Jeremy Corbyn (Vol. 3)
Discussion
996owner said:
oop north said:
Not seen anything clear on tax relief on pension contributions but they seem upset that a small proportion of people have a high proportion of funds tied up in pensions, so there may be something on that in due course
hmm Another pension pot raid on the cards?Any company with more than 250 employees - will have to give 10% of the shares to the company.
If you are investing the FTSE100, 250 etc... your pension is in those companies.
Expect to see your pension raped.
Well I hope the polls are correct because anyone who has worked hard in life is about to be shafted if these dangerous f
kers get in.
I am a company director, landlord and higher rate payer. I will be royally fked under labour.
These aren't just slight tax raises either they are ridiculous, designed to crush businesses from all angles, buts it's ok because he has rallied the morons from the left into believing all business is bad, and that everyone who has worked hard in life is the devil. I am certainly no economist but he will quite proudly tank our economy on purpose.
Its a disgusting battlefield this era of politics.
kers get in.I am a company director, landlord and higher rate payer. I will be royally f
ked under labour.These aren't just slight tax raises either they are ridiculous, designed to crush businesses from all angles, buts it's ok because he has rallied the morons from the left into believing all business is bad, and that everyone who has worked hard in life is the devil. I am certainly no economist but he will quite proudly tank our economy on purpose.
Its a disgusting battlefield this era of politics.
oop north said:
Just looked at the labour manifesto and done some maths on dividend tax
With
(a) increase in corporation tax rate (to 21% for company with profits up to £300k - v planned reduction by Tories to 17%)
(b) increase in dividend tax rate to income tax rate (so 20% instead of 7.5% and 40% instead of 32.5% etc), and
(c) income tax rate going up by 5% for income above £80,000,
the combined effect of the various changes on income in range £80k-£100k is a change from a marginal tax rate of about 44% (£10,000 pre-tax profit less 17% CT gives 8,300 div then tax at 32.5% gives £5,603 post-tax div) to about 56.5% (10,000 pre-tax profit less 21% CT gives £7,900 then tax at 45% gives £4,345 post-tax div). So not the extra 5% they say people with income of £80k plus should pay - actually 12.5% increase in effective marginal rate on underlying income
That doesn't include removal of £2k dividend allowance and replacement with nominal £500, which would cost an additional £300 (20% basic rate* x £1,500). So a marginal rate of around 58% on the £20k from £80k-£100k. And a spectacular marginal rate on the income from £100k-£125k, approaching 90%
Higher rate income from taxable income of £37.5k-£80k goes from 44% to 53%. Basic rate on £37.5k goes from 23% to 37%
So go self-employed? Lots of benefits in kind through the company? Increase giving to charity? More in pension? Or just hope Corbyn doesn't get in. The manifesto doesn't like people getting income from wealth, only from working... It will make more work for accountants...
Neither my wife nor I gets more than £80k pre-tax income and I have worked out the cost to us would be about £6k pa. (Though with one daughter just started at medical school she would save nearly £60k of tuition fees over six years, and daughter no 2 if she does a regular degree it would be near-£30k saved... ) Interesting that if you believed labour (without reading the small print) it would only be people earning over £80k who pay more and if earning £100k would be £1k extra only.
[* not entirely sure that is the correct rate but it only ever gave basic rate relief anyway because it used up £2k of the basic rate band]
Not seen anything clear on tax relief on pension contributions but they seem upset that a small proportion of people have a high proportion of funds tied up in pensions, so there may be something on that in due course
If this is correct, it just goes to show how misleading the party of 'The Few' are (not that there was any doubt in the first instance.With
(a) increase in corporation tax rate (to 21% for company with profits up to £300k - v planned reduction by Tories to 17%)
(b) increase in dividend tax rate to income tax rate (so 20% instead of 7.5% and 40% instead of 32.5% etc), and
(c) income tax rate going up by 5% for income above £80,000,
the combined effect of the various changes on income in range £80k-£100k is a change from a marginal tax rate of about 44% (£10,000 pre-tax profit less 17% CT gives 8,300 div then tax at 32.5% gives £5,603 post-tax div) to about 56.5% (10,000 pre-tax profit less 21% CT gives £7,900 then tax at 45% gives £4,345 post-tax div). So not the extra 5% they say people with income of £80k plus should pay - actually 12.5% increase in effective marginal rate on underlying income
That doesn't include removal of £2k dividend allowance and replacement with nominal £500, which would cost an additional £300 (20% basic rate* x £1,500). So a marginal rate of around 58% on the £20k from £80k-£100k. And a spectacular marginal rate on the income from £100k-£125k, approaching 90%
Higher rate income from taxable income of £37.5k-£80k goes from 44% to 53%. Basic rate on £37.5k goes from 23% to 37%
So go self-employed? Lots of benefits in kind through the company? Increase giving to charity? More in pension? Or just hope Corbyn doesn't get in. The manifesto doesn't like people getting income from wealth, only from working... It will make more work for accountants...
