Sound, fair, plan

[William Treseder]

https://youtu.be/77kCUlOsr6c

I’m sure some on here will boot holes into it though.

[BlueArmy 86]

Re: Sound, fair, plan

And it’s only temporary to get through this bleak period. Sadly the Tories are in power so this will never happen..

[Eric the Half a Bee]

Re: Sound, fair, plan

https://youtu.be/77kCUlOsr6c

I’m sure some on here will boot holes into it though.

Yes, 2 holes. No point giving the highest earners their money back. Secondly, raising the tax threshold for those earning under 25k won't benefit those on the lowest incomes who will struggle the most.

[William Treseder]

Re: Sound, fair, plan

Yes, 2 holes. No point giving the highest earners their money back. Secondly, raising the tax threshold for those earning under 25k won't benefit those on the lowest incomes who will struggle the most.

You didn’t listen properly did you Eric ?
Listen to it again.

[Rjk]

Re: Sound, fair, plan

can someone just summarise what the plan is?

[William Treseder]

Re: Sound, fair, plan

can someone just summarise what the plan is?

Eric obviously couldn’t 😂

[BlueArmy 86]

Re: Sound, fair, plan

Yes, 2 holes. No point giving the highest earners their money back. Secondly, raising the tax threshold for those earning under 25k won't benefit those on the lowest incomes who will struggle the most.

Didnt he say 0% income tax for those earning under 25k for 2 years?

[Hilts]

Re: Sound, fair, plan

Well part of it is those on over £100k start paying tax on all their earnings. No threshold.

Those on £25k pay no tax as the threshold will £25k.

As if a Tory govt would go with this.

[William Treseder]

Re: Sound, fair, plan

Well part of it is those on over £100k start paying tax on all their earnings. No threshold.

Those on £25k pay no tax as the threshold will £25k.

As if a Tory govt would go with this.

Rees Mogg would take a blanket off all of his servants for just listening to this!

[EastbourneBlue]

Re: Sound, fair, plan

Well part of it is those on over £100k start paying tax on all their earnings. No threshold.

Those on £25k pay no tax as the threshold will £25k.

As if a Tory govt would go with this.

People earning over £125k already pay tax on the full amount. They have £0 Personal Allowance

[Eric the Half a Bee]

Re: Sound, fair, plan

Didnt he say 0% income tax for those earning under 25k for 2 years?

Yes, by raising the income tax threshold to 25k for those earning it.

[Eric the Half a Bee]

Re: Sound, fair, plan

You didn’t listen properly did you Eric ?
Listen to it again.

As they guy said, they'd have nearly all of it back (£500 would stay in the pot).

[Eric the Half a Bee]

Re: Sound, fair, plan

People earning over £125k already pay tax on the full amount. They have £0 Personal Allowance

I didn't know that so I checked it out. You're right. Large hole blown!

[William Treseder]

Re: Sound, fair, plan

I didn't know that so I checked it out. You're right. Large hole blown!

The guy got the ball rolling. So lets increase the tax level on those earning over £125k for 2 yrs.then. Why should the poorest bare the brunt of this recession yet again.
Look for positives and not negatives Eric. We have a government who does that already.

[JamesWales]

Re: Sound, fair, plan

First up, lets stop pretending nothing has been done, as it's just completely false to say that

The Govt has approved a windfall tax on oil and gas producers - raising £5bn.

https://www.reuters.com/world/uk/uk-lawmakers-approve-windfall-tax-oil-gas-producers-2022-07-11/

Secondly, every household will get £66 off each monthly bill this winter. I'll be honest here. My bill is currently £65 and I use about half that. With an increase in costs and with winter coming I may use close to £65. Knock £66 off that, and I will effectively have free energy this winter. Due to the council tax band I'm in, I also got £150 a few months back. I'm lucky, but there will be millions like me, typically in smaller accommodation such as flats.

My kids live with their mum. They will also get £66 off meaning I am certain their bills will be cheaper this winter than last. On top of that they are getting £700 for being on Universal Credit. The elderly and disabled are also getting additional money on top again. Again, lets stop spreading myths that nothing has been done. It has.

That said, I agree, more may be needed, especially for businesses who are facing extraordinary rises which will either just be passed on to consumers fuelling inflation, or lead to closures fuelling unemployment.

I think the answer has to be greater taxes on those energy producers, perhaps removing the wealthiest from the £66 reductions as well as knocking some VAT and green levies off bills for a year or so. I also think that any business loans should come with clear payback mechanisms with increased corporation tax for a set period. Loads of the breweries asking for cash have made big profits in the past - they should have saved some of that for rainy days.

Not sure increasing taxes on any business with a turnover of £100,000 or more would help, as many of those are the most vulnerable at the moment.

At the end of the day the answer is also reducing consumption, which will save us all money as well as being the right thing to do sustainably.