Sometimes, an editor says no - there isn’t room.
Sometimes, a government just ignores facts.
Neither of those things changes what is true, and nor does it change the fact someone, somewhere, still needs to hear it.
Launching a new Substack: Here's What They Don't Want You To Know: t.co/phRdR99ijk
www.washingtonpost.com/politics/202...
First Amendment, is so revered leading to numerous case law incidents to vanquish attempts to protect vulnerable etc.
US currently has: Free Speech and Inciting Violence variation.
Until betwixt new: Hate Speech, which may be gospel according to (AG) Bondi.😟
Ex-Masterchef trouser-dropper Gregg Wallace has managed something no other human can. He can turn autism off and on again!
fleetstreetfox.substack.com/p/gregg-wall...
www.youtube.com/watch?v=odCy...
*Initially speaks to ideal of consumption tax
*Why capital gains taxes encourage investment but warp incomes, for folks with power over company/system
*Anti-growth taxes of today (marginal rates)
*People including doctors, turn away work => less growth due to 62%+
£125k+ NonExec wage=> 45% IT
>£100k earner, climbs equiv 60% income tax tinyurl.com/PTTaper StiflesBiz/disincentivises/NoMansLand
Uber elite 125k-band at 45%
*Fix: Now remove PTA taper to it
Increase 50k-band to 42%, fix hole, elite suck up
Reduce £50k/42% to ~40% as fiscal drag bites in 2+ yrs
Let Reeves wind IT/NI back
PAYE income tax (tinyurl.com/TaxScout):
£30k'er paid:
£5938, 2021-22
£5789, 2022-23
£5491, 2023-24
£4881, 2024-25
£110k'er paid:
£42611, 2021-22
£43082, 2022-23
£40743, 2023-24
£40063, 2024-25
£60k'er paid:
£16511, 2021-22
£16581, 2022-23
£15962, 2023-24
£14642, 2024-25
Sure, the info age will make this difficult. Cost of living has hiked, particularly in areas relating to energy and taxes embedded. Cost of borrowing has risen, council taxes are no smaller and likely to go up more (w/ BBC licence fee etc).
Only new tax for short "bridging loan" until fiscal drag..
OECD still shows that until we start getting fiscal drag kicking in then we're one of the lowest West countries for tax take and certainly not smallest for state services. But NHS isn't the devil it is painted to be either.
Messaging, say "going back in time" for badly thought out prior Budgets..🤔?
@zoesqwilliams.bsky.social
Income tax posN
£30k-earn:
£5789 in 2022-23
£5491 in 2023-24
£4881 in 2024-25
@£110k:
£43082 in 2022-23
£40743 in 2023-24
£40063 in 2024-25
@£60k
£16581 in 2022-23
£15962 in 2023-24
£14642 in 2024-25
taxscouts.com/calculator/i...
+employee NICs(sans SocCare)
Rewind⏲️?
So many call for wealth tax, and this seems a happier medium, to the engineering, quantity surveying type of mind. I will let it drop now.
It is probably unreasonable to try to adapt a flawed mechanism by carving-out Fin Mkts. Just as how you said crediting for SDLT as property tax wouldn't happen.
I do understand your position more than perhaps you might realise. As money moves around with business accounts and in how people service their own debt, it just seems that there is room for something other than the latent tax return mechanisms that could help with the incidental public purse.
Orbit (of influence) earlier, what was that for?
Employer w/ cost considered working capital, determines he's operating legally, pays salary gladly.
His NI gone, your NI (post thresholds hit) from times of yore=~20% better off, in orbit (if all spent).
His 0.25% + your 0.25% makes orbit= max 0.5%.
*Mortgage Indemnity Guarantee, MIG, not MGI.
Any nauseation = unintentional!
I did still find your one-liner initial response very gratifying and I was keen to capture the macro-economic/economic illiteracy of my proposal. But attempted to couch it with refinements in approach, if unconventional!
Happy to be bampot + fine that you originally READ assertion that banks themselves would pay this tax, which with the lack of characters per reply, I'll take most but not all the blame for w/ my written comprehension.
