Nail on head.
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The problem with raising taxes for the top five percent is that this taxable money is already in the fucking Cayman Islands.
A secondary problem is that people donât realise that Capitalism is a Ponzi, so think that an attack on the wealth of the top five percent, is an attack on them.
Corporation Tax is ridiculously low, and it could be raised and still be lower than most developed nations. However, it is still really hard to do, because ultimately that still ends up passed on to the already overstretched consumer.
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While there is some truth to that, there is also a hard reality that the UK over more than a generation has evolved itself as an economy to depend on sectors that are extremely liquid (financial, services) and at the expense of the more taxable sectors (land, manufacturing).
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Surely that only concerns a small number of people. Certainly nowhere near 5%.
They previously proposed 45p on ÂŁ80k+ and 50p on ÂŁ125k+. Obv that would need adjusted for inflation but would bring in a lot of money.
Starmer and Reeves will never go there though. Theyâd prefer to be âruthless in public spending cutsâ
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Just increase wages. Wack the minimum wage up, the rest will follow, and realine the tax thresholds accoringly.
This will cause inflation to go up as companys will take avantage. More inflation=higher interest rates can be supported.
What I donât understand is inflation to mây pocket is a least 25% yet is calculateur as 2% or something rediculously low. Thereâs surely a bug somewhere.
In fact inflation was so high people stopped spending, just getting by on buying groceries.
Thereâs something fishy going on and noone is willing or able to tell us what it is.
Look at the USA economic numbers are good but noone has any spare cash to spend.
Is everything going to come crashing down before itâs recognised that certain healthy people have far too much and do very âbadâ things with thier money starving the rest of us out.
Thatâs actually because inflation figures are general numbers which donât match the reality of the vast majority of the population. Itâs a particular statistical measure, and youâd be better off calculating your own inflation basket. Youâd be surprised that perhaps itâs not as bad as you think, or far worse than youâd think.
Depends on which part of the economy and who. Not to mention, the perception is often rather different from reality.
But otherwise, the rest of your post is certainly food for thought.
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I think i could manage losing about 12" off each trouser leg
Bravo @redalways all is clear and explained now. Thanks! 
I donât know if youâre being sarcastic or not, but for me I really donât tend to spend much at all.
My household expenditure is largely food and household goods, the standard bills (everyoneâs on the cheapest PAYG plans possible, no streaming services, no cable), and leisure travel. The latter is obviously infrequent but still a large proportion of expenditure.
But otherwise, savings rate is actually really high, so inflation as a proportion of income is correspondingly lower.
The Canadian numbers are rather startling when you consider economic stratification. We hit a monthly peak of 8.2% in the summer of 2022, but it was brought down to below 4% within a year and has been around 2% for six months. The common perception is that it is much higher, but there is a very simple reason for that. Inflation of some very common household items like groceries continues to be well above that, so the higher the percentage you spend on those items, the higher your effective inflation rate is - and that covers a very significant population. The working poor are seeing inflation closer to 6%.
Add in the effect that most people donât think of monthly inflation, they experience it as âthings cost more than they did 5 years ago, so inflation is highâ - the fact that inflation is 1.9% now doesnât reverse that 8% spike.
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Yes, and everyone absolutely shit the bed over it. Despite the fact that it was eminently sensible and fully costed.
I remember a caller on one of the talk shows who earned 80k raging that Corbyn was going to take 40k off him. They walk among us.
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I was being sarcastic.
Grocery prices have rocketed. The cheap products are now at the level of the branded products.
For someone in my position on minimum wage this makes an enormous difference. This happened over about a 3 month period, sure itâs slowed down now but they havenât gone back down.
Arminius says it better.
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Think that was on Question Time wasnt it?
Indeed they do. But we need a brave government that makes decisions on whatâs best for the majority of the population, not what pleases the tax dodging media owners and the misinformed zombies
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The only way is a global one. Multinational companies and super-rich individuals can only be taxed if there is a global taxing rule. Otherwise, theyâll always find a way to avoid paying their due.
Itâs only a matter of time imo. Of course, cunts like Trump or Musk will try thwarting all attempts, but eventually, when all states will be in a state of bankrupcy, theyâll do it.
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You do recall the Brexit vote, yes?
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You areâŚSwissâŚright? May as well get out of the chocolates and wristwatches businesses too
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I donât know the UK corporate tax code at all anymore (and had at best a passing familiarity with it 20 years ago), but Labour probably needs to get really smart with a carrot-and-stick approach to corporate taxes. Significant increases so that rent-seeking businesses simply pay more of the total social share, combined with really favourable investment tax credits that massively favour investment in real productivity over paying dividends - even for shareholders in those firms. There is a demographic difficulty there, as the baby boomers adore their dividend-paying companies these days, but companies should be able to find a balance that allows them to continue to raise growth capital.
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Did you just summon him??!?!
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Which of us will be alive at the end of the movie?