Rachel Reeves refuses to rule out income tax rises at Budget

https://www.bbc.co.uk/news/articles/cgr4g89g1x8o

Posted by Desperate-Drawer-572

9 comments

  1. Imagine the base tax rate going to 21% and all you got this year was a 2% pay raise against 3.8% inflation. Good times ahead guys.

  2. The reality is that public debt is nearly 100% of GDP, interest payments on that debt are about 8% of all government spending and the deficit is about 12% of tax revenue. In the absence of remarkable economic growth or wild inflation, we are going to have to do some combination of significant tax rises and/or significant spending cuts. There isn’t a realistic, painless way out of this situation.

    No politician is willing to have that conversation with the public because it’s viewed as a guaranteed vote loser. The public have no appetite for either spending cuts after years of austerity or tax rises. Ultimately it feels like we’ll keep fudging along with half baked political solutions deemed to not be too costly politically until have a debt crisis in which creditors force both tax rises and spending cuts on us.

    Edit: source https://obr.uk/forecasts-in-depth/brief-guides-and-explainers/public-finances/

  3. Everyone is going to be so happy when they don’t raise income tax it’ll go down as a great budget

  4. Another popular policy that will play out well in the upcoming May elections.

  5. Raise the base rate to 21 and the next level to 42.

  6. Raise income tax but scrap National Insurance, there’s no good reason for having both any more.

  7. This is what ultimately loses elections🤞 On top of all the other fuckery.

  8. It depends whose tax rises. Certain people should be paying more. We all know this. Even they know this. Some of them have even called to be taxed more. Let’s not pussyfoot around find a way to extract their fair share of tax, as a % . At the moment the very rich pay less tax, as a percentage, than you do.

  9. Meanwhile she wants to remove the child benefit cap. Why should tax payers pay for people to have children? Two is sensible number but increasing it is moronic. Sorry it comes across as uncaring, I just don’t see why you should fund someone having a large family.

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