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drrayjo

"20p In The £ Equivalent Tax Hike To Deal With Deficit"

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20p, thats going to cause riots.

I don't think anyone could afford that whether they be renting or paying a mortgage. We might as well all go on the dole.

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I heard that this morning

5p in the £ would generate 1 billion extra income

20p would generate 100 billion

and were 1.5 trillion in the shiter

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So life is about to become hellish for just about everyone. Nice.

Only endebted vampires need really fear the light.

But seriously, this is more about the misguided response of "keeping the plates spinning" with QE, scrappage, Bankster Bailouts etc. and the huge extra deficit tolls thereby created.

We could have redesigned our economy, let bad banks fail, rewarded prudence, invested in real job creation activity...

But no, it had to be more, more, more debt, finance and banksterism.

The UK needs to face up to the reality that we put all our chips on Ponzi finance, crowing about our enlightened Growth to our neighbours for 10 years, but it's time to pay the piper now we've busted ourselves and reinvent.

Or would you prefer more delusion until the wolf is through the door?

Forwarned is forearmed and the same message got me debt free, retrained and skilled-up.

People need the truth.

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They would not put up income tax, it is too honest for a politician.

If they do increase taxes expect the stealth ones to go up first. VAT to 20% is also one to watch out for.

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At around 8.40am in the business section...it was like some sunlight finally breaking through the cloud.

I think thats unrealistic, but we could easily see basic rate income tax at 30%+ (like it used to be) to get the defecit under control over a decade

Imagine what that will do for consumption and house prices... :blink:

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20p, thats going to cause riots.

I don't think anyone could afford that whether they be renting or paying a mortgage. We might as well all go on the dole.

Dole is taking it a bit far I think.(as a choice)

Better to work part-time and claim benefits........but then in that case tax increases would have to be more than 20% so it makes even less sense to work etc. etc.

The answer is to destroy the value of the Pound and in five years time start printing the 'New Pound'

Five years of pure hell is better than 30 years is it not?

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Guest DissipatedYouthIsValuable

20p extra in the Pound is a small price for the country to pay for a few blocks of flats and some computer network cables.

Private enterprise. Keepin' it Real.

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Dole is taking it a bit far I think.(as a choice)

Better to work part-time and claim benefits........but then in that case tax increases would have to be more than 20% so it makes even less sense to work etc. etc.

The answer is to destroy the value of the Pound and in five years time start printing the 'New Pound'

Five years of pure hell is better than 30 years is it not?

I think 20% tax hike would destroy the economy and trade. People would refuse to work, leave the country, riot, become freemen etc. A more likely solution for the government is to privatise a load of stuff, like motorways, prisons, hospitals etc. And then the pain will indeed last decades. I would like to see an inelastic debt-free fiat currency issued by the government instead of the banking system. But I should be careful what I wish for!

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What we need is a new taxation scam. I know, Gordon is going to sweat your assets via a global warming tax. If you'd only accept that your life can be saved through taxation. Pay the tax or you will die.

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Guest DissipatedYouthIsValuable
What we need is a new taxation scam. I know, Gordon is going to sweat your assets via a global warming tax. If you'd only accept that your life can be saved through taxation. Pay the tax or you will die.

Can't we have interest only income tax?

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Are you numbers right?

I found this on HMRC website which is quite interesting:

http://www.hmrc.gov.uk/stats/tax_expenditures/table1-6.pdf

It shows 1p on income tax is approx £3.8 billion

The comment this morning was that an "equivalent" of 20p in the pound was needed as each year would see a £100B shortfall, and each 1p rise would represent approximately £5B therefore even the presenter could do the arithmetic based on that of;

100/5 = 20

20x1 = 20p

But this was all just illustrative of the mess we're in rather than any prediction of tax policy.

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Im already scaling back my work to 3 days a week max, in anticipation of the tax armageddon. I can stop working when i like.

Looks like 5 years of renting my mates spare room and not garroting myself with MIND NUMBING CRIPPLING DEBT has paid off.

I might become an AC-TOR ive always fancied that me. :)

BTW is saw in this mornings Metro paper that theyre actually proposing "Showbiz Jounalism" as a career.

Haha.

Edited by shindigger

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Im already scaling back my work to 3 days in anticipation of the tax armageddon. I can stop working when i like.

Looks like 5 years of renting my mates spare room and not garroting myself with MIND NUMBING CRIPPLING DEBT has paid off.

I might become an AC-TOR ive always fancied that me. :)

BTW is saw in this mornings Metro paper that theyre actually proposing "Showbiz Jounalism" as a career.

Haha.

I'd always thought there was a thespian lurking within you.

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I think 20% tax hike would destroy the economy and trade. People would refuse to work, leave the country, riot, become freemen etc. A more likely solution for the government is to privatise a load of stuff, like motorways, prisons, hospitals etc. And then the pain will indeed last decades. I would like to see an inelastic debt-free fiat currency issued by the government instead of the banking system. But I should be careful what I wish for!

Privatisation is just 'sale and rent back' on a larger scale, the result would be the same (a destroyed economy)

Monetary reform? After the revolution when all bankers heads are on spikes........

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I might become an AC-TOR ive always fancied that me. :)

BTW is saw in this mornings Metro paper that theyre actually proposing "Showbiz Jounalism" as a career.

Haha.

All I've ever wanted is a "non speaking role" on Eastenders. Postman, milkman, on the market, or a "hanger on" in the Queen Vic. Many of the "Non Speakers" have had longer regular careers than the principal actors.

Edited by HostPaul TAFKA Rover2000

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Guest DissipatedYouthIsValuable
Privatisation is just 'sale and rent back' on a larger scale, the result would be the same (a destroyed economy)

Monetary reform? After the revolution when all bankers heads are on spikes........

Exactly, we just need to shoot a few.

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They would not put up income tax, it is too honest for a politician.

If they do increase taxes expect the stealth ones to go up first. VAT to 20% is also one to watch out for.

Labour has increased high earners income tax from 40% to 50% in the last budget.

Labour has increased NI for both employees and employers NI is a stealth name for income tax.

Regardles of who wins the next election VAT will be at least 20% poss 25%

I also expect the basic rates of NI and income tax to increase considerably basic income tax to 25 to 30% and NI 12 to 15% same for employers too

The stealth taxes will be the carbon tax and some kind of property tax and payments or fees to see doctors and health problems.

The result of the above is more unemployment more debt and a fall in GBP on the FX raising inflation and falling living standards.

Spend what you have now on holidays and fun because if you dont you probably wont be able to afford them in the future unless your are an MP

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