We're All Going To Pay More Tax
Вставка
- Опубліковано 13 чер 2024
- Regardless of what politicians do leading up to the next election, it is likely that over the coming decade, we will all need to pay a lot more tax. But where will this come from?
Check out the manual using this link and apply the code DTM55 to enjoy a 55% discount on your first order! bit.ly/4a13ZVi
The brokers I use:
InvestEngine
investengine.pxf.io/eKR40z
Get a Welcome Bonus of up to £50 when you invest at least £100 with InvestEngine
Trading 212
trading212.com/promocodes/DAMIEN
If you do not get your free share after depositing £1. Use promo code DAMIEN, you will find it in the section with the three lines in the bottom right corner of the app.
Vanguard
www.vanguardinvestor.co.uk/
This is not an affiliate link
Sources:
Paul's book: amzn.to/3Rr9mGa
ifs.org.uk/articles/will-be-b...
www.oecd-ilibrary.org/docserv...
www.ukwealth.tax/
DISCLAIMER: Some of these links may be affiliate links. If you purchase a product or service using one of these links, I will receive a small commission from the seller. There will be no additional charge for you.
DISCLAIMER: I am not a financial advisor and none of the content on this channel is financial advice. All information is provided for educational/entertainment purposes. If you are making investment or other financial decisions and require advice, please consult a suitably qualified licensed professional.
Timestamps:
00:00 - Pay more tax
01:00 - Spread the pain
02:27 - Getting worse
03:41 - Sponsor
04:28 - Another issue
05:28 - Serious money
07:28 - Eat the rich
10:30 - How to tax the rich
11:50 - Another way
14:00 - Fairness
14:43 - Big business
15:57 - Be brave
Check out the manual using this link and apply the code DTM55 to enjoy a 55% discount on your first order! bit.ly/4a13ZVi
Although I agree with a lot of observations you made in this video, I frankly disagree that we need to either raise tax for everyone and/or let the GDP to rise. Remember, the government got us into this mess in the first place, namely, the printing of money, the unregulated migration, the overstretched and overworked staff in the public services like the NHS.All the proposed solutions are addressing symptoms and not the causes. And the cause of this is, as always, the incompetent government.
I think the simplest way to achieve more taxes is the raise in incomes and more wealth distribution. But that does not boat well with the inflation and corporations who admittedly love cheap labour. I think raising the taxes is a very shortsighted approach.
Please don't quote Marx instead quote Milton Friedman
What about import & export Taxes ?
@@chrislambert9435Friedman didn’t want inheritance tax to be 100%? I’m not quoting him because I agree with him I am quoting him to show how extreme his view was
Council tax is a regressive tax. The poorest are paying a larger amount as a percentage of their income. Thatchers poll tax was fairer! But the rich own MSM and convinced people otherwise.
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal".
'...don't have $500 for an
emergency" that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn't a high price one), student loans for our kids, and of course credit cards.
One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke. So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it's actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
Congratulations on taking the steps necessary to get yourself out of the financial bind you were in.
Facing your medicine can be difficult. However, with commitment, you'll ultimately reach a highly satisfying place. It's all about the actions you're willing to take.
Your financial journey is truly inspiring, and I'm currently striving to achieve the goals you've reached. Could you please share some tips to help others learn and navigate their own paths to financial success? Your insights would be invaluable.
Samuel Peter Descovich that's whom I work with
SAMUEL PETER DESCOVICH
GOOGLE the name
Weekly reminder to never forget what our elites did to us during the pandemic.
Many future high earning young people will surely emigrate for a better life elsewhere.
🙄 Nice vague criticism... What's your issue, that they locked down or that they didn't lock down fast enough?
There was a pandemic, and the idea that it would have an impact on the economy is a very unsurprising one, but sure... the elites.
They will be taxed heavily elsewhere too. Not Uk levels of squeeze, but enough to make them unlikely to enjoy the fruit of their labour.
Like where?
UAE? Lots of fintech opportunities.
@@pritapp788 nonsense. plenty of countries offering superior low tax systems compared to the joke that the uk has. especially for remote workers. UAE for starters, malta, cyprus, montenegro, bulgaria, malaysia, uruguay. and if you're remote, spain also has low taxes, as does italy, as did portugal.
