Britain's economic security put at risk by growing reliance on taxing the rich, OBR warns

First topic message reminder :

Britain's economic security is being put at risk by the growing reliance on taxing the wealthiest, the official financial watchdog has warned.

The Office for Budget Responsibility revealed that over the past decade the proportion of income tax paid by the top 1 per cent has risen from 24.4 per cent to 27.7 per cent.

It said that Britain's "reliance" on a small number of people paying so much of the nation's tax means that the economy is now more "vulnerable" to financial shocks than it was before the recession a decade ago.

The report also raises concerns that the bulk of revenues from stamp duty are now coming from the wealthy after a series of tax rises by David Cameron's Government.

The watchdog says that Britain's economy could face significant damage if wealthy people, who are are "highly mobile", choose to move to other countries with lower tax rates.


http://www.telegraph.co.uk/news/2017/07/13/britains-economic-security-put-risk-growing-reliance-taxing/

Original Quill wrote:Jeeze...it's a simple read.  It distills down to trying to make globalization into a counter-Keynesian argument.

It's designed to confuse those who have either not caught up with globalization, or perhaps, forgotten Keynesian economics.  It simply says this is that without bothering to elaborate.

And of course, it's wrong, which is--may I suggest--the reason why it fails to go into much detail.  It's a classic shit-stirring pitch by a conservative issue mill.  It's not very intelligent because a sizable portion of conservatives are not very intelligent.  As John Stuart Mill said, "I didn't mean that conservatives are stupid, but that stupid people are conservative."  A simple declarative argument will suffice for conservatives.

Jeeze its very simple when you look at this in practice as we have seen in France and why the economy in France is in dire straights.

So why is it Quill you ignore this and every other example of Socialist Governments that have failed?

Do I need to invoke Venezuela here?

Thorin wrote:

Original Quill wrote:Jeeze...it's a simple read.  It distills down to trying to make globalization into a counter-Keynesian argument.

It's designed to confuse those who have either not caught up with globalization, or perhaps, forgotten Keynesian economics.  It simply says this is that without bothering to elaborate.

And of course, it's wrong, which is--may I suggest--the reason why it fails to go into much detail.  It's a classic shit-stirring pitch by a conservative issue mill.  It's not very intelligent because a sizable portion of conservatives are not very intelligent.  As John Stuart Mill said, "I didn't mean that conservatives are stupid, but that stupid people are conservative."  A simple declarative argument will suffice for conservatives.

Jeeze its  very simple when you look at this in practice as we have seen in France and why the economy in France is in dire straights.

So why is it Quill you ignore this and every other example of Socialist Governments that have failed?

Do I need to invoke Venezuela here?

France is doing fine. Don't worry your pretty li'l head about the franko-millionaires. As Little Bo Peep said:

"Leave 'em alone, and they'll come home,
Waggin' their tails behind them."

Original Quill wrote:

Thorin wrote:

Jeeze its  very simple when you look at this in practice as we have seen in France and why the economy in France is in dire straights.

So why is it Quill you ignore this and every other example of Socialist Governments that have failed?

Do I need to invoke Venezuela here?

France is doing fine.  Don't worry your pretty li'l head about the franko-millionaires.  As Little Bo Peep said:

"Leave 'em alone, and they'll come home,
Waggin' their tails behind them."

I am not worried about them Quill, as many have left.

France is not doing fine and it understands this more than most.

http://www.telegraph.co.uk/business/2017/07/16/france-targeting-city-london-ministers-warned/

I love France. And Donald Trump just took a trip there and declared that Paris is beautiful...

And you hate Trump

Thank you for making my point Quill

Thorin wrote:And you hate Trump

Thank you for making my point Quill

Like him or not, you have to accept him...at least until California breaks off. Lol.

He does prove one thing...even shit can float.

Original Quill wrote:

Thorin wrote:And you hate Trump

Thank you for making my point Quill

Like him or not, you have to accept him...at least until California breaks off.  Lol.

He does prove one thing...even shit can float.

So you think like Tommy then.

Thorin wrote:

Original Quill wrote:

Like him or not, you have to accept him...at least until California breaks off.  Lol.

He does prove one thing...even shit can float.

So you think like Tommy then.

I like tommy. He's honest. Like his argument on the personification of Nature...that's what he believes and he sticks with it.

