Budget 2021: How much will it cost the UK and how will we pay?

[srb7677]

Still doesn't alter the fact that the more people here earn, the more tax they pay.   

I guess you'll agree with Labour's policy of a big hike in the minimum wage for all then?

Or do you think it's different rules for poor people? The more the rich earn the better? Let their incomes increase exponentially year on year ad infinitum and that's a good thing? But poor people earning more is unaffordable?

Are you one of those types? An apologist for grotesque and ever increasing inequality?

Rich earning ever more = good.

Poor earning anymore = unaffordable.

Is that it?

[srb7677]

Still doesn't alter the fact that the more people here earn, the more tax they pay.   
You may want them shelling out more, but the country's going to need to retain and attract as many high earners running successful businesses and providing more jobs, as it can. Taxing till the pips squeak has never been successful. And socialist-inspired controlled economies (eg, China, Cuba, Venezuala, etc) have always need to recant.
So long as the wealthy don't cheat and evade paying their dues, they should be encouraged...

No one is advocating taxing anybody "til the pips squeak" so you can park that tired old chestnut in Cliched Hyperbole car park. But someone has to pay for the costs of covid and all I am suggesting is that it should not be exclusively the millions of ordinary people, and especially not the poor, whose spending is essential to economic prosperity. The wealthy should be paying a fair share of any additional costs, all the more so since they have the broadest shoulders. Especially so those ones who have profited out of the crisis and used it to increase their wealth.

[patman post]

Still doesn't alter the fact that the more people here earn, the more tax they pay.   
You may want them shelling out more, but the country's going to need to retain and attract as many high earners running successful businesses and providing more jobs, as it can. Taxing till the pips squeak has never been successful. And socialist-inspired controlled economies (eg, China, Cuba, Venezuala, etc) have always need to recant.
So long as the wealthy don't cheat and evade paying their dues, they should be encouraged...

[srb7677]

As you say, the hits are yet to happen. But I don't go along with the Corbynesque whine that it's the poor that always pays while the rich still coin it in.   
Income tax payments are concentrated amongst those with the largest incomes. The 10% of income taxpayers with the largest incomes contribute over 60% of income tax receipts.
This analysis only includes those who pay income tax. 
The Institute for Fiscal Studies (IFS) – an economic think tank – has analysed how much households pay in tax. Their analysis – which covers around three quarters of tax revenues (including income tax, NICs, VAT, excise duties and council tax) – found that the 50% of households with the largest incomes contribute around 78% of taxes.
https://commonslibrary.parliament.uk/research-briefings/cbp-8513/

What your statement on income tax conveniently fails to take into account is the other de facto income tax, ie National Insurance, where most of us pay 12% starting from a very low threshold, but the wealthy only pay 2% on most of their incomes. So if you take all income taxes together, instead of simply including the progressive one only whilst excluding the regressive one, the contribution of the rich is far less enhanced.

And higher taxes on excess wealth and correspondingly lower taxes on incomes needed for the essentials of life are fair enough. You sound like you'd rather heap any additional costs on the already struggling majority, thinking the rich pay enough already. But they pay what they do because they earn so vastly more.

As a percentage of income the wealthy pay no more than the lower earners in spite of having vastly more disposable wealth.

[patman post]

If past form is anything to go buy the little guys will be expected to take the entire hit whilst the wealthy sail on by comparatively untouched.

But let's see. The main financial hits - whatever they turn out to be - have yet to fall.

As you say, the hits are yet to happen. But I don't go along with the Corbynesque whine that it's the poor that always pays while the rich still coin it in.   
Income tax payments are concentrated amongst those with the largest incomes. The 10% of income taxpayers with the largest incomes contribute over 60% of income tax receipts.
This analysis only includes those who pay income tax. 
The Institute for Fiscal Studies (IFS) – an economic think tank – has analysed how much households pay in tax. Their analysis – which covers around three quarters of tax revenues (including income tax, NICs, VAT, excise duties and council tax) – found that the 50% of households with the largest incomes contribute around 78% of taxes.
https://commonslibrary.parliament.uk/research-briefings/cbp-8513/

[Borchester]

If past form is anything to go buy the little guys will be expected to take the entire hit whilst the wealthy sail on by comparatively untouched.

But let's see. The main financial hits - whatever they turn out to be - have yet to fall.

I have just been speaking to my son, who is like a dog with two dicks over this lockdown lark. He does computer repairs and such and apparently a lot of firms turned their systems off at the start of the lockdown and now they won't fire up. It is, said my boy, like a plumber's harvest.

"You vile wretch," I cried. "What about the poor and needy that you are exploiting!"

"F@@@ the poor and needy," replied my lad. "I am making telephone numbers!"

I tell you Steve, it is lucky we have chaps like you around.

[srb7677]

If past form is anything to go buy the little guys will be expected to take the entire hit whilst the wealthy sail on by comparatively untouched.

But let's see. The main financial hits - whatever they turn out to be - have yet to fall.

[GBNews]

Budget 2021: How much will it cost the UK and how will we pay?

The pandemic is costing the government hundreds of billions of pounds. Where will it all come from?

Source: Budget 2021: How much will it cost the UK and how will we pay?