Nice video.
I got sick of paying so much tax, having climbed into the additional rate band. Paying over 60% in tax for a decent proportion of my income (loss of personal allowance). So I went part-time.
There comes a point, where it’s just not worth working yourself into an early grave, and paying far more tax than most for the privilege.
‘Progressive’ tax systems sound great as a sound-bite, but they discourage people from reaching the top of their professions. Particularly when used in such a ham-fisted manner as the U.K.
Agreed. It penalises success because it's an easy thing to do. In the UK there's so much resentment shown to anyone who succeeds.
It's been studied that after tax exceeds 30% of your income, your motivation to earn and work diminishes progressively. At 60% and more individuals actually are less motivated to continue working at all. That's what happened in California particularly in the high-earning realtors sector.
There is a system where everyone are paid the same amount of money for their work. That system claims this is fair for everyone. The problem with it is that it kills ambition. Why would you study for years if you will still be paid the same. That system is called communism.
Most advanced countries have this tax approach, that is normal.
There is one thing I have never understood in UK: Why are people so upset about paying tax? Be proud of it, you have achieved more than many others did and while you pay more, you still got more money and likely better living standards. Good for you and I'm happy for you.
As of proud to pay the tax - your tax is making life better for everyone in the community as it is being spent on development, living standards of others and also maintaining sole safety when something is gone wrong - you would have to worry about loosing all you have acquired(car accident and you end up in hospital - in USA, you may not be covered by insurance). That is one of the best things, you as a richer guy, can be thankful for.
Currently, all this is being eroded and not many will benefit from it. Apart few big business. So yes, be happy to pay high tax. Better than a low tax and be stabbed in the side way(due to austerity, people get desperate) and end up in wrong hospital - hospital that isn't covered by your insurance company(USA), or die on the way to the hospital that covers your treatment.
@@nothereandthereanywhere People here in the UK are not averse to paying tax per se. It's paying large portions of the money you make as tax. If you're paying high rate tax is likely you're working long hours in a highly stressful environment and it just becomes 'not worth it' and you bail out. Also we see the dreadful governments of this country over the last 20 plus years pushing regressive policies such as encouraging single motherhood, joblessness and massive immigration from incompatible cultures and a poorly run health service. You ask yourself "Why am I funding this?"
Honestly, thank you for explaining this in a clear and concise manner and yet adding humour at points. This is why I enjoy watching your channel. You help break down complex issues into layman's terms. Keep up the good work
Thank you, really nice to hear you enjoy how I present everything.
Jokes on them, they can't tax you if you don't make any money.
Council tax, and VAT are sometimes paid by people with very low incomes.
If you don't make any money in this system, then you aren't winning
You also pay tax when you spend money.
You also pay tax when you become a pensioner - state pension is below the tax allowance but you have a private pension that takes you over - you pay tax. All the years they tell you about having a private pension to boost your income….more likely they encourage because they know they will tax off you.
One of the reasons this country is famous for "50% work to spend their money on the other 50% who don't"
We get taxed to death in the UK and have nothing to show for it
Massive spend on benefits scroungers
Any efficient way to collect tax will not work. Tax a corporation and they will have to raise prices.
More like all the immigrants who come into this country on a dinghy and have everything for free payed by us the tax payer 😢
@@reverendbluejeans1748 Bollocks.
What? 1slam is doing really well actually!
I see what you're doing Damien. Thanks for using your platform and your reach to give us all a voice.
Ronnie Pickering had me chuckling for 5 mins straight. Thank you for making me smile this weekend 😂
This makes me happy! Thank you so much
Reduce spending maybe? I dispute that there is no government largesse.
I am 53 and 14 years or so from retirement. The UK feels old,stuffy and set in its ways. There is no pride in the country, vision to move forward, reward workers appropriately. We just seem helpless, afraid and choked by the upper classes who grab much of the wealth. It feels like someone many years ago pressed the pause button and that’s how it stayed.
