Revealed: How Farage’s £80bn tax cuts would benefit the richest most

But raising the Tax Free allowance by nearly £8k would put £2k per year into the pockets of a LOT of people. While the richest might be the biggest beneficiaries in terms of how much they save, the biggest beneficiary in terms of volume of people benefiting may still be in lower/middle.

All moot anyway as raising the threshold so much so fast would be a bit Liz Truss and it wont happen.

Edit – this coverage even feels a bit “well yeah it benefits us but it benefits someone else more so I dont want it!”

I read the article but I don’t understand how they work it out. 

How does raising the tax free allowance benefit the highest earners? 

Anyone on over £140,000 pa wouldn’t be receiving it anyway.

Not a fan of reform in the slightest. These numbers don’t add up.

If the income tax base rate is uplifted from 12.5 to 20 then everyone will benefit equally apart from those earning less than 20. Therefore I would expect 1 and 2 to be lower then 3 to 9 to be equal. It’s not like you can get more because you earn more. In fact the relative income change should be lower at the top end because the % against income is lower because the income is higher.

Are they doing this on purpose? You know like let’s have a go at reform where even the most simple of person can see we are wrong so they look like some sort of underdog. I really don’t get it.

It’s slightly depressing to see that he knows he can write off any pushback as ‘Project Fear 2.0’ when Brexit turned out to be the fiasco ‘experts’ warned us about. 

You’d hope any normal country would take that as confirmation that he is talking out of his arse again. 

Following the Trump blueprint – Farage doesn’t have a single original thought – he’s building his own version of MAGA

Click bait crappy title from the Independent completely unrelated to the article. Farage is a twat but the article is garbage

You can’t cut tax for those that don’t pay any – so obviously any tax cuts proposed only benefit the “rich” (I.e those that work for living).

Here in Scotland, 39% of adults of working age pay no income tax, not a single penny – so obviously the tax cuts proposed will only benefit the working man and woman, aka “the richest” (read – those who work for a living and pay tax) and I’m absolutely happy for that.

“Richest” is a byword for those bothering to find employment and put in a working week.

I’m sick of paying more and more tax and having more and more services stripped away to fund those whose contribution to the state is £0 a year.

Finally, someone proposing an incentive for the people who actually do work and pay tax that fund the welfare state. Our current system, of taxing working men and women higher and higher, either through tax increases or fiscal drag, whilst millions sit idle demanding that working people fund their lifestyles, isn’t working.

https://www.gov.scot/publications/scottish-income-tax-distributional-analysis-2023-24/

The voters know. They don’t care. They think all politicians are crooks who serve “the Elites”, so you may as well vote for YOUR crooks. At least then The Elites will be people like you.

I don’t understand how this kind of push is still being attempted nearly 10 years after Trump and Brexit proved decisively that it doesn’t work.

A wolf in wolf’s clothing, pretending to be sheep, to incredibly dim sheep.

It’s really not difficult to see Farage is a charlatan, a fraudster and a self-serving grifter. Only have to see how Reform in the local elections are going to see how workshy and ignorant him and his pack of wolves really are.

His voters need to look into populism. They’ll soon learn they’ve been taken for granted and lied to.

So right wingery 101. Massive tax cuts for the rich, smaller tax cuts for those in lower income brackets.

But then of course the massive tax cuts for the rich need to be paid for by cuts to/privatisation of public services, so any tax cut you give to lower earners goes right back to private service providers for stuff that used to be available free at the point of use, ultimately leaving the poor out of pocket.

And then when people notice how crap everything has got, just blame it on immigrants.

It’s Truss 2.0, but that’s very manageable now. Sell pounds and UK bonds, buy US bonds or Yen (ie any other major safehaven asset). Wait for the lettuce-brained crash and buy them back at a profit.

The £50-80bn unfunded cost is fucking terrifying.

For context, the infamous Liz Truss budget that sent the economy into meltdown was around £40bn unfunded.

But pretty much all tax cuts benefit you more the more you earn (and the more tax you pay). That’s how tax works. It’s hard to cut tax from people who earn so little they don’t actually pay any/hardly any.

This is the same for pretty much every government, in every country, ever, that tries to cut tax. “Tax cuts for the filthy rich!!” is the ever predictable tabloid headline.

Cutting personal and corporation taxes is a great idea. Ultimately it will increase tax receipts. And grow the economy by incentivising economic activity. Just needs to be done in a managed way with a clear plan of where and how public expenditure can be cut to provide balance.

It’s an extremely compelling change that would absolutely benefit the poorest more, top tier cope from the media as usual twisting numbers to fit a narrative.

At this point I believe nobody in politics as they do things that benefit themselves and only back track as soon as enough public outcry and anger, is achieved.

We hold none of the accountable as they are people on the TV, that may as well be actors, on a soap. Really crazy to think that some countries have or had ex actors as presidents.