Rachel Reeves Is Going To Knee Cap The Poor In October.....

[ToraToraTora]

https://news.sky.com/story/politics-latest-starmer-labour-riots-parliament-conservative-leadership-jenrick-police-live-12593360

Are the Labour voters ready to pay more tax? higher interest rates? I must admit I am surprised at the speed that real Labour has set about shafting their own voters, I thought there would be at least a bit of a honeymoon period.

 

[Hymie]

Direct taxes (such as income tax) are progressive in reducing income inequality; so I guess TTT wanting such a tax regime abolished (as a self-declared millionaire), he does approve of the poor paying more tax.

[ToraToraTora]

well that's cockeyed hymie! Surely you would prefer to have 100% of your wages to spend?

Direct tax accounts for a fraction of the total taxation and most of it is paid by basic rate tax payers. Anyone on HRT or above has many methods to avoid it. eg I always got paid more than the HRT threshold but I never paid it, I paid the surplus into my pension, thus I can retire with a huge pension. The tax that I saved legitimately would need to come from somewhere else thus poor people pay it. I want to imporove that I want to give them all of their own money and let them choose how it is spent.

Labour and lefties generally love direct tax because it means they can use it as a punishment for prosperity. In the 70s the top rate of tax was 97%, it raised almost nothing but punished those that were in that bracket so they burgered off to the USA and paid their taxes and spent their wealth there.

Lefties have never been able to grasp economics because their primary mission is to handicap the people.

[Hymie]

TTT does not even understand the basics of taxation.

[ToraToraTora]

erm I think I do me old china, you seem to have no idea of anything.

[ToraToraTora]

10:32 go on then we'd all like a laugh, explain them to me....

[Hymie]

https://pmt.physicsandmathstutor.com/download/Economics/A-level/Notes/CIE/Papers-1-2/3-Government-Microeconomic-Intervention/b)%20Taxes%20(direct%20and%20indirect).pdf

[ToraToraTora]

no I want what you think the basics are, what is the purpose of taxation according to hymie?

[rowanwitch]

Higher rate tax on ' unearned income' aka pensions maybe.  New  or rather reinvented higher rate for the super rich... Which to Labour is anyone earning above minimum wage....  I know I am being deliberately silly here but NOTHING would surprise me with this rabble.

[naomi24]

//I guess TTT wanting such a tax regime abolished (as a self-declared millionaire), he does approve of the poor paying more tax.//

 

Hymie, you've said that before and it's still nonsense.  You'd be better off if you stopped guessing.

[jackthehat]

Unfortunately, we are having a taste of the first proper Labour government since the 1970s.

I think those rose-tinted spectacles voters wore on election day will be falling off at a gathering speed as Labour revert to type and startclobbering us all with overt and stealth taxes.

Hopefully, the country will not actually be on its' knees when it comes time to vote the useless shower out again.

[rowanwitch]

It's theoretically possible to create a totally indirect tax system that doesn't penalise the poorest.  It would require a multi level equivalent to VAT, that would replace every other form covering all purchases up to and including property, ( tax exemption for items purchased as a requirement for a person's employment and for specific healthcare needs as happens now aids for disabled persons are VAT exempt if you buy them for yourself)

Yes the rich could still buy nicer things .... But with a wider range of items given full tax free status there is an incentive to work knowing all you earn is yours to spend and to save for a future pension knowing you get to keep it.

[ToraToraTora]

Rowan, even as it currently is indirect tax is a lot fairer on the poor than direct taxation. The rich will always be able to buy nicer things and thus pay more tax. With income tax the poor pay the most of that pie because anyone on over the HRT limit has many ways to avoid it. The seriously rich have accountants that avoid almost all direct tax. They pay their tax when then buy things and hire people.

[ToraToraTora]

Bang on JTH, the poor saps that thought they were voting for change were actually voting to become the SMOE again.

[youngmafbog]

//TTT does not even understand the basics of taxation.//

Hahahaha, from one of the people on this site with zero financial acumen demonstrated time and time again by absolutley garbage posts.

Stick to youtube and your mate Phil.

[naomi24]

By the time this lot have finished wreaking havoc with the country and the people, Europe will be the last thing on the minds of the electorate. Come the next election Labour will go out flying.

[youngmafbog]

Yes TTT, the rich do find ways of not paying tax, and that applies to Corporations too.

Its generally the middle upper jobs that pay the most tax in monetary terms(The 10% of income taxpayers with the largest incomes contribute over 60% of income tax receipts) but the poor who are most affected by the tax they have to pay as they have (often) no disposable income.

But Labour dont care, these days it appears to only cater for those not working or those arriving here.

[Old_Geezer]

Direct taxation is fair & equitable because it's tied to what the taxpayer has benefitted from being part of society and levels can be set to ensure those with just enough to cover necessities are hit much less than those who attract income well in excess of covering their needs.

 

Indirect taxation isn't that flexible. Unless only applied to luxury and large purchase items; it hits all with the same level of tax and so in real terms are a greater burden to those who barely attract enough income, while those with excess may not even notice their contribute to society. 

[ToraToraTora]

OG: "Indirect taxation isn't that flexible. Unless only applied to luxury and large purchase items; it hits all with the same level of tax and so in real terms are a greater burden to those who barely attract enough income, while those with excess may not even notice their contribute to society. " - n% of a super yacht is a lot more than 20% of a pair of trainers.

[ToraToraTora]

I should have said :

- n% of a super yacht is a lot more than n% of a pair of trainers.