Neither my wife nor I gets more than £80k pre-tax income and I have worked out the cost to us would be about £6k pa. (Though with one daughter just started at medical school she would save nearly £60k of tuition fees over six years, and daughter no 2 if she does a regular degree it would be near-£30k saved... ) Interesting that if you believed labour (without reading the small print) it would only be people earning over £80k who pay more and if earning £100k would be £1k extra only.
[* not entirely sure that is the correct rate but it only ever gave basic rate relief anyway because it used up £2k of the basic rate band]
Not seen anything clear on tax relief on pension contributions but they seem upset that a small proportion of people have a high proportion of funds tied up in pensions, so there may be something on that in due course
As a man who has never claimed a penny from the state. Started my own business with northing nearly 24 years ago and now employ 8 staff (including myself) plus a number of contractors as and when I feel as an easy bag to punch. I have worked hours that would kill most employees over the years, taken risks, had hospital care through ill health caused by stress however always picked myself up, dusted myself down and got on with it.
We earn bloody good money, have a good standard of living and apparently I'm considered to be 'super rich' based on their manifesto but I can assure you it hasn't been without hard work..............oh, and I'm not sure rich and even if I am, it's through my hard work and my employees hard work (who are also paid very well for their hard work)
He can take more if he wants but it's simple. I am at the age with sufficient financial security I can retire tomorrow. Sure I'll not be able to afford the next new BMW or whatever but I'll have an easier life and a less stressful life.
I won't also be authorising PAYE payments every month and contributing positively to society.
How will his money tree look when some of the branches loose their leaves?
dazwalsh said:
Well I hope the polls are correct because anyone who has worked hard in life is about to be shafted if these dangerous fkers get in.
I am a company director, landlord and higher rate payer. I will be royally fked under labour.
These aren't just slight tax raises either they are ridiculous, designed to crush businesses from all angles, buts it's ok because he has rallied the morons from the left into believing all business is bad, and that everyone who has worked hard in life is the devil. I am certainly no economist but he will quite proudly tank our economy on purpose.
Its a disgusting battlefield this era of politics.
This is why i've gone back to full time employment. Sick of risking it all for virtually nothing. Set to get worse is this lot get in by the looks of it. I wish you well.kers get in.I am a company director, landlord and higher rate payer. I will be royally f
ked under labour.These aren't just slight tax raises either they are ridiculous, designed to crush businesses from all angles, buts it's ok because he has rallied the morons from the left into believing all business is bad, and that everyone who has worked hard in life is the devil. I am certainly no economist but he will quite proudly tank our economy on purpose.
Its a disgusting battlefield this era of politics.
Had an interesting discussion regarding us "loaded" business owners and our tax breaks a while ago and how unfair it all was. Just pointed out that HIS boss risked everything to setup and give him a job. I also pointed out that being self employed has various dis advantages such as getting mortgages ext ect Oh and no sick days to take advantage of....
996owner said:
dazwalsh said:
Well I hope the polls are correct because anyone who has worked hard in life is about to be shafted if these dangerous fkers get in.
I am a company director, landlord and higher rate payer. I will be royally fked under labour.
These aren't just slight tax raises either they are ridiculous, designed to crush businesses from all angles, buts it's ok because he has rallied the morons from the left into believing all business is bad, and that everyone who has worked hard in life is the devil. I am certainly no economist but he will quite proudly tank our economy on purpose.
Its a disgusting battlefield this era of politics.
