General Election 2017

[Colback's Orange Tufts]

An additional tax increase for being successful in life?

Quelle f***ing surprise from Labour.

Rich people are so hard done by politics.

I'm all for progressive taxation. But we should acknowledge we do already have progressive taxation on income (see below). One can make the argument it should be *more* progressive, but the top 1% pay c25% of income tax. Last year 46% of adults paid no income tax (helped by increasing the tax free allowance).
[tweet][/tweet]

Can also argue, cap gains/corporate/other taxes are too low and rich ppl benefit from it, but it's complicated

[Mifune]

Rich people are so hard done by politics.

We are. It's f***ing annoying.

Still waiting for the 5th biggest economy in the world to trickle down, me. I'm sure it'll happen any day now.

[Mifune]

Rich people are so hard done by politics.

I'm all for progressive taxation. But we should acknowledge we do already have progressive taxation on income (see below). One can make the argument it should be *more* progressive, but the top 1% pay c25% of income tax. Last year 46% of adults paid no income tax (helped by increasing the tax free allowance).
[tweet][/tweet]

Can also argue, cap gains/corporate/other taxes are too low and rich ppl benefit from it, but it's complicated

Fwiw, I think the focus on any tax reforms should be on the mega rich and the big corporations, rather than the meager 6 figure rich person. London is basically a tax haven now for big business.

[Colback's Orange Tufts]

Fwiw, I think the focus on any tax reforms should be on the mega rich and the big corporations, rather than the meager 6 figure rich person. London is basically a tax haven now for big business.

Fair viewpoint. Problem with mega mega rich is that they are mobile, don't have to live here so hard to get the money off them. We should try but ultimately they can move to Switzerland/employ armies of tax lawyers and accountants. If a political party has specific ideas on how to combat this, they'd get my vote no matter how left wing they are.
On corporations, there's arguments about large companies moving away if burden too high, moving in if low. But is that benefit larger than benefit from higher rates? tbh I don't know. Cracking down on those taking the mic is the ideal, however legislating for tax in multinationals without accidental consequences or other countries retaliating is HARD.

[Colback's Orange Tufts]

What I do think is for the less well off, more should be done to raise minimum pay to price people out of in work benefits. Working tax credits were well meaning but a subsidy to low pay employers. And its a big physiological gain to earn X because you get paid it, or get less and benefits round it up to X.
I liked the Tory work on living wage and increasing tax free allowance, but they then swiped the carpet underneath people's feet by cutting tax credits hard.

[skalpel]

On corporations, there's arguments about large companies moving away if burden too high, moving in if low.

Yeah. It'd be a tougher start to life outside of the European Union if large corporations were given another incentive to move to the continent. Corbyn's policies wouldn't half make Macron's historic corporation tax-cut look juicy.

[Ramone]

Rich people are so hard done by politics.

I'm all for progressive taxation. But we should acknowledge we do already have progressive taxation on income (see below). One can make the argument it should be *more* progressive, but the top 1% pay c25% of income tax. Last year 46% of adults paid no income tax (helped by increasing the tax free allowance).
[tweet][/tweet]

Can also argue, cap gains/corporate/other taxes are too low and rich ppl benefit from it, but it's complicated

That graph isn't very useful though as it doesn't show what percentage of the individual's income is being paid as tax. I'd wager that the top 1% pay around about the same, if not less, as a percentage of their income than the average joe.

[Mifune]

Fwiw, I think the focus on any tax reforms should be on the mega rich and the big corporations, rather than the meager 6 figure rich person. London is basically a tax haven now for big business.

Fair viewpoint. Problem with mega mega rich is that they are mobile, don't have to live here so hard to get the money off them. We should try but ultimately they can move to Switzerland/employ armies of tax lawyers and accountants. If a political party has specific ideas on how to combat this, they'd get my vote no matter how left wing they are.
On corporations, there's arguments about large companies moving away if burden too high, moving in if low. But is that benefit larger than benefit from higher rates? tbh I don't know. Cracking down on those taking the mic is the ideal, however legislating for tax in multinationals without accidental consequences or other countries retaliating is HARD.

Yes I agree that it is a hard thing to balance (especially now we are leaving the EU), I just think that a poor job has been done of it so far. Things like not charging companies corporate tax for profits made abroad is an massive loop hole given to them that should be closed.

Better pay instead of benefits is definitely preferable and very much agree with you about it psychologically being better as well. Living wage should replaced minimum wage/national living wage. Or at the very least give companies tax incentives who offer it.