@OP
or British economy in toilet as only the rich have enough left to tax
due to failure of British culture to adapt to globalization.

veya_victaous wrote:@OP
or British economy in toilet as only the rich have enough left to tax
due to failure of British culture to adapt to globalization.

Complete and utter gibberish

Thorin wrote:

veya_victaous wrote:@OP
or British economy in toilet as only the rich have enough left to tax
due to failure of British culture to adapt to globalization.

Complete and utter gibberish

SO the rest of the economy is full of people with money to spare?
Make You Nicko and rags pay some more tax you say?

It's right in front of your face but your too dumb
It is not the taxing of the rich but it is the system by which only the rich have enough to tax that is the issue

Yet still you'll tell us Capitalism is a great success.

I don't pay tax you womble cock !

nicko wrote:I don't pay tax you womble cock !

So you're saying your the bludger not paying his way
You should pay some tax so some rich 1% can pay a little bit less according to thorin, I believe the tories message

veya_victaous wrote:

nicko wrote:I don't pay tax you womble cock !

So you're saying your the bludger not paying his way
You should pay some tax so some rich 1% can pay a little bit less according to thorin, I believe the tories message

He is retired and has paid tax whilst working.

So you want to tax pensioners now?

I am quite happy to pay more in tax, in order that it goes to the NHS

veya_victaous wrote:

nicko wrote:
I don't pay tax you womble cock !

So you're saying your the bludger not paying his way
You should pay some tax so some rich 1% can pay a little bit less according to thorin, I believe the tories message

Everbody pays  some level of tax, "from cradle to the grave", in both our countries...

Via VAT/GST, sales tax, various levies ( many hidden away), royalties and levies on businesses (that companies eventually pass on to consumers), stamp duty and financial-transaction taxes, licensing fees, council rates, dividends that public utilities pay to government..

Thorin wrote:

veya_victaous wrote:

So you're saying your the bludger not paying his way
You should pay some tax so some rich 1% can pay a little bit less according to thorin, I believe the tories message

He is retired and has paid tax whilst working.

So you want to tax pensioners now?

I am quite happy to pay more in tax, in order that it goes to the NHS

And yet your beloved Tories are actively reducing the tax rates that the bosses, knobs and wastrels at the "big end" of town will be paying, while dragging the chain in closing loopholes and removing lurks and perks from the tax evaders..

WhoseYourWolfie wrote:

Thorin wrote:

He is retired and has paid tax whilst working.

So you want to tax pensioners now?

I am quite happy to pay more in tax, in order that it goes to the NHS

And yet your beloved Tories are actively reducing the tax rates that the bosses, knobs and wastrels at the "big end" of town will be paying, while dragging the chain in closing loopholes and removing lurks and perks from the tax evaders..

.

I am not a tory supporter.

No party ever sorts out tax evasion or avoidance, so cut the crap eh

Pensioners are eligible to pay tax aren't they?

Raggamuffin wrote:Pensioners are eligible to pay tax aren't they?

Are the majority of them eligible and is Nicko?

No

Thorin wrote:

Raggamuffin wrote:Pensioners are eligible to pay tax aren't they?

Are the majority of them eligible and is Nicko?

No

They're all eligible, depending on their income, just like anyone else.

Raggamuffin wrote:

Thorin wrote:


Are the majority of them eligible and is Nicko?

No

They're all eligible, depending on their income, just like anyone else.

How can they all be eligible if its dependent on income?

Doh

Thorin wrote:

Raggamuffin wrote:

They're all eligible, depending on their income, just like anyone else.

How can they all be eligible if its dependent on income?

Doh

Because they might get a very good pension. Doh!

Raggamuffin wrote:

Thorin wrote:


How can they all be eligible if its dependent on income?

Doh

Because they might get a very good pension. Doh!

Then they cannot "all" be eligible then can they?

Doh


You have to have over a million pound pension pot to do so.

Thorin wrote:

Raggamuffin wrote:

Because they might get a very good pension. Doh!

Then they cannot "all" be eligible then can they?

Doh


You have to have over a million pound pension pot to do so.

Yes they can. Everyone is eligible to pay tax. Whether they do so or not depends on their income.

You don't have to have over a million pound pension pot to pay tax at all. They might have a company pension, or a reasonable private pension on top of their state pension.

Raggamuffin wrote:

Thorin wrote:


Then they cannot "all" be eligible then can they?

Doh


You have to have over a million pound pension pot to do so.

