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12P On Income Tax Or We Go Bust

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Spotted this in several newspapers today.

http://www.dailymail.co.uk/news/article-2014524/Britain-debt-Taxes-rise-12p-suffering-50-years.html?ito=feeds-newsxml

Except with the laffer curve if you increase taxes so the BR of tax is 32% + 13% NIC (45%)

And higher rate 65%

And top rate 75%.

Revenues will fall......... thus they have to put it up even more........

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Basic rate when I started work was 33%.

Marginal rate on high rate earners was 98%.

Nobody died ('cept a few Tories possibly) and houses were cheap.

Go for it.

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Basic rate when I started work was 33%.

Marginal rate on high rate earners was 98%.

Nobody died ('cept a few Tories possibly) and houses were cheap.

Go for it.

My grandad was taxed at 98%... caused him to slow down his factory, it wasn't worth working. the 98% tax rate killed the country in 1974, it ran the country into the ground. It laid the groundwork for the winter of discontent. Businesses shutdown, and the wealthier left the country or choose not to work. Maggie reversed the tax and brought us out of the darkness..

Edited by AteMoose

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Basic rate when I started work was 33%.

Marginal rate on high rate earners was 98%.

Nobody died ('cept a few Tories possibly) and houses were cheap.

Go for it.

Yes, and loads of actors left to go live in the US or in Switzerland, didn't pay tax here for 20 years and then all came home so that Blair could give them knighthoods!?

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Basic rate when I started work was 33%.

Marginal rate on high rate earners was 98%.

Nobody died ('cept a few Tories possibly) and houses were cheap.

Go for it.

Those on the top rate were very few and far between many had left the country.

The basic rate was 33% , but NI was only 6.75% , inflation adjusted tax free allowances were higher than now . Add in the vat at only 8.5% , married mans allowance and miras for those with a mortgage and those on the basic rate were taxed less than now .

Anyone on basic rate who thinks they pay less now than then has been fooled.

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Those on the top rate were very few and far between many had left the country.

The basic rate was 33% , but NI was only 6.75% , inflation adjusted tax free allowances were higher than now . Add in the vat at only 8.5% , married mans allowance and miras for those with a mortgage and those on the basic rate were taxed less than now .

Anyone on basic rate who thinks they pay less now than then has been fooled.

c. 750,000 according to wiki. Hardly trivial.

Tax free allowances yep - We all did rather well with subsidised endowment policies didn't we?

Agree about the 'fooling'. Milk Snatcher and Joseph fooled everyone for the thick end of 30 years until the entire charade inevitably unravelled. Big bang boll*cks, the 1986 Building Societies Act leading to them all collapsing, headline tax rates slashed for the rich but public sector services and pensions left underfunded ending up with present situation. House price boom in the 80s stoked by Lawson. Council housing sold off so that today we overpay stupid amounts to private landlords instead when we could build all the housing we need for only 3% over 10 years. And on and on and on..........

Still, their buddies at Rothschild et al did ok out of all the public asset sales didn't they? Just as they will do when Germany forces similar sales in the piggies.

(I know, if you're a deluded creationist the world only started to go wrong in 1997)

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Yes, and loads of actors left to go live in the US or in Switzerland, didn't pay tax here for 20 years and then all came home so that Blair could give them knighthoods!?

The horror.

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My grandad was taxed at 98%... caused him to slow down his factory, it wasn't worth working. the 98% tax rate killed the country in 1974, it ran the country into the ground. It laid the groundwork for the winter of discontent. Businesses shutdown, and the wealthier left the country or choose not to work. Maggie reversed the tax and brought us out of the darkness..

Who is 'us' and which 'darkness' are you referring to?

Businesses shut down anyway, everything moved to Chindia, her banks and building societies became institutionally criminal and collapsed in a heap charging everyone else for the privelege, the privatised utility companies overcharge horrendously and pay themselves criminally overinflated salaries etc etc.

Your grandad earned more than he needed. So did mine. Hurrah!

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c. 750,000 according to wiki. Hardly trivial.

Tax free allowances yep - We all did rather well with subsidised endowment policies didn't we?

Just over 1% of the population.

More people are currently in the act of having sex than pay the higher rate tax.

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c. 750,000 according to wiki. Hardly trivial.

Tax free allowances yep - We all did rather well with subsidised endowment policies didn't we?

Agree about the 'fooling'. Milk Snatcher and Joseph fooled everyone for the thick end of 30 years until the entire charade inevitably unravelled. Big bang boll*cks, the 1986 Building Societies Act leading to them all collapsing, headline tax rates slashed for the rich but public sector services and pensions left underfunded ending up with present situation. House price boom in the 80s stoked by Lawson. Council housing sold off so that today we overpay stupid amounts to private landlords instead when we could build all the housing we need for only 3% over 10 years. And on and on and on..........

Still, their buddies at Rothschild et al did ok out of all the public asset sales didn't they? Just as they will do when Germany forces similar sales in the piggies.

(I know, if you're a deluded creationist the world only started to go wrong in 1997)

WTF are you on about !!

We could sit here all night talking aobut what has gone on over the last 30+ years . But that is not the point .

The point is you said the basic rate of tax was 33% when you left school ( the same when I left school ) however if you think basic rate tax payers pay less now than then YOU HAVE BEEN FOOLED . Accept it and move on.

P.S. what the fk are you on about with subsidised endowment policys ???

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Basic rate when I started work was 33%.

Marginal rate on high rate earners was 98%.

Nobody died ('cept a few Tories possibly) and houses were cheap.

Go for it.

I am all for Progressive taxation. Progressive taxation backed by sound money that is.

No more printing to pay for commitments (to buy votes) that causes inflation that hits the poorest hardest. Good honest money that can't be printed and holds it value, a pound in one year is the same as a pound in the next, no more government theft from the population.

Get rid of regressive taxes like fuel duty and VAT that penalise the lowest earners.

Tax progressively according to wealth and income only and redistribute via good public services for all - schools, police, nurses and a unemployment benefits that keep people, clothed, fed and warm, but don't give people the incentive never to look after themselves again etc.

But 98%, is just f4cking stupid. I mean, seriously! Mind you, it'd be another positive for gold (as the rich hide more assets off balance sheet), as it was in the 70's. ;)

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Effective tax rates can be as high as 117%, trust me.

I'm also eligible for 61% (40% tax 9% SLC, 12% NI) tax.

Dave best read this, because if I have the opportunity to stab him in the face I'll gladly have fellow HPCers pay towards my £46k annual housing cost.

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Basic rate when I started work was 33%.

Marginal rate on high rate earners was 98%.

Nobody died ('cept a few Tories possibly) and houses were cheap.

Go for it.

Hey Red Karma, off-topic, but in a thread yesterday someone mentioned a poster who used to have the signature:

All goldbugs will get creamed for exactly the reason they think they won't

Am I right in thinking that was you? I'm only asking because no one knew what the reason for being creamed was. If it is you could you just quickly clarify please, as it caused much fluster and debate. Many Thanks.

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Basic rate when I started work was 33%.

Marginal rate on high rate earners was 98%.

Nobody died ('cept a few Tories possibly) and houses were cheap.

Go for it.

Yes, and the total tax take rose when they cut the rates same as it did in the US. The only reason for rates like that is pure spite.

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A comment at the end of that article

''Look behind the curtain people. The banks that your taxes bailed out are now causing the current instability in the Eurozone. They are hoping to profit by shorting currencies and trading credit default swaps on various sovereign governments. When the Eurozone countries start to creak under the weight of this speculation, the rating agencies downgrade it, the banks offer more loans at 30% interest, the credit default swaps rise in value. The banks take the profits offshore and the people finance it all through cuts and tax rises... . The banks figure they can't lose so they apply more speculative pressure and we go around again. Meanwhile, you get taxed more, get taxed on your pension, get to retire after you are dead, get to pay 3 times as much for a useless college degree, get robbed through inflation, get zero interest on your savings, get your army and police laid off and get told that anyone on forty grand a year is rich and has to be taxed more.''

Read more: http://www.dailymail.co.uk/news/article-2014524/Britain-debt-Taxes-rise-12p-suffering-50-years.html#ixzz1S8Qi9iY

This is why we are in the caca, nothing to do with public spending (well not much) nor taxation, this is the price that freed up banking is going to extract. Worst thing the tories ever did was giving the 'financial grown ups' the freedom to do what they want. What has todays 'banking' got to do with banking anymore? just a big casino with them running the numbers in the background. Labour is guilty for not taking this 'freedom' back off them. Tories of course will never accept that their banker backer chums are in any way guilty or capable of serious wrongdoing, to them they are just ex-eaton boys with high spirits.

Very much like all political parties have cow towed to Murdochs press over the last 30 years also, nice to see it getting the expose it deserves. Time the bankers got the same treatment.

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Taxes must go up, inflation, and cuts are not enough. The third attack of the deficit control triangle is taxation. Be afraid.

Edited by Money Spinner

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A comment at the end of that article

''Look behind the curtain people. The banks that your taxes bailed out are now causing the current instability in the Eurozone. They are hoping to profit by shorting currencies and trading credit default swaps on various sovereign governments. When the Eurozone countries start to creak under the weight of this speculation, the rating agencies downgrade it, the banks offer more loans at 30% interest, the credit default swaps rise in value. The banks take the profits offshore and the people finance it all through cuts and tax rises... . The banks figure they can't lose so they apply more speculative pressure and we go around again. Meanwhile, you get taxed more, get taxed on your pension, get to retire after you are dead, get to pay 3 times as much for a useless college degree, get robbed through inflation, get zero interest on your savings, get your army and police laid off and get told that anyone on forty grand a year is rich and has to be taxed more.''

Read more: http://www.dailymail.co.uk/news/article-2014524/Britain-debt-Taxes-rise-12p-suffering-50-years.html#ixzz1S8Qi9iY

This is why we are in the caca, nothing to do with public spending (well not much) nor taxation, this is the price that freed up banking is going to extract. Worst thing the tories ever did was giving the 'financial grown ups' the freedom to do what they want. What has todays 'banking' got to do with banking anymore? just a big casino with them running the numbers in the background. Labour is guilty for not taking this 'freedom' back off them. Tories of course will never accept that their banker backer chums are in any way guilty or capable of serious wrongdoing, to them they are just ex-eaton boys with high spirits.

Very much like all political parties have cow towed to Murdochs press over the last 30 years also, nice to see it getting the expose it deserves. Time the bankers got the same treatment.

That's a great comment. Good post too, thanks.

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and the wealthier left the country or choose not to work.

Those with skills left too. Anyone remember the "Brain Drain"?

Who is 'us' and which 'darkness' are you referring to?

The "Winter of Discontent"?

You know a country is turning to shit when the Eurovision Song Contest entry is about the dire state of things.

Businesses shut down anyway, everything moved to Chindia

In the 1970s?

The problem with losing businesses like that is not only are jobs lost, but the tax revenue derived from those businesses.

Yes, and the total tax take rose when they cut the rates same as it did in the US.

Please do not confuse this thread with your true facts.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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