Tax threshold

Maybe Im no financial wizard.

But I’ve asked this question on a couple of threads that doesn’t cover the answers.
Why would the Chancellor not do an emergency budget. And put in a new tax threshold.
I understand the implications of tax dodging and it mainly would imply to paye earners. Those that have accountants that look after the books. Would have to be reigned in. A new threshold of say £300,000 taxed at 90% above that amount. It was 99.8% during the Second World War above a certain amount.reducing to 90%, 80% and so on in years after.
All high income earners ( and I say that with an amount of sarcasm.) would then contribute to the crisis. Not just footballers. None of this oh thanks for donating part of your salary. ( which I admire to a degree ) but they all pay more tax. Would ease the pressure on the country’s finances to a degree.
How much I wouldn’t hazard a guess but it would definitely be in the billions. I know some will do everything in their power to try and seek tax relief by hook or by crook. Expose the ones found out.
Only returning to a smaller tax drop when right to do so. In stages. As mentioned above.

 

Great idea but it would be like getting
turkeys to vote for Christmas asking Boris's mates to stump up.
I would gladly pay that if I was earning that sort of money

 

Youd just get the usual mob mentality I EARN 120000 POUND A YEAR WHY SHUD I AV TO PAY FOR LAZY DOLESCUM

 

Think I could cope with that. Let’s see em outside No10 protesting. £120k pa gives you circa £6500 per month net. At today’s rates.
Bear in mind some earn ( why do I say that ?) that per week.

 

When the tax rate was lowered to 40 per cent, more tax was collected by the exchequer than previously. Similar with Business tax.

 

My suggestion for UBI would have involved knocking the tax threshold down to zero (or whatever the value of the UBI was). So you get £x per week irrespective of working, and then pay tax on everything you earn.

 

Anyone who is earning 300k a year in the private sector will have in the vast majority of cases have found more ways to avoid paying tax than paying tax.

 

Yes, the 600+ page tax code has far too many loopholes. It should be about 2 pages - you earn it, you pay tax and these are allowed expenses, you don't pay tax on these only if you have receipts.

 

Right then - if that is the case (and it may well be) reduce it further to say 35% 30% 25% ....... 10% 5% 0% -5%

At this moment in time reducing the tax rates simply won't help - businesses when they start up again say half way through this year will not have the capacity to earn profits in the short term to pay tax.

What I believe will happen will be an increase in VAT - and we all know who foots a dis-proportional amount don't we?

 

Agree but they can only do so much. Paye you can only claim what’s tax exempt or refundable. Would be very suspicious to add owt else. If monitoring takes place. It’s been done in the past. ‘‘Tis why they wanted to leave the country those types.” I’d volunteer to kick em art. It is not foolproof but will still bring in more billions. Crack on with it if that’s all we’re worried about. Anything is better than nothing. 80% in 70s that’s why they threatened to leave the country. Good riddance to vermin.

 

This is what I don't understand ..
"Bezos' windfall came after Amazon's stock price increased by 12% to $12,000 during trading Thursday in New York. The bulk of Bezos' $116 billion fortune comes from his Amazon stock, with ventures such as Blue Origin and the Washington Post newspaper comprising the rest.Jan 31, 2020
Amazon CEO Jeff Bezos added $13.5 billion to his fortune in ..."


This additional amount is as a direct result of Corona virus and online sales increases!!!

Why would anyone sit on that much money when he could do so much good in the current situation? I read somewhere that a handful of people have enough wealth between them to clear every countries' national debt without impacting their lifestyle. Not sure if that is true but it is staggering and infuriating in equal measures if it is (and that is from someone who believes Capitalism (albeit heavily regulated ) is still, potentially the best system).
There comes a point though that the greed and lack of empathy from the super rich means you have to question the 'laissez faire' attitude of Governments.
There are exceptions e.g. Bill Gates and his foundation, but what do people like Trump, Abramoviz, Branson, Ecclestone etc. DO with all that money banked in offshore tax havens? Most of them can't even spend the interest they accumulate from the capital (I loath to use the word 'earn') , although in the case of Ecclestone his, waste of space socialite daughters, are doing their best to spend his fortune.

 

I earn nowhere near that. But don't see why I should pay for workshy b@stards who won't work and live off the rest of us. Vermin!

 

No one is asking you to. But, and not defending that ilk. All I am asking is, that those with the wealth or income that is in most cases an embarrassment to society. ( although lots have no moral fibre) Contribute more. As the saying sort of goes no good having millions stashed away if your dead. Or you can’t take it with you.

 

Not sure where I heard it or read it. ( if anyone can contribute, please do)
In America in the I believe 30s/40s. The capitalists were warned of unrest at their wealth as seen by the masses living in poverty. ( who actually created the weaIth ) could lead to communism. They were asked to contribute more to society. Less greed so to speak. They changed tack to prevent what they feared.
The worlds populations, I believe and hope will see capitalism in the extreme for what it is. And seek fairer government. That caters for the many and not the few.

 

What original idea - get someone else to pay for everything!

A 90% tax rate would be economically illiterate at best. It would increase tax yields for about as long as it takes to transfer money into a Swiss bank account, i.e. seconds.

You might as well ban people from earning above £300k a year, it would have the same effect.

 

So the 1 million people who claimed Universal Credit in the last few weeks because they couldn't work due to the Coronavirus should all starve in your view?

Interesting

 

NO. Who said anything about starving? I clearly said won't work. Not those who can't/are unable to.

 

The Top 100 FTSI CEO’s average income last yr. £3.4 million.

BET365 CEO £323 million paycheck last year.

Bosses of top 10 energy firms paid up to £5.9 million a year.

Utilities CEO’s £0.6 million base salary to £2 million. Including perks.

Worth every penny the lot of em. Not.

I see no possible reason not to bring another threshold in. Forget about the tax avoidance side of it. Sure that would be looked at.

Except I wouldn’t trust this government. More interested in chasing those unable to work. Pales into insignificance Than looking at their chums avoiding paying their dues which would solve the financial crisis overnight.

 

How do you police that?

I mean, currently there's an awful lot of effort put into making sure the system is fair to the taxpayer - the government manages to kill a small number of disabled by being overzealous, but even then clearly in your view too many people get away with not wanting to work.

So how many deaths are tolerable? Or how do you ensure everyone is kept safe whilst still not paying the malingerers?

You have such a strongly held belief - surely you've got a solution?

 

Windfall tax on large Supermarket chains should be first on the list