@philipmurraylaw If you’re a decent, hard working, law abiding, self sufficient person paying a mortgage and raising children in a family home, the only thing this government cares about is what it can take from you.
I don't understand why, as a young, hardworking father with two children, a massive mortgage and few savings, I'm being asked to pay significantly higher taxes to subsidise a triple-locked pension and a bloating welfare bill. Seriously unfair.
If I asked you which country has the most progressive tax system in the developed world — where high earners hand over an especially large share of their income relative to the average worker — what would your answer be?
The answer is in fact Britain. https://t.co/BlW00DT2ja
I grew up in a household where every pound mattered. I know what it feels like for families trying to get to the end of the month.
We’re rolling out free breakfast clubs nationwide to help families with the cost of living and giving every child the best start in life.
@RachelReevesMP Hi Rachel,
Getting prices down would mean deflation.
Let me know if I can offer further financial literacy lessons to you and your department.
Best.
@robprogressive Because it’s much better to live in the UK earning £541,786 net than it is to live in Dubai earning $999,966 net.
Name a place you’d rather live and raise a family in as a wealthy person.
Higher wages means higher tax receipts. Who knew?!
Yet, instead of encouraging and rewarding higher earnings, the government will most likely raise taxes on those earning more.
Colour me perplexed 😕
We’re also hearing that the OBR’s fiscal forecasts are better than expected, as result of stronger wage growth and therefore higher tax receipts.
It means Rachel Reeves doesn’t need to put up basic rate of income tax to fill lower than expected fiscal gap: the politics of that were proving just too hard with disagreement w/in cabinet and anxiety among Labour MPs over manifesto breach.
But - not least because she wants bigger than before headroom to protect against future risks - we’re still expecting chancellor to fill the gap through taxes.
We were already expecting threshold freezes but now reducing thresholds for 40p and 45p rates also an option. Would drag more people into paying higher rates, esp given wage growth. Salary sacrifice schemes also likely to be hit.
Ministers will hope that this will be seen as a fudge of manifesto promise - rather than blatant breach which would have made them first government in 50 years to hike basic rate of income tax.
NEW - we've data showing huge numbers of people reducing their income to avoid high marginal income tax rates. Not just at the £100k point (as previously reported). But at the £50k point:
@Heccles94 In a crowded field this is one of your worst takes. Without the small number of people building, running and growing businesses there are no jobs. Every employed person should want more, not fewer, billionaires creating growth and opportunity in their country.
I have an idea - let’s raise tax on employers and hand more rights to employees.
If, for whatever reason, we see a rise in unemployment benefits, we’ll just increase employment taxes again to cover the losses.
Plus, we can always ask those who keep their jobs to pay more too!