keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Nov 20, 2023 22:45:25 GMT
personally and income tax cuts would benefit me more
cut in NI would benefit the average working person more so that's what I'd like to see
If finances permit then increase tax allowances for lower paid pensioners, so that say those on £20,000 pay nothing but those on £100,000 pay the same as workers, this would benefit the poorest the most.
I'm not in favour of cutting higher rates, or of big cuts to inheritance tax
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Post by bernythedolt on Nov 21, 2023 0:05:07 GMT
Inheritance tax is the most hated tax in Britain and it's time to scrap it. This sums it up for me... "It raises little in proportion to other taxes and there is no moral justification to tax an individual on their death. The argument that inheritance tax is only paid by 3.7% of the population is neither here nor there. The fact remains that it is a pernicious money-grab by the state. Why should the state benefit from the assets of a dead person?" - Guardian Letters: www.theguardian.com/money/2023/sep/28/will-ditching-inheritance-tax-make-british-society-a-fairer-place |
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IFISAcava
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Post by IFISAcava on Nov 21, 2023 1:26:17 GMT
Inheritance tax is the most hated tax in Britain and it's time to scrap it. This sums it up for me... "It raises little in proportion to other taxes and there is no moral justification to tax an individual on their death. The argument that inheritance tax is only paid by 3.7% of the population is neither here nor there. The fact remains that it is a pernicious money-grab by the state. Why should the state benefit from the assets of a dead person?" - Guardian Letters: www.theguardian.com/money/2023/sep/28/will-ditching-inheritance-tax-make-british-society-a-fairer-placesure, but then we should have some sort of wealth tax, as I don't think we have the balance right at the moment. We levy too much tax on work (income tax and national insurance) which inhibits productivity, and not enough on accumulated wealth (mostly property) which stimulates inactivity. Scrap stamp duty, which is avoidable by not moving and is a tax on mobility so is inefficient and again inhibits productivity, scrap (or more realistically reduce, so that people actually don't bother avoiding it) inheritance tax, and levy an annual land value tax. Of course it will never happen, no one would ever be elected promising to raise property taxes even if they lowered other taxes.
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Post by bracknellboy on Nov 21, 2023 7:15:35 GMT
Inheritance tax is the most hated tax in Britain and it's time to scrap it. This sums it up for me... "It raises little in proportion to other taxes and there is no moral justification to tax an individual on their death. The argument that inheritance tax is only paid by 3.7% of the population is neither here nor there. The fact remains that it is a pernicious money-grab by the state. Why should the state benefit from the assets of a dead person?" - Guardian Letters: www.theguardian.com/money/2023/sep/28/will-ditching-inheritance-tax-make-british-society-a-fairer-placeOne of the reasons its "the most hated tax....." is because in every survey the public massively over estimate the likelihood that they will be affected by it. IIRC (and no I haven't gone back to check my memory/sources) something like 50% of the population (might have been 40 ish or something like that) think "their" inheritance will be impacted by inheritance tax. As opposed to the 4% of estates that are impacted. All forms of taxes are 'pernicious' in one way or another. But unless you are a believer in anarchy then taxes have to be raised from somewhere. The "no moral basis" argument against IHT is not one I buy: it feels to me to be more emotive than rational. There is little or no moral basis in any form of taxation*, other than as justified by the uses to which the revenue is put. Income tax is a tax on working, and can act as a disincentive to economic activity. What is moral about that ? And anyway, why should you tax me for working full stop ? Employer NI is a drag/disincentive to employ people, and an incentive to contract people on a gig economy basis rather than secure employment. Where is the moral superiority of that over IHT ? House stamp duty is a disincentive to population mobility: that is bad for the economy, and causes financial problems for people who want or need to change location. Including perhaps the not so well off older person who wants to move to be closer to their family. Where is the moral superiority in that ? And so on and so on. *The only forms of taxation - and tax break - that can be argued have a greater moral superiority than others are those which are deliberately designed to provide an incentive for some societal good. (or at least happen to have that side effect). For example fuel duty, taxes on alcohol and tobacco. On the "it raises little in proportion to other taxes" question. Umm. Of course that is true compared to the heavy lifters of IT and Corporation Tax [note: not checked there values]. But it is hardly trivial compared to all other taxes. Its about £7bn. Compared with VED at around £7,4bn. Tobacco £10bn. Alcohol £12bn. Insurance Premium tax £7.3bn. 1p on basic rate tax raises around £5.5bn.
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mogish
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Post by mogish on Nov 21, 2023 7:28:00 GMT
Unfortunately tax is required to keep the country afloat.
What's annoys me is the wastage of money.
I'm talking here from a Scottish tax payer, bag tax booze tax additional 1% above English tax lower threshold taxes.
If we got value then it works but we dont.
All governments waste money and expect us to cover up the inefficiencies with higher taxes.
Hopefully the personal allowance will rise at least allowing g pensioners to have small savings on top of thier pensions. It's really not a lot to ask after a lifetime of work is it?
