Is Labour Prepared for Government?

mij

Because it doesn't apply to me I got my figures wrong, it's 45% over 150K .  But higher tax brackets apply to anyone earning over 32K.   It doesn't matter how rich someone is: if you give money that is taxed at 40% to someone who is taxed at 20% or less, then the taxman loses at least 50% of  the previous tax income.

IronGiant

I feel sorry for the bloke that actually has to ride a bike to work.

mij

In part because they are notoriously difficult to get taxes out of.  Simply increasing taxation and introducing extra higher tax brackets is not enough.  Most tax is collected from people you don't consider rich, those earning less than 100K.

EarthRod

I had a very unpleasant discussion elsewhere before the election with some Corbynites. You know the type, they just keep calling you names and say I must be a tax cheat to criticise labours plans.

The discussion was on their manifesto and how it would be paid for. Specifically the nationalisations.

Their mantra was to tax billionaires.

The top 10 billionaires I the UK have a total net worth of £110bn.

And the majority of that is owned by non Brits, and earned mostly outside the UK.

Only 2 of the top 10 were Brits, with less than £20bn net worth.

These are the 25 richest people in Britain

You really think the billionaires with the other £90bn are going to stay in the UK and see their money taxed away?

That's assuming that even the Brits do.

It's a fantasy to think the rich can be soaked to pay for everything.

Incidentally, even if they confiscated the top 10s money entirely it wouldn't have paid for labours free unicorns.

Pacifico

Well if I am wrong then the tax burden will have to be/remain the burden of the middle classes.  

So carry on defending the rich and continue to pay for the poor, but please stop complaining about it [emoji6]

mij

No problem Squiffy - I'm pleased the arrow made it's mark.

martimu

I'm not "defending the rich". Just pointing out the difficulties in trying to tax them. 8 of the top 10 are not British. What do you think happens if we ramp up taxes on them?

Pacifico

Its akso got a bigger population than ever - more people holding their hands out.

IronGiant

Ah this again.

I'll just leave these here.

National living wage brings 'biggest fall in low-paid workers since 1970s'

UK inequality narrows but many working people are worse off

'UK inequality reduced since 2008'

martimu

Welcome to this century