FabGuys.com forum: Tax Rise

By *atureTrans OP TV/TS
2 days ago

Waterlooville

The country needs to rise the defence budget up to 3% by 2030 and 3.5% by 2035.

Either it will be cuts in other budgets, or a tax rise, or a bit of both.

The problem with these options, is that some will loose more that others. The load will not be shared by all.

I think all of us should contribute to the extra cash required.

One way to do this is raise the VAT rate, it has been raised before, without doing damage to the economy.

Your thoughts.

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By *ay_ThinkingGuyMan
2 days ago

Gt Yarmouth

The government doesn't and never has spent tax takings. Tax controls inflation. Check out modern monetary theory to understand this. Richard Murphy and Steve Keen explain these things well

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By *artokMan
2 days ago

Wokingham

#taxwealthnotwork

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By *aregay31Man
2 days ago

Marchwood Southampton

The rich get richer the poor get poorer

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By *airyDivDadMan
2 days ago

Whiston

Adverse impact on inflation leading to even more of a squeeze on pockets. Plus VAT hits the poorest the hardest because generally everything they earn is spent - there's no option to stash a wad in an ironically tax-free ISA, for example.

Closing the tax gap and grasping tax avoidance once and for all (NO 'approved' schemes 🙄) is probably the fairest because, before you clobber the majority who are paying what they should, how about those brazenly evading or avoiding tax (and that doesn't even include those for whom their residency/domicile is a means to pay less)?

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By *omyorksMan
2 days ago

Malton

2p on income tax. This should've been the first act of the new government. There's a lot of mess to sort out and the big levers need to be pulled.

A missed opportunity. Instead they've made things harder by ruling out income tax rises.

When Gordon Brown cut income tax by 2p there was barely a ripple.

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By *ust4inchesMan
2 days ago

Shrewsbury

"The country needs to rise the defence budget up to 3% by 2030 and 3.5% by 2035.

Either it will be cuts in other budgets, or a tax rise, or a bit of both.

The problem with these options, is that some will loose more that others. The load will not be shared by all.

I think all of us should contribute to the extra cash required.

One way to do this is raise the VAT rate, it has been raised before, without doing damage to the economy.

Your thoughts.

VAT rises hurt the poorest in society more than the better off. So some will lose more than others.

Equally, raising VAT may deter people from buying certain goods which could actually have an detrimental effect on the economy. It will also have a very big effect on inflation which will hurt the poorest. Increased inflation will lead to increased wage demands which leads to increased production costs which leads to higher prices which contributes to inflation…. And the circle goes on.

I guess you didn’t think this one through.

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By *ajkumarkapoorMan
2 days ago

London

Always good to help the country.

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By *ewBrumBiMan
2 days ago

Birmingham B15

Maybe the 'economy' is doing better with higher VAT, but how many of you feel better off now than ten years ago, despite the graph trending upwards?

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By *our-slaveMan
2 days ago

nottingham

"Maybe the 'economy' is doing better with higher VAT, but how many of you feel better off now than ten years ago, despite the graph trending upwards?"

I do, but that’s because I have my business earnings, a private pension and the state pension.

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By *ezzadMan
9 hours ago

Benidorm

Make the unemployed do something for their money and if they refuse stop it.

The benefits bill is rising when it needs cutting.

Also introduce a supertax on the mega rich who can afford it

Cancel the triple lock as pensioners should share the ups and downs

Mandatory pension contributions for every worker for later life

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By *D_SuckerTV/TS
9 hours ago

Sileby

"Make the unemployed do something for their money and if they refuse stop it.

The benefits bill is rising when it needs cutting.

Also introduce a supertax on the mega rich who can afford it

Cancel the triple lock as pensioners should share the ups and downs

Mandatory pension contributions for every worker for later life"

Agree 😀

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By *ohnisbackMan
9 hours ago

Farnborough

i object paying more tax and in fact i do all i can to minimize paying tax.

because they are not spending it well enough that i should be giving extra

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By *ever5512Man
9 hours ago

beecles

Easy. Cut the benefits. Simple really

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By *obbleTV/TS
9 hours ago

manchester

Pensioners should take more cuts?. Do you know how poor the state pension is in this country. Work for 50 years pay tax and NI and the state pension is less than the minimum wage. Triple lock, a joke. My mate got less than 10 quid a week rise, his rent alone with service charges has gone up 16 quid a week, get the picture?.

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By *ublatMan
9 hours ago

Plymouth

you go to work 40 hours a week earn £20,000,pay NI and income tax

you sit at home on your ass, get £ 20,000 in benefits, no NI or income tax to pay as its not classed as income. who's the fool.

If your a pensioner your pension is classed as a benefit, but also income so you pay income tax.

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By *eepeter4Man
9 hours ago

Bournemouth

Rachel Reeves needs to send round a few of her tax collectors to Ascot racecourse.

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By *ammy aka SammyTV/TS
8 hours ago

Bedford

So many benefits for not working. As was posted work for your benefit refuse work then no benefit. X

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By *55uk4yngrMan
8 hours ago

Chester

Cut the number of MP's by half and put them on the National Minimum wage like the majority in this country plus cut their expenses, second jobs and other perks.

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By *xmareMan
7 hours ago

Norwich

1.Following Richard Murphy (mentioned above) why should capital gains be taxed less than income?

2.Marx and Engels were pretty sound on the question, too...

https://urpe.org/2019/08/29/what-marxist-tax-policies-actually-look-like/

3. The idea of discrete tax bands is pretty silly in this day and age. A continuous logistic function of tax rate against income (including capital gains), plateauing at a maximum rate for the top, say, 10% of earners, would be far easier to calculate both by the government and a consumer app, while being readily tuneable to take account of changing fiscal needs.

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By *e4rMan
7 hours ago

Bingham- Notts

"#taxwealthnotwork"

This 🙂

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By *YbtmMan
5 hours ago

Nr Wem

£6bil being spent on carbon capture at scale, which may or may not actually work.

Another £8bill on various “green” initiatives.

£14b right there that could be spent on defence.

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By *ristan_HateMan
5 hours ago

Hanley

Stop foreign aid.

Simple

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By *cwgenMan
4 hours ago

Glasgow

"2p on income tax. This should've been the first act of the new government. There's a lot of mess to sort out and the big levers need to be pulled.

A missed opportunity. Instead they've made things harder by ruling out income tax rises.

When Gordon Brown cut income tax by 2p there was barely a ripple.

Nope slash the benefits bill by making people work if they are capable of it

The amount of economically inactive can never be absorbed by the rest of us

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By *rimroseTV/TS
4 hours ago

Epsom

500,000 on benefits for anxiety. Get a life.

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