The I cant believe it’s not politics thread.

[Sol thewall Bamba]

Checking out of my brief spell in this awful thread

 

For the record:

 

NI cut = good

Income tax cut = good

Removal of top rate tax = hideous 

 

PS Brendan out.

[hackneyfox]

32 minutes ago, Sol thewall Bamba said:

The obsession with what other people in tax in this country is crazy. People that earn more pay more tax, so when taxes come down for all of course higher earners get larger reductions. 

 

Pretty much everyone got a bit better off today and the first instinct is to cry "yeah but look at this other person!".

I get a cut of 1% yet my mortgage has gone up so not sure I'm any better off.

Anything that people earn over 150k is now taxed at 40% ather than 45%.

[fox_up_north]

6 minutes ago, Zear0 said:

That £200k in the bank will trickle down the needy, and the world will be fair.

Ah, that's good then. I was worried it would sit somewhere in bonds. 

[leicsmac]

As an aside, this seems to be a perfect time to send some money to the UK to pay for this year's uni tuition fees. Pound descending faster than the Yucatan asteroid 65 million years ago.

[fox_up_north]

And the cut of income tax is NOT good because it means there's less money for public services. Services that are paid for through tax. The tax cut does nothing to offset other bills, whereas sensible use of taxes and things like tax on big companies and high earners improves services. 

[Zear0]

[urban.spaceman]

 

[st albans fox]

1 hour ago, Captain... said:

It just baffles me that they don't just raise the lower threshold, save everyone eg £500 a year. Benefits the majority, but the lower earners benefit more because £500 goes further. Obviously those that are already below the threshold won't benefit from this, but it needs to be done as a suite of support packages.

makes far too much sense for them to do it 
 

1 hour ago, yorkie1999 said:

Except probably most of the wealthy avoid paying tax and ni. This is aimed at middle earners and getting their disponsible income back into the economy cycle. 

the abolition of the 45% tax band is nothing to do with the middle classes 
 

8 minutes ago, fox_up_north said:

Also, the pound has absolutely nosedived after the announcements, now worth barely $1.10 and Bloomberg telling people to sell. That's pretty unprecedented for a Tory government and we could end the day with the pound being worth LESS than USD. That has never happened in my lifetime or even come close to happening. 

It won’t go that far but the currency market response to the announcement is damning, especially when you consider that it increases the likelihood that interest rates go higher more quickly and for longer. 
 

and the tax changes won’t take effect until April ‘23 so the interest rate rises will be ahead of that curve and we suffer the inflation blast of the weak pound immediately 

 

kwarteng could be the most stupid Cambridge double first ever ……

[leicsmac]

3 minutes ago, fox_up_north said:

And the cut of income tax is NOT good because it means there's less money for public services. Services that are paid for through tax. The tax cut does nothing to offset other bills, whereas sensible use of taxes and things like tax on big companies and high earners improves services. 

No such thing as society or the "public good", apparently.

[urban.spaceman]

1 minute ago, leicsmac said:

No such thing as society or the "public good", apparently.

You’re supposed to say “the greater good”. 
 

(the greater good)

[leicsmac]

2 minutes ago, urban.spaceman said:

You’re supposed to say “the greater good”. 
 

(the greater good)

SHUT IT!

[Guest ttfn]

None of this is good, just kicking the can down the road.

 

We’re stuck in a never-ending spiral adding yo national debt that limits our ability to use interest rate rises as a tool to tackle inflation.

 

One way or another we are all going to pay for this largesse, rich or poor. But the poor are getting little of the short-term benefit for the same exposure to long-term risk.

[Daggers]

 

[urban.spaceman]

Kami-Kwasi Economics.

[urban.spaceman]

54 minutes ago, Zear0 said:

Wealth. Supremacists.

[Number 6]

Dropping the 45p is such a dumb move politically. Only emphasizes that this is a govt for the rich, they're writing Labour's campaign for them. Not sure if they're just stupid or they've recognised they've got 2 years to do what they want and then they're gone.

[StonyFox]

Are they playing the long game and forfeiting the next general election as they know they'll struggle?

 

Spend two years making changes to benefit their wealthy friends

Increase national debt and reduce the spending power of the government

Lose the election in 18 months

Whoever gets in has no choice but to raise taxes as there are is no money for public services

Tories come to the nations rescue in 2028 promising to reduce taxes

 

And repeat

 

 

[RowlattsFox]

Feels like they are just trying to benefit as much as they can because they know they will lose the next election. 

[fox_up_north]

It's very possible but it could be they're just morons. If they were actually clever, they wouldn't be so open about it and would quietly let things go well for their mates. 

[Phube]

1 hour ago, Sol thewall Bamba said:

The obsession with what other people in tax in this country is crazy. People that earn more pay more tax, so when taxes come down for all of course higher earners get larger reductions. 

 

Pretty much everyone got a bit better off today and the first instinct is to cry "yeah but look at this other person!".

 

Repeat post ignore!

 

 

Edited 23 September 2022 by Phube

[Otis]

18 minutes ago, StonyFox said:

Are they playing the long game and forfeiting the next general election as they know they'll struggle?

 

Spend two years making changes to benefit their wealthy friends

Increase national debt and reduce the spending power of the government

Lose the election in 18 months

Whoever gets in has no choice but to raise taxes as there are is no money for public services

Tories come to the nations rescue in 2028 promising to reduce taxes

 

And repeat

 

 

I think there's a lot of truth in this. That way if Labour are in power and increase taxes they look like the good guys. 

[urban.spaceman]

He's probably fuming with whoever was the health secretary for 6 whole years out of the last 12.

 

 

 

[kenny]

5 minutes ago, urban.spaceman said:

He's probably fuming with whoever was the health secretary for 6 whole years out of the last 12.

 

 

 

I've never understood how he has gotten away with everyone forgetting that he had a really good stint as Health Secretary.

[ajthefox]

Removal of the 45% band is outrageous. These Tories hold us all in absolute contempt the fvcking cvnts.

[Number 6]

2 hours ago, Sol thewall Bamba said:

The obsession with what other people in tax in this country is crazy. People that earn more pay more tax, so when taxes come down for all of course higher earners get larger reductions. 

 

Pretty much everyone got a bit better off today and the first instinct is to cry "yeah but look at this other person!".

Would agree with this if the comments were in relation to the standard rate cut, or the NI drop, where obviously those earning most will save the most in £. But the top rate dropping only benefits people earning over £150k - it's like they'd been tasked with finding a way to help the richest people ONLY. 

 

To put it another way, top earners will be proportionally better off after these changes than anyone earning under £150k. Not just in £ amount, in % too.