What Taxes Could Rachel Reeves Increase?

[@jimbojimbo6873]

Fun fact, Tobacco tax receipts were £8.8billion last year, with the governments plan to basically eliminate smoking tht’ll need to be accounted for again.

[@HandsomeSmells]

how much does this translate to NHS cost savings from tobacco related health issues?

[@tomtimtomtim]

​@@HandsomeSmells which you then need to compare against the increased life expectancy, what period of that will be in Ill health on average. Plus the cost of the increased pension payments over that period & any other benefits

[@olivermahon5618]

​@@HandsomeSmellsSmokers are extremely tax efficient, massive amounts of tax and a lot less state pension so the increased NHS spending is small in comparison

[@regarded9702]

​@@HandsomeSmells as macabre as it sounds, letting people kill themselves saves the NHS money.

[@loowyatt6463]

​​@HandsomeSmells Smoking cost the NHS £2.5 billion. So it would be around a £6.3 billion hole People dont seem to understand the fact that smokers are very profitable for the government and NHS. While alcohol is the largest drain on the government and NHS.

[@Abzuhuzwn]

Taxing pensions would be fucking pure evil. Why the hell would anyone want to work hard for anything ever at that point?

[@SunnyBirak]

Working full time and getting taxed and then getting taxed on your pension o and wait taxed on anything you leave your kids to help them basically you feel like a mug 😢

[@floydchusset3143]

I've lived in America and Canada. Paid about the same in taxes but get way more for my taxes in Canada. Most Americans hate the government (hate giving them their money even more) because they've never experienced good governance.

[@grinjohnson6452]

I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Kamala being elected out of 300 million people to run the country is evidence for that too.

[@ryanthompson8256]

This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better t ax credits in return for better public education and better public healthcare. but since these are nonexistent, my wife and I are being guided to finance our retirement and healthcare through a diversified inves tment port folio

[@ashwinaditi1039]

Interesting, Mind if I ask you recommend this particular advisor you use their service? honestly right now i have quite a lot of trading problems.

[@ryanthompson8256]

Laura Grace Abels is the advisor I use. Just research the name. You'd find necessary details to set up an appointment.

[@ashwinaditi1039]

I searched her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.

[@joshuam511]

As a young person I am not happy with the idea of yet another way of fucking over my retirement. I have a great job at the moment and I can't to buy a house or save enough for retirement to be comfortable.

[@jayc342009]

I don't think we will ever retire bud

[@attackxxx]

Then you should be glad they are finally addressing debt

[@BocaoZ]

I hear you, Josh. Unless things fundamentally change, this country is unfortunately cursed for generations.

[@robc1014]

Sure is a nice time to migrate to a better country.

[@sentiel]

They'll look to phase out State funded Pensions, it's why they've introduced a mandatory Pension Contribution to our salaries. It makes sense from a financial PoV, just with the annoyance that we're the generation that will get screwed at all stages of our lives as we're the unfortunate buggers that've drawn the short straw of being born in this changeover!

[@Rosbif06600]

She could ask Dido Harding to give back the £37billion she "spent" on a £50million track'n'trace app?

[@jimbojimbo6873]

You realise all the money spent on that was spent right? It went back into the system, paid wages, paid taxes and continues to do so. The money hasn’t disappear’. It never does.

[@TiffanyLaVoom]

@@jimbojimbo6873 Squandered, expensed, and in all likelihood embezzled.

[@FuzzyRiy]

@@jimbojimbo6873 It was a huge waste of money as it was a pointless app...

[@chadimirputin2282]

​​@@jimbojimbo6873that money was borrowed from thin air made on a computer and added to the ever increasing debt the uk is currently running. Which is in the number of trillions.

[@bishboshs]

The app didn't cost anywhere near 37bn and you know it.

[@tomwilliams973]

Isn’t a tax on employer pension contribution essentially a tax on working people’s pensions? The beneficiary of that contribution is the worker and businesses would simply offer the same level of contribution and the worker would take the hit of whatever tax is levied on the business’ pension contribution. Maybe I’m misunderstanding how the tax would work and how employer pension contributions, please correct me if I’m wrong. To state that taxing employer pension contributions isn’t a tax on working people is, at the very least, short sighted and some may argue intentionally misleading.

[@jameshodgetts7541]

Agreed entirely. No matter how the tax actually works, its an extra burden for a buisness to bear when employing someone. If you suddenly increase the costs your staff have, you have a dilemma - either reduce the next pay increase or worse, remove people entirely from that staff bill. People seem to love the idea of taxing buisness to the hilt, and im not against taxing buisness. But those same people totally misunderstand that a business has to be profitable to be functional and be an employer of people. If the total wage bill goes up due to an extra tax on it, that employer can either increase prices, or reduce the labour bill - or both....

[@jablot5054]

​@@jameshodgetts7541or they can make less profit. £20 billion instead of £30 billion.

[@alphamikeomega5728]

Employer contributions are effectively a way of hiding how high national insurance is from employees, or of making them think they shouldn't care about that part because someone else is paying. In reality, anything which makes it more expensive to employ people, all else equal, hurts employer and employee. If employer national insurance contributions were abolished, the benefit would be shared between employer and employee, the exact split depending on the result of their negotiation. (If one side tried to take all the benefit unduly, the employee could switch to an employer who is willing to share it, or the employer could hire someone willing to share it.)

[@toggerz7487]

You're assuming the employer would pass their costs onto their employees, but would you assume if the employer's tax contribution was cut they would pass on the savings? They wouldn't. Employers would pocket any savings for themselves. By raising the tax instead, the govenment is able to use the extra funding and give it to people in the form of better cheaper public services, cheaper bills, growing the economy which increases pay for "working people", and even directy investing into pension schemes. So basically, it depends on what the govenment does with the extra taxes they raise. I totally understand why after the last govenment people would think it's all going to be wasted, but IF we have a proper government they will invest that money into the country and use it to improve people's lives.

[@Misiu223]

Of course it is. They have no intention of sparing working people additional taxes. They will simply tax us indirectly so that most people don't realise what has been done

[@iielysiumx5811]

I love being taxed on literally everything I do

[@Bean_guy2]

Would you rather not have roads or public transport?

[@rubberduck3788]

@@Bean_guy2 we're pretty close to that around me anyway (a mid-size town in West Yorkshire), the roads are terrible and have largely fallen apart (take a look at the road heading into Leeds as you come off M621 J4 westbound as a great example), and the bus services have been cut down to 1 per hour from 1 every 15 minutes a few years ago.

