Precautions in case of a Labour win

redmalc

Corbyn and his chums would be a disaster for the Country and more to the point the hard working people trying to better themselves by working long hours to build up a business trying to earn a good salary.
Taxation will increase to fund his spending spree because his money tree won’t won’t provide the funds he requires to increase public spending and benefit payments

Davy_Jones_II

I’m quite happy, as we head into this election, to not pay my income tax in the UK. The Conservatives have hammered higher earners to benefit the lower paid these last few years, and I can’t see it moving back the other way any time soon.

A high earners in the U.K. now pays nearly 47% of their wage in income tax and NI, has no personal allowance, and can no longer put more than £10k per year into their pension.

MK62

Davy_Jones_II wrote: »

I’m quite happy, as we head into this election, to not pay my income tax in the UK. The Conservatives have hammered higher earners to benefit the lower paid these last few years, and I can’t see it moving back the other way any time soon.

A high earners in the U.K. now pays nearly 47% of their wage in income tax and NI, has no personal allowance, and can no longer put more than £10k per year into their pension.

So do you think high earners would be better off under a Corbyn led administration?....;)

As well as direct taxes, such as income tax and NI, if you also consider indirect taxes, such as VAT, Council Tax, Duty etc, then you may find that the total tax paid by low earners isn't that much different, in % terms.

JoeCrystal

Davy_Jones_II wrote: »

I’m quite happy, as we head into this election, to not pay my income tax in the UK. The Conservatives have hammered higher earners to benefit the lower paid these last few years, and I can’t see it moving back the other way any time soon.

A high earners in the U.K. now pays nearly 47% of their wage in income tax and NI, has no personal allowance, and can no longer put more than £10k per year into their pension.

How did you define a high earner? It is just that in order to pay at least 46% of your wages in Income Taxes and NI, you need to be at £1,200,000 a year which places such earner in top 1% of the population. Here is the percentage breakdown below

Davy_Jones_II

MK62 wrote: »

So do you think high earners would be better off under a Corbyn led administration?....;)

As well as direct taxes, such as income tax and NI, if you also consider indirect taxes, such as VAT, Council Tax, Duty etc, then you may find that the total tax paid by low earners isn't that much different, in % terms.

No, far, far worse, but it’s strange times we live in when even the Conservatives are so redistributive.

What’s strange is that there are people on here claiming that the conservatives have cut taxes for the rich. They quite clearly have cut tax on lower earners and increased it on higher earners.

michaels

JoeCrystal wrote: »

How did you define a high earner? It is just that in order to pay at least 46% of your wages in Income Taxes and NI, you need to be at £1,200,000 a year which places such earner in top 1% of the population. Here is the percentage breakdown below

Don't for get employers NI is another 13.8% wedge between what it costs to employ someone and what they earn. So for many the govt take the lions share of what they earn...and then they take another 20% if you actually want to buy something with the minority of income you are left with.

I want to make it clear that public spending is not too large a share of GDP but wish we could have an honest discussion about how much of what we earn ends up as part of our consumption.

MK62

Davy_Jones_II wrote: »

What’s strange is that there are people on here claiming that the conservatives have cut taxes for the rich. They quite clearly have cut tax on lower earners and increased it on higher earners.

Truth and politics are often strange bedfellows......

[Deleted User]

One good thing about this election: it is as easy as ABC: Anybody But Corbyn. Perhaps Lib Dems deserve a chance, assuming they are reasonably strong in a given constituency

Turpinr

Anybody But Conservatives also has a nice ring to it but i don't want the Tories second team with Farage at the helm either.
During the referendum Farage was definitely the brains with Johnson in charge of telling lies on the side of buses.

Silvertabby

“ What’s strange is that there are people on here claiming that the conservatives have cut taxes for the rich. They quite clearly have cut tax on lower earners and increased it on higher earners.
Originally posted by Davy Jones II

MK62 wrote: »

Truth and politics are often strange bedfellows......

Raising the personal tax allowance to £11,850 (£12,500 from next April) = over 40% of people don't pay any income tax.