!!!!!! - Clown to raise the top rate of tax to 45%

Dithering_Dad

lostinrates wrote: »

OH well, looks like we'll be off then. .

I don't, personally, think the financial serives sector is finished the turmoil yet and our return to UK was sentimental and emotional as it was, not financially best for us. I guess I should be glad we haven't bought a house and can leave relatively easily after 2010.

I don't understand your post, lir. Why would a tax on people who earn over £150k cause you to want to leave the country?

If your OH earns £40k, he's still got a while to go before this will impact him. Given that we all get a £5k tax free allowance and that most people who earn that sort of cash will also contribute to a pension plan (let's say at 10% of their income - so £15k), someone will have to earn over £170k before this tax would impact them.

Plus it's only an extra 5% on their earnings over £170. So for someone earning £200k, they would pay an additional £1500 in tax. Hardly likely to force hordes of business leader, surgeons, IT Contractors or other high earners out of the county.

Lotus-eater

Max_Headroom wrote: »

Spot on. This is what created the mess in the first place (see my post above for explanation).

All they're trying to do now is kickstart the party again. Unfortunately it's the morning after, the champers is flat, and we've all got to go to work with a hang over instead...

And its going to cost the country 12 blinkin billion over the next year, great! More debt for us, as if we didn't have enough already.
I don't think we've actually got to the hangover stage yet, we're at the "maybe we can make everything better by drinking more stage"

amcluesent

Just to set the right mood for an emergency Labour budget, I've been dusting down my LPs to listen again to Take A Chance on Me, Wuthering Heights, Uptown Top Ranking, Three Times A Lady, Night Fever...:D

How the years seem to fall away as we again hear Labour explain why it's everyone else's fault we are in an economic disaster, public sector black holes, the £ slumping, lay-offs in the millions.

"Crisis? What crisis?" :rotfl:

History repeats itself, first as tragedy then as farce. Well, what do you expect when there's a Clown at the controls!:eek:

worldwheeler

[quote=godsakes;16131369]this is good news, it's seems we're getting a fairer system

VAT is a regressive tax, it's socially right it should been kept small and the 45% rate strikes me as fair provided it's on new higher band (£150k).

but... i think some work needs to be done on the various offshore loopholes. Too many people find clever ways of masking their income as capital gains and take advantage of generous rules surrounding that.[/quote]

This is a political move. If they win an election on it it will not plug the gap in public spending. NULABOUR have signed this country into contracts to pay interest on hidden public borrowing for years to come with PFI. The fact that many millionaires pay less tax than their chauffeurs will continue no matter how high the top tax band is raised. If there is a loop hole then dodging 40%, 45%, 75% makes no difference, it's still dodged.

Pennywise

godsakes wrote: »

but... i think some work needs to be done on the various offshore loopholes. Too many people find clever ways of masking their income as capital gains and take advantage of generous rules surrounding that.

That's just the consequence of this much lauded "global economy". People are free to live in whichever tax jurisdiction they want to and free to set up businesses in other more favourable tax jurisdictions. The UK can't single handedly change the rules - it would take co-ordinated international agreement. When some countries are enjoying a wave of prosperity on the back of having a low tax regime, they'll never be persuaded to increase their tax rates to those in the UK. There is no law stopping a British football playing going to live abroad and pay tax in that country instead of Britain - same with actors, TV presenters, even politicians! Surely the answer is to make the UK a competitive place so that such people wouldn't have the need to actually move abroad and benefit other countries when they'd actually like to live in the UK but can't afford to!

dopester

One guy on Radio 5 about an hour ago.. Victoria Derbyshire's show, was saying that whilst his business doesn't yet allow him to take a £150,000+ salary... it has been slowly growing in that direction after much hard work, and bringing rewards to others along the way by way of employment and bonuses.

He said he was against the tax because "it is a tax on aspiration" - which of course I agree with. As well as limiting the extra risks and investments a higher earner in business might take, such as maybe not investing seed capital for some ventures where there is risk of loss... to reward of success and gain and bringing new advancements and innovation for the UK to better profit and sell to the world.

SingleSue

amcluesent wrote: »

Clown's budget deficit will balloon to £120,000,000,000 next year, increasing tax to 45% would bring in £1.5B.

Where the other £118,500,000,000 going to be repaid from? Yep, 'Mondeo Man' is going to be robbed blind.

#Things can only get better...#

That is a lot of noughts! :eek:

neverdespairgirl

roddydogs wrote: »

Are you all really going to rush out to buy a £500 telly cause its gone down by £10?

I can't imagine spending £500 on a telly anyway.

neverdespairgirl

Max_Headroom wrote: »

. Unfortunately it's the morning after, the champers is flat, and we've all got to go to work with a hang over instead...

And there's a cigarette burn on the table, and pizza trodden into the carpet.

Jonbvn

Max_Headroom wrote: »

Yeah, damn their breeches and their duckponds, we don't need 'em do we George? We don't need highly skilled surgeons, barristers, entrepreneurs, business people, company directors, top engineers, successful managers.

Wow! Somebody mentioned "engineers" as professionals:rolleyes:

Is this a turning point in the UK?

A top engineer.