[@haggishighways]

​@@Bean_guy2 The roads are filled with holes and the public transport is private. Next.

[@jonathanodude6660]

@@haggishighways did you watch the video? why do you think that is? 😂

[@haggishighways]

@@jonathanodude6660 What are you on about?

[@davidwebb4904]

If they ENDED CORRUPTION, there would be plenty of money. Stop paying 10x market rates for infrastructure projects for a start. Why are we paying £65 Billion for HS2, when the same in the EU would cost £15 billion. Theres £50 billion savings right there.

[@alexcovey1200]

Estonia has such an efficient tax system that they only need something like 7.5% to run everything.

[@user-op8fg3ny3j]

Because politicians are the ones gaining from the corruption

[@hydromic2518]

@@alexcovey1200Estonia has digitalized a lot of their government so they save a lot of money.

[@coconut7490]

@@alexcovey1200 Estonia is very efficient due to them largely automating and digitizing their bureaucracy, the government is basically on auto pilot for most services such as tax filing etc... the UK could do it also but I'm guessing the government don't want to make their own people lose their jobs.

[@SaintGerbilUK]

Yep too much government red tape means doing anything takes a decade to do and goes over budget before it starts.

[@johng.1703]

I was studying that tax chart, and the massive hole is missing? you know the one, the tax dodge loophole. close all the loopholes and you would have an extra block that would be as big as income tax and VAT combined.

[@loowyatt6463]

@@johng.1703 If you do some research you'll find that tax dodge loopholes are closed all the time. Someone just always comes up with a new one. It's also incredible expensive to investigate people breaking tax dodge loopholes. Fun fact: In the US they have the same issue. So they wait for around a decade, collect up as much evidence as possible. Then go after the biggest tax dodgers all at once and fix the tax dodge loophole.

[@zinedinebourenane1015]

so true, governments have become to inefficient, the uk's tax system is a leaky hose and rather then fix the leak the government just turns up the water pressure

[@edli323]

Trades accepting cash to avoid VAT alone should far exceed £20b a year!

[@TheVesko95]

Which one exactly? Non doms is being closed

[@johng.1703]

@@edli323 that is just a drop in the ocean for the legal tax avoidance.

[@emotionallychallenged]

I think you missed a lever or two. They could introduce new taxes like a wealth tax, financial trading tax, 2nd homes tax, a mansion tax, a luxury goods tax, as well as legalising and taxing things like cannabis. Or reforming existing tax like inheritance tax.

[@loowyatt6463]

@emotionallychallenged Wealth tax is basically impossible as if you tax stocks before they're sold, you destroy all value in them. Which would just destroy all the wealth, you wouldn't get any. Similar problem with a financial trading tax. 2nd home tax is an idea that has already been used and failed. All other causes are the renting market to shrink, causing rent prices to increase massively.

[@aceman0000099]

First few ones you listed are effectively same as a CGT

[@Claire-dg3gh]

​@@loowyatt6463I disagree, if you are renting out that's a business & should be taxed as a business. If it's a second home, for private use that's private. The rental market is rising anyway, with the ongoing market manipulation. The rents will rise anyways without rent controls. Might as well get the tax.

[@loowyatt6463]

@Claire-dg3gh The second home tax caused a massive increase in renting prices, it's literally one of the major forces causing the second crisis. Lots of problems can feel easy to solve when you ignore the complexity of real life. The simple fact is taxing second homes didn't stop rich people having them (as they are rich). All it did was push out the smaller landlords, who are typically the nicer and cheaper ones. Mix in a massive decrease in the renting market. Congratulations, you've just made some of the poorest in society pay more in rent. Don't worry though you've helped the rich folk get a slightly teacher 4th house

[@Claire-dg3gh]

@@loowyatt6463 yeah, try reading my reply. I've covered that & you haven't debunked it.

[@johnburrows3385]

The difficulty, IMO, is over the last 40 years government assets have been sold off ,thus reducing the states income stream. Also, the natural monopolies being in overseas private ownership have being estimated to be 20% more expensive to businesses and consumers . Add to that the failure of government to use North Sea oil revenue to build up a sovereign wealth fund to aid public investment and we're basically in a mess. The selling off of Council housing , yet another long term fiscal disaster, the government would've have made a small profit on rents , now the state has to pay out billions in in work and housing benefits to people unable to afford sky high private sector rents. This is why , despite crumbling public sector services and long term austerity, we have the highest tax burden in history. The government has become poorer and weaker , a successful economy has BOTH a very strong public sector AND a strong private sector .....IMO you can't have one without the other !

[@wotchadave]

Couldn't agree more. Also the huge increases in land prices because of the unchecked (Dare I say, encouraged) housing market boom has effectively increased the costs for everyone using land (Both individuals and businesses... a pint in London now costs £6 or £7!)

[@neilp7623]

Slash unemployment benefits and council houses. No free handouts will work and reduce the deficit

[@johnburrows3385]

@@neilp7623 And cause mass destitution with shanty towns springing up .....like a third world country .

[@neilp7623]

@@johnburrows3385 survival of the fittest.

[@TheFactsMan]

@@neilp7623 Always has been.

[@markanderson6969]

We all know there is no £25 billion black hole

[@abduco1847]

the poor will pay for it

[@aceman0000099]

Explain how 😂

[@SgtAndrewM]

CUT FORIEGN AID!

[@vishmaster09]

As 'oversimplified' once said Hmmm yup theres a tax for that Anything you do, there's a tax for that

[@Dicky104]

Do MPs ever keep promises?

[@Stepbystep74]

Hitting the 35bn of tax avoidance doesn’t appear in that chart. Nor is a wealth tax or anything. Looking at what is already there can be a little limiting. They could also drop thresholds or introduce bandings which would alter the number of people affected by a tax or make people who aren’t “working people” pay more

[@IAMMARTICUS1470]

Thresholds have been falling in real terms since 2022, and will continue to do so until at least 2028

[@bishboshs]

@@IAMMARTICUS1470 "and will continue to do so until at least 2028" how did you come up with this? Are you Rachel Reeves?

[@corpclarke]

Tax avoidance is just not paying any more tax that you legally have to. Anyone with an ISA or pension is doing tax avoidance. Anyone who doesn't send HMRC more money than they legally have to is doing tax avoidance. Presumably you meant tax evasion?

[@jablot5054]

How you going to pay tax if you don't work.

[@fburton8]

@@jablot5054 Not all taxes are on work. In fact, most aren't.

[@AlphaHorst]

Its even worse than you showed. If taxes on flying are ruled out because they could "affect working people" how come you left out "fuel duty" and "enviromental taxes" both of which are taxes which affect working class people the most. Enviromental taxes could also be argued to be part of coropration taxes. still neither of them can be increased without breaking the core promise of "no new taxes on working class people" Also taxing pensions is sth taht should never be done, just look at germany. They did it. The most hurt are low income to high middle income families whos now sit with a pension of barely 20% of their average monthly earnings. So many in germany still work with 70 or more because they can not afford to live as half or more of their pension is lost to duties, taxes and insurance. Taxation of still "dormant" pension pay is even worse, as it simply reduces the already low ammount and is literally the opposite of what should happen. In the UK the plan is to put the money into fonds which increase in value thereby increasing the pension sum people receive, taxing that would reduce the pension people get. THis is a policy which will lead to MASSIVE issues in 10 or fewer years.

[@DelrioCobaj]

$450k Returns the Lord is my saviour in times of my need!!!

[@SverreeAlkhezali]

wow this awesome 👏 I'm 37 and have been looking for ways to be successful, please how??

[@RadkoKalligiannis]

It's Ms. Susan Jane Christy doing, she's changed my life.

[@JuventinoNain]

After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.

[@ChopaAccotto]

I do know Ms. Susan Jane Christy, I also have even become successful....

[@Lexiross-y1x]

Absolutely! I've heard stories of people who started with little to no knowledge but made it out victoriously thanks to Ms. Susan Jane Christy.

[@mickeypitty3680]

What about the massive amount of foreign aid we’re sending out or spending on illegal migrants on the last 10 years both in and out of prison

[@SaintGerbilUK]

Starmer said about a week ago that both are non-negotiable. Apparently, they are a government of service for Ukrainians before Brits.

[@HomebaseLHR]

@@SaintGerbilUKUkrainians aren’t the ones we’re worried about. It’s the 1000 people a day on dinghy’s

[@hidderaven7890]

Negligible amounts. Wouldn't end the deficit.

[@SaintGerbilUK]

@@HomebaseLHR and it's worse than they're letting on, sure illegal immigration has a budget item, but once they're in the country (at an 80% approval rate) they add to the cost for the NHS, local councils, etc. Which is why they are all struggling, but it's on a different balance sheet...

[@jablot5054]

Foreign aid is a bribe so we can steal all the countries wealth.

[@Alexander-yb1zc]

Honestly I'd be more impressed if they keep their manifesto promises than if they fix the black hole.

[@TiffanyLaVoom]

What promises? In the election all they did was give vague answers, and deliberately dodged giving any real promises. There were numerous warning signs that this was coming, and ignored.

[@duplicitouskendoll9402]

I don't know what they'll end up changing, but I know it'll end up hurting 20 & 40% working tax payers and average homeowners the most. The rich or big business might end up paying more in raw numbers, but in terms of impact it will hurt the many and leave the few still completely comfortable and fine.

[@metalhead2550]

It's worth mentioning that increasing CGT may not only make people more reluctant to sell their assets but it's also likely dissuade some from investing at all which is what Labour are trying to boost for their "growth agenda"

[@Dav1d_I]

Exactly! If Labour increase CGT to 40%, won’t people be incentivised to hold onto their investments and wait it out until CGT comes down again? Just buy gold, long term shares, property etc and hold them until the Tories come in and bring CGT down

[@quackcement]

People already pay tax before they invest. Investing in stocks is good for the economy. Also you might only sell shares every 10 years. If taxed as annual income, they you'd pay disproportionately too much the year you withdrawal shares

[@metalhead2550]

@@quackcement agreed on the annual part, the associated caps also don't take into account any affect of inflation.

[@glostergloster6945]

@@Dav1d_I Hate to burst a few peoples bubbles and low tax fantasies but CGT was 40% pre Autumn 2007 and the economy was in a much better shape then than now with CGT at lower rates.

[@aceman0000099]

​@@glostergloster6945thank you! People always forget the history of taxes. They've been cut for so often we just take it for granted

[@danrares-youtube]

“We will not increase taxes on working people” Goes ahead to effectively increase taxes for working people via other methods. HOW ABOUT BALANCING THE BUDGET BY INCREASING COUNCIL TAX FOR ESTATES WORTH OVER 2 million pounds…

[@jameshodgetts7541]

2 million is an ex council flat in inner London though....

[@user-nl2kt9jc9p]

Where does 2 million come from? Why is this a magical number? Why not £1 million? why not £100K? Why not on anyone who owns a house? Surely owning a house makes you rich? Or... maybe increasing tax on those who already pay by far the most tax in the country is not the way to move forward - according to the climate change committee a move to Net Zero by 2030 is costing the UK £50 billion/year - why not slow down this ridiculous target? Why not drop support for Ukraine and instead spend our own money domestically, while supporting a peace deal instead? Any of these would generate billions upon billions more pounds than simply raising taxes... food for thought!

[@nightlyfrost]

Ooooor they can start increasing tax on landlords that own more than 4 properties.

[@user-nl2kt9jc9p]

@@nightlyfrost Why more than 4 properties? what if the total value of the 4 properties is only £400k? Where does the idea of 4 being some crazy number even come from? What if these landlords are charging fair rent rates and haven't increased prices on their tenants for years? Or do you just think all landlords are inherently bad, especially if they have 4 properties or more?

[@mxjaz82]

​@@nightlyfrost Exactly! we need private landlords to sell off so mega corps can buy more properties. Don't worry a couple of companies owning all the rental properties won't go wrong at all 😎🎩

[@vishmaster09]

It's a roulette table. Whoever the ball lands on will take the hit Will it be corporations, will it be working people, will it be schoolkids, will it be the NHS, will it be pensioners, will it be investors, will it be homeowners, will it be shareholders, will it be supermarkets, will it be the transport services

[@royterry8927]

vote reform

[@bilalali9780]

i don't understand, if they take 1 trillion on taxes then doesn't that pay for the 22 billion?

[@joeblogs6598]

They always spend more money than they have because they are evil.

[@liamswyr1071]

I guess it's not corporation tax or for the top 1%

[@Bean_guy2]

They said on the campaign that they would not increase corporate taxes for some reason

[@bishboshs]

@@Bean_guy2 "for some reason" was to ensure they didn't scare business investment in the UK.

[@Bean_guy2]

@@bishboshs Business taxes don't tax investment, they tax businesses with a branch in the UK. Amazon has invested a huge amount in infrastructure inside of the UK but they pay no corporation taxes.

[@harrisstrickland2352]

Top 1% doesn’t pay taxes anyways

[@wattbenj]

Who'd start a business with employees in the UK these days honestly. Corporation tax, VAT, dividend tax, income tax, council rates on your premises, no cap on your energy bills, national insurance contributions to employees, pension contributions to employees.....and now national insurance on pension contributions to employees. We're going to end up with Tesco and Amazon and literally nothing else. Because it's impossible. The only strong British businesses other than supermarkets these days are the ones that operate abroad, such as FTSE mining companies, airlines, tobacco companies and the like.

[@SaintGerbilUK]

Labour: We have a £22b tax blackhole, and we are also going to spend our way out of every problem.

[@TheAmericanPrometheus]

Isn't Keynesian economics wonderful?!

[@moonlit_forest2680]

What aspects are they spending their way out? They cut the winter fuel allowance. Did you not see how austerity damaged the growth of the UK?

[@moonlit_forest2680]

@@TheAmericanPrometheuswould rather take Keynesian economics that actually grows the economy over a failed austerity project

[@SaintGerbilUK]

@@moonlit_forest2680 Education reforms Doctors strikes Train strikes 24h courts Ukraine funding International Aid GB Energy GB Rail GB Water

[@John-ny7jn]

@@moonlit_forest2680I’m a big believer in Keynesian economics but I think in reality it’s flawed in that it doesn’t account for human nature. I think it’s unlikely that when the economy is doing well we pay a larger proportion into lowering debt - I think in reality that money would just be spent on other things like tax cuts

[@mikeyallen6758]

Given how much of an increase in budget is needed, ruling out increasing the top 80% of government income is absurd. She could have put slight increases across the board (i think 2% on average for everything) and reached the goal she needs but instead shes too scared to do anything that will hurt the donors wallets. Even just income tax could have paid for it in full if she just tweaked the numbers and thresholds a little, that way she could actually deliver on the promise to not over tax the working class

[@AlphaHorst]

The promise was "no new taxes on working class people" So rasing VAt would be a direct break of that. VAT is already 80% paid for by working class people as they can not get tax breaks or rebates due to owned buisnesses and clever bookkeeping. Raising VAT is the WORST way to fix the issue as it entirely breaks the promise by almost exclusively taxing the working class people.

[@kenwalding6003]

Why do you think that the bribers pay and they accept all those bribes?

[@mikeyallen6758]

@@AlphaHorst true, that was just a way to show that she could have made small increases across the board for the same effect. Hence why i then focused on the income tax changes

[@moonlit_forest2680]

She literally promised it so she can’t break it! Stop being silly

[@SaintGerbilUK]

Does there need to be a large increase in the budget though? Government spending is at an all time high, taxes are nearly at an all time high, debt is at an all time high. To me it seems like they need to shrink the budget and actually spend on things which will help the people of the UK.

[@GoogleSnakeee]

why is "labour" taxing the workers and not the corporations??

[@Misiu223]

I'm glad someone has finally mentioned that

[@benchoflemons398]

Because corporations are highly mobile. A corporation doesn’t have family ties. A corporation can just fire a bunch of UK workers and go to the US if taxes go up.

[@Misiu223]

@@benchoflemons398 That's the very inequality they are supposed to be addressing

[@swampy1234]

How are Labour taxing employees and not employers?

[@nicok5548]

How about stopping government spending??

[@DelphineBarkley]

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[@VonNothias]

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[@VernesaGunz]

How can i reach this Abby Joseph Cohen, if you don't mind me asking? I've known her by her reputation at Goldman Sachs

[@DelphineBarkley]

​@@VernesaGunzWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@VernesaGunz]

​@@DelphineBarkleyThank you for this tip. I just looked the name up, wrote to her through her webpage and booked a session..

[@RamseyAlaqel]

I was a stay at Home disabled dad with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.

[@dingopisscreek]

Reeves' has changed her hair colour from black to auburn - what she really needs is a new personality - every time we see her the bags under her eyes seem to get bigger - maybe the strain of being Chancellor and the most hated woman in the government is beginning to tell - Oh!! I DO hope so.

[@Pobotrol]

There's downsides to any attempt to solve the problems of our economy. Some people will be hurt whichever way we go and the press is always ready to bite back to discourage action.

[@SteveGouldinSpain]

She could put a penny tax on derivative trades and raise billions. I can't believe trillions of dollars worth of derivative trades take place every day all over the globe and governments don't benefit from it.

[@ymwan]

The lack of arithmetic skills of this government is astonishing. Since pension contributions is simply tax deferred, a 40% tax payer under existing system puts in £6 for £10 received in their pension pot. If they pay 20% tax on the way out, £8 is received, i.e. a gain of 33% (£8/£6 = 1.33). If they pay 40% tax on the way out £6 is received, i.e. a gain of 0% (£6/£6 = 1.0). If they change the tax benefit on the way in to 30%, a 40% payer puts in £7 for £10 received in their pension pot. If they pay 20% tax on the way out £8 is received, i.e. a gain of 14.3% (£8/£7 = 1.143). If they pay 40% tax on the way out £6 is received, i.e. a loss of 14.3% (£6/£7 = 0.857). Who would tie their money in pensions with either a loss of 14.3% or a mere gain of 14.3%. Put the money into an ISA or GIA and you'll make the 14.3% gain back over a couple of years.

[@jimbojimbo6873]

@@ymwan they still get 1) employer match if employed and mostly importantly 2) 25% tax free on the entire amount

[@ymwan]

@@jimbojimbo6873 The 25% is under threat. 40% tax payers tend to make AVCs because of the potential uplift. If one makes the minimum company match it is never likely one would retire with anything meaningful. As one gets older and the kids have left home and the mortgage is paid off, one focuses more on adding to one's pension. This benefits the whole system creating employment for the country. If one moves that money into an ISA or GIA, it is more likely one would simply take the money and run. What's being persued is social engineering not economics.

[@philipjamesparsons]

Excellent logic, but there is one big flaw in your logical argument. Labour do not appear to be logical. Still, even if they do mess with pensions, it cannot happen in an instant and there will be fireworks.