This is why i've gone back to full time employment. Sick of risking it all for virtually nothing. Set to get worse is this lot get in by the looks of it. I wish you well.kers get in.I am a company director, landlord and higher rate payer. I will be royally f
ked under labour.These aren't just slight tax raises either they are ridiculous, designed to crush businesses from all angles, buts it's ok because he has rallied the morons from the left into believing all business is bad, and that everyone who has worked hard in life is the devil. I am certainly no economist but he will quite proudly tank our economy on purpose.
Its a disgusting battlefield this era of politics.
Had an interesting discussion regarding us "loaded" business owners and our tax breaks a while ago and how unfair it all was. Just pointed out that HIS boss risked everything to setup and give him a job. I also pointed out that being self employed has various dis advantages such as getting mortgages ext ect Oh and no sick days to take advantage of....
If it were that easy more people would start their own businesses and reap the benefits.
dazwalsh said:
Well I hope the polls are correct because anyone who has worked hard in life is about to be shafted if these dangerous fkers get in.
I am a company director, landlord and higher rate payer. I will be royally fked under labour.
These aren't just slight tax raises either they are ridiculous, designed to crush businesses from all angles, buts it's ok because he has rallied the morons from the left into believing all business is bad, and that everyone who has worked hard in life is the devil. I am certainly no economist but he will quite proudly tank our economy on purpose.
Its a disgusting battlefield this era of politics.
Agree with the outcome, but not the intent. I don't actually think they are quite that malicous when applied to the majority of business owners. kers get in.I am a company director, landlord and higher rate payer. I will be royally f
ked under labour.These aren't just slight tax raises either they are ridiculous, designed to crush businesses from all angles, buts it's ok because he has rallied the morons from the left into believing all business is bad, and that everyone who has worked hard in life is the devil. I am certainly no economist but he will quite proudly tank our economy on purpose.
Its a disgusting battlefield this era of politics.
Billionnaires, yes, absolutely, but not people in the real world.
However, the fact is that these people are economic morons.
They calculate future tax revenues simply based on current levels of activity, revenue & profit
It seems that it just doesn't occur to them that economic activity (and with it tax revenues) would collapse when they tax individuals and businesses in the way that they propose. Likewise, it just doesn't occur to them that Nationalisation will lead to massive inefficiency (as it always has done in this country).
They are that incompetent & they should not be let within a mile of Downing street for that alone.
Wombat3 said:
dazwalsh said:
Well I hope the polls are correct because anyone who has worked hard in life is about to be shafted if these dangerous fkers get in.
I am a company director, landlord and higher rate payer. I will be royally fked under labour.
These aren't just slight tax raises either they are ridiculous, designed to crush businesses from all angles, buts it's ok because he has rallied the morons from the left into believing all business is bad, and that everyone who has worked hard in life is the devil. I am certainly no economist but he will quite proudly tank our economy on purpose.
Its a disgusting battlefield this era of politics.
However, the fact is that these people are economic morons. kers get in.I am a company director, landlord and higher rate payer. I will be royally f
ked under labour.These aren't just slight tax raises either they are ridiculous, designed to crush businesses from all angles, buts it's ok because he has rallied the morons from the left into believing all business is bad, and that everyone who has worked hard in life is the devil. I am certainly no economist but he will quite proudly tank our economy on purpose.
Its a disgusting battlefield this era of politics.
They calculate future tax revenues simply based on current levels of activity, revenue & profit
It seems that it just doesn't occur to them that economic activity (and with it tax revenues) would collapse when they tax individuals and businesses in the way that they propose. Likewise, it just doesn't occur to them that Nationalisation will lead to massive inefficiency (as it always has done in this country).
They are that incompetent & they should not be let within a mile of Downing street for that alone.
Troubleatmill said:
McDonnell has clearly stated it is.....
Any company with more than 250 employees - will have to give 10% of the shares to the company.
If you are investing the FTSE100, 250 etc... your pension is in those companies.
Expect to see your pension raped.
You all have plenty...all we hear on here is how much you all have...time to share comrades!!...Any company with more than 250 employees - will have to give 10% of the shares to the company.
If you are investing the FTSE100, 250 etc... your pension is in those companies.
Expect to see your pension raped.
Oh Jimmy the feckless drunk of 35years says Ta mate!!
Troubleatmill said:
McDonnell has clearly stated it is.....
Any company with more than 250 employees - will have to give 10% of the shares to the company.