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benaj
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Post by benaj on Nov 21, 2023 7:47:31 GMT
IHT may impact a “small” number of voters today but this number will continue to rise by 2032, one in eight according to Advani et al. ifs.org.uk/publications/reforming-inheritance-taxI do wonder what would the voters say by the time 50% of deaths result IHT and the only way for heirs to pay is selling their ancestors homes.
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Post by bracknellboy on Nov 21, 2023 8:07:08 GMT
IHT may impact a “small” number of voters today but this number will continue to rise by 2032, one in eight according to Advani et al. ifs.org.uk/publications/reforming-inheritance-taxI do wonder what would the voters say by the time 50% of deaths result IHT and the only way for heirs to pay is selling their ancestors homes. for sure it is going to increase: if the freeze on allowances stays. This is true across a broad range of taxes where allowances have been frozen. "One in five taxpayers, and one in four teachers, set to be paying higher-rate tax by 2027"I wonder how many of those "1 in 4 teachers" will be happy to have say roughly 4-5p added on to the higher rate tax rate to compensate for the loss of IHT ? Or 1.5p on the basic rate ? [Yes I know those numbers aren't 100% accurate because as more people are dragged into the tax bands the "revenue per 1p" increase number changes. So indicative only]
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benaj
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TAX cuts
Nov 21, 2023 8:11:07 GMT
via mobile
Post by benaj on Nov 21, 2023 8:11:07 GMT
😅 I am definitely not an economist. I also read tax cuts implemented in the UK doesn’t translate to economic growth because people stop believing the government policies.
May be we should focus forming a strong government first rather than having a bunch people playing musical chairs governing this country so often.
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adrianc
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Post by adrianc on Nov 21, 2023 9:28:05 GMT
May be we should focus forming a strong government first rather than having a bunch people playing musical chairs governing this country so often. Indeed. I can't quickly find the post I saw the other day about the number of holders of various posts, but let's look at just one: Housing.  I mean, it's not as if we're in the middle of a housing crisis, is it? Oh, wait. BTW, that's not even current - it's a week out of date. Maclean was replaced in the latest reshuffle. Lee Rowley's back, reprising his month and a half in the job last year. This also predates last week... 
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IFISAcava
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Post by IFISAcava on Nov 21, 2023 11:25:45 GMT
One absolutely unforgiveable aspect of the UK system is that all of the tapers (child benefit, personal allowance, child care, pension, other benefits, etc etc) plus student loan repayments give absolutely ridiculous marginal rates that cannot but be massive disincentives for work.
71%-96% marginal rates.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Nov 21, 2023 11:39:29 GMT
not just that, people coming off benefits into work at lets say £2,000 more can end up paying 12% NI, 20% TAX, 6% or more into pension, travel to work costs etc etc
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benaj
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Post by benaj on Nov 21, 2023 11:41:57 GMT
Perhaps it's time to face the reality about eligibility of student loans. Why should the government fund student loans which doesn't benefit the UK long term studying in the "useless" further education and have extra millions working younger and start paying taxes. Are the 20 billion pounds student loans worth lending for better outcome of this country?
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Nov 21, 2023 12:09:04 GMT
Perhaps it's time to face the reality about eligibility of student loans. Why should the government fund student loans which doesn't benefit the UK long term studying in the "useless" further education and have extra millions working younger and start paying taxes. Are the 20 billion pounds student loans worth lending for better outcome of this country? it would benefit the country if more people took vocational or otherwise useful subjects and not "David Beckham" coronation street etc, but having said that, someone I know studied law and did her pupilage, and is now working in a shop perhaps "forgiving loans" after a time for Doctors, Nurses etc would benefit the UK.
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michaelc
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Post by michaelc on Nov 21, 2023 13:38:23 GMT
Inheritance tax is the most hated tax in Britain and it's time to scrap it. This sums it up for me... "It raises little in proportion to other taxes and there is no moral justification to tax an individual on their death. The argument that inheritance tax is only paid by 3.7% of the population is neither here nor there. The fact remains that it is a pernicious money-grab by the state. Why should the state benefit from the assets of a dead person?" - Guardian Letters: www.theguardian.com/money/2023/sep/28/will-ditching-inheritance-tax-make-british-society-a-fairer-place Among us voters pensioners maybe. Without it you end up with dynasty's accumulating vast wealth passed from generation to generation. I've worked for everything I own and am proud of it. I'm sure it is income tax that is really the most hated tax.
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toffeeboy
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Post by toffeeboy on Nov 21, 2023 14:20:46 GMT
Perhaps it's time to face the reality about eligibility of student loans. Why should the government fund student loans which doesn't benefit the UK long term studying in the "useless" further education and have extra millions working younger and start paying taxes. Are the 20 billion pounds student loans worth lending for better outcome of this country? it would benefit the country if more people took vocational or otherwise useful subjects and not "David Beckham" coronation street etc, but having said that, someone I know studied law and did her pupilage, and is now working in a shop perhaps "forgiving loans" after a time for Doctors, Nurses etc would benefit the UK. I'd go further and forgive those loans for doctors/nurses who worked in the NHS for a certain amount of years, an incentive for people the UK trained to work in the NHS although I am sure some woke idiot would claim that it discriminates against those without UK student loans
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