2022 mini-budget discussion

[mid_gen]

I don't get it. How many of you actually want higher taxes? Its not making any sense to me. I work hard, very hard, in both the health and social sector. When I look at my payslip at the end of the month, it hurts. So in the end, I end up working less, so I'm taxed less and this creates all the waiting lists, that affect you, the guys who are in for higher taxes. Tax me less and I work more hours and reduce the waiting list, is this not rational?

Christ alive....you know that the tax money that 'hurts' you to pay, is what pays your salary in the first place? Let's cut taxes some more until get you made redundant, then you won't have to suffer anymore.

I am fairly wealthy in terms of income compared to the average. I want to pay more tax. I want people on minimum wage to pay less.

 

[CapitalOne]

If those people are willing to work more, because they're taxed less, then they will actually contribute more to taxes and the economy. This is actually pretty basic stuff.

This is true, and let's face it if you trust the government to get the economic calls right and be able to run public services well as well as the above you should be celebrating hard.

If however you don't trust them, like any other issue, you are going to be wary

 

[VincentHanna]

My argument to this would be that many people (although obviously I can only really speak for myself here) would probably be happy paying more in tax if we could actually see some benefit to it. In your case working in the health and social sector, that would be increased pay, so while you might pay a higher %age, your take home would be higher overall, for the rest of us, more doctors & nurses, since they get paid better so it's easier to attract people to the job.

The reality is, any extra tax would quickly get squandered on parties for MPs and backhanders to their mates

You put it better than I could.

My wife works in social care and earns about 20k per year and will be a fraction better off, but actually worse off due to inflation

I work for myself and will be quite a bit better off, despite not doing anything to help 'society'

 

[dowie]

Pretty much, I'm done with Dowie holes.

Because your claim was total BS tbh.

You don't seem to be able to grok someone disagreeing or seeing things differently vs not giving a straight answer when in fact what was said was perfectly clear.

 

[Pudney]

If those people are willing to work more, because they're taxed less, then they will actually contribute more to taxes and the economy. This is actually pretty basic stuff.

The bit I find hilarious is the number of tax cuts for high earners. The Personal Savings Allowance will give additional rate taxpayers nearly the same benefit (£225) as the median rate taxpayer (£330?) is getting on its own before considering any other impact.

I wouldn't be surprised if the Personal Allowance is reintroduced for everyone as well at this rate.

 

[dowie]

I wouldn't be surprised if the Personal Allowance is reintroduced for everyone as well at this rate.

I don't see why it shouldn't be tbh..

 

[potatolord]

This budget is bonkers.

I get it's the Conservatives and that, but... just come on. It is grossly irresponsible and a two fingers up to anyone not on higher rate, when those people are getting hammered by inflation.

I am genuinely shocked by this.

 

[Things change I've changed]

Isn't Sweden's top rate 57%, and cost of living in Sweden as of 22nd September is 19% cheaper than the UK according Expatistam.

 

[Tony Edwards]

I don't get it. How many of you actually want higher taxes? Its not making any sense to me. I work hard, very hard, in both the health and social sector. When I look at my payslip at the end of the month, it hurts. So in the end, I end up working less, so I'm taxed less and this creates all the waiting lists, that affect you, the guys who are in for higher taxes. Tax me less and I work more hours and reduce the waiting list, is this not rational?

What a load of nonsense. How much of a tax cut would you need to work more?

 

[mid_gen]

Good job. This is from Bloomberg btw, before anyone thinks it's a lefty opinion piece.

 

[Uther]

UK markets latest
FTSE 100	7,030.27	-1.81%
FTSE 250	17,918.96	-2.25%
FTSE All Share	3,852.25	-1.85%
FTSE Small Cap	6,080.78	-1.3%
FTSE AIM 100	3,962.62	-1.68%

 

[Pudney]

I don't see why it shouldn't be tbh..

I'm not fussed either way, but it's another tax cut for top earners of all kinds.

 

[Besty]

What a load of nonsense. How much of a tax cut would you need to work more?

To give this a bit of context, its not just about tax cuts. As someone posted above about Sweden, its also about cost of living parity.

Thousands of people have already left the country because they can work remote, why stay when you can get taxed just as heavily elsewhere but live much more cheaply.

Portugal is an outstanding example of where high-earning tech workers can move to easily and be quids in, Spain will be next in January when the start-up law passes.

I think our Government has sensed the changing winds here and realised what's happening before it became material i.e everyone that works remote moves to Spain.

 

[200sols]

UK markets latest
FTSE 100	7,030.27	-1.81%
FTSE 250	17,918.96	-2.25%
FTSE All Share	3,852.25	-1.85%
FTSE Small Cap	6,080.78	-1.3%
FTSE AIM 100	3,962.62	-1.68%

European markets are also down by similar amounts so I wouldn't use stock market moves as a guide for anything tbh. Actually this UK budget seemed to spark a fire sale of risk assets the world over. All part of the wider bear market I'd say.

 

[Tony Edwards]

To give this a bit of context, its not just about tax cuts. As someone posted above about Sweden, its also about cost of living parity.

Thousands of people have already left the country because they can work remote, why stay when you can get taxed just as heavily elsewhere but live much more cheaply.

Portugal is an outstanding example of where high-earning tech workers can move to easily and be quids in, Spain will be next in January when the start-up law passes.

I think our Government has sensed the changing winds here and realised what's happening before it became material i.e everyone that works remote moves to Spain.

Thats also nonsense but. How much of a tax cut would it take for you to work more? Would a social sector pay rise have helped more people?

 

[spaggyboy]

Hilarious amounts of Forelock Tugging in this thread. Why any working class person would support massive tax cuts for the rich, is beyond me. Some people seem to think that political parties are like football teams where you support them through thick and thin. They're not.

 

[Murphy]

At least we've had a strong and stable government for the last few years, can you imagine how bad things would've been if that guy who couldn't eat a bacon sandwich properly had been in charge or worst yet that old grandpa who would've put billions on the nations credit card so we could all own a piece of our national infrastructure, at least we dodged that bullet. Am i right, am i right.

 

[n111ck]

You can always move to Scotland or Wales if you want to pay more tax.

 

[dowie]

Hilarious amounts of Forelock Tugging in this thread. Why any working class person would support massive tax cuts for the rich, is beyond me. Some people seem to think that political parties are like football teams where you support them through thick and thin. They're not.

I doubt many people on here are working class, some might claim to be in the same way some bankers or lawyers with regional accents will make ridiculous claims of being "working class" but realistically I suspect most forum users are working in reasonably well-paid careers. IT is perhaps one of the most common fields on here and it isn't exactly a low-paid area to work in.

 

[Freakbro]

If those people are willing to work more, because they're taxed less, then they will actually contribute more to taxes and the economy. This is actually pretty basic stuff.

Instead of just shouting 'Laffer curve" at every opportunity, can you explain more about where we are in the economic cycle and how that translates to where t* currently is?