[@NoteSelf]

That's only the case if there is no interest/returns on your pension savings. Think like the Lifetime ISAs - one year you put £4k in, and you get £1k added - equivalent to a relief rate of 25%. But, you get interest/returns on that full £5k. If the averaged annual interest rate is 2%, you'd have £5,100 for paying in £4k after year 1 - a 27.5% gain. By Year 25 with no extra additions, that £4k investment would be worth £8.3k, or a 109% gain. That's not even taking into account any matched contributions from your employer.

[@ymwan]

@@NoteSelf LISAs have no tax on the way out. Pensions do (check my maths). I'm not against pensions, I'm against the possible changes coming. I like many others will change strategy as the government moves the goal post. Unless there is a revolution, we have to put up with what the dictators decide. Animal Farm should be brought back into the curriculum.

[@sysuen267]

The UK should just downsize the civil service and public sector spending in general, instead of raising taxes.

[@roberttopliss8512]

Going after people who are preparing to finance there own retirement will eventually cost the government more money.

[@2909dk]

Fellas, moving back to Poland doesnt sound so bad

[@versaceviper9798]

Don’t touch our ISAs!

[@TiffanyLaVoom]

Who in the hell can afford one these days?

[@robc1014]

@@versaceviper9798 but how else will they target and hinder the working and middle classes trying to improve their lives?

[@versaceviper9798]

@@TiffanyLaVoom People working multiple jobs and spending countless hours trying to better their lives because they know they can never rely on the government for anything.

[@versaceviper9798]

@@robc1014 Good point! But I’d rather pay more income tax than have my ISA raided by Rachel THIEVES.

[@versaceviper9798]

@@robc1014 Good point! But I’d rather pay more income tax if it meant they keep away from the very few tax free avenues we have here in the U.K.

[@jackjennings6143]

We don't need higher taxes; we need more efficient government services by reducing bureaucracy and middlemen.

[@ricequackers]

The pigs at the trough won't accept that.

[@bishboshs]

Why hasn't anyone thought of that before?!

[@RyanShiels]

And who would implement this? The bureaucracy and middlemen... I'm sure that will go well

[@Gericho572]

@@bishboshsbecause they won’t have a job.

[@PAMCMLXXXV]

Keep kicking the can. Cant tax your way out of your problems.

[@TheUnomosh]

You sure about? Taxes were pretty high for a long time to pay for WW2 and the collapse of the British Empire. Growth was much higher back then as well.

[@glostergloster6945]

@@TheUnomosh The magic ingredient that is missing? Inflation. We inflated our way out of our WW2 debts. Its why the BoE war in inflation is so stupid.

[@bald_flop8063]

Yes you can

[@Mark-mu6bc]

I'll be cutting back on everything to counteract tax increases 😂

[@robc1014]

They’ll increase as many taxes as possible so long as it’s mainly targeted at hurting the working class and elderly.

[@davidrubio.24]

A combination of all this proposals would make more sense.

[@zxdgaming927]

The black hole they made 😂

[@Mr-Reece]

A land value tax would be a very sensible proposal imo. Shame she eliminated the possibility of new taxes.

[@InnesRobertson]

It would not be easy as poor people in rural areas could pay more than wealthy people in towns and cities. Valuing land is difficult, green belt brown field flood risk soil quality planning prospects etc. For land bought and sold in the future it would be easier as you would have the land surveyed. Otherwise it can cost 1000s to survey and the whole process would take about 20 years.

[@Dav1d_I]

It would be complicated and time consuming, but that doesn’t mean it’s a bad idea

[@noahjohnson8740]

​@@InnesRobertson people in rural areas would definitely not pay more, land in cities is far more valuable. Look at London, you can get a parking space for 50 grand. Granted the actual system for evaluating land value has many different ways it could be implemented. But the current council tax system has a procedure for evaluating property prices based on 1991 values I'm sure a land value tax is not out of the question

[@mandrakejake]

You're talking about taking wealth not gains? If you own land and don't sell it there should be no tax to pay

[@noahjohnson8740]

@@mandrakejake taxing land when you sell, like stamp duty, punishes people for moving and causes inefficiency. People will be less likely to move for job opportunities, or to downsize their house in old age. When you think of land ownership as a rivalrous, zero sum fixed supply resource, then it makes sense to tax its usage over time. Otherwise we get the problem we have now of land speculation and ever increasing land prices, where its impossible to afford a house and developers keep empty lots for them to accumulate value rather than actually building on them. 🔰

[@anaxscotia]

Don't forget fiscal drag. The longer tax threshold stay the same the more people get brought in to paying income tax and NI (the hidden income tax).

[@yurisei6732]

Every time Labour balance the budget by cutting spending or raising tax, people's lives get worse, they vote for the tories, and then the tories take credit for having a low deficit. You'd think labour would have come up with a new strategy by now.

[@abydosianchulac2]

Given this channel's viewer demographics, it's worth asking: are you old enough to remember the last Labor government?

[@Rogue_Leader]

After 14 years of Tory misrule we have the highest tax burden since WWII, With respect, you don't know what you're talking about. I have a small business and I pay three times the NI that employees do.

[@FuzzyRiy]

@@Rogue_Leader And what was the decade before like? You know, the one Labour ran? I heard Gordon Brown and Blair did great things........(No I don't support Tories, Labour and Tories are the 2 sides of the same shitty coin).

[@Rogue_Leader]

@@FuzzyRiy Ah, I see. You think the global finacial crisis that started with mistrust engendered by the collapse of equities backed with subprime mortgages in the United States was Gordon Brown's fault?

[@Rogue_Leader]

@@FuzzyRiy And no, I do not support New L:abour, who did at least as much to sell off state assets as Thatcher did.

[@martinbishop2966]

Is she going to raise the "do you want the shirt off my back" tax as well? ☹️👎🐕

[@wpjohn91]

You were already taxed on the money you invested or item bough or business etc to then get taxed again. In principle double taxing is wrong

[@paologat]

Just double? Actually it’s already triple or quadruple.

[@wpjohn91]

? I mean on your slary you get IT and NI. Maybe VAT on some items. Which others do you think we can fall foul of?

[@fateenshareef8716]

In retrospect, ruling out use of 75% of your arsenal before the battle even begins seems to be a mistake. She locked herself into a box before she even got the job. Interesting to see how she does her job.

[@Alexander-yb1zc]

Capital gains reforms, Council tax reform, Fuel duty/Road tax reform, inheritance tax reform, there's a lot they could do it's just making sure that's is diverse enough to not dampen growth.

