Budget 2021: 'Now is not the time for tax rises', say MPs
01/03/2021 | news | business | 718
The Treasury Committee says "significant" measures may be needed later to improve public finances.
1
01/03/2021 10:42:12 5 3
bbc
The following x3 broad aims/principles for the Budget sound about right:

1. Debt: Demonstrate to Bond Markets that the UK is serious about reducing.
2. Growth: Provide an outline on how it is intended this will return.
3. Employment: Measures to prevent long-term ingrained unemployment.
2
01/03/2021 10:43:19 129 25
bbc
We don’t necessarily need to raise taxes to start getting public finances in order, we need to get those hiding money away in tax havens actually paying proper tax in the first place.

We need to get the wider public seeing through the oligarchy that ensures such behaviour continues and seek to overturn their interests.
5
01/03/2021 10:46:19 43 18
bbc
Nice theory. Question is, how are we going to do it?
146
Dee
01/03/2021 11:55:07 13 0
bbc
There will always be plenty of countries very happy to shield the rich from the UK tax man.
195
01/03/2021 12:16:14 8 4
bbc
It's an easy answer and it will never happen - they will take their money and go but the UK will never see it
309
01/03/2021 13:57:07 11 8
bbc
The top 1% pay over 30% of all tax taken by the government. Taxing them more will risk pushing them abroad and then we will be in a worse situation. A one off tax for companies who have made a large profit due to the pandemic would be a better option. Followed up by those corporations starting to pay their fair share.
312
01/03/2021 14:03:44 8 6
bbc
Tax rises are inevitable; key is ensuring fair distribution. Pensioners will need to contribute to this massive burden via ending triple lock pensions, means testing benefits like winter fuel, bus passes, and getting rid of legacy benefits like married couples allowance (only for those born pre 1930 etc). Boomers on average will receive more than they ever contributed - time to balance the books!
348
01/03/2021 15:05:46 1 0
bbc
Since 2008 most Government borrowing has been through its bank, the BoE, buying Government corporate bonds:

https://www.theguardian.com/business/2019/mar/08/the-verdict-on-10-years-of-quantitative-easing

The BoE is part of Government:

https://www.bankofengland.co.uk/knowledgebank/who-owns-the-bank-of-england

The BoE has conjured the money it has used to buy Government bonds out of thin air.
349
01/03/2021 15:06:44 9 1
bbc
The BoE has also been, since the 2008 crash, buying back Government bonds from financial institutions, who have in turn bought more Government bonds; and it's been going in that circular motion ever since.

This is all funded by the money conjured out of thin air; it has redirected lots more wealth to the rich, whilst we have been sold the lie we need to repay it through austerity & wage freezes.
351
01/03/2021 15:09:04 6 2
bbc
When interest rates are extremely low or, as they are currently, at a negative rate, institutions are paying the Government to look after their money.

As you can see from my previous 2 comments it's a game of smoke & mirrors proving the economy has always been contrived & manipulated.

There is no need to raise our taxes, depress our wages or impose austerity on us. Will YOU fall for it again?
354
01/03/2021 15:11:49 3 0
bbc
If people doubt what I am saying they can read up on it here:

https://www.bankofengland.co.uk/monetary-policy/quantitative-easing

https://www.bankofengland.co.uk/markets/market-notices/2020/asset-purchase-facility-additional-corporate-bond-purchases

It's not as if the BoE hides what the Government is doing. The BBC never explains the circular bond buying as I do above. I wonder why?
375
01/03/2021 15:30:48 3 0
bbc
Not forgetting that the pending wave of inflation will also claw a lot of money back which will also hit the pockets as an already established stealth tax. We should start manufacturing again.
415
01/03/2021 16:10:02 2 0
bbc
Great and true post. Well said.
492
01/03/2021 17:58:28 1 1
bbc
More like we need the feckless to contribute some and more people to take less. The Govt give it away in benefits far too easily.
626
02/03/2021 01:07:10 1 0
bbc
Brexit was a step away from that, to avoid the EU financial transparency laws that landed Luxembourg in court.
It is exactly "the oligarchy" you speak of that caused it to happen, from ex- and born again money-man Farage to the shadowy Hedge-funder Odey who bankrolled it. Brexit was first and foremost to protect our dodgy tax havens. And of course now we want freeports again.....
631
02/03/2021 03:06:23 1 0
bbc
This is why many of todays politicians entered parliament. So they control the legislation which allows them to get away with it
3
01/03/2021 10:43:57 85 22
bbc
I'm prepared to be hammered by disagreements, but if the tax rises to pay the UKs debts don't happen now, then surely they're just being delayed so they can be passed on to our kids?

Wouldn't it be nice if one day we could get out of this trend of leaving our children with our debts?
14
01/03/2021 10:56:04 35 71
bbc
A one off wealth tax is the answer, but would the Tories do it???
50
01/03/2021 11:17:56 19 27
bbc
According to the Times Rich List, the richest 1,000 are worth around £750 billion plus they have an unknown (but probably very huge) amount squirrelled away in tax havens).

If Sunak is looking for cash, they have it in spades.

Tax avoiding multi-nationals also have loads of cash to target.

But instead he will punish the poor. Because that's just what Evil Tories do.
110
01/03/2021 11:39:51 8 0
bbc
We’re being taxed through inflation. About half the national debt is owned by the government (BoE) - and no, it’s not actually independent.
118
01/03/2021 11:42:39 11 14
bbc
I agree - time to tax wealth (property/assets/bitcoin etc) and use the windfall to repair the UK balance sheet
133
01/03/2021 11:48:44 6 22
bbc
Agree.

The country locked down to protect the old at the expense of the young.

Unbelievable really that I haven't heard a single story of the old donating to those who have had financial distress as a result.

TIME FOR THE GOV TO RAID THE BANK ACCOUNTS OF PENSIONERS!!!
193
01/03/2021 12:15:57 1 4
bbc
When you bought your house you took an massive mortgage and relied on your ability to repay through your working income. When we take on a massive debt collectively we rely on us, human beings to repay it and if the benefits, in terms of jobs and health and education, will be spread on future generations than they will have to pay. No panic The creditors will be patient if they want the money back
250
01/03/2021 12:59:53 0 6
bbc
The baby boomers were paying off the previous generation but I don't see them complaining whilst on another cruise somewhere nice.
255
01/03/2021 13:00:11 1 5
bbc
all they have to do is tax the billionaires to pay for it all
320
01/03/2021 14:14:20 2 3
bbc
Fortunately or unfortunately children do not get to vote. Also the rabid reaction that arises with the prospect of war makes any dissenter a traitor. We could not wait to get into 2 world wars which destroyed our economic hegemony.
577
01/03/2021 20:52:30 0 0
bbc
Same goes for the US.
4
01/03/2021 10:44:03 31 6
bbc
The huge debt we have is going to have to be reduced. If interest rates do rise the UK and a lot of other countries are going to be so deep in debt it will be our great-grandchildren who will still be paying it off when they retire in their eighties. It cannot be postponed indefinitely.
28
01/03/2021 11:00:06 14 41
bbc
Why is it ok for me to pay it
but not ok for my grandchildren to pay it?

Why does the "who" make a difference?
114
01/03/2021 11:40:38 3 1
bbc
It’s not our grandchildren. Anyone less than the age of 75 will be experiencing the effects of rapid inflation and tax rises for decades.
288
01/03/2021 13:39:52 1 0
bbc
As I've said before, the current debt and borrowing will all be 'paid-for' by loan notes to China and general inflation over the next hundred years or more.

The bigger problem is how do you safely and successfully unwind the furlough scheme ?
455
01/03/2021 16:51:53 2 0
bbc
If inflation starts going up (it already is going up in real world but is manipulated out in official figures) then central banks will have to raise interest rates, that will cause governments to struggle with debt payments and cause a lot of havoc
650
02/03/2021 07:23:58 0 0
bbc
The smart will always offshore money
2
01/03/2021 10:43:19 129 25
bbc
We don’t necessarily need to raise taxes to start getting public finances in order, we need to get those hiding money away in tax havens actually paying proper tax in the first place.

