Rachel Reeves to raise taxes?

There’s no better way of doing it than through raising income tax and it hits everyone proportionally.

It was a mistake for them to deny it would happen, they didn’t need to! They were obvs going to win the election in any case.

Oreo it aids and abets the narrative that all politicians lie

Growstuff but maybe you should try to understand
1. Huge loss in tax revenue
2. Job losses as companies move overseas
3. Effect on the ordinary taxpayers who will make up the shortfall

Etc

David49

Murphys suggestions are fine, but to say that it’s not going to affect “ordinary” people is very wide of the mark.

I took “ordinary people” as Murphys quote, if it was yours Maisie then you are wrong

What gives you that impression, David?

I don't think you've read the report.

Or are you super wealthy and worried about losing all your tax advantages?

The UK needs entrepreneurs and investment.

Millionaires and Billionaires are employers, create jobs, set up businesses.

They are not all dodging taxes.

Does anybody have any reliable links to how much UK-domiciled billionaires' wealth benefits the UK economy?

I'd be interested to know how much they invest in the UK economy and whether they buy British-made goods and services.

GrannyGravy13

The UK needs entrepreneurs and investment.

Millionaires and Billionaires are employers, create jobs, set up businesses.

They are not all dodging taxes.

Really? Do you have any links? I'm genuinely interested in where their wealth is invested.

P.S Perhaps you'd like to give us some concrete examples of his suggestions that would affect 'ordinary' people on PAYE and who also pay indirect taxes, such as VAT.

It’s pretty clear we are going to get more taxation, there are many ways to do that. More than that we already have some benefits that are means tested, expect much more of that, WFA is just the start.
I want the tax I pay go to those that need it, not frittered away on handouts to those that don’t

ronib

Growstuff but maybe you should try to understand
1. Huge loss in tax revenue
2. Job losses as companies move overseas
3. Effect on the ordinary taxpayers who will make up the shortfall

Etc

How patronising!

Do you have any reliable links on all that? I'm always happy to be reliably informed (not hearsay or assumptions).

David49

It’s pretty clear we are going to get more taxation, there are many ways to do that. More than that we already have some benefits that are means tested, expect much more of that, WFA is just the start.
I want the tax I pay go to those that need it, not frittered away on handouts to those that don’t

So if you don't want benefits frittered away on those who don't need it, I assume you're in favour of the scrapping of WFA.

my last was to David49

MaizieD

P.S Perhaps you'd like to give us some concrete examples of his suggestions that would affect 'ordinary' people on PAYE and who also pay indirect taxes, such as VAT.

Sigh! Concrete examples would be wonderful, but I'm not holding my breath.

If you are that interested growstuff I am sure you could Google.

GN is a discussion forum, I was offering my opinion based on my knowledge of millionaires I know.

Growstuff I don’t understand in any way how pointing out reality is patronising.
It’s very easy to google figures on billionaires and tax benefits to the Uk.

Ps it’s not millionaires who are of interest, it is billionaires.

GrannyGravy13

The UK needs entrepreneurs and investment.

Millionaires and Billionaires are employers, create jobs, set up businesses.

They are not all dodging taxes.

I don't think we're talking about tax dodging, we're talking about removing tax advantages which favour those millionaires and billionaires.

Who have, let's be realistic, actually gained their money by profits made on their businesses which come from consumer or government spending. Consumers who aren't given tax advantages...

OK! After a quick Google:

www.bbc.co.uk/news/business-68093172

(I'll look for some academic studies on where billionaires spend their money.)

There isn't a particularly good correlation between UK-domiciled billionaires and the amount of tax they pay to the UK Treasury. There isn't much evidence they all invest in the UK economy either.

ronib

Growstuff I don’t understand in any way how pointing out reality is patronising.
It’s very easy to google figures on billionaires and tax benefits to the Uk.

Is it? Please provide a link or two.

I’m saving commenting until something tangible is released by RR. I agree there are limited choices. Let’s wait and see.

MaizieD consumers who buy and need the products and services provided by the billionaires?

Growstuff having a late breakfast….

MaizieD

P.S Perhaps you'd like to give us some concrete examples of his suggestions that would affect 'ordinary' people on PAYE and who also pay indirect taxes, such as VAT.

Those working, “on PAYE” will pay more indirect taxes, fuel, alchohol, insurance and all the others they are not the main target
It’s those with “wealth”, property, investments, inheritance are an easy target for increase taxation, reading these pages there are a lot of “ordinary” gransnetters who are going to be paying more.

MaizieD

GrannyGravy13

The UK needs entrepreneurs and investment.

Millionaires and Billionaires are employers, create jobs, set up businesses.

They are not all dodging taxes.

I don't think we're talking about tax dodging, we're talking about removing tax advantages which favour those millionaires and billionaires.

Who have, let's be realistic, actually gained their money by profits made on their businesses which come from consumer or government spending. Consumers who aren't given tax advantages...

My partner is about to retire. He has to share his pension with his ex-wife, but it's still a substantial amount. He's also going to receive an extra year's salary because he's taking early retirement (he's 69!).

We went to see a financial advisor because he's never had so much spare cash in his life. I was absolutely amazed how many loopholes there are which could avoid paying tax and keep any inheritance intact.