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Who's Gonna Pay? Fri Apr 03, 2020 12:38 pm  
The Devil's Advocate User avatar
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I know I'm a tad previous but, when the dust has settled & everything goes back to relative normality, who's going to pick up the tab?

Presumably we will be in for another ten years of "austerity" with the Government citing Covid-19 Ad infinitum.

But ultimately the final bill is going to be colossal, only yesterday they wiped off £13bn of N.H.S. debt, God only knows how much it's going to cost to pay shed loads people to sit on their @rses month after month, never mind the lost revenue from tax etc.

So what should be done, personally I would suggest a 2p rise in income tax to start the ball rolling.

Any suggestions?
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Re: Who's Gonna Pay? Fri Apr 03, 2020 1:39 pm  
Scarlet Pimpernell Free-scoring winger
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Add a further tax limit above 40% for the highest earners. This will enable football players and businesses leaders to contribute to the costs.
This is not likely therefore probably increase VAT and add further new taxes like they did with sugar and plastic bags.
Re: Who's Gonna Pay? Fri Apr 03, 2020 1:56 pm  

IR80 wrote:
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Scarlet Pimpernell wrote:
Add a further tax limit above 40% for the highest earners. This will enable football players and businesses leaders to contribute to the costs.
This is not likely therefore probably increase VAT and add further new taxes like they did with sugar and plastic bags.

This shows how hard of thinking you are, do you think any premiership footballer pays tax in the UK...
Re: Who's Gonna Pay? Fri Apr 03, 2020 7:18 pm  

User avatarMild Rover wrote:
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IR80 wrote:
This shows how hard of thinking you are, do you think any premiership footballer pays tax in the UK...


I had a little look around.
https://www.mirror.co.uk/sport/football ... id-5991822
https://www.itv.com/news/2019-01-21/rec ... avoidance/

In terms of who pays, when we pay is just as important. Taking demand out of a struggling economy with tax rises mightn’t be sensible in the short-term.

I’d suggest, fwiw, we bring forward increases to the retirement age and introduce a wealth tax.
'Thus I am tormented by my curiosity and humbled by my ignorance.' from History of an Old Bramin, The New York Mirror (A Weekly Journal Devoted to Literature and the Fine Arts), February 16th 1833.
Re: Who's Gonna Pay? Fri Apr 03, 2020 7:52 pm  

IR80 wrote:
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Mild Rover wrote:
I had a little look around.
https://www.mirror.co.uk/sport/football ... id-5991822
https://www.itv.com/news/2019-01-21/rec ... avoidance/

In terms of who pays, when we pay is just as important. Taking demand out of a struggling economy with tax rises mightn’t be sensible in the short-term.

I’d suggest, fwiw, we bring forward increases to the retirement age and introduce a wealth tax.

Thanks, I was clearly wrong, my apologies to SP.

I am amazed that players are paying so much tax, the PL wage bill is about £2.5bn.

As for when, factor in the NHS debt write off and whenever we start paying it back, it will take a long time and be a huge balancing act not to send us into a depression, the only saving grace is that it is the entire world facing the same issues, not groups of individual countries.
Re: Who's Gonna Pay? Fri Apr 03, 2020 8:05 pm  

Superblue wrote:
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Well we know whose not gonna pay don’t we :D

Tory tax dodgers.

Start with Amazon, Costa coffee etc paying their dues for the last ten years.

We’re all in n it together lol
Re: Who's Gonna Pay? Sat Apr 04, 2020 7:15 am  

User avatarSal Paradise wrote:
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Superblue wrote:
Well we know whose not gonna pay don’t we :D

Tory tax dodgers.

Start with Amazon, Costa coffee etc paying their dues for the last ten years.

We’re all in n it together lol


Perhaps the Labour party and its property company could lead the way - as you say we are all in together :D
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Re: Who's Gonna Pay? Sat Apr 04, 2020 10:18 am  

User avatarwrencat1873 wrote:
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Scarlet Pimpernell wrote:
Add a further tax limit above 40% for the highest earners. This will enable football players and businesses leaders to contribute to the costs.
This is not likely therefore probably increase VAT and add further new taxes like they did with sugar and plastic bags.


You would first need to make sure that they were paying their taxes in this country and not "investing" in some off shore tax avoidance scheme.
Most of the seriously wealthy employ very clever accountants and advisers to help reduce their tax burden to peanuts.

Increasing vat seems sensible but, everyone gets hit with a vat rise.

Tax relief on pension contributions and mansion tax are the two increases already being considered by h Tories (to cover their election spending pledges).
However, with the scale of public spending going into orbit, this just wont be enough to cove the shortfall, especially when you consider the HUGE drop in tax receipts due to most businesses beginning to struggle.

I fully understand the need to try and get the virus under control as quickly as possible but, right now, there is no exit strategy.

The one plus side is that most people will get used to spending less than before and maybe certain habits will change but, this will take several years to "make right", even if things start to improve towards the end of the year.

The high street will have gone completely.
Re: Who's Gonna Pay? Sat Apr 04, 2020 11:55 am  

User avatarSal Paradise wrote:
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wrencat1873 wrote:
You would first need to make sure that they were paying their taxes in this country and not "investing" in some off shore tax avoidance scheme.
Most of the seriously wealthy employ very clever accountants and advisers to help reduce their tax burden to peanuts.

Increasing vat seems sensible but, everyone gets hit with a vat rise.

Tax relief on pension contributions and mansion tax are the two increases already being considered by h Tories (to cover their election spending pledges).
However, with the scale of public spending going into orbit, this just wont be enough to cove the shortfall, especially when you consider the HUGE drop in tax receipts due to most businesses beginning to struggle.

I fully understand the need to try and get the virus under control as quickly as possible but, right now, there is no exit strategy.

The one plus side is that most people will get used to spending less than before and maybe certain habits will change but, this will take several years to "make right", even if things start to improve towards the end of the year.




The high street will have gone completely.


VAT increase would be very regressive but easy to implement and everyone contributes. CT will be well down as will VAT receipts so they need us to get spending again and soon. They will need to be change to global CT in that profits earned in a country are taxed in that country and transfer pricing mechanisms are better controlled i.e. distribution of centralised costs are in line with revenues etc.

A temporary hike in IT will be a definite as will reduction in pension benefits for those at the 40% - problem will be the inability of people to pay their mortgages with less net income.
Your job is to say to yourself on a job interview does the hiring manager likes me or not. If you aren't a particular manager's cup of tea, you haven't failed -- you've dodged a bullet.
Re: Who's Gonna Pay? Sat Apr 04, 2020 7:45 pm  

User avatarwire-quin wrote:
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Cancel HS2 some money to be saved there

Did I read today a 1% tax increase raises 4.2 billion per year which doesn't even scratch the surface of the bill facing us.
Mac out!
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