Autumn Budget 2022
- Thread starter Hagar
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This is because the total tax take has been decreasing for a long time. The UK has a very low total tax rate compared to most other European countries. The problem is in the UK, the richest in society are paying less and less tax while hoarding more and more money, at the same time tax rates on corporations have been decreasing.
The UK desperately needs to add higher tax bands, and introduce wealth and property taxes, increase CGT and corporate taxes
UK does sit above average for the OECD for tax intake per gdp. We suffer with inefficiencies and cost of maintaining infrastructure. Look at how much transport systems cost to run here vs new ones in Asia. For example the budget for Seoul’s metro system is $1.68bn per year vs over $12bn for London. Things cost a lot in the UK.
Plus wealth taxes don’t work. France failed miserably when they tried it recently.
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Soldato
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The UK doesn't need higher tax bands for individuals, it needs to get a grip of public spending, better resource management and strategic investment in infrastructure that benefits the entire nation.
Probably because it's not really a bailout, just a loan that has to be paid back at some point.
It's just their attempt to stop prices falling. Personally I don't agree with it and hope house prices droppppp as they are already ridiculously priced.
Yeah but then where will all the useless ***** work?
As well as removing the zero earnings rule.
np, the UK is below average https://www.taxpolicycenter.org/fiscal-fact/tax-revenue-share-gdp-country-ff08122019
Greece pays a much higher percentage of GDP than the UK.
The UK's tax as a share of GDP is about 30%. There are countries like France where this is 45%. It would be perfectly reasonable to increase UK tax take by 50%.
Wealth taxes do work, and are normal in many countries. In France it was collecting 4Billion euros a year.
In Switzerland, about 5% of the total tax take is from a wealth tax.
The OECD website shows the UK in the middle.
France stopped their wealth tax when it caused a lot of people to leave the country and started to reduce their tax intake. The wealth tax eventually cost them more than twice what they made. https://www.investorschronicle.co.u...-france-s-wealth-tax-did-more-harm-than-good/
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Wealth needs to be taxed at source. As in: tax ownership of assets that the wealthy hold. Property in the UK should be taxed in the same way that US and Canada tax theirs, i.e. a 1-2% annual tax based on the value of the property. This should replace council tax and SDLT. People can't move land out of the UK.
Soldato
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Really helped their house prices!
it's not just middle class it's also lower paid earners, we're paying more fuel particularly diesel to get to work. Food prices have risen massively therefore people people who are on a lower living wage will find it hard to cope to eat (middle class now see the pinch). Energy prices that affect families and no matter what you do for example turning off all the lights ect.. you see the standing charge shaft us.
But yet people who don't work get luxury hand outs, i'm not talking people who CANT work this is aimed at people who cannot be bothered to work because the system is so rubbish. I believe people who cannot be bothered to work should prove they are actually applying for jobs or have their UC cut as this money should be given to people who really need it. I feel for so many on a lower living wage who work 60 hours and have a family but have to sacrifice to feed their kids. It's times like this i appreciate what we have and how we all sometimes take life for granted.
That's a terrible idea - you really think someone in a £500k house should pay £10k council tax?
Caporegime
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This only works in places like Texas because it has no income tax.
This is precisely why pick and mixing taxes from around the world won’t work. It’s a balanced system. Saying X country taxes this and Y country taxes that so we should do that is a terrible idea. It completely ignores the fact that other taxes are very different like income tax.
It wouldn't be council tax anymore. The value should depend on many factors, something from 5K upwards (to a maximum of 10k) would be reasonable and inline with other countries. Some proposals also exempt the mortgage balance from taxations, e.g. someone owning a £500k house with £450k mortgage would only pay the tax on the £50k equity they own, the rest is levied against the bank, alongside proper regulations so that this charge isn't passed as interest to the buyer.
Only this country considers property sacred and its fundamentalist religion.
Nonsense. Texas has no property taxes at all because they likely follow your brand of politics
It's places like California, New York, etc that have them and they also have high levels of state income tax on top of all other taxes. They are also some of the most productive regions in the entire world.
You should actually educate yourself before making statements like that.
Caporegime
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Nonsense. Texas has no property taxes at all because they likely follow your brand of politics
Texas does leverage annual tax on property at the assessed house value.
Texas has no State property tax but it does have a tax per county, it was one of the major problems that stopped me buying a house in the Houston area.
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I think it’s pretty clear it won’t work. If we want a wealth tax then we need to step back on taxes in other areas. Swiss level of income tax for example. Otherwise we just do a France.