Scary stuff.... Milliband starts talking about 10p tax bands!

sheffield_lad

Now I have heard it all Ed Balls for leader!!!

lol, the guy is a total joke he has read one economic book which tells him the way out of this is to borrow more!

DOH!!

Generali

The problems with a 10p tax band are that:

- It reduces tax for everyone not just poor people. Apparent this is A Bad Thing. Don't know why, I read it in the Guardian once.
- it doesn't help Labour create a larger client group that are reliant on the Government for their income. Labour encouraging self-reliance might be the start of a slippery slope for them. People might decide to take responsibility for other parts of their lives too.

Jennifer_Jane

Forgive me, I haven't read everything to do with this. But how are they going to value houses? Presumably every house in the Country has to be revalued at current rates. Then revalued as everyone sells their multi-million pound house and the market drops. What about people who rent their houses to multiple tenants.

Are these going to be exempt because they are effectively businesses, and the income is taxed, or will there be double taxation?

Fella

Personally I want to live in a country that does everything it can to reward hard work & effort.

Not some snivelling excuse for a country that can't think of anything better than "tax those rich *******, they've got blah & we haven't, that must be unfair".

That attitude, and everyone who supports it, make me puke quite frankly. I wouldn't make the effort to gob on you.

Graham_Devon

Jennifer_Jane wrote: »

Forgive me, I haven't read everything to do with this. But how are they going to value houses? Presumably every house in the Country has to be revalued at current rates. Then revalued as everyone sells their multi-million pound house and the market drops. What about people who rent their houses to multiple tenants.

Are these going to be exempt because they are effectively businesses, and the income is taxed, or will there be double taxation?

Zoopla?

Also, something that crossed my mind. All these houses worth 2 point something million. How much is such a tax going to devalue them? Who's going to want to buy a house, especially as an investment, if it's going to cost you tens of thousands each year in tax?

Not many I don't expect, bar the uber rich who couldn't care less. But the investment side would surely shy away, having quite a large impact on the value of these houses when people come to sell them.

Therefore suddenly, what was a £2m+ house, is now...well, not.

So how can a tax give away for half the country be paid for by a volitile tax? Especially volitile once they start taxing it?

Secondly, why oh why do they insist on spending every possible penny of extra income on tax give aways? It seems literally any money they can tap into, be it 4G sell offs, bankers bonus tax, mansion tax is instantly given away in tax give aways....tax giveaways that we don't really need. It will cost a lot to reduce VAT to 15%, but as evidences last time round, doesn't actually provide much spending stimulus.

Seems to me were spending more and more money trying to get the slightest increase in figures. Value for money isn't even on the radar.

pc1271

I'd scrap the tax free allowance and introduce a 5%, 10%, 20%, 40% and 49% tax rate. Even low earners should get used to paying tax on any income so as to avoid a cliff edge between 0% and 20%, and the thresholds can be adjusted to keep total tax take the same as now. I'd go for a 49% top rate as you should always keep more than 50% of what you earn.

If a tax is to be based on property value, the bands should be based on the purchase price as a % of UK average at the time. Revalued every time the house is sold.

danielanthony

You can't hide your house offshore.

This is one tax the rich can't avoid.

Jennifer_Jane

Graham_Devon wrote: »

Zoopla?

Also, something that crossed my mind. All these houses worth 2 point something million. How much is such a tax going to devalue them? Who's going to want to buy a house, especially as an investment, if it's going to cost you tens of thousands each year in tax?

Not many I don't expect, bar the uber rich who couldn't care less. But the investment side would surely shy away, having quite a large impact on the value of these houses when people come to sell them.

Therefore suddenly, what was a £2m+ house, is now...well, not.

So how can a tax give away for half the country be paid for by a volitile tax? Especially volitile once they start taxing it?

Secondly, why oh why do they insist on spending every possible penny of extra income on tax give aways? It seems literally any money they can tap into, be it 4G sell offs, bankers bonus tax, mansion tax is instantly given away in tax give aways....tax giveaways that we don't really need. It will cost a lot to reduce VAT to 15%, but as evidences last time round, doesn't actually provide much spending stimulus.

Seems to me were spending more and more money trying to get the slightest increase in figures. Value for money isn't even on the radar.

Yes, that was my point.

Agree with you about the tax reductions too. Would like to see 4G going against the debt. It should be used wisely.

DervProf

pc1271 wrote: »

I'd scrap the tax free allowance and introduce a 5%, 10%, 20%, 40% and 49% tax rate. Even low earners should get used to paying tax on any income so as to avoid a cliff edge between 0% and 20%, and the thresholds can be adjusted to keep total tax take the same as now. I'd go for a 49% top rate as you should always keep more than 50% of what you earn.

If a tax is to be based on property value, the bands should be based on the purchase price as a % of UK average at the time. Revalued every time the house is sold.

How about a flat rate of 22% (ish) ?

Anyone cought avoiding/evading tax will be jailed for the amount they didn't pay................... years.

Thrugelmir

danielanthony wrote: »

You can't hide your house offshore.

This is one tax the rich can't avoid.

You can just move abroad.

Rent a pad instead.

If in London. Chelsea harbour is a nice rental area.