UK households set for largest fall in living standards in six decades

Post by jimnotgym » Thu, Nov 24, 2022, 8:22 PM UTC

cloutchaser wrote: post #17

BoGoToTo wrote: post #5

Don't worry, the Tories will just cut taxes on the rich again and that will fix everything /s

This is such a simplified viewpoint. The UK has never been able to collect more than 39%-40% of GDP in taxes. And that's what the level is at now. Already everyone is paying as much tax as in history. (and the "rich" pay a lot of that, remember you pay £0 tax under £15,000 income per year). You can try and tax more, but it's highly unlikely to work based on past experience. And in these cases, like with corporation t…

Post by fasteo » Thu, Nov 24, 2022, 8:23 PM UTC

kypro wrote: post #30

I'll get downvoted for this, but this isn't true if you're one of the two protected classes in the UK: pensioners or welfare recipients. Both will see their income rise with inflation. If you're working then, sure, you're getting screwed as always because after just spending billions locking down the economy to saving boomers from Covid, this year we decided to spend billions bailing out boomers pensions, paying for…

Post by whatever1 » Thu, Nov 24, 2022, 8:25 PM UTC

Post by zpeti » Thu, Nov 24, 2022, 8:25 PM UTC

phphphphp wrote: post #28

cloutchaser wrote: post #17

Earlier quoted context omitted.

This is such a simplified viewpoint. The UK has never been able to collect more than 39%-40% of GDP in taxes. And that's what the level is at now. Already everyone is paying as much tax as in history. (and the "rich" pay a lot of that, remember you pay £0 tax under £15,000 income per year). You can try and tax more, but it's highly unlikely to work based on past experience. And in these cases, like with corporation t…

If that’s true, why isn’t that the party line? Every tax-reductionist I’ve heard from talks to the moral crime of high taxation, and the necessity to cut reliance on the government. I have not heard (as a regular person outside of academic circles) any politician argue that reducing taxes will increase revenue. Given how trivial this concept is to validate (cut taxes and see revenue go up) why hasn’t it been implemen…

Post by akmarinov » Thu, Nov 24, 2022, 8:26 PM UTC

jimnotgym wrote: post #31

cloutchaser wrote: post #17

Earlier quoted context omitted.

This is such a simplified viewpoint. The UK has never been able to collect more than 39%-40% of GDP in taxes. And that's what the level is at now. Already everyone is paying as much tax as in history. (and the "rich" pay a lot of that, remember you pay £0 tax under £15,000 income per year). You can try and tax more, but it's highly unlikely to work based on past experience. And in these cases, like with corporation t…

One solution is to tax wealth rather than income. That should be popular...