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Tory candidates promise tax cuts
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By (user no longer on site)
over a year ago
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"They'll say whatever they want to get in power, then back track is soon as they're in! Filthy lying bastard's!"
The fact people still believe these filthy lying c££ts amazes me . |
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By (user no longer on site)
over a year ago
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The bit that confuses me, is that for the last x years they've been saying they don't have any money to cut taxes with, then suddenly, because they want our vote (well okay the conservative party members vote) all of a sudden there's plenty of money!!
AND
obviously inflation is affecting us all at the moment, and everyone is asking for inflation proof payrises, but where is that money coming from if we (the nation) hasnt had it for the last x years? |
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"The bit that confuses me, is that for the last x years they've been saying they don't have any money to cut taxes with, then suddenly, because they want our vote (well okay the conservative party members vote) all of a sudden there's plenty of money!!
AND
obviously inflation is affecting us all at the moment, and everyone is asking for inflation proof payrises, but where is that money coming from if we (the nation) hasnt had it for the last x years?"
And
£2,400,000,000,000 Uk sovereign debt 2022 (£81BN annual interest - £3000 per household)
£878,000,000,000 in 2010
Debt nearly trebled in 12 years, and a decade of austerity, and more to come after these false promises get one of these voted in. |
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By *hoirCouple
over a year ago
Clacton/Bury St. Edmunds |
"The bit that confuses me, is that for the last x years they've been saying they don't have any money to cut taxes with, then suddenly, because they want our vote (well okay the conservative party members vote) all of a sudden there's plenty of money!!
AND
obviously inflation is affecting us all at the moment, and everyone is asking for inflation proof payrises, but where is that money coming from if we (the nation) hasnt had it for the last x years?"
No wonder you're confused as here is no money needed to cut taxes.
Governments have zero money of their own. It is all raised by means of taxation and we pay nearly a 100% tax rate in this country when you factor it all in.
Lower tax rates are proven to generate more money as well.
C |
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By *lynJMan
over a year ago
Morden |
"It's time to seriously think about moving away from this country. With the age of remote working, this is entirely achievable "
Remote work where? If you mean something like moving to France but work for a UK based company, it might be easier said than done. Many companies are hesitant about the tax arrangements and other employment laws for people who are working abroad remotely for a UK based company. |
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By (user no longer on site)
over a year ago
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"It's time to seriously think about moving away from this country. With the age of remote working, this is entirely achievable
Remote work where? If you mean something like moving to France but work for a UK based company, it might be easier said than done. Many companies are hesitant about the tax arrangements and other employment laws for people who are working abroad remotely for a UK based company."
But if you work for a global company with employees around the world.. |
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To be fair to Richie Sunak. He has come straight out and admitted that tax cuts are not likely in the short to medium term at least. As the man who had hold of the purse strings, he should know the true state of national finances better than most.
Therefore, much as it pains me to say it, I'd prefer that he get the top job over the other candidates most of whom are hardly even members of the Cabinet |
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By (user no longer on site)
over a year ago
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None of them will actually cut tax for us. I’ve heard a few want to decrease the corporate tax from 20 to 15 percent. Typical tories, always looking after their rich mates. |
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By *eroy1000Man
over a year ago
milton keynes |
"To be fair to Richie Sunak. He has come straight out and admitted that tax cuts are not likely in the short to medium term at least. As the man who had hold of the purse strings, he should know the true state of national finances better than most.
Therefore, much as it pains me to say it, I'd prefer that he get the top job over the other candidates most of whom are hardly even members of the Cabinet"
He is certainly being more cautious on tax cuts and some say he fell out with Boris over this. The OBR are saying tax rises are needed not tax cuts. Seems all the other candidates and even Labour are wanting tax cuts. A lot seems to be concentrated on business taxes though to stimulate the economy so maybe personal tax cuts might take a bit longer. I predict a few months before the next scheduled GE |
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By *irldnCouple
over a year ago
Brighton |
What someone actually needs to do is SIMPLIFY UK TAX LAW. We have (one of) the most complex tax law in the world. The more complicated it is the more it costs to administer and the more exploitable it is due to grey areas and loopholes. |
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"What someone actually needs to do is SIMPLIFY UK TAX LAW. We have (one of) the most complex tax law in the world. The more complicated it is the more it costs to administer and the more exploitable it is due to grey areas and loopholes."
