Poll: The Budget

[Freakbro]

BTW, what happened to the 'Tycoon Tax'.

GO was saying they would cut the 50p tax band but introduce another measure, the 'Tycoon' or 'Mansion' tax to get 5x more out of the top earners...

Which does sound a bit illogical if you think about it anyway...since the argument was to reduce their tax burden to make Britain more attractive to come to. Like the people who avoided 50p tax will now no longer do exactly the same avoidance now its 45p...

But what we have ended up with by the looks of it is just one side of that equation, the cut in top rate tax....and....nothing else.

And before someone mentions the change in ruling on stamp duty and the purchase of property through companies, that is just an anti-avoidance measure and not a new tax. Since it is only applicable on the sale/purchase of properties and not something related to someones annual income.

 

[George Hincapie]

BTW, what happened to the 'Tycoon Tax'.

They clearly saw sense and binned the silly idea. Did that really need to be explained?

 

[Freakbro]

They clearly saw sense and binned the silly idea. Did that really need to be explained?

So the end result was just a pure tax cut for the rich...great.

 

[Freakbro]

So when he said

He defended the decision to cut the top rate of tax by saying five times as much would be raised from the wealthiest by other tax and anti-avoidance measures being brought in.

What is 'the other tax'....he wasn't lying now was he?

And if you really were going to raise 5x the amount of tax off the wealthy....how on earth is that an incentive for them to come to this country, when your saying the burden they have to bear right now is too much....

Cognitive dissonance much?

 

[Stretch]

So when he said



What is 'the other tax'....he wasn't lying now was he?

The 7% and 15% rates of stamp duty.

And before someone mentions the change in ruling on stamp duty and the purchase of property through companies, that is just an anti-avoidance measure and not a new tax. Since it is only applicable on the sale/purchase of properties and not something related to someones annual income.

It's not a anti avoidance measure. It's a higher rate of tax for people who buy expensive houses i.e. the very wealthy.

 

[Freakbro]

The 7% and 15% rates of stamp duty.



It's not a anti avoidance measure. It's a higher rate of tax for people who buy expensive houses i.e. the very wealthy.

It is totally an anti-avoidance measure, how does this raise any revenue from the super wealthy who don't buy a house every year?

Eg: 300,000 people benefited from the top rate tax cut, but only 4,000 houses were purchased last year that would fall under this measure. So based on that 296,000 will not be affected..

Hardly a tax on someones annual income is it.

 

[Stretch]

It is totally an anti-avoidance measure, how does this raise any revenue from the super wealthy who don't buy a house every year?

Eg: 300,000 people benefited from the top rate tax cut, but only 4,000 houses were purchased last year that would fall under this measure. So based on that 296,000 will not be affected..

Hardly a tax on someones annual income is it.

He never said it was a tax on income. Just a more effective way of raising revenue. Why does tax have to be collected on income?

It also avoids the stigma associated with being a "high tax" economy.

 

[jimjamuk]

sadly we live in a world of envy now

 

[Freakbro]

sadly we live in a world of greed now

Fixed

 

[Freakbro]

He never said it was a tax on income. Just a more effective way of raising revenue. Why does tax have to be collected on income?

Precisely, it's not a tax on income it's one of the anti-avoidance measures he mentioned. I just want to know where the extra taxes are that he mentioned too.

Also, can you explain how if the point was to lower the tax burden to make Britain more appealing for the super rich to come here and pay a lower rate of tax on their earnings, rather than not pay any due to the higher rate....how that equates to raising 5x the amount out of them than we are doing now.

Surely, that would put them off even more?

 

[scorza]

BTW, what happened to the 'Tycoon Tax'.

Vince Cable was asked this on Question Time last night, he looked very uncomfortable justifying Lib Dem support for the budget on most issues but especially on this.

BTW, isn't the highest Council Tax bill in the country only something like 35% higher than the lowest? It's a real scandal that this regressive tax has been ignored for so long.

 

[Freakbro]

Vince Cable was asked this on Question Time last night, he looked very uncomfortable justifying Lib Dem support for the budget on most issues but especially on this.

BTW, isn't the highest Council Tax bill in the country only something like 35% higher than the lowest? It's a real scandal that this regressive tax has been ignored for so long.

Didn't he just!

I like Vince, but boy he couldn't answer that question sensibly last night and he knew it.

 

[Stretch]

Precisely, it's not a tax on income it's one of the anti-avoidance measures he mentioned. I just want to know where the extra taxes are that he mentioned too.

People weren't avoiding paying the 7% rate because it didn't exists. It's a new tax band (additional tax), just the same a the 50p rate was when it was introduced.

The 7% and 15% rates are extra tax.

Was only paying 17.5% VAT tax avoidance before they introduced the 20% rate. Was the VAT hike an anti avoidance measure?

Also, can you explain how if the point was to lower the tax burden to make Britain more appealing for the super rich to come here and pay a lower rate of tax on their earnings, rather than not pay any due to the higher rate....how that equates to raising 5x the amount out of them than we are doing now.

Surely, that would put them off even more?

People are more more inclined to pay a lower rate (not leave the country or attempt to avoid paying). More people paying tax = extra revenue.

If you have 100 people and you raise tax by 10% and half of them leave revenue will drop. The opposite is also true.

 

[Dolph]

hard Limits on tax relief were the approach taken to ensure a minimum tax take from the wealthy.

 

[Freakbro]

We will just have to wait and see, but I for one am not convinced this will get more revenue raised

 

[TMP]

Council Tax bands really need to be reworked, with a fairly cheap new build (3 years old) I'm in a higher band than a 4 bed terrace which is now worth 3.5x my flat, me no comprende.

 

[DJMK4]

So when do we start seeing the effect of the increase in personal allowance in real payslip terms?

 

[Hatter The Mad]

So when do we start seeing the effect of the increase in personal allowance in real payslip terms?

That's incredibly easy to find out from any UK news website.

 

[DJMK4]

That's incredibly easy to find out from any UK news website.

Won't see it until after April 2013 then.

 

[Energize]

Council Tax bands really need to be reworked, with a fairly cheap new build (3 years old) I'm in a higher band than a 4 bed terrace which is now worth 3.5x my flat, me no comprende.

Council tax needs to be scrapped. You're taxing people on nothing essentially, not earning, not purchasing, not even using any services, they are being charged for just sitting there minding their own business. The band system makes it even worse because you're charging different amounts based on nothing but wealth essentially.

UK governments love non means-tested and regressive taxes like VAT and council tax, that hit the poorest the hardest and put pensioners out of their homes. While at the same time loving non means-tested and superfluous benefits like child benefit and the now scrapped EMA.