Mortgage Rate Rises

mcast123 · 22 Mar 2023 at 20:43

TheOracle said:
Governments have let (helped) the wealth move towards the 1% of the 1%. There is no scenario where this is ever a good thing.

There needs to be a huge tax on the mega rich, and I don't mean those who have 1m or even 10m but those with hundreds of millions.

So get a relatively small amount of tax money to de-incentivize entrepreneurs.

jonneymendoza · 23 Mar 2023 at 06:25

dLockers said:
Agreed but you can see on this very forum that folk think the "very rich" are those on 100k lol. The media has done its job perfectly as the Tory mouth piece

Tbh anyone who earns 100k are in the top 2 percent ish

200sols · 23 Mar 2023 at 06:48

jonneymendoza said:
Tbh anyone who earns 100k are in the top 2 percent ish

Yeah and that doesn't make them the very rich. For the most part people on these sums are earning and spending heavily in the economy and they pay hefty taxes yet on this forum get vilified.

jonneymendoza · 23 Mar 2023 at 06:56

200sols said:
Yeah and that doesn't make them the very rich. For the most part people on these sums are earning and spending heavily in the economy and they pay hefty taxes yet on this forum get vilified.

We basically take the brunt of the tax paying because lower income obviously pays way less tax and the very rich pay the same amount as the lower income!

CapitalOne · 23 Mar 2023 at 07:48

0T tax code club

200sols · 23 Mar 2023 at 08:09

jonneymendoza said:
We basically take the brunt of the tax paying because lower income obviously pays way less tax and the very rich pay the same amount as the lower income!

Look at Sunaks tax return to give you an idea.

£227,350 on total earnings of £1,018,389 in 2019/20
£393,217 on total earnings of £1,777,581 in 2020/21
£432,493 on total earnings of £1,970,992 in 2021/22

That is 22%. The taxes on capital gains need to be brought into line with what working people pay at those levels i.e 45% and all other loopholes closed as well.

Pottsey · 23 Mar 2023 at 08:15

CapitalOne said:
0T tax code club

As I found out you need to be proactive to get out of the 0T tax code club. Don't sit there waiting for anyone else to fix it. Sort it yourself or you risk being stuck in the 0T club for far longer then you should be.

CapitalOne · 23 Mar 2023 at 08:18

Pottsey said:
As I found out you need to be proactive to get out of the 0T tax code club. Don't sit there waiting for anyone else to fix it. Sort it yourself or you risk being stuck in the 0T club for far longer then you should be.

Even with max sacrifice, still 0T!

stuie · 23 Mar 2023 at 08:20

Im good till January but will be coming off 2.09%
Fortunatly I've been overpaying while the rates have been low so will be down to the last 80kish, hoping to get this cleared in the next 10 years before I'm 50

Semple · 23 Mar 2023 at 08:44

mcast123 said:
So get a relatively small amount of tax money to de-incentivize entrepreneurs.

How would taxing someone at 50% on earnings say above 5 million be a small amount of taxation?

I don't for a second believe it would disincentivise would be entrepreneurs. After all you don't truly become an entrepreneur until you have something that's made you a decent amount of money.

delta0 · 23 Mar 2023 at 08:53

CapitalOne said:
Even with max sacrifice, still 0T!

The annual tax summary is emotional

CapitalOne · 23 Mar 2023 at 08:55

delta0 said:
The annual tax summary is emotional

Ah well, we're hardly poor.

dlockers · 23 Mar 2023 at 08:59

CapitalOne said:
0T tax code club

K code checking in

neocon · 23 Mar 2023 at 09:00

I thought there wouldn't be a rate rise but sounds like we might be getting a 0.25% rise

Freakbro · 23 Mar 2023 at 09:01

neocon said:
I thought there wouldn't be a rate rise but sounds like we might be getting a 0.25% rise

For sure after the inflation figures and the Feds action yesterday

Martynt74 · 23 Mar 2023 at 09:05

dLockers said:
K code checking in

My heart bleeds for you

Martini1991 · 23 Mar 2023 at 09:15

The hike will do nothing for inflation, but inflation will come down simply because of how inflation is calculated as the general increase in prices (Obviously there's exceptions, there's no perfect way of deciding inflation figures) has slowed as we're getting a year past the ukraine war which had an initial shock to prices.

CapitalOne · 23 Mar 2023 at 09:35

dLockers said:
K code checking in

For some wierd reason I was in the K's for a while (K600ish) which IIRC means paying tax on your salary plus the amount of the K code (x10). Do you owe from 21/22 and have it taken from a code adjustment?

Anyway, 1st world problems :-)

lookitsjonno · 23 Mar 2023 at 09:45

Inflation is high because of energy costs, not because of consumer spending. Only a reduction in energy costs can bring inflation down, I don't see why economists can't grasp that basic concept and instead see IR rises as the silver bullet

delta0 · 23 Mar 2023 at 09:53

lookitsjonno said:
Inflation is high because of energy costs, not because of consumer spending. Only a reduction in energy costs can bring inflation down, I don't see why economists can't grasp that basic concept and instead see IR rises as the silver bullet

Absolutely this. It also means when the energy price falls we are in for lots of deflation (…never going to happen :cry:

)