100%
Also they should reassign all those people hunting down benefit fraud (who cost more than they recoup) and assign them to hunting down corporate tax evasion |
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By *abioMan
over a year ago
Newcastle and Gateshead |
I do wonder what they are planning to cut to pay for all of these tax cuts…. That is when they get very vague!
Also… if any one of them mentions refinancing the covid debt be scared, because that will drive up inflation and the interest rate would be much higher now which would fuel inflation!!! |
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By *irldnCouple
over a year ago
Brighton |
"I do wonder what they are planning to cut to pay for all of these tax cuts…. That is when they get very vague!
Also… if any one of them mentions refinancing the covid debt be scared, because that will drive up inflation and the interest rate would be much higher now which would fuel inflation!!! "
There are some real weird financial shenanigans around how the UK financed the Covid package. Worth a bit of research if you haven’t already. I cannot quite get my head around it other than, in lay person terms, the UK owes itself nobody else. The UK didn’t go to the IMF or the money markets. It issued bonds that it then bought itself. We owe ourselves! |
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By *eroy1000Man
over a year ago
milton keynes |
"I do wonder what they are planning to cut to pay for all of these tax cuts…. That is when they get very vague!
Also… if any one of them mentions refinancing the covid debt be scared, because that will drive up inflation and the interest rate would be much higher now which would fuel inflation!!!
There are some real weird financial shenanigans around how the UK financed the Covid package. Worth a bit of research if you haven’t already. I cannot quite get my head around it other than, in lay person terms, the UK owes itself nobody else. The UK didn’t go to the IMF or the money markets. It issued bonds that it then bought itself. We owe ourselves!"
Is this what they term as quantitative easing? It does seem odd but quite popular around the world |
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By *irldnCouple
over a year ago
Brighton |
"I do wonder what they are planning to cut to pay for all of these tax cuts…. That is when they get very vague!
Also… if any one of them mentions refinancing the covid debt be scared, because that will drive up inflation and the interest rate would be much higher now which would fuel inflation!!!
There are some real weird financial shenanigans around how the UK financed the Covid package. Worth a bit of research if you haven’t already. I cannot quite get my head around it other than, in lay person terms, the UK owes itself nobody else. The UK didn’t go to the IMF or the money markets. It issued bonds that it then bought itself. We owe ourselves!
Is this what they term as quantitative easing? It does seem odd but quite popular around the world"
Sort of...
“Between April 2020 and July 2021, the Bank of England’s ?‘money printing’ programme – creating new money to buy up government debt?—?matched 99.5% of total new debt issued by government to pay for Covid support schemes like furlough, new analysis from NEF shows. While total borrowing between March 2020 and July 2021 was £413bn, the Bank of England’s total purchase of government debt was £412bn, or 99.5%.” |
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"It's time to seriously think about moving away from this country. With the age of remote working, this is entirely achievable "
Great idea I have been asking the boss to let me work from home but he keeps finding problems with the idea , I can do every bit as much work at home as being any where else he keeps complaining about the additional cost involved , I suppose being a bricklayer has drawbacks  |
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"To be fair to Richie Sunak. He has come straight out and admitted that tax cuts are not likely in the short to medium term at least. As the man who had hold of the purse strings, he should know the true state of national finances better than most.
Therefore, much as it pains me to say it, I'd prefer that he get the top job over the other candidates most of whom are hardly even members of the Cabinet"
Is this the same Rishi Sunak that set up his 'ready4rishi' campaign website on June 7th, long before he led the downfall of Boris last week? |
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"I do wonder what they are planning to cut to pay for all of these tax cuts…. That is when they get very vague!
Also… if any one of them mentions refinancing the covid debt be scared, because that will drive up inflation and the interest rate would be much higher now which would fuel inflation!!! "
20% civil service to be cut
91,000 jobs
Less doctors, nurses, police, teachers…. |
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"To be fair to Richie Sunak. He has come straight out and admitted that tax cuts are not likely in the short to medium term at least. As the man who had hold of the purse strings, he should know the true state of national finances better than most.
Therefore, much as it pains me to say it, I'd prefer that he get the top job over the other candidates most of whom are hardly even members of the Cabinet
Is this the same Rishi Sunak that set up his 'ready4rishi' campaign website on June 7th, long before he led the downfall of Boris last week?"
And the same who wrote of £9,000,000,000 bounce back loans his dept issued
And the same who recently failed to insure uks £2.4trn debts against higher interest rates, costing us £11,000,000,000 a year more in interest
And £850,000,000 eat out to help out
And the same who cancelled the £20 a week universal credit increment, saying we couldn’t afford it
While his wife has used the non dom scheme for eight consecutive years, while resident in uk the whole period avoiding millions in tax. |
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By *eroy1000Man
over a year ago
milton keynes |
"I do wonder what they are planning to cut to pay for all of these tax cuts…. That is when they get very vague!