We need to get the wider public seeing through the oligarchy that ensures such behaviour continues and seek to overturn their interests.
5
01/03/2021 10:46:19 43 18
bbc
Nice theory. Question is, how are we going to do it?
10
01/03/2021 10:51:57 32 2
bbc
Try copying the EU’s anti tax avoidance directives here (we have the “sovereignty” to do so). Even if it claws something back, it’s better than nothing. If individuals and corporations who do pay their way are going to be asked to help out, so should the elites who think they’re above life’s inconveniences.
11
01/03/2021 10:52:17 32 1
bbc
Cancel double tax treaties with tax havens. Sorted.
243
01/03/2021 12:56:44 16 1
bbc
"Question is, how are we going to do it?"

Make it a requirement for every company in the UK to publish the name of their beneficial owners and the tax jurisdiction where they reside.

Make it a requirement for every company listed in every UK dependency to do the same.

Pressure the rest of the G8 to do the same.

We own more than half of the world's biggest tax avoiding centres, it'd be a start!
314
01/03/2021 14:06:58 6 1
bbc
We did it with the Channel Isles and IOM where admittedly we had more political power. But with public support we can beat these tax dodgers.
489
01/03/2021 17:53:25 0 1
bbc
Maybd we gef all those solectrador and personal service company owners to pay their tax and NI. You know all those people who pay themselves minimum salary and then dividends at 20%
617
02/03/2021 00:00:00 0 0
bbc
Same way government takes swipe at you for not paying a tax.
6
01/03/2021 10:47:58 8 6
bbc
My guess is a 1% increase in national insurance and corporation tax, and a higher % increase in MPs pay.
183
Dee
01/03/2021 12:12:03 2 0
bbc
I think MPs pay rises have been frozen this year. A 1% rise in NI, Income Tax, Corporation Tax, Capital Gains Tax & NI taxes on Limited Liability Partnerships would probably be a start.
7
01/03/2021 10:50:03 25 4
bbc
i.e. we are frightened of the effect on the upcoming elections.
37
01/03/2021 11:07:10 7 13
bbc
I am still struggling to relate the headline of this article to the photograph.....sexism at its best.
86
AMc
01/03/2021 11:32:12 2 1
bbc
There's the issue right there, no party wants to raise taxes, indeed Labour went the opposite way and got us in to so much debt we still haven't paid it back!!

I just want them to be honest, tell us the number, and get on with it. It is what it is.
285
01/03/2021 13:36:29 1 1
bbc
The latest anti-Conservative conspiracy theory.
8
01/03/2021 10:50:36 8 6
bbc
It is nice to see every (wo)man and his(her) dog advising the Chancellor on what he should and shouldn't do in the forthcoming budget.

I suggest he ignores the lot of them.
9
01/03/2021 10:51:45 41 7
bbc
There is absolutely no reason not to increase Corporation Tax. It only kicks in when a company makes a profit, so it won't damage struggling companies. However, that needs to be coupled with incentives to get companies to invest. Perhaps reinstate some of those measures that have been removed over the last 10 years.
20
01/03/2021 10:58:17 24 7
bbc
But small limited companies also pay corportation tax and we have had no support throughout the pandemic
78
01/03/2021 11:29:49 6 0
bbc
"It only kicks in when a company makes a profit, so it won't damage struggling companies"

You mean like Starbucks, Amazon and Google who sent their billions offshore and pay little or no UK tax ?
155
01/03/2021 11:59:26 8 4
bbc
Tax my business more & I'll just invest it in a way that minimises my tax for now, waiting for a time when it drops again. Or take it abroad to a lower tax country. Us small Co's are working our wotsits off to make a few quid/employing people & you are suggesting take more off us! We've had enough of being taken for a ride. The problem is the feckless that take without contributing!
181
01/03/2021 12:10:51 1 2
bbc
easy way companies have always sorted tax rises, sack a few of the most expensive workers and cut any benefits, simples
353
01/03/2021 15:10:36 1 0
bbc
I agree though corporation tax IS an incentive to invest as invested money isn't taxed.
378
01/03/2021 15:39:55 1 0
bbc
Why would companies invest if their returns are then subjected to unfavourable corporation tax?
582
01/03/2021 21:02:51 0 0
bbc
Increase Corporation Tax and companies will just make more people redundant at the end of furlough. Increasing Corporation Tax when you want to get people back into jobs is the worst possible thing to do. It will also encourage companies to move jobs to lower tax zones and lose Britain income and more jobs.
5
01/03/2021 10:46:19 43 18
bbc
Nice theory. Question is, how are we going to do it?
10
01/03/2021 10:51:57 32 2
bbc
Try copying the EU’s anti tax avoidance directives here (we have the “sovereignty” to do so). Even if it claws something back, it’s better than nothing. If individuals and corporations who do pay their way are going to be asked to help out, so should the elites who think they’re above life’s inconveniences.
463
01/03/2021 17:05:07 0 0
bbc
Well that's not going to happen is it.... that was the whole point of leaving the EU, so they didn't have to....
5
01/03/2021 10:46:19 43 18
bbc
Nice theory. Question is, how are we going to do it?
11
01/03/2021 10:52:17 32 1
bbc
Cancel double tax treaties with tax havens. Sorted.
34
01/03/2021 11:03:39 11 11
bbc
Another nice theory. We all know it'll never happen though.
583
01/03/2021 21:04:30 1 0
bbc
Errrrm...No. If the money's hidden from prying eyes in a tax haven, the UK government won't know about it, so can't tax it. Double tax treaties are irrelevant.
12
01/03/2021 10:52:22 29 11
bbc
Better a short sharp windfall tax on those that have financially benefitted from Covid now than years of incremental increases which the rich have time to plan for and avoid and therein get shouldered by the middle earners and low paid.

Austerity killed the economy because it hit the lowest paid/vulnerable hardest and centralised investment in London and SE to the detriment of everywhere else.
38
01/03/2021 11:08:38 16 19
bbc
Good idea. Also, a one off wealth tax on the greedy, selfish, rich.
67
01/03/2021 11:26:18 2 7
bbc
Agreed - tax supermarkets, online retailers, furloughed staff and pensioners.
13
01/03/2021 10:54:49 4 3
bbc
I am still struggling to relate the headline of this article to the photograph.....
31
01/03/2021 11:01:47 2 10
bbc
He/She looks confused, bless her/him, but I think he/she is supposed to look concerned about tax increases.
33
01/03/2021 11:03:17 0 1
bbc
She is studying her tax demand. The bloke in the other photo sent it.
3
01/03/2021 10:43:57 85 22
bbc
I'm prepared to be hammered by disagreements, but if the tax rises to pay the UKs debts don't happen now, then surely they're just being delayed so they can be passed on to our kids?

Wouldn't it be nice if one day we could get out of this trend of leaving our children with our debts?
14
01/03/2021 10:56:04 35 71
bbc
A one off wealth tax is the answer, but would the Tories do it???
19
01/03/2021 10:58:08 9 13
bbc
They get elected on their inferences that they never would
23
01/03/2021 10:59:25 22 2
bbc
Wealth based on what?
94
01/03/2021 11:34:13 16 11
bbc
Good idea, but don’t mention it to ex Labour PMs or millionaire opposition leaders.
169
01/03/2021 12:06:02 13 3
bbc
Typical left-wing reaction but it's unworkable. What's the threshold? What assets would be taxed? Who would value them? On what basis? How would you challenge valuations? How would "asset rich, cash poor" people pay? How would you stop moveable assets being off-shored? Countries don't use wealth taxes for a reason - they cost more to administer than they ever collect
173
Ian
01/03/2021 12:07:46 12 1
bbc
Unfortunately wealth doesn't necessarily mean cash. The wealthiest people are often asset rich and cash poor - this is why inheritance tax came about but everyone whines when this subject is raised. A wealth tax on the living doesn't raise cash. What we need (for a start) is an end to the black economy, a windfall tax on the businesses profiting from the virus and a few loopholes closing
204
01/03/2021 12:23:03 10 1
bbc
Not ever acceptable or possible. You can’t define or measure supposed wealth. It varies daily, hourly, in the case of shares. Only income, new real money received, not imaginary asset gain, can be taxed.
282
01/03/2021 13:35:22 4 2
bbc
They won't do it, and neither would Labour, because it isn't the answer. Wealthy people would move with their money to low tax countries, who try to attract them. A better policy would be to engage with rich people and encourage them to invest in government funds for start ups, or similar schemes.
395
01/03/2021 15:58:31 1 0
bbc
I hope not!
432
P2
01/03/2021 16:28:06 4 0
bbc
Presumably that would be set at a limit just above you? It would probably be above me too but do you not think you’re reasoning is a bit envying? Just a little bit??
15
01/03/2021 10:56:45 6 5
bbc
absolute wizardly rubbish, the chancellor exq has told everyone to move money to your tax havens.
every Tory will be scrambling to get offshore havens setup, watch out for the hidden tax or go fund me airport tax, parking, fines ,council tax, NI, fines for having cars, vehicle duty on duty which is killing land rover and jag.
Ask Rishi where the boring money will come from, EU CENTRAL BANK LOL
If Sunak and Johnson gave 66.6% of their wealth they would still be stinking rich barstewards it's the Tory Way and Tory Base... as is Patel giving life sentences to people smugglers a way to keep the brexiter racists climaxing for the money shot in Tory Porn movie Removed
17
01/03/2021 10:56:58 3 1
bbc
Now is not the time to punish self employed by changing IR35
47
01/03/2021 11:13:00 4 3
bbc
Said a self employed person.
65
01/03/2021 11:25:36 5 1
bbc
Strange definition of "punish"?

