Ah yes, “various income tax rates”, that’s definitely not a reference to the top rate of income tax… which is £125k. Fuck off. I don’t give a shit about people earning that much having to pay more tax.
Thresholds, not rates. And, as you’d expect, freezing them hits the poorest the hardest.
The effect of freezing tax thresholds:
The combined impact of headline tax changes, policy roll-outs and frozen taxes and benefits by 2025–26 is broadly regressive, with the poorest seeing income falls of 2.8% of income and the richest falls of only 1.1%. Headline cuts to income tax and National Insurance will benefit higher-income households who are more likely to get more of their income from employment, while the poorest tenth of households will gain only £13 per year from these measures. Because some tax thresholds and – especially – benefits values are indefinitely frozen, the impact of freezes only grows over time. As a result, by 2030–31 the total changes to the tax and benefit system are more clearly regressive, with the highest-income tenth seeing a 1.3% fall in income and the lowest-income tenth a 4.7% fall.
Syldon@feddit.uk 1 year ago
You keep stating you hate the Tories then come out with an opinion to try and promote them. Your last post said
It is like you are saying I hate the Tories as a deflection from the fact you want to denigrate anyone speaking against them.
As for your comments here:
The windfall profits levy is expected to be £5b. I could argue this is government figure, so optimism is key here.
Corporation tax from 2019 year end is £63.2b
Corporation tax from 2023 year end £84.7b
Which is a rise of £21.6b, this leaves £78.4b in extra tax receipts since 2019. That is still a massive amount. If we assume that the £3500 per household is correct for the total amount, then with the new amount it is still £2744 per household, that is without corporation tax and windfall levies. Which is still £344 higher than the Tories said we would get if we were stupid enough to vote for Corbyn.
And for icing on the cake, Corporation taxes have actually decreased under the Tories from 28% in 2011, 24% in 2012, 23% in 2013, 21% in 2015, 20% in 2016 and 19% in 2018. The last 5 years have been the lowest rate for corporation taxes in at least the last 60 years. More proof that the burden of finances the country is falling on the poorer people in the UK.
Blake@feddit.uk 1 year ago
Take one look at anything I have ever written on Lemmy and you’ll see that I am by no means a defender of the Tories. Speak against them all you want, I’ll not defend them, but I also won’t abide the media sharing pro-industry, pro-capitalist think-tank bullshit, which is exactly what this is - a think tank that wants the Tories to tax the wealthy even less than they currently are.
Yes, it was dropping until the relatively recent announcement that they’re increasing it to 25% for companies that earn over 250k. That’s one of the reasons why this think tank is complaining about increases of corporation tax costing households money.
Except it’s not. It’s £0 per household, because corporations and fossil fuel companies aren’t households. If I instituted a wealth tax on billionaires and raised £282 billion with it, that’s not costing households £10,000 each is it?
The Tories deserve tonnes of criticism about hundreds and hundreds of things they’ve done. But increasing corporation tax and the concept of a fossil fuel industry levy (as much of a total scam that the implementation is) aren’t among those issues.
Syldon@feddit.uk 1 year ago
This is after taking corporation tax and windfall away from the total £100b (100b-21.6=78.4b). Read it again.
Blake@feddit.uk 1 year ago
Yeah, misread your comment, sorry!
Your numbers are a wee bit off, but close enough - my calcs give £27bn corp tax rather than £21.6 (remember they’re increasing it this tax year to 25% from 19%).
It’s irrelevant anyways. The windfall tax is all just propaganda to mitigate criticism of the fossil fuel industry. I don’t want to defend the Tories at all, I agree with you that they’re taxing the working class greater for the benefit of the wealthy. But that isn’t what the article is saying, and that’s why I’m annoyed at the article. The article is bullshit not because it criticises the Tories, the article is bullshit because it’s complaining about the wrong things! They mention three conservative government policies which they claim are causing harm to us, and of those three policies, two and a half of them are things we should be pushing for MORE of. (Higher corporation tax, taxes on the fossil fuel industry, higher income tax for people with high incomes). Those policies are bad because they don’t go far enough.