Labour May Need to Lift Taxes on UK’s Wealthy, Bloomberg Economists Say
https://www.bloomberg.com/news/articles/2024-06-21/labour-may-need-to-lift-taxes-on-uk-s-wealthy-economists-say
Posted by bloomberg
Labour May Need to Lift Taxes on UK’s Wealthy, Bloomberg Economists Say
https://www.bloomberg.com/news/articles/2024-06-21/labour-may-need-to-lift-taxes-on-uk-s-wealthy-economists-say
Posted by bloomberg
22 Comments
*From Bloomberg News reporter Irina Anghel:*
A Labour government might have to increase taxes on the wealthiest Britons to get the national debt falling, according to a new analysis.
Keir Starmer has ruled out increasing income tax, corporation tax, national insurance or VAT — together projected to make up two thirds of all government revenue — if his opposition party wins the July 4 general election.
But a weak growth outlook makes manifesto promises to stabilize debt look undeliverable unless Labour looks across the tax base, according to a Bloomberg Economics report.
Economists: Labour may need to engage in actual economic policy to fix Britain’s economy.
Labour: How do we spin Bloomberg as anti-Semites?
Why? If they are not paying tax they are just hoarding money, we don’t need them.
Wealth taxes are incredibly hard to implement properly, France, Finland, The Netherlands, Iceland, Luxembourg and Sweden have all abandoned them in the 2000s. Primarily because they were costing as much to implement as they generated in value.
Caveat being they deem anyone who earns £50k or more to be wealthy.
Absolutely. I’d much rather Labour would have come forward with an ambitious plan to completely overhaul and simplify the tax system to ensure everyone pays their fair share, but I can understand how the optics of that would be an issue when the Tories are almost being wiped out.
I’m sure they’ll just remove as many people’s benefits as possible to fill the void instead.
What’s classed as ‘wealthy’ in Labours world? If it’s true that 50% of tax revenue comes from the top 5% of tax payers, is screwing them for more really going to work or will ‘wealthy’ be classed as everyone that doesn’t currently claim benefits..
Labour: let’s just not say or commit to anything until we win. The lack of plan is working.
Terrible approach, paints them as spineless and lacking integrity, probably costs them more votes than it gains them, and whether that is true or not, it’s going to come back to bite them when they start setting out their true views and policies after the election. It creates a much bigger risk of reform making huge gains by the time of the next election, imo.
It’s going to have to whack council tax up for sure, given how many are on the brink.
Starmer is going to have to work hard to not go the Olaf Scholz route – get an absolute hospital pass from the previous conservative govermemnt, end up deeply unpopular.
Capital gains is a very obvious and easy one to raise to match income tax.
I think more tax revenue is needed full stop, or we decide what to not have, or wait to go bust.
Trickle down hasn’t worked for the last 50+ years… lets try it again, yes that’s the right course of action.
What we should probably do:
Tax large businesses and individuals in the tens or hundreds of millions for whom it’s mostly a high score reduction
What we will probably end up doing:
Tax someone who has a terraced family house because we’ve created an underclass that sees owning a home as being “wealthy” rather than as a basic standard
define wealthiest. joe amd jane earning 50k, but with a 1 million windfall, or paul with no windfall earning 100k?
So long as wealthy means actually wealthy and not high income then fine!
Great, considering how hard I need to work and how much overtime I need to put in to land in the upper tax band already, I’ll just cut my hours or get a job that pays less and take the hit on my lifestyle, I’m not bursting my arse to be anyone’s cash cow.
No thank you.
Any chance for once we could go after the exceptionally asset rich instead of those earning a good salary?
Bloomberg is valued at $22.5billion and is part of a financial system that has fucked the working classes for decades and absolutely cannot be trusted at face value **especially** when it comes to supporting the wealthy.
You know that would be the funniest thing the Labour party a party for working class people lift taxes on UKs wealthy and increase it on working class people like they are going to have to do in order to fucking pay for this wealth creation.
In reality they’ll put up taxes for everyone and there dog’s neighbourhood’s friend.
They will have to raise taxes on everyone. There’s no way around it.
When poors have squeezed balls to the point that they can’t pay more, its time to think about raising taxes for wealthy