You mean closing an exploited loop hole so self employed people pay their fair share.
18
01/03/2021 10:57:57 89 23
bbc
Howz about Taxing those that have made Billions out of the Pandemic. 8 Tory’s making £8.2M in donations received contracts worth £881M.
Nice wee earner, huh?
82
01/03/2021 11:31:10 42 39
bbc
They are taxed.
256
01/03/2021 13:00:54 7 1
bbc
then they offshore the money at Caymen Island
317
01/03/2021 14:09:15 4 0
bbc
Legally we cannot do this. The media, however, can play an important role in continually shaming them and their cronies.
337
01/03/2021 14:51:17 3 5
bbc
£881M is not even £1 billion, so you are already ruling out these people because they haven't actually 'made Billions out of the pandemic'.
14
01/03/2021 10:56:04 35 71
bbc
A one off wealth tax is the answer, but would the Tories do it???
19
01/03/2021 10:58:08 9 13
bbc
They get elected on their inferences that they never would
9
01/03/2021 10:51:45 41 7
bbc
There is absolutely no reason not to increase Corporation Tax. It only kicks in when a company makes a profit, so it won't damage struggling companies. However, that needs to be coupled with incentives to get companies to invest. Perhaps reinstate some of those measures that have been removed over the last 10 years.
20
01/03/2021 10:58:17 24 7
bbc
But small limited companies also pay corportation tax and we have had no support throughout the pandemic
35
01/03/2021 11:04:47 6 4
bbc
Fully agree, and we pay a high rate compared to big Companies, we are fed up and are giving up and retiring this year...we have paid too much tax over the last 25 years.... no incentive to make any profit as its taken away
70
01/03/2021 11:27:08 10 2
bbc
Didn't you get several grants and the option of 0% bounceback loans, furlough scheme, rates relief and VAT reductions/deferrals?
89
01/03/2021 11:33:12 6 0
bbc
Only if you make a profit. You also have had support during the pandemic. The only time you wouldn't is if you don't need it.
365
01/03/2021 15:19:56 1 2
bbc
Small limited companies only exist so their shareholder can avoid paying some tax and NI.
I know, I've ran a couple
633
02/03/2021 03:11:51 0 0
bbc
You only pay it on your profits. So you wont be punished for a bad year
21
01/03/2021 10:59:07 1 4
bbc
Aaaaahhhbabababababababad..............aaaahhhhbababababababad
22
01/03/2021 10:59:09 2 1
bbc
ONE OFF STEALTH TAX FOR ALL SUPERMARKETS coming to a store near you B.O.G.O.F
14
01/03/2021 10:56:04 35 71
bbc
A one off wealth tax is the answer, but would the Tories do it???
23
01/03/2021 10:59:25 22 2
bbc
Wealth based on what?
414
01/03/2021 16:09:55 4 0
bbc
Having more than someone else seems to be the general indicator of wealth on here.
541
01/03/2021 19:49:34 0 0
bbc
He means wealth based on working for a living rather than living off benefits.
24
01/03/2021 10:59:26 9 0
bbc
MPs doing their best to suspend reality for as long as they can.

If it's not the time for tax rises, then what is it time for? Does that mean its time to stop spending money like there is no tomorrow? Or are these same MPs going to continue to complain about lack of "resources" - i.e. money - for the NHS, schools, welfare, businesses, etc. ?
25
01/03/2021 10:59:33 7 5
bbc
I've already received my tax code notice for 21-22. It's been frozen. Operation 'stealth tax' is underway.
79
01/03/2021 11:30:02 3 2
bbc
Allowance should have gone up by inflation. Maybe pension increases have been taken into the calculation.
129
01/03/2021 11:47:53 4 0
bbc
It has gone up by inflation, however inflation has been low this year so only gone up £70
26
01/03/2021 11:00:00 0 2
bbc
Given almost universal existential and social-contract ignorance, in the closing years of ruinous dictatorship by Money, political choice is as ever between hypocrisies, pretence either that in fear and corruption 'all has been for the best', or that rescue from growing desperation is in deeper division on such as 'tax', by drift or decision both heading us for ruin, life-denying for our children.
27
01/03/2021 11:00:03 9 5
bbc
An online sales tax still seems reasonable.

Even better would be a tax on packaging. The amount of waste created by companies over-packaging their goods is unaccounted for.
32
Bob
01/03/2021 11:02:19 4 2
bbc
No, it really isn't.

And shopping is only one area that the internet has wiped out from the physical world.

Shall we have a tax on all the other things too? No.

Fix rates by all means but don't charge consumer more when we already have a sales tax.
175
Dee
01/03/2021 12:07:51 0 0
bbc
The online companies would pass those costs on to the consumer in the form of higher prices or taxes on the companies using their platform.
258
01/03/2021 13:02:56 0 1
bbc
Why would you tax an industry that has reduced covid spread....high street needs to stay closed
4
01/03/2021 10:44:03 31 6
bbc
The huge debt we have is going to have to be reduced. If interest rates do rise the UK and a lot of other countries are going to be so deep in debt it will be our great-grandchildren who will still be paying it off when they retire in their eighties. It cannot be postponed indefinitely.
28
01/03/2021 11:00:06 14 41
bbc
Why is it ok for me to pay it
but not ok for my grandchildren to pay it?

Why does the "who" make a difference?
600
01/03/2021 21:32:44 1 1
bbc
I think the young ones ought to be taking a hit too. Everyone is in it together no?!
621
02/03/2021 00:05:24 0 0
bbc
Because we are the ones who are benefitting from it now. Long after we're gone, they'll be paying taxes not for their benefit, but to pay off our debts.
624
02/03/2021 00:14:35 0 0
bbc
Because they did not get you into debt nor you borrowed for their benefit.
29
01/03/2021 11:01:04 4 3
bbc
I believe high income people have had it easy for too long. Up until the end of the 1970s, the top tax band on earned income was 83% PLUS a 15% Investment Income Surcharge. That is a potential 98% tax. From the top slice of income (say) £250,000, the taxpayer would be left with £5000 and £245,000 would go in tax. The £5000 would be taxed again when spent on VAT chargeable purchases. Real tax.
36
01/03/2021 11:05:46 4 3
bbc
Laffer curve, look it up and educate yourself.
44
01/03/2021 11:15:33 2 2
bbc
Let me guess, your 'soak the rich' policy would apply to everyone earning more than ... you.

You do realise that that tax policy led to the brain drain where high earners went abroad, then 83% tax became zero ?

Funny how tax revenues went up when it was abolished.
59
01/03/2021 11:23:25 0 0
bbc
In 2019, the top 1% of earners paid more than 33% of income tax revenues.

