Ever been had?
09 January 2011, 11:49 PM
#31
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Cameron .... does he think everyone is stupid?
Well, Cameron and your Tory liars ..... it doesn't wash with me!!!
Bank bonuses continue apace (the Bankers are all Tories, of course!) despite Cameron saying he will come down hard on greedy Bankers.
Fuel duty continues to increase, despite all the talk of a stabiliser mechanism!!
And, to top it all off he now says that VAT will remain at 20% ... for ever ... despite Cameron saying that VAT will not increase.
Then, to add vinegar to the cut .... the 50% Tax for those getting paid more than £150,000 is to be scrapped!!
Cameron .... I could see right through your lies and lies and lies .... don't you feel sorry for tricking the simple and gullible who voted for you?
YOU ARE A DISGRACE!!!
Well, Cameron and your Tory liars ..... it doesn't wash with me!!!
Bank bonuses continue apace (the Bankers are all Tories, of course!) despite Cameron saying he will come down hard on greedy Bankers.
Fuel duty continues to increase, despite all the talk of a stabiliser mechanism!!
And, to top it all off he now says that VAT will remain at 20% ... for ever ... despite Cameron saying that VAT will not increase.
Then, to add vinegar to the cut .... the 50% Tax for those getting paid more than £150,000 is to be scrapped!!
Cameron .... I could see right through your lies and lies and lies .... don't you feel sorry for tricking the simple and gullible who voted for you?
YOU ARE A DISGRACE!!!
09 January 2011, 11:54 PM
#32
Well you said BACK OF THE NET so I ssumed you were benefitting from it.
Anyway I'm sorry but you are worng about the high earners not paying more tax. The VAT hits the very poor as well as the very rich and in a time when everything is costing more and people are earning less I woud much rather see a cut in VAT than a cut in the high rate of tax.
I take your point about how people who work hard deserve it, but really how much do you need to live on?
It is only fair that the more fortunate in a democracy contribute more than the less fortunate (let's leave scroungers out of this argument for now as that really is another issue).
You can argue all you like about how it isn't fair but it is and is no different to my taxes contributing to the education system when I have no kids. If the high rate taxpayers dont want to pay it than I don't want to support other peoples' kids.
It's called being fair and Cameron isn't. End of!
Anyway I'm sorry but you are worng about the high earners not paying more tax. The VAT hits the very poor as well as the very rich and in a time when everything is costing more and people are earning less I woud much rather see a cut in VAT than a cut in the high rate of tax.
I take your point about how people who work hard deserve it, but really how much do you need to live on?
It is only fair that the more fortunate in a democracy contribute more than the less fortunate (let's leave scroungers out of this argument for now as that really is another issue).
You can argue all you like about how it isn't fair but it is and is no different to my taxes contributing to the education system when I have no kids. If the high rate taxpayers dont want to pay it than I don't want to support other peoples' kids.
It's called being fair and Cameron isn't. End of!
10 January 2011, 07:52 AM
#33
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Well you said BACK OF THE NET so I ssumed you were benefitting from it.
Anyway I'm sorry but you are worng about the high earners not paying more tax. The VAT hits the very poor as well as the very rich and in a time when everything is costing more and people are earning less I woud much rather see a cut in VAT than a cut in the high rate of tax.
I take your point about how people who work hard deserve it, but really how much do you need to live on?
It is only fair that the more fortunate in a democracy contribute more than the less fortunate (let's leave scroungers out of this argument for now as that really is another issue).
You can argue all you like about how it isn't fair but it is and is no different to my taxes contributing to the education system when I have no kids. If the high rate taxpayers dont want to pay it than I don't want to support other peoples' kids.
It's called being fair and Cameron isn't. End of!
Anyway I'm sorry but you are worng about the high earners not paying more tax. The VAT hits the very poor as well as the very rich and in a time when everything is costing more and people are earning less I woud much rather see a cut in VAT than a cut in the high rate of tax.
I take your point about how people who work hard deserve it, but really how much do you need to live on?
It is only fair that the more fortunate in a democracy contribute more than the less fortunate (let's leave scroungers out of this argument for now as that really is another issue).
You can argue all you like about how it isn't fair but it is and is no different to my taxes contributing to the education system when I have no kids. If the high rate taxpayers dont want to pay it than I don't want to support other peoples' kids.
It's called being fair and Cameron isn't. End of!
What the Hell has that got to do with it?!
A ridiculous statement.
Why do we need a car with an engine bigger than 600cc, a watch costing more than £10, etc.....
