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Rachel Reeves to raise taxes?

(102 Posts)
Babs03 Tue 20-Aug-24 22:26:53

Is suggested that Rachel Reeves will raise taxes and cut spending in the October budget.
Tbh I really don’t see what choice she has. Of course no leader of a political party will float the possibility of raising taxes during a GE campaign, is a sure fire way of losing votes so no surprise that Labour didn’t say anything about this at that time.
Thing is we all want better public services but countries with the best public services have higher taxes. Am not sure where she will cut spending, just hoping it won’t be health or social services.
In any case I wouldn’t want her job for a gold clock, whilst Tory government ministers and the PM ran up obscene expenses for private jets, with Cleverly and Cameron cashing in on this as well as Sunak, and wasted many millions on impractical projects like Rwanda etc., they ran the country into the ground.

Oreo Wed 21-Aug-24 09:02:05

There’s no better way of doing it than through raising income tax and it hits everyone proportionally.

Oreo Wed 21-Aug-24 09:03:14

It was a mistake for them to deny it would happen, they didn’t need to! They were obvs going to win the election in any case.

GrannyGravy13 Wed 21-Aug-24 09:05:32

Oreo it aids and abets the narrative that all politicians lie

ronib Wed 21-Aug-24 09:05:56

Growstuff but maybe you should try to understand
1. Huge loss in tax revenue
2. Job losses as companies move overseas
3. Effect on the ordinary taxpayers who will make up the shortfall

Etc

MaizieD Wed 21-Aug-24 09:08:07

David49

Murphys suggestions are fine, but to say that it’s not going to affect “ordinary” people is very wide of the mark.

I took “ordinary people” as Murphys quote, if it was yours Maisie then you are wrong

What gives you that impression, David?

I don't think you've read the report.

Or are you super wealthy and worried about losing all your tax advantages? hmm

GrannyGravy13 Wed 21-Aug-24 09:08:52

The UK needs entrepreneurs and investment.

Millionaires and Billionaires are employers, create jobs, set up businesses.

They are not all dodging taxes.

growstuff Wed 21-Aug-24 09:09:12

Does anybody have any reliable links to how much UK-domiciled billionaires' wealth benefits the UK economy?

I'd be interested to know how much they invest in the UK economy and whether they buy British-made goods and services.

growstuff Wed 21-Aug-24 09:09:59

GrannyGravy13

The UK needs entrepreneurs and investment.

Millionaires and Billionaires are employers, create jobs, set up businesses.

They are not all dodging taxes.

Really? Do you have any links? I'm genuinely interested in where their wealth is invested.

MaizieD Wed 21-Aug-24 09:10:34

P.S Perhaps you'd like to give us some concrete examples of his suggestions that would affect 'ordinary' people on PAYE and who also pay indirect taxes, such as VAT.

David49 Wed 21-Aug-24 09:10:41

It’s pretty clear we are going to get more taxation, there are many ways to do that. More than that we already have some benefits that are means tested, expect much more of that, WFA is just the start.
I want the tax I pay go to those that need it, not frittered away on handouts to those that don’t

growstuff Wed 21-Aug-24 09:11:10

ronib

Growstuff but maybe you should try to understand
1. Huge loss in tax revenue
2. Job losses as companies move overseas
3. Effect on the ordinary taxpayers who will make up the shortfall

Etc

How patronising!

Do you have any reliable links on all that? I'm always happy to be reliably informed (not hearsay or assumptions).

growstuff Wed 21-Aug-24 09:12:22

David49

It’s pretty clear we are going to get more taxation, there are many ways to do that. More than that we already have some benefits that are means tested, expect much more of that, WFA is just the start.
I want the tax I pay go to those that need it, not frittered away on handouts to those that don’t

So if you don't want benefits frittered away on those who don't need it, I assume you're in favour of the scrapping of WFA.

MaizieD Wed 21-Aug-24 09:12:28

my last was to David49

growstuff Wed 21-Aug-24 09:13:04

MaizieD

P.S Perhaps you'd like to give us some concrete examples of his suggestions that would affect 'ordinary' people on PAYE and who also pay indirect taxes, such as VAT.

Sigh! Concrete examples would be wonderful, but I'm not holding my breath.

GrannyGravy13 Wed 21-Aug-24 09:17:06

If you are that interested growstuff I am sure you could Google.

GN is a discussion forum, I was offering my opinion based on my knowledge of millionaires I know.

ronib Wed 21-Aug-24 09:18:20

Growstuff I don’t understand in any way how pointing out reality is patronising.
It’s very easy to google figures on billionaires and tax benefits to the Uk.

ronib Wed 21-Aug-24 09:19:22

Ps it’s not millionaires who are of interest, it is billionaires.

MaizieD Wed 21-Aug-24 09:19:35

GrannyGravy13

The UK needs entrepreneurs and investment.

Millionaires and Billionaires are employers, create jobs, set up businesses.

They are not all dodging taxes.

I don't think we're talking about tax dodging, we're talking about removing tax advantages which favour those millionaires and billionaires.

Who have, let's be realistic, actually gained their money by profits made on their businesses which come from consumer or government spending. Consumers who aren't given tax advantages...

growstuff Wed 21-Aug-24 09:21:09

OK! After a quick Google:

www.bbc.co.uk/news/business-68093172

(I'll look for some academic studies on where billionaires spend their money.)

There isn't a particularly good correlation between UK-domiciled billionaires and the amount of tax they pay to the UK Treasury. There isn't much evidence they all invest in the UK economy either.

growstuff Wed 21-Aug-24 09:21:48

ronib

Growstuff I don’t understand in any way how pointing out reality is patronising.
It’s very easy to google figures on billionaires and tax benefits to the Uk.

Is it? Please provide a link or two.

Cossy Wed 21-Aug-24 09:22:11

I’m saving commenting until something tangible is released by RR. I agree there are limited choices. Let’s wait and see.

ronib Wed 21-Aug-24 09:22:14

MaizieD consumers who buy and need the products and services provided by the billionaires?

ronib Wed 21-Aug-24 09:23:00

Growstuff having a late breakfast….

David49 Wed 21-Aug-24 09:23:02

MaizieD

P.S Perhaps you'd like to give us some concrete examples of his suggestions that would affect 'ordinary' people on PAYE and who also pay indirect taxes, such as VAT.

Those working, “on PAYE” will pay more indirect taxes, fuel, alchohol, insurance and all the others they are not the main target
It’s those with “wealth”, property, investments, inheritance are an easy target for increase taxation, reading these pages there are a lot of “ordinary” gransnetters who are going to be paying more.

growstuff Wed 21-Aug-24 09:25:46

MaizieD

GrannyGravy13

The UK needs entrepreneurs and investment.

Millionaires and Billionaires are employers, create jobs, set up businesses.

They are not all dodging taxes.

I don't think we're talking about tax dodging, we're talking about removing tax advantages which favour those millionaires and billionaires.

Who have, let's be realistic, actually gained their money by profits made on their businesses which come from consumer or government spending. Consumers who aren't given tax advantages...

My partner is about to retire. He has to share his pension with his ex-wife, but it's still a substantial amount. He's also going to receive an extra year's salary because he's taking early retirement (he's 69!).

We went to see a financial advisor because he's never had so much spare cash in his life. I was absolutely amazed how many loopholes there are which could avoid paying tax and keep any inheritance intact.