Vote Labour More Basic Rate Tax!

[ToraToraTora]

http://www.bbc.co.uk/news/election-2017-39916367
You can't get 37bn off the "rich" you'll have to tax everyone to do that Jezza! 1p basic rate = approx 6bn so who's for 7p on the basic rate for everyone then?

[New Judge]

"We're asking those with broader shoulders to pay a little bit extra in in tax.”

Those with broader shoulders (which, in many cases, were achieved by hard work and not by accident of design) already pay “a little bit extra” in tax. As I think I pointed out a couple of weeks ago, somebody on £80k pays £25,824 (32.3%) in income tax and NI. Somebody on £20k pays £3,120 (15.6%). So those broad shoulders are already providing more than eight times as much revenue and twice as much in percentage terms.

The socialist philosophy seems to be “you’ve got it, so we’ll have it”. No cognisance is taken of the fact that those who have got it already pay far more than their fair share in taxes. I’ve lost count of the number of times Mr Corbyn has ”spent” the money he intends to raise by soaking the “rich” and crippling companies with corporation tax. I don’t know if he’s yet realised that raising taxes is a surefire way to reduce revenue. Perhaps they didn’t teach that on his Marxist Induction Course.

[ToraToraTora]

the trouble is what they call "rich" is not far off an MP's basic!

[New Judge]

Just a little bit over, rather fortuitously, 3Ts.

Of course other "rich" people do not get generous tax-free allowances which enable them to claim for a second home and everything from a tea-bag to a duck pond to go with it. They also cannot easily employ members of their family to open their post for them.

[youngmafbog]

Gets worse than that NJ, at £110K because the allowance i not lost the rate of taxation in nearly 37% and at 151K is rises again to 40%. At 200K it is a staggering 41.6%.

[bhg481]

Labour says if you earn over £80,000pa you are rich.
Jeremy, on about £138,000 says he's not rich.

http://www.telegraph.co.uk/news/2017/05/15/jeremy-corbyn-backs-managed-fair-migration-brexit/

[youngmafbog]

We used to be able to do that NJ, but the Government stopped it. Strange how they didnt stop it for themselves.

[youngmafbog]

As you point out TTT getting 37Bn of 5 % of the payees is not going to happen. Corbyn still doesnt realize that 98% of zero is zero. And it will be zero when people relocate out the country because those with brass can, e.g that good champagne socialist Branson.

[New Judge]

“Gets worse than that NJ, at £110K because the allowance i not lost the rate of taxation in nearly 37% and at 151K is rises again to 40%. At 200K it is a staggering 41.6%.”

Quite so, youngmaf. The most iniquitous punishment of all in the income tax system is visited upon those “lucky” enough to be earning between £100,000 and £123,000. Because of the reduction in personal allowance (at the rate of £500 for every £1,000 extra earned) every pound they earn above £100,000 is effectively taxed at 62%. I wonder how many people would be happy enough to drag themselves out of bed in the morning knowing that some of their pay would be subject to such a tax rate. If you’re on £100k and are offered promotion to a £110k job you’d be doing it for £3,800.

Regrettably the Tories have presided over this injustice and will continue to do so as I see no sign that they will reverse the measure that sees the personal allowance removed.

[Khandro]

The rich also pay more taxes above and beyond income tax in the form of v.a.t. on travel, purchases and services, that is unless they are misers and don't spend anything.

[youngmafbog]

Well NJ, I know at least one person that stopped travelling all over the place working stupid long shifts over the weekend (35 hours non stop once on top of the normal weeks work). It just wasnt worth it so I got a job below 100K.

[Old_Geezer]

I'm ok with putting income tax up as long as it is targeted towards those who have high enough incomes. In fact put it up more and remove some of the stealth taxes on spending and suchlike. Make the system fairer.

[mikey4444]

TTT...Labour have pledged that 95% of the people won't pay any more income tax, VAT or NICs that they do at the present.

So..... where does your 7p on the basic rate come from ?

[New Judge]

"So..... where does your 7p on the basic rate come from ?"

Diane Abbott worked it out!

[ToraToraTora]

it's based on simple arithmetic mikey, the Labour party should try it. They cannot get 37bn out of the top 5%, that sort of money will have to come from basic rate tax payers ie all of us.

[naomi24]

If the figures are incorrect and they've pledged not to raise income tax for the rest, I have to ask where the shortfall is coming from. Maybe Labour voters should ask that question too.

[mikey4444]

TTT...you haven't read your own link properly ::::

The party said its funding pledges would be paid for "substantially" by raising income tax for the highest 5% of earners, as well as corporation tax increases, raising tax on private medical insurance and capital borrowing.

[Baldric]

And of course milking the Rich is ok with Labour Supporters as the World owes them a living after all.

[Garaman]

//The rich also pay more taxes above and beyond income tax in the form of v.a.t. on travel, purchases and services, that is unless they are misers and don't spend anything.//

That is interesting - everything I have read recently says that the poor lose a larger percentage of their income to taxation than the rich when you take into account indirect taxation, and apparently that differential is increasing.

[ToraToraTora]

I did mikey but that claim does not add up, you cannot get most of 37bn out of the top 5%, full stop.

[naomi24]

Thank goodness Labour haven't a hope in hell of winning an election. They would cripple this country with their potty plans!