Top 5 financial things to do before labour get in?
Discussion
Brett748 said:
I fear Labour will try and “level up” the people who either don’t work or haven’t applied themselves by levelling down people trying to do their best to have a nicer life.
Surely the definition of working people includes people who work hard, pay taxes and save for their own and their families future? Not just people living month to month.
Trying to squeeze tax revenue out of people who have little/no income is pointless. It will be a lot easier for any government to bring others down to the same level, than to level up the uneducated, lazy, feckless, etc. As a certain Willie Sutton said, when asked why he robbed banks, "Because that's where the money is."Surely the definition of working people includes people who work hard, pay taxes and save for their own and their families future? Not just people living month to month.
According to the report below, China and the United Kingdom will be leading mass exodus of millionaires in 2024. (They are pretty spot on usually)
https://www.henleyglobal.com/publications/henley-p...
https://www.henleyglobal.com/publications/henley-p...
ooid said:
According to the report below, China and the United Kingdom will be leading mass exodus of millionaires in 2024. (They are pretty spot on usually)
https://www.henleyglobal.com/publications/henley-p...
That website is pretty amusing. https://www.henleyglobal.com/publications/henley-p...
Brett748 said:
Starters definition of “working people” really worries me.
I work very hard for a decent income as a construction project manager and my other half is a midwife.
Were a couple from working class families trying to do our best to have a decent life for ourselves and our son, I fear Labour will try and “level up” the people who either don’t work or haven’t applied themselves by levelling down people trying to do their best to have a nicer life.
Surely the definition of working people includes people who work hard, pay taxes and save for their own and their families future? Not just people living month to month.
And what are you basing this on? Genuinely interested as I hear this a lot but no-one can explain why?I work very hard for a decent income as a construction project manager and my other half is a midwife.
Were a couple from working class families trying to do our best to have a decent life for ourselves and our son, I fear Labour will try and “level up” the people who either don’t work or haven’t applied themselves by levelling down people trying to do their best to have a nicer life.
Surely the definition of working people includes people who work hard, pay taxes and save for their own and their families future? Not just people living month to month.
The current Labour Party are not the Labour of old under Foot and Kinnock and the Conservative party are not the same as they were under Thatcher.
hepy said:
And what are you basing this on? Genuinely interested as I hear this a lot but no-one can explain why?
The current Labour Party are not the Labour of old under Foot and Kinnock and the Conservative party are not the same as they were under Thatcher.
Asked what he meant by working people, Sir Keir told LBC on Tuesday: "People who earn their living, rely on our [public] services and don't really have the ability to write a cheque when they get into trouble."The current Labour Party are not the Labour of old under Foot and Kinnock and the Conservative party are not the same as they were under Thatcher.
This statement is what concerns me. Essentially, people who have savings.
Of course my worries come purely on the back of mainstream media but short of a coffee with Sir Keir, I have no other information to base my concern upon.
Both are trying to reach out to the large middle class, as there is not enough votes from the super rich or the poor. Yet ironically there is no money to be raised from the poor (they have none) and the rich have hidden it away or offshored it. Add in the difficulty in making companies pay a fair tax rate and it means the burden of paying for the country comes down on the middle class they both need to vote for them.
Brett748 said:
Asked what he meant by working people, Sir Keir told LBC on Tuesday: "People who earn their living, rely on our [public] services and don't really have the ability to write a cheque when they get into trouble."
This statement is what concerns me. Essentially, people who have savings.
Of course my worries come purely on the back of mainstream media but short of a coffee with Sir Keir, I have no other information to base my concern upon.
Sounds to me there will be moves towards equalising the tax rates between earned and unearned income e.g dividends, capital gains, possibly BTL etcThis statement is what concerns me. Essentially, people who have savings.
Of course my worries come purely on the back of mainstream media but short of a coffee with Sir Keir, I have no other information to base my concern upon.
Condi said:
Tim Cognito said:
Sounds to me there will be moves towards equalising the tax rates between earned and unearned income e.g dividends, capital gains, possibly BTL etc
Exactly what the Conservatives should have done and many economists have been calling for for years. This is the kind of thinking we need to get some growth into the economy.
Brett748 said:
hepy said:
And what are you basing this on? Genuinely interested as I hear this a lot but no-one can explain why?