If you are investing the FTSE100, 250 etc... your pension is in those companies.
Expect to see your pension raped.
But you can get it at 66 so that's OK Any company with more than 250 employees - will have to give 10% of the shares to the company.
If you are investing the FTSE100, 250 etc... your pension is in those companies.
Expect to see your pension raped.
Troubleatmill said:
996owner said:
oop north said:
Not seen anything clear on tax relief on pension contributions but they seem upset that a small proportion of people have a high proportion of funds tied up in pensions, so there may be something on that in due course
hmm Another pension pot raid on the cards?Any company with more than 250 employees - will have to give 10% of the shares to the company.
If you are investing the FTSE100, 250 etc... your pension is in those companies.
Expect to see your pension raped.
oop north said:
I don't think it's that - haven't found any clear proposals, but The Times' article suggests there will be a restriction on higher earners' tax relief on/ ability to make pension contributions. That will go own well with any high-paid civil servants, doctors, teachers etc. On the plus side, it should result in MPs suffering more tax!
The lack of higher rate tax relief on pensions already makes the largely pointless.oop north said:
Just looked at the labour manifesto and done some maths on dividend tax
With
(a) increase in corporation tax rate (to 21% for company with profits up to £300k - v planned reduction by Tories to 17%)
(b) increase in dividend tax rate to income tax rate (so 20% instead of 7.5% and 40% instead of 32.5% etc), and
(c) income tax rate going up by 5% for income above £80,000,
the combined effect of the various changes on income in range £80k-£100k is a change from a marginal tax rate of about 44% (£10,000 pre-tax profit less 17% CT gives 8,300 div then tax at 32.5% gives £5,603 post-tax div) to about 56.5% (10,000 pre-tax profit less 21% CT gives £7,900 then tax at 45% gives £4,345 post-tax div). So not the extra 5% they say people with income of £80k plus should pay - actually 12.5% increase in effective marginal rate on underlying income
That doesn't include removal of £2k dividend allowance and replacement with nominal £500, which would cost an additional £300 (20% basic rate* x £1,500). So a marginal rate of around 58% on the £20k from £80k-£100k. And a spectacular marginal rate on the income from £100k-£125k, approaching 90%
Higher rate income from taxable income of £37.5k-£80k goes from 44% to 53%. Basic rate on £37.5k goes from 23% to 37%
So go self-employed? Lots of benefits in kind through the company? Increase giving to charity? More in pension? Or just hope Corbyn doesn't get in. The manifesto doesn't like people getting income from wealth, only from working... It will make more work for accountants...
Neither my wife nor I gets more than £80k pre-tax income and I have worked out the cost to us would be about £6k pa. (Though with one daughter just started at medical school she would save nearly £60k of tuition fees over six years, and daughter no 2 if she does a regular degree it would be near-£30k saved... ) Interesting that if you believed labour (without reading the small print) it would only be people earning over £80k who pay more and if earning £100k would be £1k extra only.
[* not entirely sure that is the correct rate but it only ever gave basic rate relief anyway because it used up £2k of the basic rate band]
Not seen anything clear on tax relief on pension contributions but they seem upset that a small proportion of people have a high proportion of funds tied up in pensions, so there may be something on that in due course
https://www.parliament.uk/about/mps-and-lords/members/pay-mps/With
(a) increase in corporation tax rate (to 21% for company with profits up to £300k - v planned reduction by Tories to 17%)
(b) increase in dividend tax rate to income tax rate (so 20% instead of 7.5% and 40% instead of 32.5% etc), and
(c) income tax rate going up by 5% for income above £80,000,
the combined effect of the various changes on income in range £80k-£100k is a change from a marginal tax rate of about 44% (£10,000 pre-tax profit less 17% CT gives 8,300 div then tax at 32.5% gives £5,603 post-tax div) to about 56.5% (10,000 pre-tax profit less 21% CT gives £7,900 then tax at 45% gives £4,345 post-tax div). So not the extra 5% they say people with income of £80k plus should pay - actually 12.5% increase in effective marginal rate on underlying income
That doesn't include removal of £2k dividend allowance and replacement with nominal £500, which would cost an additional £300 (20% basic rate* x £1,500). So a marginal rate of around 58% on the £20k from £80k-£100k. And a spectacular marginal rate on the income from £100k-£125k, approaching 90%
Higher rate income from taxable income of £37.5k-£80k goes from 44% to 53%. Basic rate on £37.5k goes from 23% to 37%
So go self-employed? Lots of benefits in kind through the company? Increase giving to charity? More in pension? Or just hope Corbyn doesn't get in. The manifesto doesn't like people getting income from wealth, only from working... It will make more work for accountants...
