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Posted by2 months ago

Keir Starmer says he will reverse tax cut for top earners if he wins next election

305 comments
98% Upvoted
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level 1
· 2 mo. ago
-7.13, -6.87 (in 2013) -6.88, -7.18 (in 2019)

No brainer of a policy.

He has to find ways to raise taxes which the public support otherwise he’s going to be forced into austerity due to deficit the Tories are going to leave.

729
level 2

Labour will win the election and then we're going to have Dominic Raab saying "look, we warned you, tax and spend, that's all labour know"

202
level 2

It's either mega austerity through the tax cuts + massive borrowing under the tories.

Or either some austerity or borrowing under labour but at least some of that will be funded by windfall taxes and not cutting taxes for the most well off in society.

73
level 2
· 2 mo. ago · edited 2 mo. ago

This isn't raising taxes (relative to before 9.30a.m. on Friday), just cutting them at a slower rate.

The 20% to 19% change costs more than the 45% band change. Starmer says Labour will keep the first one. So their proposed budget will still see less overall tax revenue that the one that stood before Friday.

Neither the 20% nor the 45% band needed to change. Scrapping the NI hike was a good thing though, as it just should never have been introduced in the first place.

38
level 2

He has to find ways to raise taxes which the public support otherwise he’s going to be forced into austerity due to deficit the Tories are going to leave.

Energy windfall taxes. It's completely precidented - especially with war in Europe being cited as the reason why. We did it in WW1 where it had massive support and was highly successful. It even continued after the war was over.

They should have had one during the pandemic too against any profit made by outsourcers.

No business should be making such obscene amounts of money by happenstance. They've not invented a new form of gas extraction or alternative green energy. They're doing exactly what they've always done and are simply profiting from supply and demand variance.

10
level 2

Such an easy win. If I wasn’t worried about how 2 years of this gov is going to be I’d be happier about these under arm soft balls Labour are being thrown.

1
level 2

The measure was never about money in government. That last bracket covers 0.5% of the british public. The measure was always about getting liz happy with her backers.

1
level 1

A maximum of 1% of the population is going to be annoyed by this, and it navigates the trap left by the Tories of trying to get him to go "moar tax" across the board. (Although it still leaves the mystery of why the Tories changed the 45% rate at all as it provided Labour with the perfect get-out clause.)

But...

...of the fiscal black-hole that Friday's not-a-budget created, the 45% change is only 1/10th the size of the effect of changing the 20% band, or scrapping the NI hike. Both of which are things Labour said they wouldn't reverse.

So the overall budget wouldn't be significantly different either way.

127
level 2

Corporation tax, capital gains tax, land tax are probably all areas they should look at. Stamp duty, inheritance tax, 2nd home tax are all good ideas too, push the cost onto the rich. Aviation needs to be taxed more heavily too, should be a % of the ticket cost on top of the flat rate.

71
level 2

Now watch that 1% start funding a brainwashing campaign to make people believe Starmer is a bad guy for some non specific reason. Next thing you know your mum is saying “I don’t like that Keir Starmer”.

9
level 2
· 2 mo. ago
*screeching noises*

Everyone it annoys will undoubtably already be voting tory anyway. We should be increasing that band of tax even higher to something like 50-60%.

1
level 2

0.5% of the population pay top rate.

1
level 2

A large chunk of that 1% won't be annoyed either. I'm in that demographic and while I won't be turning down the extra money, it isn't swaying my vote and I won't be upset if it gets reversed.

1
level 1

Labour need to run on a platform of properly taxing the ultrawealthy. Not people on £200k, but the billionaire class. Tax their assets. Luxury taxes on aircraft, helicopters, yachts etc.

107
level 2

That would mean closing tax havens and tax loopholes, which would just mean the money goes somewhere else untouchable.

Billionaires already protect their wealth against tax. The planes and boats are registered in Bermuda or Jersey.

The only way in reality is to tax the way they make their money in the UK, which would be corporation tax and high earners tax brackets.

46

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