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HAYSIEHAYSIE Member Posts: 35,543
edited September 20 in The Rail
Treasury officials push for bombshell tax hikes to pay for virus





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Treasury officials are pushing for the largest tax rises in a generation to plug the gaping holes in the public finances, in a move being resisted by Downing Street, The Telegraph can disclose.

The proposed quintuple whammy of tax increases would enable the Exchequer to raise at least £20 billion a year, and some could be introduced as early as in the Budget.

While no decisions have been made, multiple sources have told this newspaper that proposals under active consideration include aligning capital gains tax (CGT) with income tax, slashing pension tax relief, raising fuel and other duties, the introduction of an online sales tax and a simplification of the inheritance tax system.

https://www.msn.com/en-gb/money/news/treasury-officials-push-for-bombshell-tax-hikes-to-pay-for-virus/ar-BB18vbWp?ocid=msedgdhp
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Comments

  • HAYSIEHAYSIE Member Posts: 35,543
  • HAYSIEHAYSIE Member Posts: 35,543
    Britain's middle class faces £30billion tax raid to pay for covid bailout with capital gains and corporation taxes both set to go up


    Treasury officials are said to be drawing up plans to target the better off, businesses and pensions to plug the gap in the nation's finances. Capital gains tax and corporation tax would both be raised in proposals reportedly set to play a central part of Rishi Sunak's Budget in November. The Chancellor (right) is specifically understood to be looking at hiking corporation tax from 19 per cent to 24 per cent to raise £12billion next year and £17billion in 2023/24. Second-home owners would also be hit under proposals to require people to pay capital gains tax at the same rate as they pay income tax, The Sunday Times reported. Earlier this month, Mr Sunak hinted at tax rises to pay for the massive Government borrowing that has helped fund the fightback against the pandemic but which has led to the national debt topping £2trillion for the first time. However, the Prime Minister (left) has been adamant about not returning to austerity, pledging to create jobs and boost spending on major infrastructure schemes.

    https://www.dailymail.co.uk/home/index.html
  • pompeynicpompeynic Member Posts: 2,834
    edited August 2020
    Hardly surprising, all the borrowing to help the country through the tough times created by the pandemic, have to be paid for somehow. People want better public services not worse, so you can’t make cuts to save money. You have to raise funds and taxes are the way to do it, ideally starting with taxing the people who can afford it ! We will all have our part to play going forward.
  • HAYSIEHAYSIE Member Posts: 35,543
    pompeynic said:

    Hardly surprising, all the borrowing to help the country through the tough times created by the pandemic, have to be paid for somehow. People want better public services not worse, so you can’t make cuts to save money. You have to raise funds and taxes are the way to do it, ideally starting with taxing the people who can afford it ! We will all have our part to play going forward.






  • lucy4lucy4 Member Posts: 7,835
    People thought it was great when they kept demanding that the government pays for this,that & the other,now when it comes to paying back some of the BILLIONS that it's cost they're all going to start moaning.Where did they think all the money was coming from the magic COVID fairy? Running the country's finances is pretty much like how you should run your own,save for a rainy day,then when storms gather use the money,after the storm has passed replace the money spent for future rainy days.
  • HAYSIEHAYSIE Member Posts: 35,543
    lucy4 said:

    People thought it was great when they kept demanding that the government pays for this,that & the other,now when it comes to paying back some of the BILLIONS that it's cost they're all going to start moaning.Where did they think all the money was coming from the magic COVID fairy? Running the country's finances is pretty much like how you should run your own,save for a rainy day,then when storms gather use the money,after the storm has passed replace the money spent for future rainy days.

    Some are advocating tax cuts to stimulate the economy.
  • HAYSIEHAYSIE Member Posts: 35,543
    lucy4 said:

    People thought it was great when they kept demanding that the government pays for this,that & the other,now when it comes to paying back some of the BILLIONS that it's cost they're all going to start moaning.Where did they think all the money was coming from the magic COVID fairy? Running the country's finances is pretty much like how you should run your own,save for a rainy day,then when storms gather use the money,after the storm has passed replace the money spent for future rainy days.