Neither my wife nor I gets more than £80k pre-tax income and I have worked out the cost to us would be about £6k pa. (Though with one daughter just started at medical school she would save nearly £60k of tuition fees over six years, and daughter no 2 if she does a regular degree it would be near-£30k saved... ) Interesting that if you believed labour (without reading the small print) it would only be people earning over £80k who pay more and if earning £100k would be £1k extra only.
[* not entirely sure that is the correct rate but it only ever gave basic rate relief anyway because it used up £2k of the basic rate band]
Not seen anything clear on tax relief on pension contributions but they seem upset that a small proportion of people have a high proportion of funds tied up in pensions, so there may be something on that in due course
The basic annual salary for an MP from 1 April 2019 is £79,468.
Funny that!
oop north said:
Just looked at the labour manifesto and done some maths on dividend tax
With
(a) increase in corporation tax rate (to 21% for company with profits up to £300k - v planned reduction by Tories to 17%)
(b) increase in dividend tax rate to income tax rate (so 20% instead of 7.5% and 40% instead of 32.5% etc), and
Ok, assuming that the business is turning over £90k p/annum, 2x directors, basic salaries (£8,628 x2), pension contributions (£500 p/mth each) and expenses (£1k p/mth) returning a gross profit of £48,516 p/annum With
(a) increase in corporation tax rate (to 21% for company with profits up to £300k - v planned reduction by Tories to 17%)
(b) increase in dividend tax rate to income tax rate (so 20% instead of 7.5% and 40% instead of 32.5% etc), and
Corp tax would go from £9,218 p/annum to £10,188 (11% increase)
At an individual level the dividend p/annum post tax would reduce from £19,649 each to £14,932 (31% increase
I think I've got that right. Painful (even more so as a setup my own business 4 months ago)
Edited by pmanson on Thursday 21st November 18:50
AJL308 said:
https://www.parliament.uk/about/mps-and-lords/memb...
The basic annual salary for an MP from 1 April 2019 is £79,468.
Funny that!
Are you suggesting there is a connection? The basic annual salary for an MP from 1 April 2019 is £79,468.
Funny that!
Bussolini said:
gazza285 said:
Bussolini said:
If the Tories hadn't sold them all off at below market value, we wouldn't have to build so many new ones.
Housing supply is a real problem in this country. Increasing housing supply to get those at the bottom out of the hands of predatory private landlords is a good thing.
If the last Labour government hadn’t stopped building them, the country wouldn’t be short of social housing now.Housing supply is a real problem in this country. Increasing housing supply to get those at the bottom out of the hands of predatory private landlords is a good thing.
s in over valuing it so is waiting it out till the price comes down!Earthdweller said:
Just listened to McDonnel on Politics Live point blank refusing to answer how many council houses the Welsh Labour Govt had built and then blaming Tory austerity for them only building 59
The veneer was starting to slip .. “wait till you see a Corbyn Govt”
There’s a real nastiness in McDonnell and it was starting to show through
We won't though, not in any meaningful sense anyway. He's the "useful idiot" put there to get support and the young and the gullible are falling for it. As soon as he's won he'll be sent "Hill Walking".The veneer was starting to slip .. “wait till you see a Corbyn Govt”
There’s a real nastiness in McDonnell and it was starting to show through
Lots of support in Dudley
https://www.facebook.com/groups/Gornalwatch/permal...
https://www.facebook.com/groups/Gornalwatch/permal...
- warning** this production may contain some naughty words that may offend younger readers
Crackie said:
Presumably you were happy with the Shameless Chakrabarti whitewash then, and his comments about the mural, and Momentum's purge and, and, and.
I've just heard her being interviewed by Evan Davies on R4 this evening. I din't realise who she was until the end but found myself thinking how utterly thick she sounded whilst being very eager to play the race/xenophobia card where it was clearly totally unwarranted. Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff