10 Sep
2:23pm, 10 Sep 2024
4,479 posts
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Cheg
Land released to deal with the housing crisis. Talk me through that.
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10 Sep
2:43pm, 10 Sep 2024
1,305 posts
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Spanners99
@DeeGee I looked. That is a not a meaningful statistic. The figure is quoted as profits since the energy crisis began. The actual UK numbers are 30bn pounds. Which is granted alot of money if you take face value. Those companies already pay taxes in UK. And yes you can increase the taxes but its too simple to point this as pure greed. These are massive companies which need would generate a large return. If they were losing money would we be thinking as tax payers we should subsidise them. Probably not. |
10 Sep
2:48pm, 10 Sep 2024
22,971 posts
|
DeeGee
Cheers Spanners, thanks for clarifying my misreading of the figures. It's not necessarily about tax. If these companies are making 30bn a year profit, and that 30bn a year is going to shareholders, what's to stop a people-owned company from making that level of profit and either, therefore, reducing costs to break even, or returning those 30bn to the exchequer? |
10 Sep
2:50pm, 10 Sep 2024
17,778 posts
|
jda
paulcook wrote: That's what I don't get. Many places were talking about this £20b blackhole. It's now suddenly not unexpected The two main parties have been blatantly lying about brexit for the best part of a decade, with no one even paying lip service to the idea of holding them to account. Labour supporters here are full of excuses for their party’s part in it. Why should taxes and budgets be any different? |
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10 Sep
2:51pm, 10 Sep 2024
1,306 posts
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Spanners99
You cannot tax your way to growth. Taxes are already high. In fact a record high for this country. The only way to deliver better services is to grow the economy. This will never happen through more regulation, tax and government intervention. Not all businesses exploit workers and not all landlords are leeches. Some are but not all. Demonizing all is not the answer. The debate in UK politics is hovering just above this threshold in my opinion. We have to be balanced. If the environment is positive and business can invest to make a return it will. Capital is mobile and go anywhere - make it unfriendly and rich people will invest in other places/countries. That may tick boxes if it coincides with politic stand point but wont make the country richer. The issue perhaps is more than there are too many left behind. How do we reduce the have nots without stiffling the creation of wealth. |
10 Sep
2:57pm, 10 Sep 2024
6,397 posts
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paulcook
Spanners99 wrote: You cannot tax your way to growth. Taxes are already high. In fact a record high for this country. The only way to deliver better services is to grow the economy. We already have the 6th biggest economy in the world. While that might be an over-simplistic knee-jerk answer, and your post is inherently sound, neither are we exactly in theoretically a poor position already. |
10 Sep
2:58pm, 10 Sep 2024
22,989 posts
|
rf_fozzy
Saying "why don't we tax the rich" is just a form of simplism. Could we do more to stop tax avoidance and evasion. Yes. Most definitely. But effectively we've been 'taxing the rich' more because thresholds have been frozen. I'm sure larkim can tell you of numerous ways that everyone on here could avoid at least paying some tax. The answer in the end is going to be closing all those loopholes not available to those who can't afford an accountant or tax advisor. But also yes, they could have not ruled out reversing the NI cuts and other stuff. Because now they are backed into a corner with fewer levers to pull. The hole was known about before the election and many including the IFS (as I pointed out on here several times) were saying this. But it is also fair to say that there *were * things that were not known about (e.g. the home office budgeting £300m for a £7.9bn spend on housing assylum seekers whilst they didn't process their claims) - and these have made it worse. As always beware of people offering simple solutions to complex issues - they are usually fools or snake oil salespeople. |
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10 Sep
3:01pm, 10 Sep 2024
22,973 posts
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DeeGee
Spanners99 wrote: Not all businesses exploit workers and not all landlords are leeches. If you own part of company which is making profit, you're getting a positive return on that investment, and you are not increasing the pay of your workers by the same percentage that the company's profit is growing, then you are exploiting workers. As for owning a house that you don't live in, purely with the intention of making money... |
10 Sep
3:05pm, 10 Sep 2024
29,357 posts
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Hendo
"I'm sure larkim can tell you of numerous ways that everyone on here could avoid at least paying some tax." Interested to hear this, and how to do more to stop avoidance and evasion. |
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10 Sep
3:21pm, 10 Sep 2024
4,482 posts
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Cheg
In the same post you are saying simplism is bad. You are saying "Closing all loopholes" Which is simplism. Simple solution to a complex problem. You can make company pension contributions as the sole director and shareholder of your company Fozzy Limited. A £10k pension contribution would reduce your Corporation Tax by let's say 19%, potentially 25%. What is closing the loophole? Removing corporation tax relief for pension contributions? Make it an add back like entertaining? Ok now the Director and shareholder has to get the funds out by way of dividend or salary, and then they get the personal tax relief. It is just whack a mole. It depends what you define as a loophole. You seem to say a loophole is any method used to mitigate your tax liability. Regular employees might get tax relief on their professional subscriptions. Is that a loophole? There is tax free childcare whereby you put in £80 and the government tops it up to £100, which you then use to pay for nursery etc. Is that a loophole? Using a tax free ISA for your savings and investments. Anything you put in there is tax exempt. Is that a loophole? |
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