Jeremy Hunt shifting the tax burden towards pensioners

[JohnD]

our public services are in a woeful state

the conservative tax rises are going to bring in some extra money. nobody wants to talk about the funding shortfall. it would be rash to make it worse by cutting taxes.

Hunt has the advantage that he can say what he likes because he knows it will soon be someone else's problem.

 

[ajohn]

The progressive aspect of our tax system
The richest fifth of people's average household income before taxes and benefits (£117,500) was 14 times larger than the poorest fifth (£8,200); however, this gap reduced to 4 times larger (£83,900 and £22,300, respectively) after taxes and benefits.

Effects of taxes and benefits on UK household income - Office for National Statistics

The redistribution effects of individuals and households of direct and indirect taxation and benefits received in cash or kind, analysed by household type.

www.ons.gov.uk

How hours worked fit into that pass. It seems too pat to me and more likely to relate to people working full time.There appears to be a need to work as well.

 

[ajohn]

Hunt has the advantage that he can say what he likes because he knows it will soon be someone else's problem.

It also allows him to mention taxation increase Labour while pinching one of their ideas, reducing taxation in one area and arranging it all to fit in with the needs to some extent or the other.

Fact is that an unfortunate happening of some form may cause any gov to make changes to taxation that take more off people. There is no slack available.

Perhaps give the Tory another 10years in power.

 

[ajohn]

From the same NOS link
In FYE 2022, 53.8% of all UK individuals were net recipients (living in households receiving more in benefits than they paid in taxes), a reduction of 1.2 percentage points since FYE 2021. A much greater proportion of retired individuals were net recipients (89.2 %) in comparison with non-retired people (46.0%), largely because of the classification of State Pension and Pension Credit as cash benefits.

 

[gas112]

I am retired now and prepared to pay my share.

Taking your money out of ISA`s then so that bit of extra tax helps pay your share

 

[JonathanM]

Taking your money out of ISA`s then so that bit of extra tax helps pay your share

Individual actions like that would be pointless. Only the government can make changes on the scale required.

 

[gas112]

Individual actions like that would be pointless. Only the government can make changes on the scale required.

they well be but its a simple case of putting your money where your mouth is no matter how little it is

 

[Notch7]

they well be but its a simple case of putting your money where your mouth is no matter how little it is

No it is not

Its just childish right wing politics trying to deflect from the real issue.

 

[gas112]

No it is not

Its just childish right wing politics trying to deflect from the real issue.

The words where typed by john himself he wants to do his bit so its at his fingertips to do so if everyone had the same attitude as him then the country would be in better shape with all those millions of little bits of extra tax helping out . Dont decry him for trying to help stop being so selfish and do your bit.
Over 700 billion invested in Isa`s so with the taxation lost on the interest on that it soon adds up

 

[Notch7]

The words where typed by john himself he wants to do his bit so its at his fingertips to do so if everyone had the same attitude as him then the country would be in better shape with all those millions of little bits of extra tax helping out . Dont decry him for trying to help stop being so selfish and do your bit

Gas112 = the brains of Ann Widdecombe

 

[gas112]

Gas112 = the brains of Ann Widdecombe

stop being so selfish and thinking about yourself and do your part for the country
Around 3 billion in lost taxation each year from isa`s how many nurses teachers schools and hospital would that pay for

 

[Justin Passing]

You can always elect to pay NI.

Make everyone with income more than some number - £50k, say, pay NI on a rising scale whether retired or not.
Cap ISA holdings to £100k per person, or prat about with the rates at which tax is paid on the interest.

If someone has 1 mill in a cash Isa, at 5% they're getting £50kpa tax free.
Most likely it would be a Stocks and shares Isa, so they'd have earned, say £200,000 tax free, on it so far this year. Or £100k if they wait until next week to cash it.


Just came across this. Quite INteresting. Watch the UK stock market size change in the few years running up to 2022 where it ends. We need a drop of that Japanese jizzm.
There are some other fun ones there too:

https://www.visualcapitalist.com/cp/stock-market-and-gdp-shares/

 

[carmanmemoranda]

because they already pay vastly more tax than everyone else?

As they should

 

[Mottie]

they well be but its a simple case of putting your money where your mouth is no matter how little it is

JohnD is quite happy being a 'tax dodger' despite him complaining that others are doing the same. He's just a big fat hypocrite.

 

[ajohn]

As they should

There doesn't seem to be much info around on the area most consider - income taxes related to salary bands % total contribution. When I last saw some the high end contributed ~30% of the total

However tax is more used to level out total incomes as per the link I posted. That also has a breakdown of several taxes for bottom and top 1/5. The pensioner aspect I posted really need more breaking down.

Also worth noting the figures relate to household incomes.

Not that I expected much interest in the post but if people want to be critical about handouts why not consider how and why they are done. Unemployed - a gov wont be happy with 0% as it would have an interesting effect on salaries.