O_LCFC @oh3034_ - Twitter Profile

OH3034_ retweeted

6 days ago

When it comes to tax in the UK, a lot of people are deluding themselves, thinking the government will just go after the wealthy to pay for the ballooning commitments they’ve made. The truth is, the real target is the middle class. And the reason is simple. The middle class is the only viable option for the kind of revenue the government wants. Start with who’s off the table. A third of British adults pay no income tax at all. The bottom half of earners take home about a quarter of the income in this country and pay roughly a tenth of the tax. There’s no pot of gold buried down there, and every party has spent years promising to protect “working people.” Squeezing them is politically radioactive and would raise next to nothing anyway. The rich are off the table too, whatever the Channel 4 documentaries say. The top 1% already pay 28% of all income tax. Their money is capital, dividends and gains, so they’re mobile, and they’ve already started leaving. One widely quoted forecast has Britain losing half a million millionaires by 2028. Push the rate on these people much higher and you collect less, not more. Threatening them polls brilliantly, but relying on them for a tax bonanza is pure fantasy. Which leaves the middle class, and the middle class can’t run. Most are on PAYE, taxed at source before the money touches their account. They can’t turn a salary into a capital gain. They can’t declare residency in Monaco, because the job, the kids’ school and the mortgage are all here. Their wealth is a house they can’t hide under the mattress and a pension they can’t reach. Numerous, visible and immobile. The perfect target, and in some ways the only one. And here’s how it’s already being done. They won’t raise your headline rate of income tax, because they promised not to. But the threshold freeze, the one that sounds like a non-event on Budget day, is quietly hammering you, and it’s now been extended to 2031. Took out a student loan since 2012? You’ve been paying the graduate tax in all but name. Hold investments outside an ISA? You’ve watched CGT climb to 24%, and it’s likely to be equalised with income tax next. Sent your kids to private school? That’s the VAT charge. Saving into a cash ISA? That shelter just shrank from £20,000 to £12,000. And from 2027, your pension gets pulled into inheritance tax, so the pot you spent a career building can be taxed again on the way out. There’s more coming. Mansion taxes, higher CGT, property levies, dividends. Most of the taxes we’re told will hit the ultra wealthy will actually land on the middle class. And in most cases they’re not sat on fortunes, they’re sat on assets they spent a working life building. What’s worse, the burden grows with every Budget, because of the compounding commitments this government keeps making, and that nearly every other party has pledged too. So who pays for the past, present and future spending of the UK government? The middle class. And there’s not a thing they can do about it. Debt-trapped, stuck in place, with nowhere to turn, and the government knows it. If any of this resonated, you’re likely in the taxation crosshairs. I wish you luck.

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