There is overwhelming evidence that increasing CGT rates reduces CGT revenues & cutting rates increases CGT revenues. Brian Monteith sets out that evidence both domestic & international in a must-read article for @MoneyTelegraph.
"What does it take for dim-witted politicians like Streeting & Burnham to understand the policy of hiking GCT rates to income tax levels is a dud? Do we have to experiment with it another four times over 30 years?" asks Brian.
Evidence in the thread..
1/7
Exactly this! Just cut out the middleman. A governments job is to create favourable conditions for business to thrive so that they can grow and employ more people. Labour are doing the exact opposite of that at the moment.
The UK is spending ยฃ369m refurbishing Buckingham Palace for King Charles, who has ยฃ22bn and gets ยฃ500m more a year.
He can pay for his own renovations, ยฃ369m is more than England spends on building Social Housing in an entire year for the whole country.
@CreativeDeduct@Heccles94 The other thing people never mention is that profit goes to shareholders who are large institutions which manage the pension funds of ordinary people.
Trump has a meltdown and ends the interview
Welker: Just to be very clear, there's no evidence of what you're saying.
Trump: Thereโs a lot of evidence. Thereโs tremendous evidence. Thereโs nothing but evidence. The election was rigged. And itโs happening again in California. Theyโre cheating.
Welker: Do you have evidence?
Trump: All I have to do is look.
Welker: Thatโs not evidence. The local officials acknowledge they are slow
Trump: Theyโre crooked. Just like youโre crooked. Youโre either crooked or stupid.
Tax allowances have been stuck in the permafrost, sometimes for decades, reports a study by the Association of Taxation Technicians
Absurdly the ยฃ3,000 annual gift exemption for inheritance tax purposes โ hasn't changed since 1981. In todayโs money it would be worth almost four times as much or ยฃ11,800
The inheritance tax threshold has been stuck at ยฃ325,000 for 17 years ago and is now frozen until 2031. If it had risen with inflation, it would be around ยฃ525,000, 60% more.
The rent-a-room scheme allowance has been frozen at ยฃ7,500 since 2016. It should be ยฃ10,500 today.
If the higher rate income tax threshold was not frozen at ยฃ50,270, it would reach ยฃ70,000 by 2030.
All these allowances and thresholds should be legislated with a built-in inflation adjuster such that they increase automatically in line with inflation each year.
US tax thresholds are raised automatically each year in line with inflation. That's a key reason why US thresholds are so much higher than British ones. You have to earn $640,600 in the US in order to pay the top income tax rate of 37%. In Britain, the figure is almost 10 times less. Here earn just $66,000 US dollars (ยฃ50,270) and you start paying a 40% tax rate.
@StuartSmudge@SkyNews@KamaliMelbourne Section 24 tax changes (private landlords now pay on income rather than profit), mortgage rate increases and higher costs for labour and materials are the reason for landlords pushing up rents. Most BTLs are on interest only, so mortgages are not getting paid off by tenants.
Could the Renters' Rights Act push rental prices up?
The boss of a residential landlords' association warns that changes to renters' rights and energy efficiency standards are creating a "perfect storm" for renters.
https://t.co/PAiZ4D1jU3 | @KamaliMelbourne
๐บ Sky 501 and YT
@JohnSwinney How about politicians expense a bit less, or the treasury spends a bit less? Ever thought about that wacky idea John, rather than take more of other peopleโs hard earned?
Reed chief executive James Reed says the high cost of hiring young people is to blame for plummeting entry level jobs.
"The cost of hiring a 21 year-old 40 hours a week in 2016 was ยฃ15,333, now it would cost the same employer ยฃ29,654 so it has gone up 93%"
oh my goodness -- Ted Lieu played Rubio a video of Trump sleeping while Rubio tried to talk to him during a cabinet meeting. Then this exchange happened:
RUBIO: I've never seen him fall asleep
LIEU: I'm gonna show you a video that shows you just lied to Congress
*plays another video of Trump sleeping by Rubio*
Economist Mariana Mazzucato says Brexit led to businesses leaving the UK, shrank market opportunities and damaged investment.
She tells The Fourcast that Nigel Farage and Boris Johnson have still not been held accountable for what she calls one of the country's biggest economic mistakes.
Nigel Farage and Boris Johnson have both denied lying to the public.