[@Ahad-bj1cz]

Due to Fiscal drag, taxes don’t need to even increase. We are already paying more. That “black hole” has decreased due to severe inflation and taxes on VAT, salaries and borrowing isn’t required. I like the commitment.

[@SamBankman-Fried]

@@Alexander-yb1zc Council tax is a good one. Residences in the City of Westminster pay some of the lowest rates in the UK despite being the most expensive real estate. When I was looking for a place to rent, I was absolutely shocked to find an expensive flat in Westminster paid 1/3 the countil tax of my aunt in Rutland who lives in a modest semi.

[@Alexander-yb1zc]

I think it's more about balancing the books for projeced inflation, debt repayments and investment. The tories made commitments without funding which is what the black hole refers to so those projects need to be scrapped and the projects implemented with proper funding.

[@Alexander-yb1zc]

@@SamBankman-Fried That's because council tax is fixed at the rate of the value of the property in 1991, limited reform bringing it in line with updated housing costs and pinning the cost of the land owner rather than the occupant could go a long way by increasing working class people's disposable income, moderating the housing crisis and raising funds.

[@croneryveit9070]

WHEN DID WE LEAVE AUSTERITY?!?!?

[@freddytang2128]

How do you define austerity? If the economy is bad and government can’t collect as much revenue, it’s not austerity to stick to a budget and live within your means

[@atonito5062]

Is the monarchy ever in austerity or affected by low economic times?

[@moonlit_forest2680]

@@freddytang2128 Are you actually this slow in life? The year 2010-2020 was known as the austerity period because of cuts to infrastructure and spending on other areas.

[@corpclarke]

Just look at a graph showing UK state spending in real terms. Since 2008 state spending has gone up in every year except for one (2014). Austerity just never happened. It was a myth.

[@jablot5054]

Never in it. My live stayed the same.

[@nomoreheroes93]

Huge elephant in the room here is the assumption that she wouldn’t U-turn on a previous promise - that’s practically the only thing Labour has been consistent on so far

[@spacetime3]

I would go for a wealth tax, I don't think Income and CGT and pensions are that viable.

[@Joseph_Roffey]

I’d do CGT as well, but wouldn’t expect to make any money from it in the short term, as it’s just unfair that you can pay less tax for profits from buying and selling assets than from working as an employee. But yeh, wealth tax is the obvious solution 👍

[@shirlingfish8275]

@@Joseph_Roffey Or you then pay CGT on your own home when you sell it and then can't afford to move locations if you have to move for whatever reason.

[@user-nl2kt9jc9p]

​@@Joseph_Roffey I understand you want people to pay their fair share, which is reasonable, but have you considered what CGT is and who it affects? Do you know why it's lower than other taxes, and why this is common globally? CGT is kept low to encourage investment and entrepreneurship. Entrepreneurs create businesses, pay corporation tax, hire employees who pay taxes, and contribute to the economy. They also reinvest their own money, take on high risk, and aim to sell their business as their retirement pot. Taxing away a large portion of that would drive them to leave the country, reducing tax revenue and discouraging investment in the UK. These aren't evil people, they are hard working members of society who have taken on risk at the benefit of the rest of us! So all I ask is that you consider what the gain would be from increasing CGT and who would actually benefit form this?

[@urlauburlaub2222]

@@user-nl2kt9jc9p Most people mean deleveraging, but say wealth tax because it's a Socialist framing. The Socialist liberal individualism also cut out central mediators, so that's why the differences are so rampant. The Socialist can't balance, so they push those willing to help away because of their pretentiousness.

[@spacetime3]

I look at from what really benifits and encourages productive and useful things for society and the working economy. Wealth over a certain amount and especially locked up in the form of land and infra doesnt do much and they cant just up and leave. Income (via people working)and investment in business is like working capital you get useful things out of it.

[@plxton]

The problem with the UK system and the politicians is the pressure they face from the civil service actually pulling the levers and wishing to ignore the obvious remedies for taxation… the things that hit the pockets of those that would rather not pay. So instead the bill is picked up by those on very average salaries.

[@sSteppingStones]

The problem is that Miliband just dumped 22billion on a machine that does the same thing as a tree 🎄

[@blackroseangel123]

That's a really nice graphic, nice jobs guys 👍

[@UWot-i9e]

I love being taxed so people can turn up on boats and get a free house.

[@MasterCoD124]

Tax the 1%'s assets ffs

[@thatokperson]

Genuine question, what's so divisive about alcohol tax?

[@maybeclay6]

The government making money off something that is generally harmful

[@thedewberry_6399]

Raising it has a huge impact on Pub footfall, if raised too much you're essentially killing off an already struggling industry that most working people view as a huge part of the national culture.

[@Mr-Reece]

You have no idea

[@Jmcinally94]

British identity is tied heavily to pub culture. It's not the healthiest thing, but there is a lot of historical necessity that led us to this point today. So politically, if you change anything it's always met with derision. It's why we still have pints.

[@slothsarecool]

Brits do nothing but drink, and then wonder why their economy is broken 😅

[@Jamal-Ahmed786]

As well as CGT being equalised with income tax, I also believe divident tax should be equalised with income tax

[@paologat]

Dividends are paid out of company income that has already been taxed. And then they are taxed again upon distribution to shareholders (including pension funds). Would you like them to pay, in effect, double income tax?

[@user-nl2kt9jc9p]

What is your reasoning behind supporting an increase in CGT?

[@Jamal-Ahmed786]

@@user-nl2kt9jc9p tax equity

[@3thinking]

A country cannot tax itself into prosperity.

[@sc754donaldn3]

Then how do you account for the Nordic countries having both the highest taxes and the highest standards of living?

[@tancreddehauteville764]

Rubbish.

[@krelleon422]

​@sc754donaldn3 well our living standards are rapidly going down and you can't really tax us more so I think the theory to just tax us more to solve the problems is kinda silly

[@TheUnomosh]

A country can invest and grow its way to prosperity. Investing requires money ie taxation.

[@robertmartin6800]

@@sc754donaldn3 They don't have the highest taxes, Norway has oil, and the other two are suffering massive debt crisis. They aren't wealthy because their taxes are higher, their taxes are higher because they're so wealthy, as they impoverish themselves their tax revenues are gonna fall dramatically.

[@jaigagandeep.s5100]

Or you could just tax your Royals property which was left alone all these years .

[@ironmaiden795]

Introduce a tax on people who cut queues or moan about the weather! It's the UK, they'd make £22bn in a day.

