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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
life on mars
Fact .The highest earning 1% in the UK pay an estimated 28% of all income tax – not the total “tax burden”. This is close to a record level.
I think the budget move is to motivate those big earners to stay as they are usually business people who provide growth and jobs.
I think the missing bit of the tax stimulus was those in the middle incomes I'd brought thier tax down from 40 % to 38% . and gave lower earners a 2% cut or raised threshold to 15000 before tax kicks in .
Don't forget lower paid workers up to the 39k were already taken out of the NI rise.
Of course they pay the most as all wealth has been hoovered up to the top over the past half century. Poorer people would pay more taxes had wages actually followed inflation during the same period. This is how tories actually think ffs.
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
A Quiet Monkfish
It does, and that's not a political answer. Where do you think money, wages, come from ? It comes from trade, buying, selling, making a profit, employing people. It's exactly how economies throughout the world work.
Then why have wages stagnated to such a level since this moronic theory was brought in during the 80s?
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
Quote:
Originally Posted by
A Quiet Monkfish
It does, and that's not a political answer. Where do you think money, wages, come from ? It comes from trade, buying, selling, making a profit, employing people. It's exactly how economies throughout the world work.
Where does money come from? That's a can of worms right there.
The issue in the UK right now is that the average wage is rising at a far lower rate than the wages of those at the top which isn't a great advert for any kind of policies that could be considered trickle down. The concept of pay restraint doesn't apply to CEOs creaming 40% more a year every year.
I keep hearing 'now isnt the time for wage rises' but if not now then when? Take the current rate (say last 20 years) of the decrease in the purchasing power of the median wage in the uk extend it 50 more years, an absolute disaster is looming. If we can never make a case for above inflation pay rises (and my profession certainly hasn't seen them for a long time) then the scenario we are looking at is most working people being unable to afford to meet their basic needs.
The uniqueness of the situation we face in the UK revolves around middle/lower earners. Because the UK gov has made it a very high priority to protect house prices, lower and middle earners could find a better quality of life in loads of other countries
I think there was a twitter meme the other day when the pound was approaching parity with the dollar about the UK average wage being roughly similar to the starting wage in an entry level US fast food job.
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
Quote:
Originally Posted by
Eric Cartman
Where does money come from? That's a can of worms right there.
The issue in the UK right now is that the average wage is rising at a far lower rate than the wages of those at the top which isn't a great advert for any kind of policies that could be considered trickle down. The concept of pay restraint doesn't apply to CEOs creaming 40% more a year every year.
I keep hearing 'now isnt the time for wage rises' but if not now then when? Take the current rate (say last 20 years) of the decrease in the purchasing power of the median wage in the uk extend it 50 more years, an absolute disaster is looming. If we can never make a case for above inflation pay rises (and my profession certainly hasn't seen them for a long time) then the scenario we are looking at is most working people being unable to afford to meet their basic needs.
The uniqueness of the situation we face in the UK revolves around middle/lower earners. Because the UK gov has made it a very high priority to protect house prices, lower and middle earners could find a better quality of life in loads of other countries
I think there was a twitter meme the other day when the pound was approaching parity with the dollar about the UK average wage being roughly similar to the starting wage in an entry level US fast food job.
Great post. My wealth/income last year was in the six figure range. But only a third was from wages. The rest was from investments or house price increases.
Tories love the line 'wealthy work hard for their money'. Well i worked hard in my job but I just tapped a button with investments and I sat on my arse for house price increases. Wages need to rise.
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
Doucas
Great post. My wealth/income last year was in the six figure range. But only a third was from wages. The rest was from investments or house price increases.
Tories love the line 'wealthy work hard for their money'. Well i worked hard in my job but I just tapped a button with investments and I sat on my arse for house price increases. Wages need to rise.
Correct one of the biggest myths is that those who work hardest earn most. The unpalatable truth is that those who successfully gamble most earn the most. Few people have ever worked as long and hard as miners of yore, yet how many of those ended up as millionaires?
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
Dorcus
Correct one of the biggest myths is that those who work hardest earn most. The unpalatable truth is that those who successfully gamble most earn the most. Few people have ever worked as long and hard as miners of yore, yet how many of those ended up as millionaires?
Had to do a double take and check the usernames. Thought you were agreeing with yourself :hehe:
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
Quote:
Originally Posted by
A Quiet Monkfish
It does, and that's not a political answer. Where do you think money, wages, come from ? It comes from trade, buying, selling, making a profit, employing people. It's exactly how economies throughout the world work.
I'm afraid YOU also do not understand the theory of trickle down economics. It's all about tax cuts for the wealthy...
https://www.investopedia.com/terms/t...20corporations.
I'll take a Pepsi challenge with you on Economics any time.
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
Canton Kev
Had to do a double take and check the usernames. Thought you were agreeing with yourself :hehe:
He's a lovely guy; were in lockstep!
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
Take from the poor to give to the rich, U turn then U turn some more, frack Lancashire (but not Somerset), pound down, mortgages up, pensions down, 'Up the bankers and the Hedge Funds', poll plunge, Tory civil war breaking out?
Where next? Is Honda the answer?
https://www.youtube.com/watch?v=b4m_ajuNmSA
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
jon1959
Take from the poor to give to the rich, U turn then U turn some more,
frack Lancashire (but not Somerset), pound down, mortgages up, pensions down, 'Up the bankers and the Hedge Funds', poll plunge, Tory civil war breaking out?