Best wishes and still amused I was a bonkersness quote for almost what I said! 😁👍
(Or what part of BoE overseen £500bn per day is financial markets. We clearly can't use fact that financial sector is 10%+ of GDP to equate the daily figure percentage. So 0.25% of what actual figure becomes a modelling exercise. As does reflex in anyone reacting to a UK specific new microtax.)
Accept am to have a devil of job saying to you that incentive of removing NI completely is assured thru replacing with a bifurcated (consumer+industry+treasury oriented) bleed valve tax with you as you've played thru to heart's content.
But, regulated financial mkts could bifurcate w/ licensed tag?
Consumption tax as our electronic banking lives are near incomparable to how VAT/salesTax envisioned.
If BTT-send-microtax is awful, surely worse for merchants who accept 1.5-3.5% charges of CredCard processing many trades?
Consumer marginal rate of tax would come down for higher overall tax take.
0.25% is suggested as this is for a new pot of £ for govt who promise, look disingenuous as see coffers=>clam up.
What part of BoE £500bn per day is consumer+Whitehall+industry?
Removing NI completely by substitution should have grown/affordability gains for population.
Yet this=low real-time tax
When buying a home w/ £30k saved, you might easily afford £75 to transfer this to the vendor. And if you have to do the old way of sending to conveyancing solicitor first, 2x=£150.
Mortgage on £330k house, could add £750 to get to vendor or multiple. So escrow used? Or like MGI and added to term?
Obvious issues being that even though people will be able to afford a 15p impact on their £60 basket of shopping, there will be naysayers.
Also, we'd be taxing the money the government spends, removing some potency for sake of simplicity.
Some may be drawn to cash/crypto but that's still sending..
Step 6, in the initial year, defence stockpiling replenishment would be high priority of need, also capital projects to speed up low£ home building, wrongdoing compensation.
Perhaps: storm water seasonal overrun to pump to forest wildfire defences with recycled plastic bunded storage at height. Etc
Step 4 contD: Ensure that bank operating licence req. account holder funds to be swiftly TxD to HMRC without bank charges per-transaction or account holder. (Jealousy abound.)
Step 5, consider some of >£200bn to convert public sector pension to funded schemes w/o spooking markets as not borrowing.
Step 4, Realising that supply chains need to be short for anything in addition to value-added tax to be palatable, + that politicians are always tempted to exploit taxes, legislate that 0.25% is fixed for the purpose of replacing NI and aiming for a new pot of money for incidental costs of our time.
In step 2, am selecting outgoing funds, and to place a separately transacted levy that the account holder pays. 0.25%, a quarter of a penny in the pound.
In step 3, am selecting to, once there is evidence of efficacy, aim to remove all forms of NI, which bring in just under £200bn per annum today.
Step 1, bifurcate the financial markets as HF-trading and full scope would be awful to have a tax, even a tiny one.
Step 2, choose a single direction and decide on orbits of influence. Such as employer to employee and when all wages are spent as an orbit.
Step 3, aim to only replace 1 archaic tax
Saw IEA IV: Ideas oft are flawed in terms of tax incidence and consequence and it amused me!
If lucky enough to catch your eye again, may I have a second hearing pse?
Subtly different but in ref:
www.actionforasimplerlife.com/slideshow
www.facebook.com/groups/92452... (huge 1% IT replacement)
🧵
My data networks have compounding processing tax of sorts, ascribed as time/space options. Internet packets go thru a node as a time-space-time switching or a space-time-space.
Economies seem similar, maybe.
I hoped 0.25% BTT for £325bn per annum vs 20-80% 🤵/🏭marginal tax for £1.2tn had something!
I think you may have fabulously filled the hole in my engineering mind, when trying to grasp societal and macro economic concepts.
Thank you, as I've spent years looking at Tobin/Keynes theorising, and at India with their BTT 1% for income due to only ~2.2% paying income tax at all.
Off to learn!
I think I may have derailed your reading comprehension of the idea presented. State wouldn't be charging bank per sé.
The account would be paying this like a slightly perverse and exemption-proof alternative to a War Bond fund.
Small %age, and for unforeseen state costs, wrongdoings etc.
Thx Dan
Example:
You've £3000 in current account and your child needs £500. You send £500 and you're deducted £500 but either instantaneously or reconciled when you're next paid, the banks transfer coding deducts an additional £1.25 to go to HMRC separately. Bank can't charge you or a business. Bal=2498.75