Nail on the head Labour, and the loyal Corbynista , have been so blinded by some bizarre idealism they've genuinely walked straight passed the radical door, carried on past the turning for far out thinking, and pretty much belly flopped into the pool of absolutely fucking crackers. They simply shouldn't have gone to the lengths they have, and that's just the story of the Corbyn lead team, always fucking up an open goal
There are some vocal people here who object to increased taxation on the people earning over £80K. Fair enough, everyone has a view. It isn't necessarily a widely held belief across the country. Of course polls are often wrong. https://oxfamapps.org/media/press_r...blic-support-higher-taxes-on-wealth-new-poll/ https://www.thetimes.co.uk/article/...y-by-tax-justice-uk-and-oxfam-finds-7z002t3tz
The worrying thing is, 151 seems to be a number made up of those who do not even live here all year round. According to forbes rich list, there are only 54 actual billionaires in the U.K. This is worrying given Labour say 151 billionaires will pay for everything and 97 of them do not exist
An increased tax on earners over £80k isn't going to grease the wheels of the Corbyn master plan though, that's the point. What about increasing the tax burden on every earner? That's not part of the plan is it? Or so Corbyn isn't saying that And so it may not come out at PAYE, but when there's rises in product and service costs across the board, then those people earning well below £80k get hit even harder. This hatred of 'business' that Labour seem to have is exactly their downfall, it's just ridiculous when it's business that sets pricing, provides jobs, creates wealth and keeps the economy ticking. I've covered it quite simply already, and if anyone really thinks that the cost burden of this Labour manifesto will be fixed and solely taken on board by £80k+ earners and 'businesses' then they really really need to think again.....because it'll roll downhill faster than you'll imagine
I'm sure there will be a good deal of scrutiny of the numbers in this manifesto, by many sources. I doubt that anyone has had a forensic look as yet, there simply hasn't been time. I look forward to actual reports -as does everyone else. I won't say the numbers are all wrong or all right based on little or no evidence.
I haven't read the manifesto. Does it actually say that the election pledges/promises are all funded by income taxes on people earning £80K and over?
Page 29 We’ll ask those who earn more than £80,000 a year to pay a little more income tax, while freezing National Insurance and income tax rates for everyone else.
They pledge that 95% of earners won't pay a penny more in tax, they have always claimed £80k plus is in the top 5% hence their statement of 95% won't pay a penny more So it's essentially businesses and £80k earners where this incredible amount of money Is going to come from. The IFS are pretty clear in their early assessment. I just think they've gone too far....by quite some margin
For reference The Institute for Fiscal Studies has said Labour’s plans would push the UK’s tax burden well above levels that have been sustained at any time since the second world war, and expressed scepticism about whether the burden would fall exclusively on the better off and companies. It says the Labour manifesto proposes “an enormous increase in the amounts they want to raise from corporation tax. If their proposals did raise the sums they suggest then we would be raising more in corporation tax, as a fraction of national income, than any other country in the G7, and more than almost anywhere else in the OECD. This would clearly come with substantial risks.” Labour outlined plans to raise corporation tax to 28%, put up income taxes to those earning more than £80,000, levy higher taxes on multinationals and increase the take from capital gains tax and dividend taxation. The £83bn would match the spending commitments laid out in the manifesto. In an analysis, the IFS said: In the end, it is unlikely that one could raise the sums suggested by Labour from the tax policies they set out. If you want to transform the scale and scope of the state then you need to be clear that the tax increases required to do that will need to be widely shared rather than pretending that everything can be paid for by companies and the rich. Updated at 5.42pm GMT
Who knows port because Labour so far have said they will go after 151 billionaires when there are roughly around 50 and if you are self employed or with a new business employing others, £80k doesn't see you have 5 houses, 4 bentleys and a private jet. This kind of economics, where they say the 5% will pay for everything and 95% of brits will pay no extra taxes for it, would have even diane abbott refusing to sign off the manifesto