I think they are doing their bit but there is always room for improvement!
190
Dee
01/03/2021 12:14:57 0 1
bbc
Unless of course you paid that tax rate yourself!
555
01/03/2021 20:06:13 0 0
bbc
So they wouldn't yearn to earn more income, but stay on same income and work shorter hours/days. 98% tax achieves nothing that's why they got rid of it.
30
01/03/2021 11:01:40 5 12
bbc
Funniest thing I've seen in years.
Rumours of Rishi putting up Corporation tax and all of a sudden Liebour are against it.
Then they accuse the Tories of playing politics.
The hypocrisy of the Socialists knows no bounds
53
01/03/2021 11:19:48 7 1
bbc
Do you understand the meaning of the word "rumour" there is nothing in the article above referring to Labour at all.
Rumour is Boris is a PM and no one believes that either.
13
01/03/2021 10:54:49 4 3
bbc
I am still struggling to relate the headline of this article to the photograph.....
31
01/03/2021 11:01:47 2 10
bbc
He/She looks confused, bless her/him, but I think he/she is supposed to look concerned about tax increases.
27
01/03/2021 11:00:03 9 5
bbc
An online sales tax still seems reasonable.

Even better would be a tax on packaging. The amount of waste created by companies over-packaging their goods is unaccounted for.
32
Bob
01/03/2021 11:02:19 4 2
bbc
No, it really isn't.

And shopping is only one area that the internet has wiped out from the physical world.

Shall we have a tax on all the other things too? No.

Fix rates by all means but don't charge consumer more when we already have a sales tax.
13
01/03/2021 10:54:49 4 3
bbc
I am still struggling to relate the headline of this article to the photograph.....
33
01/03/2021 11:03:17 0 1
bbc
She is studying her tax demand. The bloke in the other photo sent it.
554
01/03/2021 20:02:47 0 0
bbc
I think she's checking her application to emigrate to a tax haven.
11
01/03/2021 10:52:17 32 1
bbc
Cancel double tax treaties with tax havens. Sorted.
34
01/03/2021 11:03:39 11 11
bbc
Another nice theory. We all know it'll never happen though.
251
01/03/2021 13:00:30 18 2
bbc
"Another nice theory. We all know it'll never happen though."

So it's better to do nothing?

The problem is getting worse not better, ultimately we will reach a point where a tiny minority of the UK's population will own so much offshore that we will be unable to run the Govt from taxing the income of the remainder.

Will it still be OK to do nothing then?
20
01/03/2021 10:58:17 24 7
bbc
But small limited companies also pay corportation tax and we have had no support throughout the pandemic
35
01/03/2021 11:04:47 6 4
bbc
Fully agree, and we pay a high rate compared to big Companies, we are fed up and are giving up and retiring this year...we have paid too much tax over the last 25 years.... no incentive to make any profit as its taken away
91
01/03/2021 11:33:27 4 0
bbc
No, you pay exactly the same rate.
29
01/03/2021 11:01:04 4 3
bbc
I believe high income people have had it easy for too long. Up until the end of the 1970s, the top tax band on earned income was 83% PLUS a 15% Investment Income Surcharge. That is a potential 98% tax. From the top slice of income (say) £250,000, the taxpayer would be left with £5000 and £245,000 would go in tax. The £5000 would be taxed again when spent on VAT chargeable purchases. Real tax.
36
01/03/2021 11:05:46 4 3
bbc
Laffer curve, look it up and educate yourself.
58
01/03/2021 11:23:23 2 1
bbc
Ex HMRC
7
01/03/2021 10:50:03 25 4
bbc
i.e. we are frightened of the effect on the upcoming elections.
37
01/03/2021 11:07:10 7 13
bbc
I am still struggling to relate the headline of this article to the photograph.....sexism at its best.
149
01/03/2021 11:56:27 5 1
bbc
What are you rabbiting on about?
323
01/03/2021 14:19:06 1 0
bbc
its a photo of someone looking at financial figures with a concerned look. fits perfectly
12
01/03/2021 10:52:22 29 11
bbc
Better a short sharp windfall tax on those that have financially benefitted from Covid now than years of incremental increases which the rich have time to plan for and avoid and therein get shouldered by the middle earners and low paid.

Austerity killed the economy because it hit the lowest paid/vulnerable hardest and centralised investment in London and SE to the detriment of everywhere else.
38
01/03/2021 11:08:38 16 19
bbc
Good idea. Also, a one off wealth tax on the greedy, selfish, rich.
260
01/03/2021 13:05:11 4 2
bbc
so are all rich people, greedy and selfish (bit of a sweeping generalisation) or are you proposing not taxing the philanthropic rich of which there are no doubt quite a few but they don't do it for the spotlight so you never hear of them.
294
01/03/2021 13:43:41 3 0
bbc
In other words, people you dislike and disagree with.
39
01/03/2021 11:11:18 8 2
bbc
Now is precisely the time for tax rises.
40
01/03/2021 11:12:37 1 0
bbc
Debating tax ahead of democratic distribution for 'votes in the market', we let-pass yet another chance for planet-saving socio-economic and environmental re-set. Neither in Tory 'capitalist' hierarchy, nor in Labour 'socialist' nationalisation, ever will be found real hope of saving us 'from ourselves'. Liberation is needed of conscience, in EVERY single soul, possible ONLY in equal-partnership.
41
01/03/2021 11:09:44 3 7
bbc
Labour are going to vote against an increase in corporation tax folks. And the Tories are going to vote in favour of it.

Yes folks you read that right.

Politics. Getting in the way of running the country since 1997.

And they wonder why people trust them the same as journalists.
556
01/03/2021 20:08:27 1 0
bbc
1997? Decades out.
557
01/03/2021 20:08:44 0 0
bbc
... if not centuries.
42
01/03/2021 11:13:09 13 12
bbc
Let's all be very clear.

Sunak has trashed the economy.

If the Tories had done that and kept the virus under control, that would have been acceptable.

But they didn't and 120,000 plus are dead because they let it go out of control.

They should have closed the borders nearly a year ago and sacrificed the travel industry to save people, schools, pubs, restaurants, gyms, etc.
63
01/03/2021 11:25:08 4 8
bbc
it is the irresponsibility of the people that spread the virus, not the government. Yes, government could have done better but if you have that crystal ball then please give it to the government.
43
01/03/2021 11:14:42 1 3
bbc
We need tax to be 100% of income and then the government can give a weekly cash allowance for us to spend on essentials.
57
01/03/2021 11:22:55 3 0
bbc
Why cash? People will only waste it.

The government should give us vouchers to only spend in approved government retail outlets on approved government products. Also the vouchers will only last a week so there is no way to hoard them meaning the economy would benefit by increased consumer spending. At Christmas our beloved Overlords may give us double vouchers - hooray!
29
01/03/2021 11:01:04 4 3
bbc
I believe high income people have had it easy for too long. Up until the end of the 1970s, the top tax band on earned income was 83% PLUS a 15% Investment Income Surcharge. That is a potential 98% tax. From the top slice of income (say) £250,000, the taxpayer would be left with £5000 and £245,000 would go in tax. The £5000 would be taxed again when spent on VAT chargeable purchases. Real tax.
44
01/03/2021 11:15:33 2 2
bbc
Let me guess, your 'soak the rich' policy would apply to everyone earning more than ... you.

You do realise that that tax policy led to the brain drain where high earners went abroad, then 83% tax became zero ?