You use the word 'fortunate' - I wouldn't say working hard makes you fortunate. Just using your nous helps.
Being born into money and being heir to a vast fortune that Daddy's made makes one fortunate.
I whole heartedly agree on your point about kids - that's our choice and we should pay. Fine.
Just as when you have private health cover you get taxed as a benefit?
By keeping yourself off the NHS waiting list - well for fairness lets have a slightly reduced NIC for that, eh? Or just pay as and when the Doctor is used?
No, Cameron isn't fair - name me ANY politician that is!
As usual, there's some people around here with a massive sack of spuds on each shoulder!
I didn't think you were one of them, and I know a certain person here will come crawling out of the ether very soon..
Last edited by zip106; 10 January 2011 at 07:54 AM.
10 January 2011, 09:35 AM
#34
Still, at least we don't have Ed Miliband, who will say anything to get back into the champange socialist millionaires row and Alan Johnson shadow chancellor, who's recent display on live news, showed he lacks even basic the understanding of economics.
10 January 2011, 09:49 AM
#35
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What the Hell has that got to do with it?!
A ridiculous statement.
Why do we need a car with an engine bigger than 600cc, a watch costing more than £10, etc.....
You use the word 'fortunate' - I wouldn't say working hard makes you fortunate. Just using your nous helps.
Being born into money and being heir to a vast fortune that Daddy's made makes one fortunate.
I whole heartedly agree on your point about kids - that's our choice and we should pay. Fine.
Just as when you have private health cover you get taxed as a benefit?
By keeping yourself off the NHS waiting list - well for fairness lets have a slightly reduced NIC for that, eh? Or just pay as and when the Doctor is used?
No, Cameron isn't fair - name me ANY politician that is!
As usual, there's some people around here with a massive sack of spuds on each shoulder!
I didn't think you were one of them, and I know a certain person here will come crawling out of the ether very soon..
A ridiculous statement.
Why do we need a car with an engine bigger than 600cc, a watch costing more than £10, etc.....
You use the word 'fortunate' - I wouldn't say working hard makes you fortunate. Just using your nous helps.
Being born into money and being heir to a vast fortune that Daddy's made makes one fortunate.
I whole heartedly agree on your point about kids - that's our choice and we should pay. Fine.
Just as when you have private health cover you get taxed as a benefit?
By keeping yourself off the NHS waiting list - well for fairness lets have a slightly reduced NIC for that, eh? Or just pay as and when the Doctor is used?
No, Cameron isn't fair - name me ANY politician that is!
As usual, there's some people around here with a massive sack of spuds on each shoulder!
I didn't think you were one of them, and I know a certain person here will come crawling out of the ether very soon..
As it happens I have over the years done very nicely for myself and have always been happy to pay into the system. If I earned £150K plus I would genuinely have no issue with paying 50% tax on my higher earnings so how is it a chip on my shoulder? The thing that does annoy me is how in some cases our taxes are wasted, but that is aother story.
Secondly to pick you up on what I mean by fortunate. You seem to think that I am saying because someone works hard and earns a lot of money then they are not fortunate as they have done it all themselves.
I agree to a certain extent, but they are fortunate in that they have been blessed with the ability to do that.
I know I am lucky to have a good IQ and which combined with (some) common sense and a good work ethic has enabled me to do OK. There are others out there way more intelligent than I who waste that gift, but equally there are others less intelliegent who would relish the opportunities I have had.
That is what I mean by fortunate.
Fianlly I know my views won't be popualr on here, but in an ideal world I do genuinely believe that as a proper and fair society those doing well have a right to help those doing less well. I guess that will get me branded a lefty socialist on SN, but hey ho.... that's the way of the world these days.
10 January 2011, 10:40 AM
#36
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So we a have public spending defecit which was set in motion years ago by Labour.
10 January 2011, 10:53 AM
#37
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The problem is that the 50% tax issue hits a lot of 'normal' workers who have dragged themselves up to that level of income by sheer grit, determination and hard graft.
How far do we go?
Hit everyone earning £100k with a 50% tax - it may well happen.
And don't forget about the extra NIC's collected from those earners.
In essence, it's simple - cut spending, cut taxes... allow the private sector to generate more cash which in return will give more money without bumping up taxes and choking everyone.
The proper and fair society you mention only seems to go one way.
If those with less want those with more to look after them, then there needs to be a bit of carrot dangling...
It'll never be Utopia!
How far do we go?
Hit everyone earning £100k with a 50% tax - it may well happen.