Also… if any one of them mentions refinancing the covid debt be scared, because that will drive up inflation and the interest rate would be much higher now which would fuel inflation!!!
There are some real weird financial shenanigans around how the UK financed the Covid package. Worth a bit of research if you haven’t already. I cannot quite get my head around it other than, in lay person terms, the UK owes itself nobody else. The UK didn’t go to the IMF or the money markets. It issued bonds that it then bought itself. We owe ourselves!
Is this what they term as quantitative easing? It does seem odd but quite popular around the world
Sort of...
“Between April 2020 and July 2021, the Bank of England’s ?‘money printing’ programme – creating new money to buy up government debt?—?matched 99.5% of total new debt issued by government to pay for Covid support schemes like furlough, new analysis from NEF shows. While total borrowing between March 2020 and July 2021 was £413bn, the Bank of England’s total purchase of government debt was £412bn, or 99.5%.”"
Yep sounds like the same as done all over the world and think for many years especially since the financial crisis of 2008. I don't understand it either but sort of sounds like an electronic version of printing money. I assume it's open to any country that has it's own currency and national bank or a central bank like the EU have where they do this in vast amounts. I think the downside is it adds to inflation pressure |
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"... we pay nearly a 100% tax rate in this country when you factor it all in."
This is clearly not true. If I'm paying 100% of my earnings in tax, who's paying for all my food? Why do I still have money in the bank? |
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"... we pay nearly a 100% tax rate in this country when you factor it all in.
This is clearly not true. If I'm paying 100% of my earnings in tax, who's paying for all my food? Why do I still have money in the bank?"
Well they didn't say 100% income tax.
I mean its an exaggeration, but we do pay a lot more in taxes than we generally think we are |
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"There are some real weird financial shenanigans around how the UK financed the Covid package. Worth a bit of research if you haven’t already. I cannot quite get my head around it other than, in lay person terms, the UK owes itself nobody else. The UK didn’t go to the IMF or the money markets. It issued bonds that it then bought itself. We owe ourselves!"
"Is this what they term as quantitative easing? It does seem odd but quite popular around the world"
Yes, that's how Quantitative Easing works. It's usually used as a means of stimulating an economy during a downturn. During CoViD we used the same method to create new money to pay for everything. This allows us to cover the costs now, and then we can destroy all that extra money when the economy is doing better and we have some to spare. |
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"... we pay nearly a 100% tax rate in this country when you factor it all in."
"This is clearly not true. If I'm paying 100% of my earnings in tax, who's paying for all my food? Why do I still have money in the bank?"
"Well they didn't say 100% income tax.
I mean its an exaggeration, but we do pay a lot more in taxes than we generally think we are"
I realise that they were including VAT and NI and all the consumption taxes, but if all those added up to 100%, there would be nothing left for me to buy my pasties with. |
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By *hoirCouple
over a year ago
Clacton/Bury St. Edmunds |
"... we pay nearly a 100% tax rate in this country when you factor it all in.
This is clearly not true. If I'm paying 100% of my earnings in tax, who's paying for all my food? Why do I still have money in the bank?
Well they didn't say 100% income tax.
I mean its an exaggeration, but we do pay a lot more in taxes than we generally think we are
I realise that they were including VAT and NI and all the consumption taxes, but if all those added up to 100%, there would be nothing left for me to buy my pasties with."
"Nearly"
Look at all the taxes you are paying when you buy that object as well.
C |
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By *hoirCouple
over a year ago
Clacton/Bury St. Edmunds |
"I wouldn't be surprised if they pull the same evil shit David Cameron pulled.
point to the unemployed and disabledblame them and cut benefits
Its a pretty standard Tory tactic"
That's patently untrue as history shows. Blair's revised curriculum and odd media reporting down the years have twsited that.
The benefits syetm eas fundamentally founded by The Liberal Party who became the modern Lib Dems but their old values align with the modern Conservatives. The same modern Conservatives who fixed a broken system with poor financial output and allowed people on benefits to get more money with the current system (I will admit getting onto the current system is flawed and wrong though).
