Posted on 07/31/2024 11:52:30 PM PDT by Cronos
The chancellor has said the government will have to raise some taxes in October's Budget after months of speculation about Labour's stance on tax.
"I think we will have to increase taxes in the Budget," Rachel Reeves told the News Agents podcast.
She was responding to a question about raising money following her claim on Monday that the previous government left a £22bn "hole" in the public finances.
Labour said repeatedly during the election campaign there would be no tax rises on "working people", but the Conservatives have insisted Labour will increase them.
Speaking on the podcast, the chancellor was pushed on which taxes the government will raise. Ms Reeves reiterated that she would not raise VAT, national insurance or income tax, as promised in Labour's manifesto, but she did not rule out increasing inheritance tax, capital gains tax, or reforming tax relief on pensions.
The Treasury said there will be "further difficult decisions on tax and spending" at the Budget in the autumn.
...shadow chancellor Jeremy Hunt wrote on the social media platform X: "By refusing to take the difficult decisions needed, Rachel Reeves will do what she planned all along like every Labour chancellor in history - raise your taxes."
(Excerpt) Read more at bbc.com ...
I think the leftist playbook, everywhere, will be to tax the “wealthy” all it can.
Inheritance, capital gains tax increases....I think will lead financial
planners to advise clients to give their money
to their children (family) before they die.
“Read my lips...lots more taxes”
The way marriage is now defined, we’ll see parents and grandparents marrying their children /grandchildren to pass wealth untaxed. Civil war brides on steroids. Last civil war bride died in December of 2021!
Of course taxes on business are never paid for by working people...
Think you can already do this but it has to be at least 7years before you die.
The Treasury said there will be “further difficult decisions on tax and spending” at the Budget in the autumn..
Raising taxes isnt difficult, it’s the quick easy way out.
Kiss the UK g’by
After Deep State gets back from its annual August vacay.
Stop paying taxes and strip away their power.
Britain lost more millionaires last year than any other country in the world. More will leave this year.
Raising taxes is easy.
Next will come cuts to benefits for retirees.
They’ve got to find more of the natives’ money to give to 3rd worlders pouring in you see........
The social issues that Western elites are mostly united on or at least squeamish about also have be embraced by conservatives if they hope to win and retain public office. An extreme example of this is Putin and his regime. He and his circle plunder and misgovern their country but remain relatively popular as defenders of the Russian way of life.
In contrast, Western elites prefer to govern by Leftist principles moderated by a consensus politics that permits their nations and cultures to be undermined at multiple levels. As the collapse of the Tories demonstrates, most people care more about the quality of their daily lives and the future of their county and its culture than minor adjustments in taxes and spending.
And to campaign by head faking to the center only to veer strongly to the left once elected.
Politically you may well be right that the departure of more upper middle class and even wealthy elites will weaken the power of the professional class even as populist parties and leaders increase their influence. So politically, it might well turn out to be a good thing.
Economically, a country should not want to lose small business owners, entrepreneurs and high achievers who comprise a lot of the upper middle class and wealthy. They tend to generate more economic activity so losing them = not only a loss of tax revenue but also a loss of economic growth/dynamism.
The thing is that the “wealthy” who aren’t salaried can easily find loopholes to not pay this tax.
For instance I remember reading that Elon Musk would take a low salary and take loans against his owned stock. Then paying off the loans would offset his selling stock. Net tax he paid was low.
Perfectly legal.
But only the wealthy can do that - and they WILL do that if they feel they are getting unreasonably squeezed.
Stop bringing in the 3rd world and housing them. Of course, REDCUING spending is never on the table.
All that will happen is that the average person will pay more taxes and never get a single thing from it.
It’s immoral.
The millions of Islamic sponges voted for this, so pay up, rich White Britons! Your invaders have 3 wives and 26 children to take care of!
True enough, but Britain is a class conscious and stratified society that might benefit from a thinning out of its upper ranks. In practice, those who leave will mostly have mobile assets and be able to establish tax residence outside the country. That usually means retirees.
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