The current Labour Party are not the Labour of old under Foot and Kinnock and the Conservative party are not the same as they were under Thatcher.
Asked what he meant by working people, Sir Keir told LBC on Tuesday: "People who earn their living, rely on our [public] services and don't really have the ability to write a cheque when they get into trouble."The current Labour Party are not the Labour of old under Foot and Kinnock and the Conservative party are not the same as they were under Thatcher.
This statement is what concerns me. Essentially, people who have savings.
Of course my worries come purely on the back of mainstream media but short of a coffee with Sir Keir, I have no other information to base my concern upon.
Clearly the working population covers a very wide spectrum from those on minimum wage to those at the top end. But by definition we are all working people.
I am fairly sure they gloss over facts to label those at the top of the earning spectrum as super rich.
A good example being pensions. They talk about the LTA being or higher pension contribution levels being tax breaks for the super rich.
Yet the super rich are likely to be in the higher earning bracket and so are unable to make pension contributions, beyond the crappy minimums.
It just drives division.
supersport said:
A good example being pensions. They talk about the LTA being or higher pension contribution levels being tax breaks for the super rich.
The LTA came in at around 1.1m. This would yield an annual income of around 44k in a drawdown. I'm sure to some that super rich!A lifetime of work in good but not super rich jobs would comfortably blow through the LTA.
Michael_B said:
Brett748 said:
I fear Labour will try and “level up” the people who either don’t work or haven’t applied themselves by levelling down people trying to do their best to have a nicer life.
Surely the definition of working people includes people who work hard, pay taxes and save for their own and their families future? Not just people living month to month.
Trying to squeeze tax revenue out of people who have little/no income is pointless. It will be a lot easier for any government to bring others down to the same level, than to level up the uneducated, lazy, feckless, etc. As a certain Willie Sutton said, when asked why he robbed banks, "Because that's where the money is."Surely the definition of working people includes people who work hard, pay taxes and save for their own and their families future? Not just people living month to month.
borcy said:
I think labour want to keep the definitions of working people vague so as not to get bogged down in interviews re/defining it.
Just watched a clip with Andrew Neil on YT and it raised an interesting point. SKS’s definition of “working people” definitely excludes the small business owners / the contractors of the world.
If I was a small employer, I’d be thinking that they are definitely coming after me.
911hope said:
Zaichik said:
Bringing income tax levels down to dividend and CGT levels will be very welcome and I would be very pleased if this is Labours plan.
This is the kind of thinking we need to get some growth into the economy.
So massive decrease in public spending?This is the kind of thinking we need to get some growth into the economy.
hepy said:
Brett748 said:
Starters definition of “working people” really worries me.
I work very hard for a decent income as a construction project manager and my other half is a midwife.
Were a couple from working class families trying to do our best to have a decent life for ourselves and our son, I fear Labour will try and “level up” the people who either don’t work or haven’t applied themselves by levelling down people trying to do their best to have a nicer life.
Surely the definition of working people includes people who work hard, pay taxes and save for their own and their families future? Not just people living month to month.
And what are you basing this on? Genuinely interested as I hear this a lot but no-one can explain why?I work very hard for a decent income as a construction project manager and my other half is a midwife.
Were a couple from working class families trying to do our best to have a decent life for ourselves and our son, I fear Labour will try and “level up” the people who either don’t work or haven’t applied themselves by levelling down people trying to do their best to have a nicer life.
Surely the definition of working people includes people who work hard, pay taxes and save for their own and their families future? Not just people living month to month.
The current Labour Party are not the Labour of old under Foot and Kinnock and the Conservative party are not the same as they were under Thatcher.
Everyone else is fair game according to him.
ooid said:
According to the report below, China and the United Kingdom will be leading mass exodus of millionaires in 2024. (They are pretty spot on usually)
https://www.henleyglobal.com/publications/henley-p...
Other examples of where they were “usually spot on”?https://www.henleyglobal.com/publications/henley-p...
Mind you, 9,500 millionaires as an outflow is a rather a drop in the ocean of the estimated 600,000 who live here, really. I guess a large number of whom own houses that have gone up in value, rather than those having a million lying around under the mattress!
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