Bye Bye Rachel Reeves

[MikeHunt]

I don’t affiliate with any party particularly and I agree that labours comms department is woeful, but at least it feels like adults are in charge now unlike the last half a dozen idiots that tried to run the country. The manufactured outrage that seems to afflict everyone nowadays though absolutely baffles me.

+1

[Rich B]

I understand your thinking but unfortunately it doesn't make enough of an effect unless it affects a broad enough swathe of people - i.e. Reeves looking at adjusting rates for anyone earning over 45k a year.

Ultimately I think most people see a clear tipping point where you come out with less than half after tax. A good example is that if I do move house this year, including SDLT I think I will pay over 75% of my annual gross earnings in tax. That's not accounting for council tax, VAT or any other indirect taxes. I think anyone reasonable would see the cliff edge that sort of taxation level is creating.

Odd example - Your house purchase has nothing to do with your income?

i'm not talking about people earning £45k - that’s fuck all these days, Im talking about people who earn ridiculous money - there’s about 20,000 people earning over a million each year. They’re here because they don’t want to be elsewhere - if they did they’d have gone.

There’s people sat on millions/billions who just work the systems to pay nothing in tax, but instead, we’re squeezing average people because they don’t threaten to leave. Maybe if some of the mega rich left there’d be more opportunities for new entrepreneurs to step into the holes they leave?

[IanF]

I’m also curious what people are called if they earn above £45k, are we not still “working people”? Are MPs themselves not working.. okay, poor example!

As people reach a point in life where their kids are 18+, or WFH works well for many and opportunities for a better QoL (weather, cost of living etc) are better and increasingly accessible eg Portugal D7 or D8 or Golden Visa, Spain Digital Nomad Visa, Italy €100k flat rate tax, France Long Stay Visa .. how much can Reeves squeeze out of her Golden goose than earns £50k+ before some depart? We all know Total tax revenue doesn’t keep increasing with higher tax rates; people can, and will, leave or find alternative options than being paid direct income.. and then Reeves will come back next year and say “we need more” again, and again until voted out.

We keep hearing how all the mega rich will leave the second they have any increase in tax, but why haven’t they already gone? is it the weather?

15000 millionaires net in 2 years

https://www.imidaily.com/europe/uk-lost ... rd-exodus/

ETA - Adam Smith Institute estimates 0.5m out of 3m UK millionaires will be gone by 2028

https://www.adamsmith.org/millionaire-tracker2024

[Mito Man]

The way property prices and inflation are going almost every homeowner in the SE of the country will be a millionaire by 2028 so the numbers of millionaires will increase again
“ The ASI defines millionaires are those who have over 1 million USD in net wealth across all asset classes, including - but not limited to - cash, shares, property, and private pension funds;”

Also 1 million $ ffs

[mik]

There’s people sat on millions/billions who just work the systems to pay nothing in tax, but instead, we’re squeezing average people because they don’t threaten to leave.

You don't even have to try hard to work or abuse the system, as it so heavily focussed on salaried earnings. Which is a rather significant flaw when we have many who make most of their money outside of that process. eg Sunak paying less than 23% tax on £2.2 million earnings

[Rich B]

I’m also curious what people are called if they earn above £45k, are we not still “working people”? Are MPs themselves not working.. okay, poor example!

As people reach a point in life where their kids are 18+, or WFH works well for many and opportunities for a better QoL (weather, cost of living etc) are better and increasingly accessible eg Portugal D7 or D8 or Golden Visa, Spain Digital Nomad Visa, Italy €100k flat rate tax, France Long Stay Visa .. how much can Reeves squeeze out of her Golden goose than earns £50k+ before some depart? We all know Total tax revenue doesn’t keep increasing with higher tax rates; people can, and will, leave or find alternative options than being paid direct income.. and then Reeves will come back next year and say “we need more” again, and again until voted out.

We keep hearing how all the mega rich will leave the second they have any increase in tax, but why haven’t they already gone? is it the weather?

15000 millionaires net in 2 years

https://www.imidaily.com/europe/uk-lost ... rd-exodus/

ETA - Adam Smith Institute estimates 0.5m out of 3m UK millionaires will be gone by 2028

https://www.adamsmith.org/millionaire-tracker2024

15,000 millionaires??! oh no!!! that only leaves 3 million left!!!!

[Jobbo]

The way property prices and inflation are going almost every homeowner in the SE of the country will be a millionaire by 2028 so the numbers of millionaires will increase again
“ The ASI defines millionaires are those who have over 1 million USD in net wealth across all asset classes, including - but not limited to - cash, shares, property, and private pension funds;”

Also 1 million $ ffs

The way inflation is going to go in the US, even Zedleg will be a millionaire in USD in the reasonably near future.

[Rich B]

The way property prices and inflation are going almost every homeowner in the SE of the country will be a millionaire by 2028 so the numbers of millionaires will increase again
“ The ASI defines millionaires are those who have over 1 million USD in net wealth across all asset classes, including - but not limited to - cash, shares, property, and private pension funds;”

Also 1 million $ ffs

Good point on the USD number - that’s £770k, about the price of an average 4 bed semi in my town.

interestingly, about 15,000 people retire to Spain each year - i’ll presume that a fair amount of them have amassed £770k in assets - including their houses and pensions….