Funny how tax revenues went up when it was abolished.
85
01/03/2021 11:31:48 1 0
bbc
But there is a sweet spot. If there wasn't, we could reduce the tax rate to 0% and raise more tax, with your model...!
103
01/03/2021 11:38:20 2 2
bbc
The 'brains' argument only applies to science / medical / high-tech. The billionaires are often not the 'brains' they are unscrupulous people who get rich by trampling over their employees and everyone else.
45
01/03/2021 11:15:39 2 8
bbc
Tax rises should be implemented quickly & targeted at those who have benefitted most from the lockdown - 1)Supermarkets 2)Online Retailers 3)Furloughed staff and 4)Pensioners
Why should I pay additional taxes to pay for furloughed staff?They can pay it back over the next 10 years with an additional 2% income tax.Also we only locked down to protect the elderly.They must shoulder some of cost too
46
01/03/2021 11:16:19 28 3
bbc
A lot of this is being trailed out to journos in advance of the budget so that opinion can be tested and, as usual, the budget will say something a whole lot softer so that people feel that they have not been fleeced.
73
01/03/2021 11:24:49 3 9
bbc
Well at least that shows the MSM are useful for something
17
01/03/2021 10:56:58 3 1
bbc
Now is not the time to punish self employed by changing IR35
47
01/03/2021 11:13:00 4 3
bbc
Said a self employed person.
48
01/03/2021 11:17:00 3 0
bbc
Corporation tax is a tax on profits.If a company has not made any money because of covid,it won't pay any tax.Jack it up and get money from the supermarkets and the likes of Amazon who have made a fortune over the past 12 months.We need to pay off the debt somehow.
49
01/03/2021 11:17:16 6 9
bbc
Labour are hilarious

I don't think they even understand how various taxes work. VAT, fuel duty and the like are all based on turnover

Corporation tax is based on profit. If taxes do rise then CT is the best candidate - at least the payers are more likely to be able to afford it
61
01/03/2021 11:24:37 10 1
bbc
Only you would find an article about Sunak and try to bring Labour into it. There is nothing about Labour in the story above. A few more lies from Sunak but that's all.
3
01/03/2021 10:43:57 85 22
bbc
I'm prepared to be hammered by disagreements, but if the tax rises to pay the UKs debts don't happen now, then surely they're just being delayed so they can be passed on to our kids?

Wouldn't it be nice if one day we could get out of this trend of leaving our children with our debts?
50
01/03/2021 11:17:56 19 27
bbc
According to the Times Rich List, the richest 1,000 are worth around £750 billion plus they have an unknown (but probably very huge) amount squirrelled away in tax havens).

If Sunak is looking for cash, they have it in spades.

Tax avoiding multi-nationals also have loads of cash to target.

But instead he will punish the poor. Because that's just what Evil Tories do.
104
01/03/2021 11:38:40 25 3
bbc
The gap between the rich and poor grows under both Labour and Tory governments.
137
01/03/2021 11:51:01 22 6
bbc
So, basically rob it from people who have earned it, just coz they have more than you?
225
01/03/2021 12:37:36 7 2
bbc
Say you can tax the top 1000 about 20% of their wealth (that would be massive, likely impractical grab) then that would raise 150 billion (by your figures). That's a little under 8% of the UK debt. In other words: it is not a magic solution that will avoid pain elsewhere in the economy.
230
01/03/2021 12:41:48 1 0
bbc
This can't be the UK list
543
01/03/2021 19:51:24 0 0
bbc
Labour didn't do it when they were in power either. Just talked about it - wishy-washy, no backbone Labour Party.
547
01/03/2021 19:58:14 0 0
bbc
Is this how everyone in Scotland thinks?
51
01/03/2021 11:18:08 1 12
bbc
So the Liebour party are now against tax rises.
I reckon this Road to Damascus conversion will last one day after they might get elected.
55
01/03/2021 11:22:30 11 1
bbc
With the clowns in charge I don't think that Labour need to do anything.
52
01/03/2021 11:19:04 31 9
bbc
Surely a decade of austerity means our public finances were in a great position to weather the Covid storm?

If not then maybe more austerity isnt the answer?
60
01/03/2021 11:24:35 9 29
bbc
Not sure 'austerity' was the right word.
'Reality' seemed much more suitable
62
01/03/2021 11:21:58 0 5
bbc
Yes. It’s why we could u feet die the greates act of socialism any uk gov has done since 1948.....and gbp is up.
68
01/03/2021 11:26:20 9 2
bbc
Austerity a total failure.

Killed investment, productivity and revenue leading to massive rise in debt while The Regime shaved only marginal amounts off the deficit.

Worth remembering that Nat debt already approaching 2tn before the virus arrived.

Virus has only increased our Nat debt by about 12-15%. Austerity grew it by far more.
293
01/03/2021 13:42:57 4 1
bbc
There was no austerity, only a reduction of the rate at which public spending was increasing. In the period after the 2008 financial crisis, public spending grew.
527
01/03/2021 19:16:06 2 1
bbc
Austerity caused by Labour being financially illiterate, to the point that they emptied all the coffers and left us nothing to fall back on when an international financial crisis hit.
635
02/03/2021 03:18:12 0 0
bbc
Austerity was needed because of the deficit pre covid 19 and the Governments failure to raise taxes.
The labour government also failed to deal with the deficit and raise taxes to a substainable level.
697
02/03/2021 12:44:15 0 0
bbc
We've been living beyond our means for decades - austerity was just a bit of taster of what its like when you don't run a country using debt. Taster because even during austerity we still had a deficit and didn't even come close to balancing the books.
30
01/03/2021 11:01:40 5 12
bbc
Funniest thing I've seen in years.
Rumours of Rishi putting up Corporation tax and all of a sudden Liebour are against it.
Then they accuse the Tories of playing politics.
The hypocrisy of the Socialists knows no bounds
53
01/03/2021 11:19:48 7 1
bbc
Do you understand the meaning of the word "rumour" there is nothing in the article above referring to Labour at all.
Rumour is Boris is a PM and no one believes that either.
54
01/03/2021 11:21:34 2 0
bbc
Now would be a good time to chip away at the asset bubble by raising corp and CGT, and providing tax incentives (that do work) to encourage investment away from the bubble towards productive sectors identified for growth.

Also, no new 'help to buy' which only increases property asset value. Invest in new public housing available to the young at social rent so they can save to buy.
93
01/03/2021 11:34:03 4 0
bbc
QE has had a massive impact on House Prices needs addressing and a review of BOE and Governments needed.

WE must be the only government that will provide Foriegn People who have no right of residency upto £240,000 "free mortgage" for 5 years.

Their scheme to guarantee deposits is just added more fuel to an out of control fire
51
01/03/2021 11:18:08 1 12
bbc
So the Liebour party are now against tax rises.
I reckon this Road to Damascus conversion will last one day after they might get elected.
55
01/03/2021 11:22:30 11 1
bbc
With the clowns in charge I don't think that Labour need to do anything.
84
01/03/2021 11:31:29 1 2
bbc
And yet the polls show an increase in support for the Conservatives
567
01/03/2021 20:26:36 0 0
bbc
And Labour are still unelectable.
56
01/03/2021 11:15:34 3 4
bbc
Don’t hike corporation tax.

Stop in work benefits and increase min wage to the living wage with immediate effect.
80
01/03/2021 11:30:15 2 0
bbc
Increasing the 'living wage' to a 'real living wage' is the direction the Govt. is going in and needs to be done in a measured way otherwise it will put those on the lowest wages out of work and adversely impact business as there is a knock on effect to those on higher wage. But once done there should be no 'in work' benefits for those working full time, there will be no need.
43
01/03/2021 11:14:42 1 3
bbc
We need tax to be 100% of income and then the government can give a weekly cash allowance for us to spend on essentials.
57
01/03/2021 11:22:55 3 0
bbc
Why cash? People will only waste it.

The government should give us vouchers to only spend in approved government retail outlets on approved government products. Also the vouchers will only last a week so there is no way to hoard them meaning the economy would benefit by increased consumer spending. At Christmas our beloved Overlords may give us double vouchers - hooray!
562
01/03/2021 20:12:10 0 0
bbc
Soviet UK
36
01/03/2021 11:05:46 4 3
bbc
Laffer curve, look it up and educate yourself.
58
01/03/2021 11:23:23 2 1
bbc
Ex HMRC
119
01/03/2021 11:42:39 1 2
bbc
So you were a cleaner at HMRC - so what?
29
01/03/2021 11:01:04 4 3
bbc
I believe high income people have had it easy for too long. Up until the end of the 1970s, the top tax band on earned income was 83% PLUS a 15% Investment Income Surcharge. That is a potential 98% tax. From the top slice of income (say) £250,000, the taxpayer would be left with £5000 and £245,000 would go in tax. The £5000 would be taxed again when spent on VAT chargeable purchases. Real tax.
59
01/03/2021 11:23:25 0 0
bbc
In 2019, the top 1% of earners paid more than 33% of income tax revenues.

I think they are doing their bit but there is always room for improvement!
52
01/03/2021 11:19:04 31 9
bbc
Surely a decade of austerity means our public finances were in a great position to weather the Covid storm?

If not then maybe more austerity isnt the answer?
60
01/03/2021 11:24:35 9 29
bbc
Not sure 'austerity' was the right word.
'Reality' seemed much more suitable
396
01/03/2021 15:59:35 1 0
bbc
Totally agree.
49
01/03/2021 11:17:16 6 9
bbc
Labour are hilarious

I don't think they even understand how various taxes work. VAT, fuel duty and the like are all based on turnover

Corporation tax is based on profit. If taxes do rise then CT is the best candidate - at least the payers are more likely to be able to afford it
61
01/03/2021 11:24:37 10 1
bbc
Only you would find an article about Sunak and try to bring Labour into it. There is nothing about Labour in the story above. A few more lies from Sunak but that's all.
52
01/03/2021 11:19:04 31 9
bbc
Surely a decade of austerity means our public finances were in a great position to weather the Covid storm?

If not then maybe more austerity isnt the answer?
62
01/03/2021 11:21:58 0 5
bbc
Yes. It’s why we could u feet die the greates act of socialism any uk gov has done since 1948.....and gbp is up.
42
01/03/2021 11:13:09 13 12
bbc
Let's all be very clear.

Sunak has trashed the economy.

If the Tories had done that and kept the virus under control, that would have been acceptable.

But they didn't and 120,000 plus are dead because they let it go out of control.

They should have closed the borders nearly a year ago and sacrificed the travel industry to save people, schools, pubs, restaurants, gyms, etc.
63
01/03/2021 11:25:08 4 8
bbc
it is the irresponsibility of the people that spread the virus, not the government. Yes, government could have done better but if you have that crystal ball then please give it to the government.
101
01/03/2021 11:37:06 3 2
bbc
The Kiwis, Taiwanese, South Koreans, Germans, etc. did get hold of that 'crystal ball'.

The Regimes covid response has been a shocker. Only very partially offset by the vaccine response of our scientists and NHS. Even now the 'open borders' policy has them scrambling to track down a dangerous variant.
64
01/03/2021 11:25:29 9 1
bbc
Got to keep those Houses Prices Going Up.

How many MP's are Landlords, Developers, Bankers?

Remove Stamp Duty even though the debt is massive.

Last 20 years we have had

Fiddled Inflation figures to keep Interest Rates Down
Deregulation
100% + mortgages
HTB
HTB2
BRT
Reduction Stamp Duty
£Trillion+ QE
MP 2nd Home scandal
Stamp Duty should be moved to seller so get back some QE money.
81
01/03/2021 11:31:01 8 0
bbc
Indeed.

It seems the asset value inflation economy is now all that matters.

It is unsustainable and the longer it continues the bigger the eventual crash will be.
112
01/03/2021 11:40:09 5 0
bbc
Too many are landlords and developers. The fact house prices are included in our gdp growth is also a disaster. This is money tied up in non productive bricks and mortar when it should be being invested in UK factories, jobs, production. Shuffling money (as bankers do) from the poor to the rich is not sustainable and doesnt make the country rich
17
01/03/2021 10:56:58 3 1
bbc
Now is not the time to punish self employed by changing IR35
65
01/03/2021 11:25:36 5 1
bbc
Strange definition of "punish"?

You mean closing an exploited loop hole so self employed people pay their fair share.
66
01/03/2021 11:25:58 1 6
bbc
'Wonderif' the UK ditched VAT would stimulate economy & lessen the tax burden on the lower half of the taxpayers

It would save businness a mint in admin.
It would save the Govt. a mint in admin.
It would save the Govt. a mint in property.
Re-employ the VAT people to HMRC to -
Recoup the loss on revamped and fairer Income & other taxes.
We don't need it as it is no longer a EU imposition.
Simples?
77
01/03/2021 11:29:39 5 0
bbc
Not a bad idea but highly unlikely.

You take VAT receipts out of current revenue and a massive black hole appears.

Regressive VAT has grown massively as a share of revenue over last 4 decades.

It helped to enable other tax cuts.
153
01/03/2021 11:58:03 2 0
bbc
There are over 160 countries using the vat system and we adopted it before joining the EEC.
It is unlikely to be replaced in the foreseeable future.
569
01/03/2021 20:31:34 0 0
bbc
0% VAT on UK produced goods.
12
01/03/2021 10:52:22 29 11
bbc
Better a short sharp windfall tax on those that have financially benefitted from Covid now than years of incremental increases which the rich have time to plan for and avoid and therein get shouldered by the middle earners and low paid.

Austerity killed the economy because it hit the lowest paid/vulnerable hardest and centralised investment in London and SE to the detriment of everywhere else.
67
01/03/2021 11:26:18 2 7
bbc
Agreed - tax supermarkets, online retailers, furloughed staff and pensioners.
152
Dee
01/03/2021 11:58:03 10 0
bbc
These people already pay tax. If you tax supermarkets more, those taxes will be paid by the consumer in the form of higher food prices.
52
01/03/2021 11:19:04 31 9
bbc
Surely a decade of austerity means our public finances were in a great position to weather the Covid storm?

If not then maybe more austerity isnt the answer?
68
01/03/2021 11:26:20 9 2
bbc
Austerity a total failure.

Killed investment, productivity and revenue leading to massive rise in debt while The Regime shaved only marginal amounts off the deficit.

Worth remembering that Nat debt already approaching 2tn before the virus arrived.

Virus has only increased our Nat debt by about 12-15%. Austerity grew it by far more.
69
01/03/2021 11:26:48 3 2
bbc
its to be expected that taxes may have to go up . we have to recover the cost of the virus somehow. i do think it needs to be done fairly though. in proportion to earnings. we are all in a pickle and we are all worried over finance and jobs . fairness is the key now and lets hope for better days and stop the doom and gloom culture some of us seem to thrive on.
143
01/03/2021 11:54:19 1 0
bbc
The Virus is only 20% of the debt, they have been running away from reality from over a decade and still don't / won't face it.

The can will be kicked down the road until its rusted and disappeared and no longer "Their Fault" - I am including all parties in that.
20
01/03/2021 10:58:17 24 7
bbc
But small limited companies also pay corportation tax and we have had no support throughout the pandemic
70
01/03/2021 11:27:08 10 2
bbc
Didn't you get several grants and the option of 0% bounceback loans, furlough scheme, rates relief and VAT reductions/deferrals?
179
01/03/2021 12:09:11 5 2
bbc
No grant, no rate relief, no Vat reduction/deferrals (Vat man imposes fines if late - but I'm up to date), loans are loans to be paid back eventually, no furlough

ie nothing
264
01/03/2021 13:12:32 1 2
bbc
Not if you are a micro business working from home I’m afraid, and that’s around 2 million companies who didn’t get grants, just debt. BBL is 2.6% interest. Directors who furlough themselves can’t work at all, and that includes marketing which is counterproductive. Sole traders however have done very well from grants, and been allowed to continue to work at the same time.....
71
01/03/2021 11:27:33 0 0
bbc
Beyond 'tax debate', Tory and Labour, with missions shared of unity and rebuilding, of survival and sustainability and fulfilment for all, with leaders such as Rishi Sunak and Anas Sarwar,just might one-day pull-in Older Guard defenders of different fossilised faiths, duly to confess the errors of centuries past, so to commend education for existential awareness and real equal-partner democracy.
72
01/03/2021 11:23:30 1 4
bbc
We should also hike alcohol tax on supermarkets and cut alcohol tax in pubs n restaurants.
Tax neutral but help the needy by hitting those who benefited from lockdown.
234
01/03/2021 12:47:33 2 0
bbc
And also would help Martin the publican that supported Brexit!
46
01/03/2021 11:16:19 28 3
bbc
A lot of this is being trailed out to journos in advance of the budget so that opinion can be tested and, as usual, the budget will say something a whole lot softer so that people feel that they have not been fleeced.
73
01/03/2021 11:24:49 3 9
bbc
Well at least that shows the MSM are useful for something
253
01/03/2021 12:57:01 1 1
bbc
What is "MSM" ?

Miami Sound Machine ?

No, that can't be right.

It must be some kind of far right catchphrase.
74
AMc
01/03/2021 11:28:53 2 1
bbc
The government need to be up front and frank regarding what we all owe to pay for Covid.
Just tell us the number per person/household per business and get everyone on board, we need the shock therapy, then plan the timing for how we all need to pay it back.
75
01/03/2021 11:28:57 35 14
bbc
Tax rises are needed to pay for Covid measures and their disasterous Brexit but, Tories will wait so an incoming Labour Government can be blamed for increasing income tax.
107
01/03/2021 11:39:01 21 39
bbc
There will NEVER again be an incoming Labour Govt. If they can't win after 10 years of necessary belt tightening, promises of free everything for everyone and a pandemic then they never will. We have passed 'maximum Kier' now with Boris starting to pull away in the polls.
159
01/03/2021 12:00:58 7 10
bbc
Well if we are waiting for a Labour Govt, we will all be dead and the debt will be paid off anyway. It will never happen in my lifetime and if it does I am emigrating to somewhere less left wing.....eg Venezuela!
162
Dee
01/03/2021 12:01:47 7 12
bbc
I think the Conservative party will not want to do what John Major did & leave the Labour Party a surplus that they will squander.
76
01/03/2021 11:29:08 35 8
bbc
Our Economy is in this mess because of insufficient taxes, cheap money, lack of investment, short sighted poor management, make it cheap and get big bonuses.

Apparently the message has changed because it no longer fits the Tory Agenda. Unsustainable Debt is OK now.
98
01/03/2021 11:35:55 17 7
bbc
The current debt is NOT 'unsustainable' but it needs managing. The debt being taken on now is a 'one off' a bit like a war debt and it can be paid back over a very long time (we only paid off the WW2 debt quite recently). The key is to ensure we reduce the deficit as soon as possible and that WILL happen as soon as we can open back up and stop having to pay out so much to support everyone.
100
01/03/2021 11:36:21 5 2
bbc
Read Dambisa Moyo How the west was lost, then also keynes. BOTH tell us things we need to do. Cut house prices and make houses a terrible 'investment', stop paying actors, 'stars' and footballers, then invest tax payers money and borrowing on buying exclusively British goods and services. This is the route to economic success. The Chinese, Germans, Americans dont buy foreign for VERY good reason
291
01/03/2021 13:41:13 3 1
bbc
If the Conservative government had not spent and borrowed all this money to deal with Covid, you would be bitterly complaining about austerity.
571
01/03/2021 20:41:55 0 0
bbc
Tax should be greatest percentage at the lower end of earning scale not the upper end as it currently is. That will give them the encouragement to earn more.
648
02/03/2021 07:22:32 0 0
bbc
Toffs in UK offshore their money
66
01/03/2021 11:25:58 1 6
bbc
'Wonderif' the UK ditched VAT would stimulate economy & lessen the tax burden on the lower half of the taxpayers

It would save businness a mint in admin.
It would save the Govt. a mint in admin.
It would save the Govt. a mint in property.
Re-employ the VAT people to HMRC to -
Recoup the loss on revamped and fairer Income & other taxes.
We don't need it as it is no longer a EU imposition.
Simples?
77
01/03/2021 11:29:39 5 0
bbc
Not a bad idea but highly unlikely.

You take VAT receipts out of current revenue and a massive black hole appears.

Regressive VAT has grown massively as a share of revenue over last 4 decades.

It helped to enable other tax cuts.
87
01/03/2021 11:32:40 1 1
bbc
Recoup the loss on revamped and fairer Income & other taxes.
105
01/03/2021 11:38:49 1 0
bbc
Single tax, purchase or income, either would do. Tax companies in the same way, no getting out of it, if you buy instead of make you pay purchase tax, if you sell then thats income. NO shipping profit offshore.
9
01/03/2021 10:51:45 41 7
bbc
There is absolutely no reason not to increase Corporation Tax. It only kicks in when a company makes a profit, so it won't damage struggling companies. However, that needs to be coupled with incentives to get companies to invest. Perhaps reinstate some of those measures that have been removed over the last 10 years.
78
01/03/2021 11:29:49 6 0
bbc
"It only kicks in when a company makes a profit, so it won't damage struggling companies"

You mean like Starbucks, Amazon and Google who sent their billions offshore and pay little or no UK tax ?
92
01/03/2021 11:33:58 5 0
bbc
That happens because of double tax treaties. Nothing to do with this discussion.
25
01/03/2021 10:59:33 7 5
bbc
I've already received my tax code notice for 21-22. It's been frozen. Operation 'stealth tax' is underway.
79
01/03/2021 11:30:02 3 2
bbc
Allowance should have gone up by inflation. Maybe pension increases have been taken into the calculation.
56
01/03/2021 11:15:34 3 4
bbc
Don’t hike corporation tax.

Stop in work benefits and increase min wage to the living wage with immediate effect.
80
01/03/2021 11:30:15 2 0
bbc
Increasing the 'living wage' to a 'real living wage' is the direction the Govt. is going in and needs to be done in a measured way otherwise it will put those on the lowest wages out of work and adversely impact business as there is a knock on effect to those on higher wage. But once done there should be no 'in work' benefits for those working full time, there will be no need.
64
01/03/2021 11:25:29 9 1
bbc
Got to keep those Houses Prices Going Up.

How many MP's are Landlords, Developers, Bankers?

Remove Stamp Duty even though the debt is massive.

Last 20 years we have had

Fiddled Inflation figures to keep Interest Rates Down
Deregulation
100% + mortgages
HTB
HTB2
BRT
Reduction Stamp Duty
£Trillion+ QE
MP 2nd Home scandal
Stamp Duty should be moved to seller so get back some QE money.
81
01/03/2021 11:31:01 8 0
bbc
Indeed.

It seems the asset value inflation economy is now all that matters.

It is unsustainable and the longer it continues the bigger the eventual crash will be.
18
01/03/2021 10:57:57 89 23
bbc
Howz about Taxing those that have made Billions out of the Pandemic. 8 Tory’s making £8.2M in donations received contracts worth £881M.
Nice wee earner, huh?
82
01/03/2021 11:31:10 42 39
bbc
They are taxed.
281
01/03/2021 13:35:19 2 0
bbc
At what rate? The UK government have zeroes the tax for a number of big businesses, so there is a chance that they weren't
618
02/03/2021 00:00:40 0 0
bbc
No, they have gone to Panama.
83
01/03/2021 11:31:15 16 5
bbc
We should have a COVID bond scheme - £270bn is about what the UK population holds in personal savings. Gov borrowing is bond based but the money will be going out of the UK to unspecified Globo-banks - A UK Covid bond scheme would allow everyone to buy in see a return and get the economy out of crisis more quickly.
97
01/03/2021 11:35:54 8 8
bbc
Oh yes, & the UK public would be really happy getting a return of 0.2% or would you be happy for HMG to pay say 2% but have to borrow more to pay for it from these globular banks?
154
01/03/2021 11:56:01 2 1
bbc
Uk savers can buy gov bonds now.

Are you saying it should be compulsory ? Gov says give us your savings ......
383
01/03/2021 15:47:52 0 1
bbc
I laughed so much when Starmer proposed this - bonds at a 'competitive' rate of interest - that's competitive to sweet FA. No one will tie up their money in Government bonds for the length of time necessary to sort out this debt unless it is made highly attractive (then wait for the cries of 'favouring the rich').
55
01/03/2021 11:22:30 11 1
bbc
With the clowns in charge I don't think that Labour need to do anything.
84
01/03/2021 11:31:29 1 2
bbc
And yet the polls show an increase in support for the Conservatives
44
01/03/2021 11:15:33 2 2
bbc
Let me guess, your 'soak the rich' policy would apply to everyone earning more than ... you.

You do realise that that tax policy led to the brain drain where high earners went abroad, then 83% tax became zero ?

Funny how tax revenues went up when it was abolished.
85
01/03/2021 11:31:48 1 0
bbc
But there is a sweet spot. If there wasn't, we could reduce the tax rate to 0% and raise more tax, with your model...!
7
01/03/2021 10:50:03 25 4
bbc
i.e. we are frightened of the effect on the upcoming elections.
86
AMc
01/03/2021 11:32:12 2 1
bbc
There's the issue right there, no party wants to raise taxes, indeed Labour went the opposite way and got us in to so much debt we still haven't paid it back!!

I just want them to be honest, tell us the number, and get on with it. It is what it is.
77
01/03/2021 11:29:39 5 0
bbc
Not a bad idea but highly unlikely.

You take VAT receipts out of current revenue and a massive black hole appears.