53 too, i was done at 42, City job, yet was house sharing with 27 yr olds. I got out, moved to spain in 2013 and have my own biz now, work part time. Staff do the rest. Taxes are high in spain too, but the cost of living, NHS, life quality, weather are all superb. UK is done. no risks, no invention, obsessed with class and im told London is a hell of a lot worse than 2013. I swim in the lovely sea on Monday afternoons when warm enough, just to stick it to UK workers in their offices.
@@meisterlymanu5214 - I can vouch London is worse, much worse
I took early retirement at 52. I was sick of the government spending my tax money to make my life worse. I have a simple lifestyle and am unlikely to pay tax ever again. This makes me very happy.
Sorry to burst your bubble, but I assume you are still paying VAT, and we're all hit by the big one- inflation caused by government money printing...
@@oliver8296 yes. But I have the choice on what I decide to spend my money on.
@@markcosens1honestly, I’m more than a little jealous, however; our £’s are worth less and everything, _everything_ costs more.
We’re all in the boat together and the paddle was thrown overboard some time ago.
@@DJB01 I agree. My weekly food shop costs more, so I no longer buy a dominos pizza every week. I eat out less and goto the pub less, so this offsets the price rises. I appreciate at some point there will be nothing left to cut back on.
what do you do for income?
These uncertainties will always be there.
Thing is, every once in a while, the market does something so stupid it takes your breath away. If you're not ready for it, you shouldn't be in the market business. or get you a skilled practitioner.
I completely agree
Initially, I thought I understood the market. Iearned $50k in one year and felt elated. However, I later discovered a portfolio advisor who has guided me since the market downturn after the pandemic. To my surprise, I netted $179k during this dip, revealing there's more to the market than we know truth be honest
Insightful. I need some advice on how to rebuild my portfolio and develop successful market tactics. How can I find such professional portfolio manager?
The adviser I'm in touch with is CHRIS RYAN STEWART. He works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else. For me, his strategy works hence my result. He provides entry and exit point for the securities I focus on.
I know this adviser. I once watched him on BBC finance when he discussed his take on Real Estate Management and FX
Mate, one of your best. The quality of what you’re doing now is epic. The edit here specifically was really on another level, but the data and insight were also top-notch.
It’s been great to watch the evolution of your work. 👏👏
Thank you so much mate! As always the nod to my work from a financial advisor like yourself is so validating
well my council now wants an extra 40 quid on top of the council tax to empty my green bin, its a joke
We need fairer council tax - but also land tax.
Re inheritance tax - what I find unfair is that the government prints money like crazy, slashes interest rates, creates asset bubbles, throwing gasoline on the fire pushing small terraced family homes in the SE to 500k, and then has the gall to put the threshhold at 325k.
Re Amazon - I note how no one mentions Apple - which is the biggest tech company and the ones that pays the least tax. It agreed something like 0.01 percent tax in ireland.
I just wish your channel would get more reach around the country. Can see your trying to help change for the better and we’re all fully on board, keep going mate!
Thank you! Really appreciate this comment mate
Moving into my zero income tax or NI phase soon. Can’t avoid Council tax or vat but done what I can to align my lifestyle to my tax free allowance.
Instead of governement looking to raise all this extra tax, why not massively reduce the size of government, there are billions that could be cut from expenditure.
They will hiss and call you a clown, but this is the only answer.
We are a going to die of tick bites otherwise. Management expenditure in the state sector has gone from less than 10 percent to more than 30.
We are no longer a rich country that can afford the largesse.
They could also solve big company tax dodging over night if they wanted to.
The more corrupt a society the more numerous its laws. This is the UK in 2023.
Our tax system has become so bloated and complicated that the rich can afford to avoid taxes, rightfully so, while the middle class get screwed. All taxes should be scrapped and replaced with one simple flat tax rate like 5% VAT so we can all prosper and stop worrying about taxes and avoiding them all the time.
Dead right. The whole of government is unbelievably bloated right now. I'll bet 70% of them could be let go and no-one would notice. Same with councils.
100%. I think most people paying attention understand that tax is not only a ponzi scheme, but that it no longer even provides benefits anymore; government actions are more likely to result in oppression rather than benefits.