C |
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"I wouldn't be surprised if they pull the same evil shit David Cameron pulled.
point to the unemployed and disabledblame them and cut benefits
Its a pretty standard Tory tactic
That's patently untrue as history shows. Blair's revised curriculum and odd media reporting down the years have twsited that.
The benefits syetm eas fundamentally founded by The Liberal Party who became the modern Lib Dems but their old values align with the modern Conservatives. The same modern Conservatives who fixed a broken system with poor financial output and allowed people on benefits to get more money with the current system (I will admit getting onto the current system is flawed and wrong though).
C"
So the decade of austerity and taking from the most vulnerable doesn't count? |
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By *hoirCouple
over a year ago
Clacton/Bury St. Edmunds |
"I wouldn't be surprised if they pull the same evil shit David Cameron pulled.
point to the unemployed and disabledblame them and cut benefits
Its a pretty standard Tory tactic
That's patently untrue as history shows. Blair's revised curriculum and odd media reporting down the years have twsited that.
The benefits syetm eas fundamentally founded by The Liberal Party who became the modern Lib Dems but their old values align with the modern Conservatives. The same modern Conservatives who fixed a broken system with poor financial output and allowed people on benefits to get more money with the current system (I will admit getting onto the current system is flawed and wrong though).
C
So the decade of austerity and taking from the most vulnerable doesn't count?"
They took from everyone.
Why did that decade of austerity happen? Who was it that sold off the gold that removed our gold standard currency and left no money? You need gold to back the currency after all.
C |
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By *oo hotCouple
over a year ago
North West |
"None of them will actually cut tax for us. I’ve heard a few want to decrease the corporate tax from 20 to 15 percent. Typical tories, always looking after their rich mates. "
Why do you think that will help their “rich mates”?
Cutting Corporation Tax will mean that more cash is available to be reinvested in the Company and yes - more is available to be taken out as Dividends too, but that is also taxable.
It will benefit the Company, but it wouldn’t really benefit a U.K. resident shareholder. |
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By *UNCHBOXMan
over a year ago
folkestone |
Not sure a) they will even have any financial wiggle room to make any real cuts because of the impact of all the money that was spent out due to Covid.
b) If they do say I will cut basic rate to 18p in the pound, people are wise to the fact they will properly find another tax to replace the lost income. And if that is a regressive tax like VAT that will hit the poorest hardest disproportionately.
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I noted yesterday that Jeremy Hunt stated he would keep the TV Licence. In this day and age of streaming the TV licence is not only antiquated extortion but also now a very prohibitive cost to millions. £14-£15 pm may not seem alot to some but to many it's another straw breaking the camel's back. |
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By *xhib12Man
over a year ago
Blyth |
Cutting income tax only helps those who are in work. It's a headline grabber that doesn't really put that much more cash in peoples pockets and doesn't help large sections of society at all.
A cut in fuel tax and the removal of VAT from home fuel bills would help everyone.
Giving pensioners a higher tax threshold would stop penalising those that worked hard and put a bit away through their working life. Yes I know the cash they put into their pension wasn't taxed at source but society needs people to spend money to stimulate economy. Everyone is struggling so giving pensioners a little more would help.
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To many people it feels like we are living in one giant Ponzi scheme these days….hidden taxation, rising inflation, shrinking products etc and then we are offered tax cuts by the cons? Maybe a lot of this is because many people are woefully undereducated about business and tax right back from school age and don’t have the resources behind them to play the financial game. The thing is, ever since the end of the Second World War this country has been on the back foot in terms of investing inwardly and most of the successful periods Thatcher, Blair have been bolstered by selling off assets, North Sea Oil, Council housing, utilities, or creating debt, student loans, mortgages, quantitative easing, etc. One poster mentioned selling off Gold earlier, which was not a great idea but a lot less expensive than bailing out the banks. For a long time now we seem to have had a layer of management in this country who are less than competent or like to appear so in order to line their pockets perhaps? If you look at the German system where there is an acceptance that business is vital and necessary and where someone who studied classics would be unlikely to have made it to president because their inexperience of real work would hold them back then maybe you have a model that seems a bit more focussed than the one we have? |
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By (user no longer on site)
over a year ago
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"To many people it feels like we are living in one giant Ponzi scheme these days….hidden taxation, rising inflation, shrinking products etc and then we are offered tax cuts by the cons? Maybe a lot of this is because many people are woefully undereducated about business and tax right back from school age and don’t have the resources behind them to play the financial game. The thing is, ever since the end of the Second World War this country has been on the back foot in terms of investing inwardly and most of the successful periods Thatcher, Blair have been bolstered by selling off assets, North Sea Oil, Council housing, utilities, or creating debt, student loans, mortgages, quantitative easing, etc. One poster mentioned selling off Gold earlier, which was not a great idea but a lot less expensive than bailing out the banks. For a long time now we seem to have had a layer of management in this country who are less than competent or like to appear so in order to line their pockets perhaps? If you look at the German system where there is an acceptance that business is vital and necessary and where someone who studied classics would be unlikely to have made it to president because their inexperience of real work would hold them back then maybe you have a model that seems a bit more focussed than the one we have?"
