VAT cut to 8%!!!

oldvicar

Fiats and Kias typically cost a lot less than £30K anyway.

bankhater_1965

vat @ 8% and increase the tax threshold for earners over £60,000 to 60p in £ , the wealthy need to pay for the mess

MrRee_2

Why should the wealthy pay for the mess?

I had nothing to do with it!!

It was the chavs and council house dwellers who were borrowing in a vain attempt to emulate those who had worked hard for their elevated position in life.

MrRee_2

MonkeyMad wrote: »

Owned

Owned?

Owned?

Only halfwits and gangsters use that pathetic language ...... are you a gangster?

chewmylegoff

MrRee wrote: »

You'll have to do a LOT better than that at an interview to get a job ..... a £30,000 car is a £30,000 car ...... VAT is VAT - it's different.

Jeeeeeeez

Ha ha silly troll got his numbers wrong and is desperately trying to divert attention. Better luck next time.

chewmylegoff

bankhater_1965 wrote: »

vat @ 8% and increase the tax threshold for earners over £60,000 to 60p in £ , the wealthy need to pay for the mess

Good plan. The vat cut would reduce the tax take by about £60 billion (more than 15% of the total tax take). If you put 40p, not just 20p, on the higher rate of tax for everyone who current pays 40% (not just all over £60k) you would raise £30 billion. Just need to find another £30 billion from somewhere and your plans will add up.

bankhater_1965

MrRee wrote: »

Why should the wealthy pay for the mess?

I had nothing to do with it!!

It was the chavs and council house dwellers who were borrowing in a vain attempt to emulate those who had worked hard for their elevated position in life.

the wealthy are the people like the bankers who have caused all of this and now the normal person in the street has to bail out for there mistakes with there taxes whilst the wealthy are still being paid rediculess sums , the wealthy have just had a tax cut to create jobs in the business !! can you see the change ?? i cannot, what on earth for ??? they have the money they should pay for the mess they have created by there greedy for there big bonuses which have gone wrong ! if someone earns more they should pay more in taxes , very fair and how can you possibly blame people at the bottom end in council house for the mess ,, . im guessing you will justify the top 100 ftse people have had a salerie increase of 49% whilst the normal person has gone down by4.4% look forward to your reply mrchewmylegoff
the shortfall of £30 billion can be collected through loopholes the wealthy use to avoid paying taxes , the reduction in vat to 8% would hugely bring in more tax by getting people out spending and encouraging growth which is what the conservative goverment is against doing for some odd reason

chewmylegoff

bankhater_1965 wrote: »

the wealthy are the people like the bankers who have caused all of this and now the normal person in the street has to bail out for there mistakes with there taxes whilst the wealthy are still being paid rediculess sums , the wealthy have just had a tax cut to create jobs in the business !! can you see the change ?? i cannot, what on earth for ??? they have the money they should pay for the mess they have created by there greedy for there big bonuses which have gone wrong ! if someone earns more they should pay more in taxes , very fair and how can you possibly blame people at the bottom end in council house for the mess ,, . im guessing you will justify the top 100 ftse people have had a salerie increase of 49% whilst the normal person has gone down by4.4% look forward to your reply mrchewmylegoff
the shortfall of £30 billion can be collected through loopholes the wealthy use to avoid paying taxes , the reduction in vat to 8% would hugely bring in more tax by getting people out spending and encouraging growth which is what the conservative goverment is against doing for some odd reason

I'm afraid your maths doesn't work. People spend what they have.

Say the total amount of money people have is £100. They go out and spend that money on vatable goods. The govt gets £16.67 of that. If you reduce VAT to 8%, there is still only a total of £100 to be spent. They can buy more stuff, because it is cheaper, but the govt is only going to collect £7.40.

The tax take would collapse. You would have to increase the top rate of tax to 120% to compensate. I think you can probably understand why that wouldn't work. There are not enough "rich people" to tax.

bankhater_1965

chewmylegoff wrote: »

I'm afraid your maths doesn't work. People spend what they have.

Say the total amount of money people have is £100. They go out and spend that money on vatable goods. The govt gets £16.67 of that. If you reduce VAT to 8%, there is still only a total of £100 to be spent. They can buy more stuff, because it is cheaper, but the govt is only going to collect £7.40.

The tax take would collapse. You would have to increase the top rate of tax to 120% to compensate. I think you can probably understand why that wouldn't work. There are not enough "rich people" to tax.

im not sure were you are getting your figures from , but to encourage spending by vat cut would not only encourage spending to create more jobs to create more tax revenue , it is clear to see the tax policy in place is failing and isnt paying the countries way , the way forward is growth and to encourage growth you have to encourage spending and by cutting vat would encourage this,
alot of people have got the money but alot of people are not spending because of uncertanty in employment and many other issues include goods are expensive ,i happen to this this at first hand as i am self employed ,, excuse the spelling i drink wine !

heathcote123

MrRee wrote: »

The European Community is about to tear up the VAT Agreement - with all countries agreeing to it.

Any loss in Taxation will be made up for in Taxes elsewhere ...... and, the BIGGEST winner of all - growth will spurt, feelgood factor will be there, people will buy and sellers sell.

It's cheap compared to pumping £billions into the Banks who then sit on it and re-distribute it in Bonuses!!

I think I preferred the idea floated in moneyweek this week - abolishing corporation tax. Maybe that would be overkill - a reduction to 5 or 10% would have a massive effect on employment here.