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This will start out as 2% in 2020 but probably be 10% by 2030. That's usually how these things work in the UK.

by sys_64738 8y ago

Jmcdd 8y ago
Good
- NeonVice 8y ago
  I disagree that this is good. Volatile tax rates and regulations make businesses less likely to invest and innovate. They will spend more of their time hiring lawyers and accountants, spending less time producing valuable goods and services.
beastnumber 8y ago
That's how taxes everywhere usually work.
- kbenson 8y ago
  > That's how taxes everywhere usually work. So, taxes everywhere usually see a 500% increase over 10 years? Forgive me if I require some sort of evidence for a claim as extreme as that.
  - beastnumber 8y ago
    Did I ever say that? Taxes usually increase. Do your own research.
    - kbenson 8y ago
      > Did I ever say that? Yes. Yes you did, by nature of what you said and what it was in response to, which is very specifically a case were taxes raised by 500% over 10 years. > Taxes usually increase. A ridiculous proposition on it's face, as it would mean over times taxes always get higher. In the United States, Federal income taxes have fluctuated up as high as above 90% over the last one hundred years. It's not that high anymore, so taxes have gone down.[1][2] The UK has similarly seem fluctuations over time, and it's not currently at the highest it's been seen.[3] > Do your own research. If you're going to make an assertion, the onus is on you to back it up. That said, you should be careful what you wish for, because someone might just take you up one it. 1: https://www.businessinsider.com/history-of-tax-rates https://www.businessinsider.com/history-of-tax-rates 2: https://bradfordtaxinstitute.com/Free_Resources/Federal-Income-Tax-Rates.aspx https://bradfordtaxinstitute.com/Free_Resources/Federal-Inco... 3: https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_Kingdom#Income_tax_2 https://en.wikipedia.org/wiki/History_of_taxation_in_the_Uni...
blibble 8y ago
for some value of "usually" corporation tax: 30% in 2008, 19% in 2018 zero rate band of income tax: £3000 in 1990, £11850 today (the increase is more than double that of inflation)
- rwmj 8y ago
  Personal allowance (zero tax band) raised to £12,500 from April (in the Budget today). This gives money to richer voters because the higher your earnings, the more tax saved. But corporation tax takes money from rather anonymous entities, which of course affects voters too in the end but in a rather indirect way.
  - blibble 8y ago
    > This gives money to richer voters because the higher your earnings, the more tax saved. a rise of the zero rate equally effects anyone earning above the new zero rate threshold (regardless of how much they are above it [1]) a full time minimum wage employee earning ~£14,000/year gets exactly the same reduction in tax from this specific increase as an engineer on £90,000/year [1]: once you get above £100,000/year your personal allowance goes down (ultimately to zero)
    - coob 8y ago
      The engineer on £90k got an additional £730 tax cut with the 40% threshold moving from £46,350 to £50,000.
    - rwmj 8y ago
      The Resolution Foundation disagrees: https://twitter.com/resfoundation/status/1056969156741029889 https://twitter.com/resfoundation/status/1056969156741029889 However I agree that anyone earning over £100K won't be affected because of the peculiar system where you lose the personal allowance in steps over this threshold.
      - blibble 8y ago
        they don't disagree, your point was: > Personal allowance (zero tax band) raised to £12,500 from April (in the Budget today). This gives money to richer voters because the higher your earnings, the more tax saved. the conclusion of which is factually incorrect, and unsupported by your linked chart (which includes more than just the increase in the zero rated band)
tobylane 8y ago
Can you give any examples?
- sys_64738 8y ago
  Google British VAT, which is now at 20%. The tory party consistently raises it. Also, the Rates scheme only payed by home owners became the Poll Tax levied on all which became the Council Tax levied on all households. Another tory party abomination.
  - deleted 8y ago
    [deleted]

This will start out as 2% in 2020 but probably be 10% by 2030. That's usually how these things work in the UK.

Jmcdd 8y ago

Good

NeonVice 8y ago
I disagree that this is good. Volatile tax rates and regulations make businesses less likely to invest and innovate. They will spend more of their time hiring lawyers and accountants, spending less time producing valuable goods and services.

beastnumber 8y ago

That's how taxes everywhere usually work.

kbenson 8y ago
> That's how taxes everywhere usually work. So, taxes everywhere usually see a 500% increase over 10 years? Forgive me if I require some sort of evidence for a claim as extreme as that.
- beastnumber 8y ago
  Did I ever say that? Taxes usually increase. Do your own research.
  - kbenson 8y ago
    > Did I ever say that? Yes. Yes you did, by nature of what you said and what it was in response to, which is very specifically a case were taxes raised by 500% over 10 years. > Taxes usually increase. A ridiculous proposition on it's face, as it would mean over times taxes always get higher. In the United States, Federal income taxes have fluctuated up as high as above 90% over the last one hundred years. It's not that high anymore, so taxes have gone down.[1][2] The UK has similarly seem fluctuations over time, and it's not currently at the highest it's been seen.[3] > Do your own research. If you're going to make an assertion, the onus is on you to back it up. That said, you should be careful what you wish for, because someone might just take you up one it. 1: https://www.businessinsider.com/history-of-tax-rates https://www.businessinsider.com/history-of-tax-rates 2: https://bradfordtaxinstitute.com/Free_Resources/Federal-Income-Tax-Rates.aspx https://bradfordtaxinstitute.com/Free_Resources/Federal-Inco... 3: https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_Kingdom#Income_tax_2 https://en.wikipedia.org/wiki/History_of_taxation_in_the_Uni...

blibble 8y ago

for some value of "usually" corporation tax: 30% in 2008, 19% in 2018 zero rate band of income tax: £3000 in 1990, £11850 today (the increase is more than double that of inflation)

rwmj 8y ago
Personal allowance (zero tax band) raised to £12,500 from April (in the Budget today). This gives money to richer voters because the higher your earnings, the more tax saved. But corporation tax takes money from rather anonymous entities, which of course affects voters too in the end but in a rather indirect way.
- blibble 8y ago
  > This gives money to richer voters because the higher your earnings, the more tax saved. a rise of the zero rate equally effects anyone earning above the new zero rate threshold (regardless of how much they are above it [1]) a full time minimum wage employee earning ~£14,000/year gets exactly the same reduction in tax from this specific increase as an engineer on £90,000/year [1]: once you get above £100,000/year your personal allowance goes down (ultimately to zero)
  - coob 8y ago
    The engineer on £90k got an additional £730 tax cut with the 40% threshold moving from £46,350 to £50,000.
  - rwmj 8y ago
    The Resolution Foundation disagrees: https://twitter.com/resfoundation/status/1056969156741029889 https://twitter.com/resfoundation/status/1056969156741029889 However I agree that anyone earning over £100K won't be affected because of the peculiar system where you lose the personal allowance in steps over this threshold.
    - blibble 8y ago
      they don't disagree, your point was: > Personal allowance (zero tax band) raised to £12,500 from April (in the Budget today). This gives money to richer voters because the higher your earnings, the more tax saved. the conclusion of which is factually incorrect, and unsupported by your linked chart (which includes more than just the increase in the zero rated band)

tobylane 8y ago

Can you give any examples?

sys_64738 8y ago
Google British VAT, which is now at 20%. The tory party consistently raises it. Also, the Rates scheme only payed by home owners became the Poll Tax levied on all which became the Council Tax levied on all households. Another tory party abomination.
- deleted 8y ago
  [deleted]