Where next? Is Honda the answer?
https://www.youtube.com/watch?v=b4m_ajuNmSA
I am all for fracking but not down 'ere.
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
Taunton Blue Genie
I am all for fracking but not down 'ere.
That is also the Rees-Mogg motto.
He seems to be pissing off some of his colleagues more than normal with his secretive and NIMBY fracking enthusiasm.
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
DryCleaning
Its a theory Adz, just like all of economics. You can read too many books.
At least, it’s not a completely invented discipline like, say, accounting.
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
az city
At least, it’s not a completely invented discipline like, say, accounting.
You'll find man has always accounted for things, its perfectly natural to do so, as it helps you understand how much resources you need to feed and clothe your population.
Economics - well we survived without it until Adam Smith came along, and there are so many competing theories in economics (Austrian, Keynesian, Chicago), its hard to take it seriously, given they can't all be right. Its a pseudo-science, a bit like reflexology. But if it keeps happy those who like maths, but were not good enough to study maths or physics at university, then its a good thing.
:thumbup:
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
Quote:
Originally Posted by
DryCleaning
You'll find man has always accounted for things, its perfectly natural to do so, as it helps you understand how much resources you need to feed and clothe your population.
Economics - well we survived without it until Adam Smith came along, and there are so many competing theories in economics (Austrian, Keynesian, Chicago), its hard to take it seriously, given they can't all be right. Its a pseudo-science, a bit like reflexology. But if it keeps happy those who like maths, but were not good enough to study maths or physics at university, then its a good thing.
:thumbup:
You're right, Maths in Physics is mindbending; and as soon as you think you've got a semblance of understanding whoops a new set of theories emerge.
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
Dorcus
You're right, Maths in Physics is mindbending; and as soon as you think you've got a semblance of understanding whoops a new set of theories emerge.
Absolutely.
Books that made you cry...
Div, grad, curl and all that
Quantum Physics of Atoms, Molecules, Solids, Nuclei, and Particles
😁
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
Quote:
Originally Posted by
DryCleaning
Absolutely.
Books that made you cry...
Div, grad, curl and all that
Quantum Physics of Atoms, Molecules, Solids, Nuclei, and Particles
😁
My QM studies showed me up as a real Planck.
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
Quote:
Originally Posted by
Dorcus
My QM studies showed me up as a real Planck.
:biggrin:
that will always be a constant of QM
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
DryCleaning
:biggrin:
that will always be a constant of QM
It sure did reveal my Density Matrix to me lol
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
Dorcus
It sure did reveal my Density Matrix to me lol
stop it otherwise people will think we're a real bohr
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
Quote:
Originally Posted by
DryCleaning
You'll find man has always accounted for things, its perfectly natural to do so, as it helps you understand how much resources you need to feed and clothe your population.
Economics - well we survived without it until Adam Smith came along, and there are so many competing theories in economics (Austrian, Keynesian, Chicago), its hard to take it seriously, given they can't all be right. Its a pseudo-science, a bit like reflexology. But if it keeps happy those who like maths, but were not good enough to study maths or physics at university, then its a good thing.
:thumbup:
I once worked with someone who told me he'd written a paper he said would change the way we saw the World: "Sociology, Marxism and Double Entry Book Keeping".
Laugh? I fell off my chair.
Feedy, why keep changing your handle?
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
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Originally Posted by
az city
I once worked with someone who told me he'd written a paper he said would change the way we saw the World: "Sociology, Marxism and Double Entry Book Keeping".
Laugh? I fell off my chair.
Feedy, why keep changing your handle?
In my opinion Grouch changed Marxism forever
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
Quote:
Originally Posted by
az city
I once worked with someone who told me he'd written a paper he said would change the way we saw the World: "Sociology, Marxism and Double Entry Book Keeping".
Laugh? I fell off my chair.
Feedy, why keep changing your handle?
I haven't. The Feedback account was deleted a long time ago. I really did not want to resurrect that particular handle because my views on the world have tempered somewhat, but not everyone can let go.
:thumbup:
and where can I get a copy of that particular book
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
Quote:
Originally Posted by
DryCleaning
I haven't. The Feedback account was deleted a long time ago. I really did not want to resurrect that particular handle because my views on the world have tempered somewhat, but not everyone can let go.
:thumbup:
and where can I get a copy of that particular book
It was a paper. I have no idea what happened to it. Academic accountants are a very odd lot. Mostly they aren't accounting specialists. They just want to be academics but couldn't get a gig in their own fields so a lot of them are sociologists, economists, psychologists etc. Nice bunch but many are a bunch of fruit loops.
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Re: Kwarteng says highest rate of income tax being abolished, and basic rate being cut to 19% from next April
Quote:
Originally Posted by
az city
It was a paper. I have no idea what happened to it. Academic accountants are a very odd lot. Mostly they aren't accounting specialists. They just want to be academics but couldn't get a gig in their own fields so a lot of them are sociologists, economists, psychologists etc. Nice bunch but many are a bunch of fruit loops.
Accountancy really isn't a career of choice so I can't imagine what kind of person wants to study it
:thumbup:
