Tackle UK debt love affair with 'spending tax'

abaxas

Really2 wrote: »

I presume this is a mortgage holder tax you want basically

It's about as sensible as increasing tax on savings to stop people spending.

There is already a tax on borrowing, it's called interest (I believe banks pay tax on profits).

But by your example above it would make no difference as people would find a way round it.

No,

Just thinking out loud. Becasue somehow we have to stop debt being the problem.

[Deleted User]

abaxas wrote: »

I for one would welcome it.

Find me any sole traders that dont fiddle tax.

I don't. Although strictly speaking I'm half a partnership. But I wouldn't fiddle tax. Wasn't brought up that way (and I'd be afraid of getting caught).

de1amo

thrug i think too many people have had too many carrots-whose to pay the bill??

Thrugelmir

de1amo wrote: »

thrug i think too many people have had too many carrots-whose to pay the bill??

Grow your own in future, much cheaper.

blueboy43

JP45 wrote: »

It hardly seems sensible to increase tax on spending whilst the economy is still mired in recession with the prospect of low or anaemic growth for the foreseeable future.

You'd think someone who works in investment would understand the importance of timing.
.

In the end all taxes are paid by individuals. The choice will be do we increase taxes on jobs or businesses or do we try and tax consumption and spending.

Increases in VAT / fuel duty / fags / beer / even domestic energy, all have an attached benefit of perhaps changing behaviour.

What are the additional benefits of increasing Employers NI or Corporation tax ?

We are getting pretty close, perhaps only 12-18 months away from when tax increases / spending cuts would be forced onto us by the market anyway.

Thrugelmir

blueboy43 wrote: »

In the end all taxes are paid by individuals. The choice will be do we increase taxes on jobs or businesses or do we try and tax consumption and spending.

Increases in VAT / fuel duty / fags / beer / even domestic energy, all have an attached benefit of perhaps changing behaviour.

What are the additional benefits of increasing Employers NI or Corporation tax ?

We are getting pretty close, perhaps only 12-18 months away from when tax increases / spending cuts would be forced onto us by the market anyway.

Morely likely 5 months.

Straight after election budget time.

Though I still hedge a March Labour budget, if only to take wind out of Tories sails.

lostinrates

re the investment factor, and small businesses I think this needs some investigtion. The largest number of registered business is per squarefoot in either the world or Europe, I can't remember which, is fairly ordinary looking street in Milan. In italy personal debt is strongly discouraged and a lot less purchasing goes on....but taxes and costs for goods and many services are higher. I'm to tired to try and work out what this means....where is Gen?

edit: I ahte the ''luxuries'' argument. My tampons are no luxury, let me tell you, and I resent them being considered so.

blueboy43

Thrugelmir wrote: »

Morely likely 5 months.

Straight after election budget time.

Though I still hedge a March Labour budget, if only to take wind out of Tories sails.

probably - although i live in hope that one of the budgets in the next 5 months will start to address the issue.

Naive I know.

de1amo

thrug is i grow my own carrots can i avoid a much needed new pair of glasses?? i expect they are a luxury and well taxed because they cost enough

The_White_Horse

if you want to stop people getting into debt, stop making bankruptcy such an easy get out and bring back debtor prisons. people get into debt because generally, they don't care. what is the worst that can happen to someone??