    Some are advocating tax cuts to stimulate the economy.
    lucy4 said:

    People thought it was great when they kept demanding that the government pays for this,that & the other,now when it comes to paying back some of the BILLIONS that it's cost they're all going to start moaning.Where did they think all the money was coming from the magic COVID fairy? Running the country's finances is pretty much like how you should run your own,save for a rainy day,then when storms gather use the money,after the storm has passed replace the money spent for future rainy days.

    Tax hikes risk destroying recovery, economists warn



    Tax hikes risk trashing the economic recovery so the Chancellor should wait for several years before trying to plug the hole in the public finances, economists have told MPs.

    Treasury officials fear the record deficit of more than £300bn this year is dangerously huge, requiring a plan to patch up the books, potentially including tax raids on pensions and petrol.

    But action on any serious scale could threaten to choke growth, undermining the economy and so in turn damaging public finances.

    Paul Johnson, director of the Institute for Fiscal Studies, urged the Chancellor not to hike taxes for at least two or three years.

    https://www.msn.com/en-gb/news/uknews/tax-hikes-risk-destroying-recovery-economists-warn/ar-BB18AOe2?ocid=msedgntp
  • HANSONHANSON Member Posts: 898
    lucy4 said:

    People thought it was great when they kept demanding that the government pays for this,that & the other,now when it comes to paying back some of the BILLIONS that it's cost they're all going to start moaning.Where did they think all the money was coming from the magic COVID fairy? Running the country's finances is pretty much like how you should run your own,save for a rainy day,then when storms gather use the money,after the storm has passed replace the money spent for future rainy days.

    agree with you .. thou i do think the country's finances should be spent more wisely in the first place like how you put it ... "how you should run your own finances" ..
    instead of paying out a % of GDP to all theses clubs and foreign aid first maybe better to fully fund our services first then hand out a % of what's left.. that way maybe we would not have to borrow so much or raises taxes to make the shortfall up every year ..
    either way if it costs me a extra £25- £50 a week so be it , its one tournament less a week or even 1 less takeaway
  • HAYSIEHAYSIE Member Posts: 35,543
    HANSON said:

    lucy4 said:

    People thought it was great when they kept demanding that the government pays for this,that & the other,now when it comes to paying back some of the BILLIONS that it's cost they're all going to start moaning.Where did they think all the money was coming from the magic COVID fairy? Running the country's finances is pretty much like how you should run your own,save for a rainy day,then when storms gather use the money,after the storm has passed replace the money spent for future rainy days.

    agree with you .. thou i do think the country's finances should be spent more wisely in the first place like how you put it ... "how you should run your own finances" ..
    instead of paying out a % of GDP to all theses clubs and foreign aid first maybe better to fully fund our services first then hand out a % of what's left.. that way maybe we would not have to borrow so much or raises taxes to make the shortfall up every year ..
    either way if it costs me a extra £25- £50 a week so be it , its one tournament less a week or even 1 less takeaway
    The lost decade: the hidden story of how austerity broke Britain



    Between 2010 and 2020, Conservative cuts destroyed the fabric of society as we know it. Speaking to people on the frontline reveals the ways our lives have been changed for ever


    What happened in the UK between 2010 and 2020 will scar us for the rest of our lives. David Cameron’s Conservatives, only just victorious in the 2010 election, sold austerity as a necessary response to the 2008 financial crash. The exact social consequences of these cuts were spelled out last week in Michael Marmot’s report for the Institute of Health Equity: for the first time in a century, life expectancy has stopped growing and for women in poor areas actually fallen.

    We should never stop reminding ourselves just what an astonishing decade we have lived through. In the aftermath of the crash, employment climbed and stayed remarkably high. But these new jobs paid badly and it took until two months ago for earnings to reach where they were before 2008. It is no surprise that debt is mountainous: each household owes on average £15,385, not counting their mortgages. The gap between rich and poor has widened; the young are now worse off than their parents at their age; home ownership has declined steeply – families are stuck in life-long and precarious private renting.