[@IainFrame]

Middle lane hogs on the motorway

[@jayc342009]

Add politicians who lie to that

[@nothereandthereanywhere]

@@jayc342009 It would be budget surplus in a week =)

[@JSK010]

Lowering the deductibility of pension contributions sounds like a good idea. The threshold for the highest tax bracket - 125k - is high, relative to other countries (NLD, BE and GER have lower thresholds) and to UK average income (just 35k p/a!).

[@philipjamesparsons]

I earn over 125k and like many who do, I will go part time if pensions are raided. Others will head overseas or retire. Higher earners pay a disproportionate amount of tax already.

[@JSK010]

@@philipjamesparsons yeah maybe. In my country (NLD) the maximum tax deduction income threshold for pensions was lowered to about 90k (!). There were warnings and threats of people working less but that didnt really materialize. Moreover, *not* lowering pension contribution tax deductions on high earners like yourself, means that some other taxes will be raised. People who have the pay those taxes will also threaten to withold their services to avoid paying the extra tax. Figuring out which threat is most credible is the whole art of optimal taxation. Given the evidence in other countries, i dont think the UK tax on high earners is extremely high (however, higher than in the other Anglo countries).

[@3thinking]

All Labour do is tax, waste, fail and repeat.

[@BocaoZ]

Ok bot😊

[@Rosbif06600]

....and yet the highest tax burden since the WW2 rebuild was under the last Tory government, the highest borrowing, has been under the Tories and the lowest investmentv in health, education and housing has been under the Tories.

[@PhilC2496]

Increasing CGT would likely scare all the big money away before the rate is effected, no one in the market wants to be stuck

[@harrisonapril83]

Just sold part of my Nvidia stock to protect my profits, but I'm holding onto some for the long run because of the company's strong growth prospects. In addition, I'm thinking of expanding the variety in my $400K stock portfolio, but I'm not sure how to handle risks going forward

[@jonesselas]

I managed to grow a nest egg of around 120k to over a Million. I'm specially grateful to my Adviser Gabriel Alberto William for his expertise and exposure to different areas of the market

[@harrisonapril83]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@jonesselas]

Gabriel alberto william is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment

[@harrisonapril83]

Thank you for the recommendation and I hope I'm able to reach him and connect

[@Rikitikitawi-x3l]

Your details have been forwarded to HMRC already...... thank you for revealing your profits here

[@ellensamir374]

Equal CGT, charge 500% Council tax on empty houses (empty > 6 months).

[@alexcovey1200]

F this. Its the governments fault that we have a deficit.

[@moonlit_forest2680]

Because of the tories

[@jamesliasi2246]

@@moonlit_forest2680 nope. The government giving money away in rubbish like foreign aid and net zero

[@alexcovey1200]

@@moonlit_forest2680 oh yeah

[@Sparta1993]

They are stealing your money. Don’t be simple minded

[@xander6522]

There seems to be enough money for foreign aid and illegal migrants but not pensioners and mental health services 🤷🏼‍♂️

[@Alex-xh9wo]

Mainly because pensioners and health care costs exponentially more

[@cameronbishop6001]

Illegal immigration doesn't exist. The right to claim asylum in any country and by any route is enshrined in international law. The government also spends close to nothing on asylum seekers.

[@MrStealYourBalls]

​@@Alex-xh9wo£50k a year per illegal BTW

[@nothereandthereanywhere]

You have voted for the illegal immigrants, get over it.

[@glostergloster6945]

Foreign aid costs 7 billion per year, NHS costs nearly 200 billion, thats the difference.

[@MJ-YT-USR]

Well done on mentioning the tax revenue reductions; You raise tax on something many people will reduce use of that thing. Sadly a rise in Employer NI on pension contributions will inevitably lead to layoffs or big cuts in other things, including investing which would further harm the UK's poor productivity rating.

[@greyrat_]

They could just not spend £22b on carbon capture.

[@brandonstephens2644]

Considering that's over 25 years that's not even a billion each year

[@mabeSc]

And £22b could have been put to so much more impactful and beneficial initiatives. Waste management, re-foresting, investing in other less expensive green technologies, nuclear power, green energy projects that help revitalise the economies of many cities and towns and like a thousand other things... It makes even more sense as the £22b budget will be spent over 25 years -- less expensive but impactful initiatives which could benefit the UK at large instead of a single massive CCS (at least if the funds are invested properly -- which could create jobs much more evenly across the country). There are many green initiatives even on KZbin that manage to have a massive beneficial impact with very low budgets. They collaborate with University students which is also a win-win as the students get experience in the field and the initiative saves money. A strategy of lowest cost and highest impact should be implemented as they have demonstrated, over and over again, that they do work. The US adopted a similar approach with their green energy transition subsidies if am not mistaken. The funds are more evenly distributed across the states (which makes sense, given the size of the US). The UK has the advantage of being smaller, so you'd think these funds would, at least, be distributed just as evenly across the country, no?

[@robc1014]

@@mabeSc could have pumped £22bn into Rolls Royce for their small modular reactors which is approx just over half the cost per MWe of sizewell C which coincidently cost £22bn.

[@mrgreen2461]

CGT should be lower than income tax because, 1. To invest money, you already have to have earnt it, meaning you have already been taxed at the source of income, 2. It encourages investment and saving for the future rather than being reliant on the state and 3. You take on risk when investing in assets.

[@seyiagboola]

Are politicians allergic to Land tax?

[@AlexGoldring]

I pay about 10% of my income to council tax already, you want more do you?

[@InnesRobertson]

For land bought and sold in the future it would be straight forward but it would take 20 years at least to survey all existing land. I have a small amount from my parents has to get it surveyed for HMRC took 3 months and cost 3000 pounds. Wealthy people in towns and cities could end up paying less than poor rural people. You need to know does it have developmental potential, flood risk, area of special scientific interest, brown field green belt soil topography are there protected species living close by. Desirable area or crime zone etc

[@liamastill6733]

Like 90% of people don't own the land they live or farm on, and if you do own land you can absolutely afford it.

[@AlexGoldring]

@@liamastill6733 This is funny. You assume money just grows on trees or rains down. World is unfair, but it's not nearly as unfair as you seem to think. I work 100h weeks and more than 50% of what I earn is taken by the government. You clearly seem to believe that's fine and the state should take even more from me. I work 2.5 times more than an average full-time working person. I literally have minutes of personal time like right now. You want more money? Go take an extra shift, learn a skill. That doesn't work for some, but it works for an overwhelming majority, you just choose to seek blame outside.