Yes they can. Everyone is eligible to pay tax. Whether they do so or not depends on their income.

You don't have to have over a million pound pension pot to pay tax at all. They might have a company pension, or a reasonable private pension on top of their state pension.

Yes you do.
So again your view that everyone is eligible is utter nonsense

Thorin wrote:

Raggamuffin wrote:

Yes they can. Everyone is eligible to pay tax. Whether they do so or not depends on their income.

You don't have to have over a million pound pension pot to pay tax at all. They might have a company pension, or a reasonable private pension on top of their state pension.

Yes you do.
So again your view that everyone is eligible is utter nonsense

No you don't. What makes you think that all pensioners are on low income anyway?

Raggamuffin wrote:

Thorin wrote:


Yes you do.
So again your view that everyone is eligible is utter nonsense

No you don't. What makes you think that all pensioners are on low income anyway?

Because most are on a state pension Judy
Sorry but punch is out for tea at the moment

Thorin wrote:

Raggamuffin wrote:

No you don't. What makes you think that all pensioners are on low income anyway?

Because most are on a state pension Judy
Sorry but punch is out for tea at the moment

They would be on State pension, and they might also have another pension - idiot.

Raggamuffin wrote:

Thorin wrote:



Because most are on a state pension Judy
Sorry but punch is out for tea at the moment

They would be on State pension, and they might also have another pension - idiot.

Ahhh bless the abuse starts from the special snowflake

Many dont dumbo

http://www.dailymail.co.uk/news/article-4419944/State-pension-income-millions-retirees.html

Thorin wrote:

Raggamuffin wrote:

They would be on State pension, and they might also have another pension - idiot.

Ahhh bless the abuse starts from the special snowflake

Many dont dumbo

http://www.dailymail.co.uk/news/article-4419944/State-pension-income-millions-retirees.html

And what about the rest of them? You started the stupid comments which were clearly abusive, so you're an idiot if you think you won't get some back.

lol, think I shall leave you to sulk now after making you look silly here

ha ha

Thorin wrote:lol, think I shall leave you to sulk now after making you look silly here

ha ha

You're the one who assumed that all pensioners don't pay tax - dummy.

DOWN HERE, the "tax free threshold" for most people is just over $18,000 a year...

With added rebates, the tax fee portion for pensioners and retirees is around $21-->>22,000 a year..

Somebody on a single state pension will get maybe $17k per annum; and over a certain level they will lose 50cents in the dollar on additional income.

They would only need a couple of hundred thousand dollars sitting in annuities, investment funds and shares to go well over that tax free threshold, after allowing for a parallel loss of some pension payments.

And, as I pointed out earlier, PAYE and Business taxes aren't the "be all and end all" of tax revenue --  not when nearly 40% (or more in some countries..) of taxes are in sales taxes, levies, hidden taxes and 'indirect' taxes..

Raggamuffin wrote:

Thorin wrote:

Raggamuffin wrote:

Yes they can. Everyone is eligible to pay tax. Whether they do so or not depends on their income.

You don't have to have over a million pound pension pot to pay tax at all. They might have a company pension, or a reasonable private pension on top of their state pension.

Yes you do.
So again your view that everyone is eligible is utter nonsense

No you don't. What makes you think that all pensioners are on low income anyway?

quite apparent Throin doesn't understand the difference between eligible and liable

nicko is eligible but not liable (or liable for zero pounds)

veya_victaous wrote:

Raggamuffin wrote:

No you don't. What makes you think that all pensioners are on low income anyway?

quite apparent Throin doesn't understand the difference between eligible and liable

nicko is eligible but not liable (or liable for zero pounds)

He is not eligible to pay, just as countless others are not eligible

Seems you do not understand

Which is besides the point, based off your error thinking he should pay

Thorin wrote:

veya_victaous wrote:

Raggamuffin wrote:

No you don't. What makes you think that all pensioners are on low income anyway?

quite apparent Throin doesn't understand the difference between eligible and liable

nicko is eligible but not liable (or liable for zero pounds)

He is not eligible to pay, just as countless others are not eligible

Seems you do not understand

Which is besides the point, based off your error thinking he should pay

he is eligible to be taxed (and is as wolf points out through various Point of sale Taxes) he just doesn't earn enough to have income tax, if he did earn enough he would be liable to pay the required amount as set out under the tax code, as he doesn't earn enough he is still eligible to pay but he is liable for zero pound tax bill.

and it is you that says the 1% pay TOO MUCH where is it going to come from the unemployed youth? hungry families? or pensioners?
take you pick since you think the problem is the 1% paying too much, who should pay in their stead?