[Colback's Orange Tufts]

Fair viewpoint. Problem with mega mega rich is that they are mobile, don't have to live here so hard to get the money off them. We should try but ultimately they can move to Switzerland/employ armies of tax lawyers and accountants. If a political party has specific ideas on how to combat this, they'd get my vote no matter how left wing they are.
On corporations, there's arguments about large companies moving away if burden too high, moving in if low. But is that benefit larger than benefit from higher rates? tbh I don't know. Cracking down on those taking the mic is the ideal, however legislating for tax in multinationals without accidental consequences or other countries retaliating is HARD.

Yes I agree that it is a hard thing to balance (especially now we are leaving the EU), I just think that a poor job has been done of it so far. Things like not charging companies corporate tax for profits made abroad is an massive loop hole given to them that should be closed.

Better pay instead of benefits is definitely preferable and very much agree with you about it psychologically being better as well. Living wage should replaced minimum wage/national living wage. Or at the very least give companies tax incentives who offer it.

It's never quite simple though (they are often subsidiaries), because often they pay tax in the foreign country. Do you tax them twice? Net the difference?

If Dyson sells hoovers in UK, it should pay UK tax. But if it's US subsidiary pays say 25% corporate tax (more than 19% here). So the principle is to not tax it twice, but subsequently allowing for this is where the unintended loop holes begin.

Now make it a service company, where it delivers the underlying work for the service is hard to define. That's why google can define servicing EU clients from Ireland.

[Pardew's Legendary Specs]

What also seems to have been missed is that the marginal rate of tax (exc NI) for between £100k and 120k was actually 60% and this has now gone up to minimum 67.5%, hardly an incentive to earn more. This is before NI and depending on the way it is introduced could be as high as 73%

[Micky Quim]

We are. It's f***ing annoying.

Still waiting for the 5th biggest economy in the world to trickle down, me. I'm sure it'll happen any day now.

Work harder

[Ramone]

Still waiting for the 5th biggest economy in the world to trickle down, me. I'm sure it'll happen any day now.

Work harder

[Slim999]

Ever since JC got elected and surrounded himself with the likes of Abbot and McDonnel its been clear to me that they dont have a hope.
Quite like some of the Policy ideas however politics is a game of realism not idealism.
In my seat its btween Tory and LD so I will vote the latter.
Ironically I think the best outcome would be for Labour to lose quite badly and for Corbyn to refuse to go.
There is a groundswell movement now for a new centre left party to be created called the Progressive Democrats or something similar. This would incorporate all LD / 80 % of Labour and a handful of LW Tories.
This may be the only solution now to prevent a 1 party state

[Jaiston]

Still waiting for the 5th biggest economy in the world to trickle down, me. I'm sure it'll happen any day now.

Work harder

As well as smarter. I'll have a calculated guess and say most people that complain about money not trickling down to them won't even try make their situation better, won't try to better themselves. Maybe go to university , or even adult schooling to improve their skills.

Most people that have a very good pay (£60k - £140k or so) haven't just fluked into it, they have worked hard to improve themselves and get skills that are needed and pay well for.

[Seagull]

.

[Ramone]

Work harder

As well as smarter. I'll have a calculated guess and say most people that complain about money not trickling down to them won't even try make their situation better, won't try to better themselves. Maybe go to university , or even adult schooling to improve their skills.

Most people that have a very good pay (£60k - £140k or so) haven't just fluked into it, they have worked hard to improve themselves and get skills that are needed and pay well for.

How do you do either of those without money? You can't have everyone earning a "good" wage, it just doesn't work like that, so the only way to attempt to even the odds is by taxing the better off. If you complain about tax as a punishment but still happily use public services then I don't even know what to say to you. Trust me, you have it way better off than someone on minimum wage who isn't paying income tax.

On your second point, I don't think anyone is contesting that, but there are plenty of people who have worked hard and it hasn't worked out for them for a number of reasons. Or who simply haven't had the chances/opportunities that other, luckier, people have had. "Working hard" is not even close to a guarantee of success and blaming the poor for their situation is pretty disgusting to be honest.

[Don Sholeone]

I think some people on here need to check into the real world

[Blue & Maroon]

There are rich people who deserve to be where they are and rich people who don't. There are poor people who deserve to be where they are and those who don't. This binary Labour-Conservative, left-right, support-don't support view is f***ing garbage.

[Don Sholeone]

[Aldridge Prior]

Work harder

As well as smarter. I'll have a calculated guess and say most people that complain about money not trickling down to them won't even try make their situation better, won't try to better themselves. Maybe go to university , or even adult schooling to improve their skills.

Most people that have a very good pay (£60k - £140k or so) haven't just fluked into it, they have worked hard to improve themselves and get skills that are needed and pay well for.

Wow.

In my line of work I meet people earning 5k a year self employed and 100k as medical consultants, but someone really stood out to me recently. A young lass earning £15,000 a year for working 60 hours in a care home, clearly being exploited but likes helping people and doesn't want to rock the boat.

This isn't an isolated case.