[@JasonAtlas]

​@@AlexGoldringand how much do you make a year may I ask?

[@neillfergie]

Fuel prices are low right now so fuel duty will almost certainly get bumped up as much as 10p per litre, road tax is being charged on EVs from April too and expect RFL to go up £10-20 a year on all cars.

[@corpclarke]

For most people, capital gains tax is taxing money that has already been taxed. After paying income tax, VAT, council tax, VED, TV licence and everything else, you manged to save or invest some money. If that meagre spoil you were left with actually returns anything, lo-and-behold, they tax you again! It's morally repugnant.

[@dealbreakerc]

No, capital gains tax is not taxing the already taxed. A capital gain is new income that an individual has not yet made. Frankly we need more capital gains tax because that (as opposed to regular income) is where the truly wealthy get away grossly disproportionally well than the average person.

[@danielmorley6715]

​@dealbreakerc the average person has to earn an income to then invest. Raising CGT when we had a £12.5k allowance would have been reasonable, but given thats been massively reduced it will just ensure the those trying to invest to increase their wealth have the ladder pulled up once again. Next will be ISA limits imposed to ensure it's as hard as possible.

[@constantfear]

Gosh seen Dan Needles infographics floating around everywhere, we should rename this video to what does the IFS think Reeves will do 😂

[@Whitehouse262]

Probably need to mention another pitfall of higher CGT, inflation. Without taking it into account you can end up taxing people on real losses not profits!

[@markrainsford4211]

I'm sure the temporary 5p cut in fuel duty will be scrapped with the fuel duty freeze also scrapped as since 2022 it has cost the treasury £100 billion. Bring on higher fuel costs.

[@BelowAverageGambler]

Quit pledging money to other countries and bang, you've got your cash

[@tombrown1515]

thanks for actually saying the thing noone was that people wont sell if the taxes are much higher

[@DileepaRanawake]

Tax the rich. Tax income from assets (not work). Renationalise and public ownership of key infrastructure. Stop paying £100Bn on energy imports produce renewable energy in the UK and reinvest any profits in public services. So many things not on this list.

[@jeff__w]

“All the debate that we have about the fact that the government has a black hole, all the debate that we have about that there is a shortage of money to fund government activity, all of that discussion is nonsense because the government makes all the money that we have and…every time the government comes to make a payment the Bank of England creates the new money that is required for the government to spend by extending an overdraft to the government and new money is made as a result.” -Richard J Murphy, Video: “The government can never run out of money”

[@catherinemartin6258]

Tax the rich until there pips squeak

[@Dav1d_I]

The top 10% earners already pay 60% of the tax. Tax them too much and they’ll opt out and join the UK’s 9 million economically inactive people of working age.

[@Gitskreig]

​@@Dav1d_I That 10% pay 60% of the main tax simply shows how bad wages are for the vast majority of people. And given the *really* rich don't get their money from sources taxed through Income Tax, but through capital gains, rents and investment returns (which is taxed at a much lower rate, if at all), it is even more skewed.

[@venomtailOG]

At least fuel duty's not going up. Gotta enjoy the price of fuel this year.

[@tomlc6348]

And we are going to spend £22Bn trying to develop Carbon Capture under this situation. Well done Labour!

[@John-ny7jn]

That £22Bn is spread over the next 25 years so cutting that would largely insignificant in solving the problem

[@jablot5054]

Why capture carbon. The whole world has got to do it.

[@Zenkrypt]

Carbon capture barely even works, it would be better to invest in actual green energy or infrastructure.

[@tomlc6348]

@@John-ny7jn ohhhhhh you are relating the financial blackhole with that Carbon Capture scheme. That’s not what I mean? I just dun think spending £88M per year on air is not good for the country. What do you think?

[@John-ny7jn]

@@jablot5054 not rly sure I understand this reply - yes the whole world has to do it

[@lesliecarter4295]

EV tax should go up to pay for the loss of jobs in ULEZ enforced in cities…?😮

[@kevindruce8915]

I would like to see a tax on frequent flyers and private jets.

[@HomebaseLHR]

“Frequent fliers” so you want to track everyone’s flying habits? Welcome 1984…

[@kevindruce8915]

@@HomebaseLHR any other suggestions that could raise funds and assist our environment please?

[@jackster2568]

​@@kevindruce8915Assist our government in giving Albanians money.

[@Zygersaf]

Why not just a small increase to CGT, and a small change to the Pension system, and a small increase of employer national insurance contributions. It doesn't have to be all into one system, if they spread it between the 3 then it would probably be less noticeable to people for the downsides, but would still manage to close up that gap of 22B.

[@wentoneisendon6502]

More taxes to support the 1.1million people coming in each year. Cheers!

[@1BeardyLad]

Any tax on businesses like the pensions contributions is a stealth tax on the customers because the costs are just passed on to the consumers in running costs of the business to maintain the workforce.

[@jakalordarkblood4331]

Considering the amount of wealthy oligarchs in London and old wealth families in Britain, you'd think they'd be able to figure out some way to squeeze some money out of them by tightening the rules on CGT. How about taxing some of that income from rent while introducing a price cap?

[@RedJadeArt]

A good idea, but would need to be phased in. The obvious response to that would be for landlords to sell off property, but if they did that all at the same time, house prices would implode and a lot of banks that were expecting a return on the mortgages used to buy those houses could get burned, and need a bailout. If that’s familiar it’s because that’s basically what the 2008 banking crisis was, and 14 years of failing to address the causes of that crisis (I.e, banks lending large amounts of money on non-productive projects that have no hope of any return on income except rent) has left the country in the exact same position it was in back then.

[@jakalordarkblood4331]

@@RedJadeArt Yeah, it's really highlighting how completely awful the economics of the "housing market" are and will always be.

[@Theredsunrising]

Oh good, being more poor.

[@JSmirkingRevenge]

Problem is a lot of people don’t want tax rises anyway and labour have to be meticulous about it

[@ibxjackcat2565]

The problem is the taxes are already so high she needs to cut the shit and start spending more on investments we’re not going to get out of this rut if we keep skimping along

[@wellsee123]

Increase CGT and make being a Landlord of many properties unpalletable. Lots of Landlords selling dozens of their properties and paying more tax on each sale. Increase revenue AND release more affordable housing into the market! Win win!