Gibberish again

He is not eligible to pay any tax, and there is a blatant reason why which has already been explained

You then go on about 1%.

What did I actually say in regards to that?

Or are you continually just going to lie all the time>?

As you have had explained by multiple poster YOU ARE WRONG
he is eligible to be taxed, being a citizen, but is not liable for any debt.
being retired does NOT make you ineligible to pay tax. Tax liability is based on personal income (plus POS taxes)

AND as is typical of your lip service style
WHAT THE FUCK DO YOU THINK HAPPENS if the 1% are as you say paying too much???

veya_victaous wrote:As you have had explained by multiple poster YOU ARE WRONG
he is eligible to be taxed, being a citizen, but is not liable for any  debt.
being retired does NOT make you ineligible to pay tax. Tax liability is based on personal income (plus POS taxes)

AND as is typical of your lip  service style
WHAT THE FUCK DO YOU THINK HAPPENS if the 1% are as you say paying too much???

Gibberish again, as tax is set on any sale produce.
That is not what he is eligible for himself

Again what did i say on the 1%

Take your time

veya_victaous wrote:@OP
or British economy in toilet as only the rich have enough left to tax
due to failure of British culture to adapt to globalization.

I mean you started in with this load of rubbish, not based on any facts

Then claimed the Uk, (which is one of the most multicultural countries in the world) has not adapted globalisation, which is again pure babble.

The Uk has one of the biggest economies in the world

So on all factors you would talking utter crap.

Thorin wrote:

veya_victaous wrote:

So you're saying your the bludger not paying his way
You should pay some tax so some rich 1% can pay a little bit less according to thorin, I believe the tories message

He is retired and has paid tax whilst working.

So you want to tax pensioners now?

I am quite happy to pay more in tax, in order that it goes to the NHS

You see? You implied that pensioners don't pay tax - because they're pensioners.

Raggamuffin wrote:

Thorin wrote:

He is retired and has paid tax whilst working.

So you want to tax pensioners now?

I am quite happy to pay more in tax, in order that it goes to the NHS

You see? You implied that pensioners don't pay tax - because they're pensioners.

Never implied anything

Thorin wrote:

Raggamuffin wrote:

You see? You implied that pensioners don't pay tax - because they're pensioners.

Never implied anything

So why did you ask Veya if he wanted to tax pensioners?

Raggamuffin wrote:

Thorin wrote:

Never implied anything

So why did you ask Veya if he wanted to tax pensioners?

Veya said Nicko should pay more in tax

Nicko is a pensioner and does not pay tax

Thus Veya was calling to tax pensioners

Thorin wrote:

Raggamuffin wrote:

So why did you ask Veya if he wanted to tax pensioners?

Veya said Nicko should pay more in tax

Nicko is a pensioner and does not pay tax

Thus Veya was calling to tax pensioners

Why shouldn't pensioners be taxed if they have a high enough income?

Raggamuffin wrote:

Thorin wrote:

Veya said Nicko should pay more in tax

Nicko is a pensioner and does not pay tax

Thus Veya was calling to tax pensioners

Why shouldn't pensioners be taxed if they have a high enough income?

Ask someone who thinks they should not

Thorin wrote:

Raggamuffin wrote:

Why shouldn't pensioners be taxed if they have a high enough income?

Ask someone who thinks they should not

So you really meant to say that those on a low income shouldn't be taxed. Still, at least you have admitted that you made a mistake.

Raggamuffin wrote:

Thorin wrote:

Ask someone who thinks they should not

So you really meant to say that those on a low income shouldn't be taxed. Still, at least you have admitted that you made a mistake.

Is that what you think?

Thorin wrote:

Raggamuffin wrote:

So you really meant to say that those on a low income shouldn't be taxed. Still, at least you have admitted that you made a mistake.

Is that what you think?

Well if you don't admit it, that makes you an idiot because you thought that pensioners don't have to pay tax.

Raggamuffin wrote:

Thorin wrote:


Is that what you think?

Well if you don't admit it, that makes you an idiot because you thought that pensioners don't have to pay tax.

Is that what you believe?