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Poll: Will taxes go up or not?


Will taxes rise or not?  

53 members have voted

  1. 1. Simple question, will the govt kick the national debt can down the road or raise taxes significantly in the next year or so?

    • No tax rises at all. It will all go on the national debt.
      8
    • Minor tax rises.
      19
    • Major tax rises.
      27


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Simple question, will the govt kick the national debt can down the road or raise taxes significantly in the next year or so?

Edited by Si1
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Tax hikes seem unlikely, Boris and Cummings are all about popularity and winning at all costs so I can't imagine a bit of national debt which costs almost no interest to service and which will almost entirely be the next guy's problem will bother them.

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1 minute ago, Dorkins said:

Tax hikes seem unlikely, Boris and Cummings are all about popularity and winning at all costs so I can't imagine a bit of national debt which costs almost no interest to service and which will almost entirely be the next guy's problem will bother them.

Long term implications being?

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8 minutes ago, Si1 said:

Long term implications being?

200% public debt to GDP ratio like Japan, not that I think it will matter to the ordinary person's daily life.

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Just now, Dorkins said:

200% public debt to GDP ratio like Japan, not that I think it will matter to the ordinary person's daily life.

The Japanese economy has been moribund for decades with limited life chances and housing options for the young, I believe.

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I think all this tough talk about the next budget is expectations management, so when they actually announce a fairly flat budget people will breathe a sigh of relief. If they announced a flat budget without doing this groundwork people might get annoyed that the government wasn't 'doing more to help' i.e. opening the spending taps. The taps will only open in 2023 to pump prime the 2024 general election.

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1 minute ago, Si1 said:

The Japanese economy has been moribund for decades with limited life chances and housing options for the young, I believe.

An island nation with zero economic growth and rough life chances for the young, sounds familiar.

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1 minute ago, Dorkins said:

I think all this tough talk about the next budget is expectations management, so when they actually announce a fairly flat budget people will breathe a sigh of relief. If they announced a flat budget without doing this groundwork people might get annoyed that the government wasn't 'doing more to help' i.e. opening the spending taps. The taps will only open in 2023 to pump prime the 2024 general election.

The taps have already opened with an interest rate cut, more term funding, furlough, eat out to help out, increased benefits, haven't they?

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Roger Bootle makes the point here that tax rises should be seen as part of an overall tweaking of the system to a tax system that promotes growth and not tax sheltering schemes involving debt etc.

He does support gradual adjustment of capital gains tax to the levels of income tax, but no all in one go as it would constitute a shock.

https://www.telegraph.co.uk/business/2020/07/19/diy-approach-tax-wont-work-uk-needs-structured-path/

 

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Roger Bootle makes the point here that tax rises should be seen as part of an overall tweaking of the system to a tax system that promotes growth and not tax sheltering schemes involving debt etc.

He does support gradual adjustment of capital gains tax to the levels of income tax, but no all in one go as it would constitute a shock.

https://www.telegraph.co.uk/business/2020/07/19/diy-approach-tax-wont-work-uk-needs-structured-path/

 

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If I were in government I would be concentrating now on:

- Introducing taxes I've wanted for years but not been politically able to push through, badging them as "necessary due to COVID" (whether they are or not)

- Introducing measures that make it look like I was doing something fiscally responsible in light of all the furlough etc giveaways (even though the giveaways were massive and the measures may or may not be)

So expect some tax rises, but not game-changing. 

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Only rich homeowners and rich landlords can afford to pay more raxes in the current situation. However, most of our goverment officials and MPs are rich homeowners and/or rich landlords. Will they raise taxes for themselves? I really doubt they will.

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  • 415 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% +
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      • Even
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      • up 5%



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