And don't forget about the extra NIC's collected from those earners.
In essence, it's simple - cut spending, cut taxes... allow the private sector to generate more cash which in return will give more money without bumping up taxes and choking everyone.
The proper and fair society you mention only seems to go one way.
If those with less want those with more to look after them, then there needs to be a bit of carrot dangling...
It'll never be Utopia!
Last edited by zip106; 10 January 2011 at 10:56 AM.
10 January 2011, 11:21 AM
#38
Pontificating
Cameron .... does he think everyone is stupid?
Well, Cameron and your Tory liars ..... it doesn't wash with me!!!
Bank bonuses continue apace (the Bankers are all Tories, of course!) despite Cameron saying he will come down hard on greedy Bankers.
Fuel duty continues to increase, despite all the talk of a stabiliser mechanism!!
And, to top it all off he now says that VAT will remain at 20% ... for ever ... despite Cameron saying that VAT will not increase.
Then, to add vinegar to the cut .... the 50% Tax for those getting paid more than £150,000 is to be scrapped!!
Cameron .... I could see right through your lies and lies and lies .... don't you feel sorry for tricking the simple and gullible who voted for you?
YOU ARE A DISGRACE!!!
Well, Cameron and your Tory liars ..... it doesn't wash with me!!!
Bank bonuses continue apace (the Bankers are all Tories, of course!) despite Cameron saying he will come down hard on greedy Bankers.
Fuel duty continues to increase, despite all the talk of a stabiliser mechanism!!
And, to top it all off he now says that VAT will remain at 20% ... for ever ... despite Cameron saying that VAT will not increase.
Then, to add vinegar to the cut .... the 50% Tax for those getting paid more than £150,000 is to be scrapped!!
Cameron .... I could see right through your lies and lies and lies .... don't you feel sorry for tricking the simple and gullible who voted for you?
YOU ARE A DISGRACE!!!
10 January 2011, 11:29 AM
#39
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The problem is that the 50% tax issue hits a lot of 'normal' workers who have dragged themselves up to that level of income by sheer grit, determination and hard graft.
How far do we go?
Hit everyone earning £100k with a 50% tax - it may well happen.
And don't forget about the extra NIC's collected from those earners.
In essence, it's simple - cut spending, cut taxes... allow the private sector to generate more cash which in return will give more money without bumping up taxes and choking everyone.
The proper and fair society you mention only seems to go one way.
If those with less want those with more to look after them, then there needs to be a bit of carrot dangling...
It'll never be Utopia!
How far do we go?
Hit everyone earning £100k with a 50% tax - it may well happen.
And don't forget about the extra NIC's collected from those earners.
In essence, it's simple - cut spending, cut taxes... allow the private sector to generate more cash which in return will give more money without bumping up taxes and choking everyone.
The proper and fair society you mention only seems to go one way.
If those with less want those with more to look after them, then there needs to be a bit of carrot dangling...
It'll never be Utopia!
As I said how much do you really need?
10 January 2011, 11:49 AM
#41
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Dave
* - by all I was implying *all* by mentioning leaders of the 3 main parties plus the last two PMs. I thought that including parties such as UKIP, the Greens, etc the edit might become overly long ....
10 January 2011, 11:58 AM
#42
Scooby Regular
The problem is that the 50% tax issue hits a lot of 'normal' workers who have dragged themselves up to that level of income by sheer grit, determination and hard graft.
How far do we go?
Hit everyone earning £100k with a 50% tax - it may well happen.
And don't forget about the extra NIC's collected from those earners.
In essence, it's simple - cut spending, cut taxes... allow the private sector to generate more cash which in return will give more money without bumping up taxes and choking everyone.
The proper and fair society you mention only seems to go one way.
If those with less want those with more to look after them, then there needs to be a bit of carrot dangling...
It'll never be Utopia!
How far do we go?
Hit everyone earning £100k with a 50% tax - it may well happen.
And don't forget about the extra NIC's collected from those earners.
In essence, it's simple - cut spending, cut taxes... allow the private sector to generate more cash which in return will give more money without bumping up taxes and choking everyone.
The proper and fair society you mention only seems to go one way.
If those with less want those with more to look after them, then there needs to be a bit of carrot dangling...
It'll never be Utopia!
), but it shouldn't be something that's permanent, that's just going to be more of the same. F1_fan, it's not a question of how much people need surely? This isn't soviet russia mate.
Is it not more a question of how much they should have taxed from their earnings? 'Their' earnings, not the government's.
