Labour's October Budget

[allied_assault]

You cannot underestimate the complete mess the previous government left the country! Really impossible task for Labour but still I would hope they would aim the tax at the rich and not the rest of us who are payiong the highest tax since the 1940's

What do you class as rich?

 

[Osboro]

What do you class as rich?

Good question. Where I live middle class is somewhat different to what it is in boro. In reality, in the UK, if your assets amount to £10M your wealthy. Far far too many people consider them selves well of where in fact they would be near destitute within 6 weeks if their wages stopped tomorrow.
That's reality.

 

[atypical_boro]

It's not the company I object to. I'm sure that deep down you're a lovely chap and LOTL/Nobby/coluka/Borofur/Boro_Legend is FIVE lovely chaps. I just can't stand Oasis.

Only deep down!

 

[bumface]

Only deep down!

Deep down and dirty. That's the best way to be.

 

[Millbrook]

No I inferred that waiting until your state pension age before retiring is an outdated concept. Many people have jobs/professions that simply can't be done at state pension age so you plan accordingly. That's got nothing to do with privilege.


Well if this is a pi$$ing contest I've been working for over 40 years but I plan to cut my cloth accordingly as many others will also do. Without getting into an argument I don't think privileged is the right word because it implies some form of undeserved advantage.

Life is not and never will be equal and the use of the word privileged is incorrect if someone happens to be better off from their own efforts or inheritance from family.

I had my eyes opened reading about what the Spanish are doing. I had an unconscious belief (feeling a bit dim now I've realised it) that the very wealthy worked for their wealth or at least did so at the beginning. The latter may be true but the article regarding Spains approach points out how they benefit from the increasing value of assets.

I don't consider someone wealthy if they are in their 70's in a £2m mortgage free house in London and have a £40k pension. Well off yes.

We should consider if the well off can do more (I don't need the winter fuel allowance and if it still applied and I was asked to give it back I would) but now is the time to look carefully at the very wealthy.

 

[allied_assault]

Good question. Where I live middle class is somewhat different to what it is in boro. In reality, in the UK, if your assets amount to £10M your wealthy. Far far too many people consider them selves well of where in fact they would be near destitute within 6 weeks if there wages stopped tomorrow.
That's reality.

100000 would be nice

 

[Alzi]

“Can’t afford to buy a house it’s not fair! Bloody Starmer! My grandparents won’t die quick enough !”

“You can’t get a mortgage?”

“Na I want to be a cash buyer for a mansion”

Either the worst humble bragging ever or poor trolling.

 

[1finny]

Life is not and never will be equal and the use of the word privileged is incorrect if someone happens to be better off from their own efforts or inheritance from family

So, the Royal Family, Jacob Rees Mogg, The Marquis’s of Bath who are wealthy only because of inheritance are not privileged?
It’s a view.
It’s not one I share.

 

[MolteniArcore]

How is it a privilege to come from a hard working family?

Most families are hard working and most of them won’t get a stonking inheritance.

 

[Scrote]

I just remember the child benefit debacle years ago where if one adult in the household earned more than £50k then the child benefit became tapered even if the partner earned nothing. Meanwhile Paul and Jacqui next door earning £49k each lost nothing of the benefit. The Government of the day said it was too complex to administer properly so they went for the easy option.

And that's a good example of how not to do it. Hopefully this government will listen to the experts and take on a broad range of ideas from interested parties.

You can't please everyone but you can make a reasonable fist of making things fairer - even if it is a tad more complicated in places.

Considering the UK tax code is supposed to be one of the most complex in the world - largely to aid wealthy people in their efforts to remain wealthy - I don't see any reason to worry about complicating it further.

 

[Osboro]

And that's a good example of how not to do it. Hopefully this government will listen to the experts and take on a broad range of ideas from interested parties.

You can't please everyone but you can make a reasonable fist of making things fairer - even if it is a tad more complicated in places.

Considering the UK tax code is supposed to be one of the most complex in the world - largely to aid wealthy people in their efforts to remain wealthy - I don't see any reason to worry about complicating it further.

I worked in wealth management and what you need is a very simple tax system. It's the complications that give the wriggle room for tax evasion .

 

[Roseberrytop86]

So, the Royal Family, Jacob Rees Mogg, The Marquis’s of Bath who are wealthy only because of inheritance are not privileged?
It’s a view.
It’s not one I share.

The odious JRM didn’t inherit his wealth he earned it himself. His wife is due to inherit a fortune but the slimy sod actually earned his wealth contrary to common belief.

 

[red_harrington]

The odious JRM didn’t inherit his wealth he earned it himself. His wife is due to inherit a fortune but the slimy sod actually earned his wealth contrary to common belief.

Earned in the City.

No doubt helped by the fact that he went to Westminster, Eton & then Oxford

 

[1finny]

The odious JRM didn’t inherit his wealth he earned it himself. His wife is due to inherit a fortune but the slimy sod actually earned his wealth contrary to common belief.

yeah, I suppose you are right.
My bad
But what system allows a 12 year old to start trading shares?
One where there is zero risk because you are born into privilege.

You are not saying he’s not privileged are you?

 

[Osboro]

Earned in the City.

No doubt helped by the fact that he went to Westminster, Eton & then Oxford

Which his poor parents paid for.
His family are from old Bristol money.
Don't believe the hype.

 

[Nero]

I’ve heard Labour will tax all second homes 100%.

 

[Roseberrytop86]

Earned in the City.

No doubt helped by the fact that he went to Westminster, Eton & then Oxford

Yes, earned in the most corrupt place on the plant, however not inherited which is what people state.

If he earned it why is he privileged?

Cannot believe I just said that

 

[Jonny Ingbar]

More than happy for the rich and super rich to be super taxed on their wealth and the sooner the better.

It’s the stupid comments by the usual posters that no one should pass anything on to their kids as the kids don’t deserve it. Presume these same people who retired early will not leave anything to their kids but leave it all to the state, think not !!

Easy to preach when you have money eh!!

Totally agree!

 

[1finny]

Yes, earned in the most corrupt place on the plant, however not inherited which is what people state.

If he earned it why is he privileged?

Cannot believe I just said that

Neither can I
Maybe because his parents wealth got him into private school
His fathers influence got him into Oxford

My hypothesis is - if it comes to you through no work of your own = privilege.
I don’t blame the family one jot.

 

[Norfolkred1]

I’ve heard Labour will tax all second homes 100%.

Does that include MP's...........Get out clause being drafted.