    A Friday night in the control room with Bedfordshire police told the same story of services stretched to breaking point. Mental health and domestic violence dominated the calls. A neighbour reported a man next door banging on his wife’s window, threatening violence. A man called as he chased his son across a dark park, terrified he might harm himself. The chief constable, Jon Boutcher, had just written to his MP recounting a typical night of rapes, stabbings and a lethal traffic accident involving young children. “I run out of officers regularly for 999 calls,” he said.


    https://www.theguardian.com/society/2020/mar/03/lost-decade-hidden-story-how-austerity-broke-britain

  • HAYSIEHAYSIE Member Posts: 35,543
  • HAYSIEHAYSIE Member Posts: 35,543
  • HAYSIEHAYSIE Member Posts: 35,543
    edited September 2020
    HANSON said:

    lucy4 said:

    People thought it was great when they kept demanding that the government pays for this,that & the other,now when it comes to paying back some of the BILLIONS that it's cost they're all going to start moaning.Where did they think all the money was coming from the magic COVID fairy? Running the country's finances is pretty much like how you should run your own,save for a rainy day,then when storms gather use the money,after the storm has passed replace the money spent for future rainy days.

    agree with you .. thou i do think the country's finances should be spent more wisely in the first place like how you put it ... "how you should run your own finances" ..
    instead of paying out a % of GDP to all theses clubs and foreign aid first maybe better to fully fund our services first then hand out a % of what's left.. that way maybe we would not have to borrow so much or raises taxes to make the shortfall up every year ..
    either way if it costs me a extra £25- £50 a week so be it , its one tournament less a week or even 1 less takeaway
    https://www.youtube.com/watch?v=XS--ULeqZY8

    https://www.youtube.com/watch?v=J9i9yxW3yX0

    https://www.youtube.com/watch?v=2jZ0tFpy2po

    https://www.youtube.com/watch?v=4tP5jE3krHw



  • HAYSIEHAYSIE Member Posts: 35,543
    HANSON said:

    lucy4 said:

    People thought it was great when they kept demanding that the government pays for this,that & the other,now when it comes to paying back some of the BILLIONS that it's cost they're all going to start moaning.Where did they think all the money was coming from the magic COVID fairy? Running the country's finances is pretty much like how you should run your own,save for a rainy day,then when storms gather use the money,after the storm has passed replace the money spent for future rainy days.

    agree with you .. thou i do think the country's finances should be spent more wisely in the first place like how you put it ... "how you should run your own finances" ..
    instead of paying out a % of GDP to all theses clubs and foreign aid first maybe better to fully fund our services first then hand out a % of what's left.. that way maybe we would not have to borrow so much or raises taxes to make the shortfall up every year ..
    either way if it costs me a extra £25- £50 a week so be it , its one tournament less a week or even 1 less takeaway
    UK won't cut foreign aid budget - Dominic Raab


    https://www.bbc.co.uk/news/uk-politics-53992500


    UK government quietly cuts international aid by £2.9 billion as MPs leave parliament for summer
    Dominic Raab accused of 'callous' move in time of international emergency




    https://www.independent.co.uk/news/uk/politics/uk-government-tories-cut-foreign-international-aid-billions-budget-coronavirus-a9633516.html
  • HAYSIEHAYSIE Member Posts: 35,543
  • HAYSIEHAYSIE Member Posts: 35,543
  • HAYSIEHAYSIE Member Posts: 35,543
  • HAYSIEHAYSIE Member Posts: 35,543
  • green_beergreen_beer Member Posts: 1,936
    Why not tax big business properly or target the billionaires instead of the working people.

    There ain’t no real Labour Party anymore, it’s just Tory and Tory a shade lighter imo
  • HAYSIEHAYSIE Member Posts: 35,543
  • VespaPXVespaPX Member Posts: 12,313
    You get what you vote for....
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