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

ValHaller

GlynD wrote: »

The country can't afford to start this uber-socialist carp again.

Not while the rich and their corporations can't afford to pay tax.

pc1271

Why can't the govt set a really simple law that says eg "20% of all income/benefit paid as tax". No loopholes, no avoidance schemes. If the principle is law, then anyone who does not comply with the principle is evading tax and can be prosecuted, regardless of the letter of the law.

chewmylegoff

Thrugelmir wrote: »

You can just move abroad.

Rent a pad instead.

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

Better still, just have the property owned by an offshore company and just don't bother paying the tax... Seems to work for avoiding council tax.

Obviously the new stamp duty rules make this somewhat unattractive, but the horse bolted before that change as loads of London property is already owned by offshore companies.

chewmylegoff

Generali wrote: »

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.

Point a can be easily resolved by fiddling with the point at which 40% tax kicks in - the Coalition seem to have been doing this to ensure the "rich" don't benefit from personal allowance increases.

michaels

Just been discussed on question time - it seems that a 10% tax rate on 9k to 10k is more popular with the public than raising the tax free threshold from 9k to 10k - sometimes I despair

chewmylegoff

michaels wrote: »

Just been discussed on question time - it seems that a 10% tax rate on 9k to 10k is more popular with the public than raising the tax free threshold from 9k to 10k - sometimes I despair

Perhaps the public recognise the financial mess we are in and think they should pay at least 10% tax - we're all in this together after all, can't let the rich pay all the tax.

michaels

the_flying_pig wrote: »

disagree strongly.

we have to raise tax revenue somehow.

if it falls down to a choice between taxing income or assets, assets is fairer & creates better incentives every time.

Sure taxing assets is more efficient but is it fairer?

If you own an asset you have purchased it out of taxed income, probably paid VAT on the purchase and will pay tax on any capital gains and yet there is still a desire to add an additional annual tax charge. Much better to spend any earnings on blow and hookers, preferably on expenses....

Moby

Graham_Devon wrote: »

Major fiasco this one was for Gordon Brown, and Ed Milliband has decided to go for the same thing.

Milliband promises to re-introduce the 10p tax rate for low earners, and wil pay for it by taxing those with houses worth over £2m.

Good idea? Somewhat amusing that their very first, long awaited policy on the economy is all but a U-Turn

http://www.bbc.co.uk/news/uk-politics-21453444

What they won't say, is that they will reverse the tax cut they keep harking on about, no matter how many times they are asked. It was bought up again today in the speech, stating it was wrong, but again, no statement of their intention on it.

I think its a great idea that will go down well with the low paid. Do you fear that?:D

daveyjp

No detail on at what level 10p kicks in or how much income you pay 10p tax on. No details on what a mansion tax is. Tax when you buy? Tax when you sell? Tax when own it?

A poor attempt at getting the headlines. I don't know why he bothered.

nicko33

Moby wrote: »

I think its a great idea that will go down well with the low paid. Do you fear that?:D

You think a 10% tax is better than a 0% tax for low earners then do you?