STOP THE MILLLIONAIRES!!!!!

[ZedLeg]

Unlikely, due to redundancy, shite luck finding work and all this inflation I’ve been on min wage since April

[IanF]

We keep hearing how all the mega rich will leave the second they have any increase in tax, but why haven’t they already gone? is it the weather?

15000 millionaires net in 2 years

https://www.imidaily.com/europe/uk-lost ... rd-exodus/

ETA - Adam Smith Institute estimates 0.5m out of 3m UK millionaires will be gone by 2028

https://www.adamsmith.org/millionaire-tracker2024

15,000 millionaires??! oh no!!! that only leaves 3 million left!!!!

I mean that’s a minimum of £15bn walking out the door, and you seem to be ignoring the 500000 quoted in the 2nd link - so 16%.

And mito - what exactly do you think millionaire means? And dollars, we’ve already accepted the change of definition of billionaire, so probably doing this way.. but rejoice, one day Rodders, we’ll be millionaires!

[Mito Man]

I have a $1 Billion note I bought from a market for a few quid. It’s in Zimbabwe dollars but it’s irrelevant and I’m a billionaire

[ZedLeg]

15000 millionaires net in 2 years

https://www.imidaily.com/europe/uk-lost ... rd-exodus/

ETA - Adam Smith Institute estimates 0.5m out of 3m UK millionaires will be gone by 2028

https://www.adamsmith.org/millionaire-tracker2024

15,000 millionaires??! oh no!!! that only leaves 3 million left!!!!

I mean that’s a minimum of £15bn walking out the door, and you seem to be ignoring the 500000 quoted in the 2nd link - so 16%.

And mito - what exactly do you think millionaire means? And dollars, we’ve already accepted the change of definition of billionaire, so probably doing this way.. but rejoice, one day Rodders, we’ll be millionaires!

They’re not spending £15bil though, or they wouldn’t be millionaires

[IanF]

15,000 millionaires??! oh no!!! that only leaves 3 million left!!!!

I mean that’s a minimum of £15bn walking out the door, and you seem to be ignoring the 500000 quoted in the 2nd link - so 16%.

And mito - what exactly do you think millionaire means? And dollars, we’ve already accepted the change of definition of billionaire, so probably doing this way.. but rejoice, one day Rodders, we’ll be millionaires!

They’re not spending £15bil though, or they wouldn’t be millionaires

Unless it’s under the mattress, their money is in circulation, and most people of wealth have successfully made their money, which means they’ve probably taken their businesses elsewhere too

[ZedLeg]

The majority of it would be in property and stock so it’s not really propping up the local economy is it?

[Rich B]

15000 millionaires net in 2 years

https://www.imidaily.com/europe/uk-lost ... rd-exodus/

ETA - Adam Smith Institute estimates 0.5m out of 3m UK millionaires will be gone by 2028

https://www.adamsmith.org/millionaire-tracker2024

15,000 millionaires??! oh no!!! that only leaves 3 million left!!!!

I mean that’s a minimum of £15bn walking out the door, and you seem to be ignoring the 500000 quoted in the 2nd link - so 16%.

And mito - what exactly do you think millionaire means? And dollars, we’ve already accepted the change of definition of billionaire, so probably doing this way.. but rejoice, one day Rodders, we’ll be millionaires!

i was using the definition of millionaire that you posted. The one that could mean 15,000 average pensioners leaving to retire in Spain.

The second number is a bullshit number made by a think tank with a load of tories in it!

[Rich B]

I mean that’s a minimum of £15bn walking out the door, and you seem to be ignoring the 500000 quoted in the 2nd link - so 16%.

And mito - what exactly do you think millionaire means? And dollars, we’ve already accepted the change of definition of billionaire, so probably doing this way.. but rejoice, one day Rodders, we’ll be millionaires!

They’re not spending £15bil though, or they wouldn’t be millionaires

Unless it’s under the mattress, their money is in circulation, and most people of wealth have successfully made their money, which means they’ve probably taken their businesses elsewhere too

Or… they’ve got it in their property and pension pots which they were going to spend over 30 years, whilst taking far more out from the NHS as OAPs and stagnating the housing market sitting in a big house.

[Barry]

One of the more frustrating elements of this wallet raping is the higher band tax rate was paused and supposed to return to inflationary adjustments every year. I believe the Tories decided not to reinstate that too fwiw. Conveniently since then that's not been fixed, otherwise I'd safely sneak back under it (it should be £70K region by now I believe). I'd feel a little less persecuted if the Gov had the common decency to stop thinking we were fking stupid.

[Mito Man]

Pay per mile for EVs incoming
Fvck the treehuggers

[Barry]

Pay per mile for EVs incoming
Fvck the treehuggers

You think it would only apply to EVs?

[Mito Man]

Pay per mile for EVs incoming
Fvck the treehuggers

You think it would only apply to EVs?

Working people all drive ancient petrol and diesel stuff so they’re fine for now (just ignore the massive fuel duty)