

I'd be happy if the govt. ditched the business rates - essentially a large tax for doing business from premises. ...

Can't see that happening in a hurry. If business rates were scrapped then council taxes would have to rise a significant amount to compensate.

What I can see is capital gains tax creeping in on profits from the sale of primary residences, maybe a small percentage at first but rising over several years. They probably won't dare do anything before the election though

[expat]

I'd be happy if the govt. ditched the business rates - essentially a large tax for doing business from premises. What do I get in return for paying this? very little. Will I be looking to stay here...nope. I plan to move things home.

If you run a proper business from home, you are still potentially liable for rates.

I don't think that's what lilelvis2000 means by "home".

[petergriffin]

Perhaps because it's not ?

Boo

So you are saying that this deficit is entirely homegrown without any contribution from the EU penpushers and Labour fostered benefit tourist spongers migrants?

[Boo]

I'm surprised nobody has yet mentioned the EU and unregulated immigration as the cause of the £20B hole.

Perhaps because it's not ?

Boo

[AtW]

I always thought the IB was a zero sum game. Now I realize both sides win.

One side is the Investment Bank, and who is the loser?

[BrilloPad]

Couldn't he just print more money, then have huge tax cuts to bribe the electorate and then when Labour get in they'll be stuck with the mess

This

Exactly what I thought.

For years I wondered where all the money in the city comes from. Now I realize its just all numbers on a computer.

I always thought the IB was a zero sum game. Now I realize both sides win.

I hear some people are trying to get their mortgages cancelled as the money never existed. I wish them well.

[Zero Liability]

Apparently this is the first step to merging NI and income tax. Anything to avoid headlines of increasing the basic rate by about 11p overnight.

Yes people are that stupid to realise its really the same amount of tax

I think they'd struggle to keep it at its current rate and still pretend to be a low tax party, particularly when it's transparent how much tax is paid on income earned. Subject to whatever allowances the OTS has in mind, I like its suggestion best. The awkward bit will be the "and here's why we've been lying to you all these years..." Not that that will be worded just so, they [the govt] are quite skilled at polishing turds, but that would be the more pertinent thing for someone who's been in the dark as to how personal tax works to ask.

I wonder if Clegg still remembers this.

[AtW]

Apparently this is the first step to merging NI and income tax. Anything to avoid headlines of increasing the basic rate by about 11p overnight. Yes people are that stupid to realise its really the same amount of tax

It's not a bad thing for people to realise tax they pay is very high, so even if Govt increases it when merging it's ok - voters will have power to vote those who'd pledge to cut it.

[Flashman]

He might as well go have a piss in the wind if all he is considering is to rename it, as if that'd make the slightest difference to anyone. It's something the OTS has been banging on about for years now, though, so who knows perhaps he will listen at some point.

Apparently this is the first step to merging NI and income tax. Anything to avoid headlines of increasing the basic rate by about 11p overnight.

Yes people are that stupid to realise its really the same amount of tax

[AtW]

What about scrap corporation tax and personal NI, and increase employer NI accordingly? Has the added advantage of removing the profit-offshoring thing.

It would result in jobs being more expensive in UK and therefore result in business moving them.

Employer NIC is nonsense - employers already provide jobs that result in tax paid, crazy to penalise them for doing it - it should be moved to personal taxation.

Any PAYE tax paid by employments should be offset against Corp tax, so those companies who hire people that actually end up paying tax would get recognised for it - after that having workforce would not be viewed as pure "cost" to business.

[d000hg]

If you run a proper business from home, you are still potentially liable for rates.