Regressive VAT has grown massively as a share of revenue over last 4 decades.

It helped to enable other tax cuts.
87
01/03/2021 11:32:40 1 1
bbc
Recoup the loss on revamped and fairer Income & other taxes.
88
01/03/2021 11:33:11 4 5
bbc
It should be noted that if Labour had won the last GE Corporation Tax would already be at 26%, are they saying they would have reduced it back down to 19% if they had gained power? A small rise in Corporation tax will only affect firms with profits which I thought Labour were all for. As usual they are just politicking to try and look good but it's NOT working Kier, Boris will be PM for many years
96
01/03/2021 11:35:17 4 3
bbc
But Labour didn't set their manifesto on the grounds that there was a pandemic. Are you expecting the Tories to stick to their manifesto?
115
01/03/2021 11:40:39 2 0
bbc
and pigs will fly under the clown party, keep it real please.
20
01/03/2021 10:58:17 24 7
bbc
But small limited companies also pay corportation tax and we have had no support throughout the pandemic
89
01/03/2021 11:33:12 6 0
bbc
Only if you make a profit. You also have had support during the pandemic. The only time you wouldn't is if you don't need it.
90
01/03/2021 11:33:19 2 2
bbc
Time to invest in factories, mines and farming. STOP all the overseas aid unless it is in UK goods and services, kill ALL contracts buying overseas products and services.
The UK needs tanks, so reopen the factory and make them! We need police cars, then BUY BRITISH, we need lorries so build a factory! RR built an aeroengine plant in 9 months in 1939 so we CAN do it!
352
01/03/2021 15:09:24 2 0
bbc
Nice idea. About as likely as a snowball surviving hell.
572
01/03/2021 20:46:30 0 0
bbc
The kids these days are too lazy for that. They're owed a living - why should they put in more effort than is absolutely necessary when you can just increase benefits?
35
01/03/2021 11:04:47 6 4
bbc
Fully agree, and we pay a high rate compared to big Companies, we are fed up and are giving up and retiring this year...we have paid too much tax over the last 25 years.... no incentive to make any profit as its taken away
91
01/03/2021 11:33:27 4 0
bbc
No, you pay exactly the same rate.
78
01/03/2021 11:29:49 6 0
bbc
"It only kicks in when a company makes a profit, so it won't damage struggling companies"

You mean like Starbucks, Amazon and Google who sent their billions offshore and pay little or no UK tax ?
92
01/03/2021 11:33:58 5 0
bbc
That happens because of double tax treaties. Nothing to do with this discussion.
54
01/03/2021 11:21:34 2 0
bbc
Now would be a good time to chip away at the asset bubble by raising corp and CGT, and providing tax incentives (that do work) to encourage investment away from the bubble towards productive sectors identified for growth.

Also, no new 'help to buy' which only increases property asset value. Invest in new public housing available to the young at social rent so they can save to buy.
93
01/03/2021 11:34:03 4 0
bbc
QE has had a massive impact on House Prices needs addressing and a review of BOE and Governments needed.

WE must be the only government that will provide Foriegn People who have no right of residency upto £240,000 "free mortgage" for 5 years.

Their scheme to guarantee deposits is just added more fuel to an out of control fire
14
01/03/2021 10:56:04 35 71
bbc
A one off wealth tax is the answer, but would the Tories do it???
94
01/03/2021 11:34:13 16 11
bbc
Good idea, but don’t mention it to ex Labour PMs or millionaire opposition leaders.
544
01/03/2021 19:51:50 0 0
bbc
How much tax does Blair pay?
95
01/03/2021 11:35:09 4 2
bbc
Surely a decade of austerity means our public finances were in a great position to weather the Covid storm? If not then maybe more austerity isnt the answer?
"
Forestfan
Yes. It’s why we could u feet die the greates act of socialism any uk gov has done since 1948.....and gbp is up.
+
Lol - its all borrowed? Austerity didnt give anything back it just hampered economic growth for a decade?
117
01/03/2021 11:39:08 1 1
bbc
You need to differentiate between deficit and debt.

Austerity reduced the deficit and slowed the rate of increase in debt.
Before the debt can be addressed we need to go from deficit to surplus.
121
01/03/2021 11:43:43 0 0
bbc
If we hadn't had 'austerity' (not really austerity as anyone would understand it) then we'd still be spending 150bn more a year than we took in. That's equivalent to the Covid spend every 2 yrs FOR EVER. The Govt. spends/borrows on our behalf, only the Tories can be trusted to keep that in reasonable balance, Labour have NEVER managed the economy well with unemployment ALWAYS higher when they left
88
01/03/2021 11:33:11 4 5
bbc
It should be noted that if Labour had won the last GE Corporation Tax would already be at 26%, are they saying they would have reduced it back down to 19% if they had gained power? A small rise in Corporation tax will only affect firms with profits which I thought Labour were all for. As usual they are just politicking to try and look good but it's NOT working Kier, Boris will be PM for many years
96
01/03/2021 11:35:17 4 3
bbc
But Labour didn't set their manifesto on the grounds that there was a pandemic. Are you expecting the Tories to stick to their manifesto?
83
01/03/2021 11:31:15 16 5
bbc
We should have a COVID bond scheme - £270bn is about what the UK population holds in personal savings. Gov borrowing is bond based but the money will be going out of the UK to unspecified Globo-banks - A UK Covid bond scheme would allow everyone to buy in see a return and get the economy out of crisis more quickly.
97
01/03/2021 11:35:54 8 8
bbc
Oh yes, & the UK public would be really happy getting a return of 0.2% or would you be happy for HMG to pay say 2% but have to borrow more to pay for it from these globular banks?
361
01/03/2021 15:15:38 0 0
bbc
That's the going rate for savings these days
76
01/03/2021 11:29:08 35 8
bbc
Our Economy is in this mess because of insufficient taxes, cheap money, lack of investment, short sighted poor management, make it cheap and get big bonuses.

Apparently the message has changed because it no longer fits the Tory Agenda. Unsustainable Debt is OK now.
98
01/03/2021 11:35:55 17 7
bbc
The current debt is NOT 'unsustainable' but it needs managing. The debt being taken on now is a 'one off' a bit like a war debt and it can be paid back over a very long time (we only paid off the WW2 debt quite recently). The key is to ensure we reduce the deficit as soon as possible and that WILL happen as soon as we can open back up and stop having to pay out so much to support everyone.
139
01/03/2021 11:51:59 3 1
bbc
That's why it has tripled last 10 years, forget C19 its just cherry on top.

We are still giving tax breaks, indeed Boris main pledge for the leadership with debt £1,000,000,000,000,000+ was reduce tax rates for £70,000 pa.

Reality - only in a very small world

HTB £600,000 "Affordable House"
etc.

Austerity was only ever for "some"
99
01/03/2021 11:36:21 64 3
bbc
The thing about tax rises is that it's only fair if it goes across the board and everyone gets stung by it.

Usually its the middle who take the hit on this ( the rich have their creative accountants) and those who don't work still get the same money.

Those on PAYE always bear the brunt
279
01/03/2021 13:27:49 19 13
bbc
'Those on PAYE always bear the brunt'

The top 1% of earners in the UK pay almost 25% of all income tax.
649
02/03/2021 07:22:55 0 0
bbc
PAYE cant offshore their money
76
01/03/2021 11:29:08 35 8
bbc
Our Economy is in this mess because of insufficient taxes, cheap money, lack of investment, short sighted poor management, make it cheap and get big bonuses.

Apparently the message has changed because it no longer fits the Tory Agenda. Unsustainable Debt is OK now.
100
01/03/2021 11:36:21 5 2
bbc
Read Dambisa Moyo How the west was lost, then also keynes. BOTH tell us things we need to do. Cut house prices and make houses a terrible 'investment', stop paying actors, 'stars' and footballers, then invest tax payers money and borrowing on buying exclusively British goods and services. This is the route to economic success. The Chinese, Germans, Americans dont buy foreign for VERY good reason
664
02/03/2021 09:03:53 0 0
bbc
Why do they keep referring to it as "home ownership"? Unless you have paid off your mortgage you do not own your home (see what happens if you default). Reducing house prices to affordable levels will never happen - the fear of negative equity and the damage to the mortgage lenders will scare off any Government.