Raising taxes will be a disaster for Britain – and here’s the proof

The last Labour government hiked the top tax rate to 50pc, and it was a policy disaster

 

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This is so true, but one that Labour fail to realise as they are so engrossed in trying to take from the assumed rich, that they fail to see that the very rich have the means to legally reduce their tax burden or even more leave the UK completely. Then you don’t even get the tax they were willing to pay before. It is a fine dividing line between what one is willing to pay and one is not. While those who are not rich have no option but to pay the tax they are requested to do.

So rather than increase tax rates considerably, why not just increase by 1% or 2% rather than 10% to bring in a top rate of 50%.

But, Conservatives are so determined not to increase tax for the rich, so they try to get more from the poor and not so rich. by increasing lower tax rates and also not increasing the initial tax free element.

By increasing the tax free element to line with the National Living Wage and increase rates slightly this would enable people to spend more and thereby get money from VAT and also increase slightly Capital Gains Tax and Inheritance Tax.

Also reverse all austerity cuts, thus allowing Local Authorities to create more job opportunities, rather than cut employment to save money. Also allowing more money to be made available for Social Care so the abysmal rates of pay could be eliminated and allow starting pay at £14 or even £15 per hour so encouraging more to enter the profession.

Alter Immigration requirements so all persons willing to work in the UK could do so and thereby enable more non-UK persons to enter the UK to work, while removing any non-UK persons who are not willing to work.

 

Source: Raising taxes will be a disaster for Britain – and here’s the proof

General election: IFS experts say both Tory and Labour spending plans fail to add up | inews

Boris Johnson and Jeremy Corbyn were both accused of failing to present ‘credible’ economic plans

Source: General election: IFS experts say both Tory and Labour spending plans fail to add up | inews

Trump tax returns reveal over $1bn in losses and that he paid no income taxes for eight years, report says | The Independent

Donald Trump‘s tax returns show that he lost so much money in the mid-1980s to 1990s that he paid no income tax for eight out of 10 years during that period, according to a new report.

The income tax records were obtained by The New York Times, and represent the most detailed look into the president’s personal taxes yet, after years in which Mr Trump had sought to keep the documents private.

Between 1985 and 1994, the documents show, Mr Trump lost tens of millions of dollars a year, with total losses adding up to $1.17bn for the decade.

According to The New York Times report on the taxes, Mr Trump’s losses mostly came from his business holdings in casinos, hotels, and retail apartment space in his buildings. And, the paper reports, the sheer amount of losses during that time show that he lost more money than almost any other American taxpayer during that time, according to a comparison of his taxes to an annual comparison of high income earners compiled by the Internal Revenue Service.

The freshly released documents do not cover the years of interest to Congressional Democrats — who have demanded the Treasury Department release the president’s returns, leading to a legal battle — but they do provide valuable insight into Mr Trump’s history, and of the dire straights he found himself roughly 30 years ago.

 

Source: Trump tax returns reveal over $1bn in losses and that he paid no income taxes for eight years, report says | The Independent

Trump wants voters to think the US economy is booming – is it? | US news | The Guardian

“We’re going to win so much, you’re going to be so sick and tired of winning,” Donald Trump promised on the campaign trail ahead of his election. And as the president faces his first midterm vote, the big test for Trump will be whether voters are sick of winning, or sick of him.

On many measures, the US economy has boomed under Trump. Unemployment is at lows unseen since the first moon landing, stock markets remain close to record highs, business confidence is up, trade agreements Trump has slammed as “unfair” are being rewritten. On Friday the government’s latest jobs report showed wages were rising at their highest rate since 2009.

If the Republicans come through in Tuesday’s vote and outperform expectations – despite Trump’s unpopularity – then no doubt a lot of pundits will be using the campaign quote coined by James Carville, strategist to Bill Clinton, to explain the outcome: “It’s the economy, stupid.”

Trump is pushing his hard line on immigration harder than his economic record. Polling shows economic issues become less of a factor when the economy is on a sound footing.

 

Source: Trump wants voters to think the US economy is booming – is it? | US news | The Guardian

How Trump’s trade war affects working-class Americans : The Conversation

President Donald Trump justifies tariffs on imports by arguing that “unfair trade policies” have harmed American workers. This has led to a trade war in which the U.S. and China have placed tit-for-tat tariffs on each other’s products.

Most recently, China said it’s ready to slap tariffs on US$60 billion in U.S. imports if Trump goes ahead with his threat to tax another $200 billion of Chinese goods.

Since the president claims to be acting on behalf of working-class Americans, it’s fair to ask: How do tariffs actually affect them?

Scholars of international political economy, such as myself, recognize that trade hasn’t always been good for poorer Americans. However, the economic fundamentals are clear: Tariffs make things worse.

 

Source: How Trump’s trade war affects working-class Americans :  The Conversation

‘This is the ultimate slap in the face’ – Daily Record

A soldier who lost his legs in Afghanistan will no longer get treatment in England – because he’s Scottish.

Callum Brown, 28, still endures horrific pain from injuries caused by a bomb blast six years ago.

But now the former soldier is to lose the treatment and medication he has relied on.

He said yesterday: “I am sitting here without my legs because I fought for this country.

“This is the ultimate slap in the face. I am still in shock and can barely get my head around it.”

Former lance corporal Callum, from Ayr, has been under the care of the Queen Elizabeth Hospital in Birmingham.

The hospital, where he was treated when he was first airlifted home, has dedicated and specialised facilities for military casualties.

But on his last visit, he and wife Laura were stunned to be told he could no longer go there because he doesn’t live in England.

Callum fears the decision could even cost him his life because he will no longer have access to the specialist treatment available at the hospital.

e’ Former soldier lost his legs in Afghanistan but English hospital will no longer treat him because he’s Scottish – Daily Record

Inside the Health Care Bill: Trump Wanted ‘Heart.’ He Didn’t Get It – NBC News

The Senate bill is easy to summarize: It cuts health spending and uses the savings to finance large tax cuts for wealthy Americans and medical companies.

Source: Inside the Health Care Bill: Trump Wanted ‘Heart.’ He Didn’t Get It – NBC News

Think tank warns of ‘dishonest’ Labour tax plans | Daily Mail Online

Labour will raise taxes in the UK to their highest level since just after the Second World War – and ordinary families will take a hit, economists said yesterday.

Source: Think tank warns of ‘dishonest’ Labour tax plans | Daily Mail Online

What the Rich Are Doing Now to Reap Trump’s Tax Bonanza – Bloomberg

 

 

Well that will be the wealthy sorted, but what about the not so wealthy, that is the ones that voted for Trump, will they be left behind.

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For wealthy Americans, the outcome of the 2016 election could be lucrative.

Democratic candidate Hillary Clinton proposed hiking their taxes. Donald Trump, her Republican rival and now the president-elect, proposed the opposite: $6.2 trillion in tax cuts over the next decade, according to the Tax Policy Center’s analysis, with the top 1 percent by income getting almost half the benefit. That translates into a 13.5 percent boost to their after-tax income, compared to a 1.8 percent increase for taxpayers in the middle fifth of incomes.

No one knows if Trump can get such big tax cuts for the rich through Congress, even one controlled by the GOP. They could open the gap between the wealthy and everyone else still further, while ultimately widening the U.S. budget deficit and taking resources from other priorities such as health care and retirement.

But financial advisers to the wealthy are starting to bet that tax rates will fall as early as next year. And they’re telling clients to make their move before the end of 2016 to maximize the payoff.

Source: What the Rich Are Doing Now to Reap Trump’s Tax Bonanza – Bloomberg

Life Under the Islamic State: Civil Fines, Taxes and Punishments | The Muslim Issue

Life Under the Islamic State:Fines, Taxes and Punishments By SARAH ALMUKHTAR New York Times, MAY 26, 2016 The Islamic State is losing territory and, with it, population and resources. Its revenue h…

Source: Life Under the Islamic State: Civil Fines, Taxes and Punishments | The Muslim Issue