But they haven't been Americanised as much has us. This buy now pay later, get yourself into debt can only go on so long.
America was shielded because of the petrodollar monopoly. We don't have that luxury. But even their chickens will come home to roost soon. |
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By (user no longer on site)
over a year ago
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Such wishful thinking, this magic money tree.
Most of the tax cuts will be for their big business chums, not the rest of us.
Taxes are needed, because we cannot borrow more, it would make inflation 10 times worse. |
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They’re talking about corporation tax to please the donors and purportedly to attract foreign money. We already have the lowest in the G7 so it’s gaslighting.
The richest are paying almost nothing in tax already. It corrupt and it’s bad economics. |
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By *eroy1000Man
over a year ago
milton keynes |
"They’re talking about corporation tax to please the donors and purportedly to attract foreign money. We already have the lowest in the G7 so it’s gaslighting.
The richest are paying almost nothing in tax already. It corrupt and it’s bad economics."
To my slight surprise a Labour Mp on the Sunday program said she agreed with cutting corporation tax before other taxes |
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By *ackal1Couple
over a year ago
Manchester |
"None of them will actually cut tax for us. I’ve heard a few want to decrease the corporate tax from 20 to 15 percent. Typical tories, always looking after their rich mates.
Why do you think that will help their “rich mates”?
Cutting Corporation Tax will mean that more cash is available to be reinvested in the Company and yes - more is available to be taken out as Dividends too, but that is also taxable.
It will benefit the Company, but it wouldn’t really benefit a U.K. resident shareholder."
Dividends are taxed at a lower rate. However the old myth of filter down economics is proving to be untrue as tax savings are now being hidden offshore through various methods.
Perhaps there should be a variable tax rate for the size and location of the company taking account of whether 100% of profits are taxed in the U.K. Maybe a bias favouring SMEs who pay tax 100% uk and invest U.K. .
No idea how this would work just a suggestion . We keep giving fabulous deals to offshore investors who contribute nothing to the U.K. .
Remember since Thatcher our economy has doubled and yet people are not much better off . Where’s the money gone?
We are now way behind in wealth and the gap between have and have nots is getting bigger .
What happened to the Tory promises made 13 years ago? Are you better off?
https://www.theguardian.com/business/2022/jul/13/average-uk-household-8800-a-year-worse-off-than-those-in-france-or-germany
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"None of them will actually cut tax for us. I’ve heard a few want to decrease the corporate tax from 20 to 15 percent. Typical tories, always looking after their rich mates.
Why do you think that will help their “rich mates”?
Cutting Corporation Tax will mean that more cash is available to be reinvested in the Company and yes - more is available to be taken out as Dividends too, but that is also taxable.
It will benefit the Company, but it wouldn’t really benefit a U.K. resident shareholder.
Dividends are taxed at a lower rate. However the old myth of filter down economics is proving to be untrue as tax savings are now being hidden offshore through various methods.
Perhaps there should be a variable tax rate for the size and location of the company taking account of whether 100% of profits are taxed in the U.K. Maybe a bias favouring SMEs who pay tax 100% uk and invest U.K. .
No idea how this would work just a suggestion . We keep giving fabulous deals to offshore investors who contribute nothing to the U.K. .
Remember since Thatcher our economy has doubled and yet people are not much better off . Where’s the money gone?
We are now way behind in wealth and the gap between have and have nots is getting bigger .
What happened to the Tory promises made 13 years ago? Are you better off?
https://www.theguardian.com/business/2022/jul/13/average-uk-household-8800-a-year-worse-off-than-those-in-france-or-germany
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Asset-stripping, selling off to foreign investors?
I don’t have a particular answer to all of this but it seems to me that the tax system is in need of a massive shake up as I believe it is responsible for all the arcane schemes that the City of London comes up with in order to avoid paying tax. I have this notion that if there are less ways of avoiding tax then more might actually reach the exchequer….naive, I know  |
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