Last edited by GlesgaKiss; 10 January 2011 at 12:05 PM.
10 January 2011, 11:59 AM
#43
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10 January 2011, 12:55 PM
#44
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When it comes to the obscene national debt that this country now has after 13 years of NL misrule, you don't have a leg to stand on Pete!
When it comes to lying promises in order to get elected, neither does Cameron...or NL for that matter!
Les
When it comes to lying promises in order to get elected, neither does Cameron...or NL for that matter!
Les
10 January 2011, 01:33 PM
#45
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It must be particularly galling for people unfortunate enough to be disabled (or have disabled children) who voted for Cameron/Tories to see the Disability Mobility Allowance cut or severely reduced.
they must have assumed Cameron, who had a disabled son, would have some sympathy with their plight – but I suspect he did not use the Disability Mobility Allowance.
Osborne, skiing in Klosters was unavailable for comment btw
they must have assumed Cameron, who had a disabled son, would have some sympathy with their plight – but I suspect he did not use the Disability Mobility Allowance.
Osborne, skiing in Klosters was unavailable for comment btw
10 January 2011, 01:55 PM
#46
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The 50% tax rate is a tax on ambition and working hard, but even worse is the effective jump to 60% during the zone where personal allowance is lost, then it drops to 40% before rising to 50%.
It seems quite common for people to simply withdraw extra labour to avoid punitive taxes, especially where they don't rise smoothly because they are ill thought out. Screw working silly hours to pay more to the government than you make yourself just out of income tax, never mind all the other taxes.
It seems quite common for people to simply withdraw extra labour to avoid punitive taxes, especially where they don't rise smoothly because they are ill thought out. Screw working silly hours to pay more to the government than you make yourself just out of income tax, never mind all the other taxes.
10 January 2011, 08:03 PM
#47
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The thing is, this is just the start ....... it's going to hurt a lot of people badly.
Cameron says we are all in it together ... what bollox that is!!
Cameron and his cronies are all multi-millionaires .... they won't be feeling any pain whatsoever!!
They are engaging in some Social Engineering under the cloak of debt repayment!
Cameron says we are all in it together ... what bollox that is!!
Cameron and his cronies are all multi-millionaires .... they won't be feeling any pain whatsoever!!
They are engaging in some Social Engineering under the cloak of debt repayment!
10 January 2011, 08:09 PM
#48
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10 January 2011, 08:26 PM
#49
It a shambles. Cut all the charity to other countries, keep the jobs for the british, close the doors to immigrents. I applied for a few jobs recently just to find out there filled with russians and polish but yet been told from people it jusy appease the stupid ruling of a equal work force. We wont move forwars while the government bend over for the eu and give in. F**k them all and think of us first
10 January 2011, 08:29 PM
#50
The thing is, this is just the start ....... it's going to hurt a lot of people badly.
Cameron says we are all in it together ... what bollox that is!!
Cameron and his cronies are all multi-millionaires .... they won't be feeling any pain whatsoever!!
They are engaging in some Social Engineering under the cloak of debt repayment!
Cameron says we are all in it together ... what bollox that is!!
Cameron and his cronies are all multi-millionaires .... they won't be feeling any pain whatsoever!!
They are engaging in some Social Engineering under the cloak of debt repayment!
10 January 2011, 08:31 PM
#51
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The thing is, this is just the start ....... it's going to hurt a lot of people badly.
Cameron says we are all in it together ... what bollox that is!!
Cameron and his cronies are all multi-millionaires .... they won't be feeling any pain whatsoever!!
They are engaging in some Social Engineering under the cloak of debt repayment!
Cameron says we are all in it together ... what bollox that is!!
Cameron and his cronies are all multi-millionaires .... they won't be feeling any pain whatsoever!!
They are engaging in some Social Engineering under the cloak of debt repayment!
Some poor *******s cant help being rich
10 January 2011, 09:38 PM
#52
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People have very short memories!
We're massively in debt and it's going to hurt repaying what the previous lot p1ssed away on our behalf. Full stop. Yes it means more taxes (VAT, 50% whatever) - noone likes it and it's going to take several years merely to stop spending more every year than the tax take (the "deficit"). The politicians have done a terrific job of pointing the finger at bankers but they and many others were massively culpable in the overspending and bubbles that were created as a result. They've also done a good job about talking about the 'deficit' rather than the debt. The deficit is merely the excess spending - the underlying debt (and associated interest bill) is increasing all the time the deficit exists.
No government of whatever flavour is popular for raising taxes and reducing public expenditure - but it needs to be done, there is no other answer. It will take time to remedy all this, but people seem to think it should be done by now, that we should return to the issues that caused it, and all will be well. If Brown hadn't bloated the public purse to further his own popularity then we wouldn't be in this mess quite so badly. But he did, and we are.
I love this talk of 'the rich' - taxing them 100% wouldn't come close to sorting out the problem, and long term economies and entrepreneurialism are crippled by high taxes so it's laudable to get rid of the silly 50% tax to drive more growth, jobs and therefore net a higher tax take. So it's going to hurt and it's going to take time - blaming to current government and harking back to the pillocks who got us here doesn't feel like the right answer!
Gordo
We're massively in debt and it's going to hurt repaying what the previous lot p1ssed away on our behalf. Full stop. Yes it means more taxes (VAT, 50% whatever) - noone likes it and it's going to take several years merely to stop spending more every year than the tax take (the "deficit"). The politicians have done a terrific job of pointing the finger at bankers but they and many others were massively culpable in the overspending and bubbles that were created as a result. They've also done a good job about talking about the 'deficit' rather than the debt. The deficit is merely the excess spending - the underlying debt (and associated interest bill) is increasing all the time the deficit exists.
No government of whatever flavour is popular for raising taxes and reducing public expenditure - but it needs to be done, there is no other answer. It will take time to remedy all this, but people seem to think it should be done by now, that we should return to the issues that caused it, and all will be well. If Brown hadn't bloated the public purse to further his own popularity then we wouldn't be in this mess quite so badly. But he did, and we are.
I love this talk of 'the rich' - taxing them 100% wouldn't come close to sorting out the problem, and long term economies and entrepreneurialism are crippled by high taxes so it's laudable to get rid of the silly 50% tax to drive more growth, jobs and therefore net a higher tax take. So it's going to hurt and it's going to take time - blaming to current government and harking back to the pillocks who got us here doesn't feel like the right answer!
Gordo
10 January 2011, 10:00 PM
#53
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People have very short memories!
We're massively in debt and it's going to hurt repaying what the previous lot p1ssed away on our behalf. Full stop. Yes it means more taxes (VAT, 50% whatever) - noone likes it and it's going to take several years merely to stop spending more every year than the tax take (the "deficit"). The politicians have done a terrific job of pointing the finger at bankers but they and many others were massively culpable in the overspending and bubbles that were created as a result. They've also done a good job about talking about the 'deficit' rather than the debt. The deficit is merely the excess spending - the underlying debt (and associated interest bill) is increasing all the time the deficit exists.
No government of whatever flavour is popular for raising taxes and reducing public expenditure - but it needs to be done, there is no other answer. It will take time to remedy all this, but people seem to think it should be done by now, that we should return to the issues that caused it, and all will be well. If Brown hadn't bloated the public purse to further his own popularity then we wouldn't be in this mess quite so badly. But he did, and we are.
I love this talk of 'the rich' - taxing them 100% wouldn't come close to sorting out the problem, and long term economies and entrepreneurialism are crippled by high taxes so it's laudable to get rid of the silly 50% tax to drive more growth, jobs and therefore net a higher tax take. So it's going to hurt and it's going to take time - blaming to current government and harking back to the pillocks who got us here doesn't feel like the right answer!
Gordo
We're massively in debt and it's going to hurt repaying what the previous lot p1ssed away on our behalf. Full stop. Yes it means more taxes (VAT, 50% whatever) - noone likes it and it's going to take several years merely to stop spending more every year than the tax take (the "deficit"). The politicians have done a terrific job of pointing the finger at bankers but they and many others were massively culpable in the overspending and bubbles that were created as a result. They've also done a good job about talking about the 'deficit' rather than the debt. The deficit is merely the excess spending - the underlying debt (and associated interest bill) is increasing all the time the deficit exists.
No government of whatever flavour is popular for raising taxes and reducing public expenditure - but it needs to be done, there is no other answer. It will take time to remedy all this, but people seem to think it should be done by now, that we should return to the issues that caused it, and all will be well. If Brown hadn't bloated the public purse to further his own popularity then we wouldn't be in this mess quite so badly. But he did, and we are.
I love this talk of 'the rich' - taxing them 100% wouldn't come close to sorting out the problem, and long term economies and entrepreneurialism are crippled by high taxes so it's laudable to get rid of the silly 50% tax to drive more growth, jobs and therefore net a higher tax take. So it's going to hurt and it's going to take time - blaming to current government and harking back to the pillocks who got us here doesn't feel like the right answer!
Gordo
Sorry, but that part of your post is nonsesnse and leaves us no need to ask which way you voted!
10 January 2011, 10:08 PM
#55
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No I didn't. The main parties are made up of short termist, greedy, dishonest, self serving career politicians who are out to line their pockets and have very little genuine interest in the good of the country.
After 18 years of Thatcherism, 12 years of Blairism and a Liberal Democrat parrty that does not know its **** form its elbow the country is in a complete sorry mess and I decided it really did not matter who got in as they would all go back on their promises and carry on lying and conniving to further their own ends and so far I am spot on.
No point voting if there is nothing to vote for.
After 18 years of Thatcherism, 12 years of Blairism and a Liberal Democrat parrty that does not know its **** form its elbow the country is in a complete sorry mess and I decided it really did not matter who got in as they would all go back on their promises and carry on lying and conniving to further their own ends and so far I am spot on.
No point voting if there is nothing to vote for.
10 January 2011, 10:12 PM
#56
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LOL, how can reducing the 50% tax bracket drive growth while the majoorty of small and medium sized businesses whose owners let alone employers will never see the 50% tax bracket are being crippled by ever increaisng fuel duty, VAT increases, rising prices etc..
Sorry, but that part of your post is nonsesnse and leaves us no need to ask which way you voted!
Sorry, but that part of your post is nonsesnse and leaves us no need to ask which way you voted!
Taxing entrepreneurs (those who typically earn more by taking risks and investing their capital to do so) too highly has a massive impact on risk-weighted returns - i.e. it's not worth taking the risk if most of it goes in tax. Every marginal pound for them at the minute is taxed at 51% (income tax plus NI) - which acts as a powerful disincentive to do so. Combine that with the impact on people delaying M&A, reducing earnings and actively seeking tax planning mechanisms (often overseas) whilst hoping the tax reduces again mean that the net tax take of a higher income tax is almost always lower than when it's brought in. Both government's new this but Labour introduced it as a desperate populist move which was smart as it forced the Tories to adopt it - because the general public aren't informed enough to understand the wider impact that having it causes. Welcome to that club.
10 January 2011, 10:16 PM
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Oh dear why?
Oh and please don't trot out that it is my duty. These ***** have to earn my vote and they aren't.
You can go and vote for whoever you think is wonderful, but I don't think any of them are anything more than scum hence they will not be getting my vote any time soon.
I can't get my head round why people are so happy to accept the best of worst. If they are all bad f**k 'em!
Oh and please don't trot out that it is my duty. These ***** have to earn my vote and they aren't.
You can go and vote for whoever you think is wonderful, but I don't think any of them are anything more than scum hence they will not be getting my vote any time soon.
I can't get my head round why people are so happy to accept the best of worst. If they are all bad f**k 'em!
10 January 2011, 10:19 PM
#59
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I think it's pretty pathetic that you've spouted on and on, not just on this thread but others, about politics, government and the like, yet you don't actually vote 
I'll leave it there.
I'll leave it there.
10 January 2011, 10:19 PM
#60
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You're clearly not an economist.
Taxing entrepreneurs (those who typically earn more by taking risks and investing their capital to do so) too highly has a massive impact on risk-weighted returns - i.e. it's not worth taking the risk if most of it goes in tax. Every marginal pound for them at the minute is taxed at 51% (income tax plus NI) - which acts as a powerful disincentive to do so. Combine that with the impact on people delaying M&A, reducing earnings and actively seeking tax planning mechanisms (often overseas) whilst hoping the tax reduces again mean that the net tax take of a higher income tax is almost always lower than when it's brought in. Both government's new this but Labour introduced it as a desperate populist move which was smart as it forced the Tories to adopt it - because the general public aren't informed enough to understand the wider impact that having it causes. Welcome to that club.
Taxing entrepreneurs (those who typically earn more by taking risks and investing their capital to do so) too highly has a massive impact on risk-weighted returns - i.e. it's not worth taking the risk if most of it goes in tax. Every marginal pound for them at the minute is taxed at 51% (income tax plus NI) - which acts as a powerful disincentive to do so. Combine that with the impact on people delaying M&A, reducing earnings and actively seeking tax planning mechanisms (often overseas) whilst hoping the tax reduces again mean that the net tax take of a higher income tax is almost always lower than when it's brought in. Both government's new this but Labour introduced it as a desperate populist move which was smart as it forced the Tories to adopt it - because the general public aren't informed enough to understand the wider impact that having it causes. Welcome to that club.