It would need to be more like 50% VAT - who wants that?
@@johnj3577 Exactly.
"who will pay?" "ronnie pickering!" 😂😂😂 that had me
They need to cut benefits right down for a start. Why do so many people get their rent paid and an income to not work and sponge off hard workers.
That was a large part of the autumn budget.
Those who need benefits are currently eating largely thanks to food banks . I don’t think there is any scope to cut them further !
@@nickclarkuk hopefully the new budget goes some way to a different cure.
I fear it will cause great harm, but the idea of shifting from cutting benefits to encouraging work, if properly implemented, should alleviate your concerns.
I have very little trust that it WILL be properly and humanely implemented, however I also don’t envy the task of attempting it.
I am fed up. Explaining fiscal drag and taxes to people around is pointless, they do not want to know, they do not want to understand. It only matters that there is bigger number on payslip. Thank you for your work Damien.
What’s the point tho winding yourself up over something you have no control over. Ignorance really is bliss sadly.
I'm going to have a guess that you're fed up because those people you're talking at aren't listening because they don't want to listen. The only people who do want to listen already understand what you're explaining.
I once tried to teach a wall how to create pottery.
I've found that telling them that they'll give £400 to the government for every £1,000 they earn, instead of £200, they start to panic.
@@Discombobulate453 This is what most people want. An over baring nanny state, which needs funding. They can't have it both ways ay.
@@Discombobulate453 Most dumba$$es in the UK think once they earn above £50k, their entire salary is taxed at 40% and not just the portion over the c£50k. People are purposefully dumbed down with anything important, from tax, to investing and starting a business.
This was a great video, thanks for making it. I'll definitely check out Paul's book as well.
Great to have you, your detailed and clear explanations...back hopefully more to come!
So many people seem so desperate to be work slaves... especially in the UK. Very odd indeed.
This is why I'm maxing my Stocks and Shares ISA as much as I can, currently at 90K at 28. I'm hoping it grows and compounds to a significant size so I make most of my wealth tax free.
Then you hear stuff like of them thinking of capping it at 100k
@@Makalon102 I’d be throwing hands
@@Black-Circle ISAs are literally the only available tool or help escape the middle class. Without them, we’re fucked.
@@Black-Circlethe limit is 20k
Well done!!! You will not regret it. :)
The ronnie pickering call back got me, I love how you sprinkle some lighthearted quips into what can be very dry but important material!
Just why the constant clarion call for people to be taxed more and more and more! We might as well just work and give 100% of our earnings back to the government so our labour is free! I have a suggestion, let's introduce voluntary taxes category, so these 'morally superior, virtue signalling' people always crying out for more taxes can voluntary pay more taxes from their earnings; somehow, I have a feeling they won't!
I'd love to be taxed less too, but unfortunately we're spending far more than we tax already, so how do you square the numbers?
They are never calling for themselves to be taxed more. Always someone else. Doesn't matter what people earn either they always think they are poor and someone else should pay.
HMRC accept voluntary contributions.
Perhaps a reduction in the state/services and a more pay for your own services is the way forward as opposed to more and more tax?
@@MyAirMyles I haven't heard anyone really moaning about the free tax allowance being frozen.
Great video for many reasons, but I’d love to hear you discuss the other side, the government spending side. You touched on some, but how about other areas of government spending which could be minimised, and the areas which could be dismantled? Thanks for the content, very watchable.
As I near the end of my business life I would (A) happily pay 100% inheritance tax, uncapped council tax, corrected corporation tax and other wealth taxes if (B) MPs, councillors, civil servants ,tax collectors and other administrators saw their positions as a duty to society instead of a perk, and that they were subject to significant jail time for corruption collusion and other wasteful mis-use of my not insignificant tax contributions. It Won’t happen like that of course. We will get A without a sniff of B.
Sadly I think you are spot on here.
@@DamienTalksMoneyWait a minute, are you a member of your own channel?
I'm paying more than enough council tax thankyou. It's been going up by 4.5% every year after 2010 and this year 2023 it went up by 6.7%. And my wages haven't kept up with inflation since about 2009, and right now nowhere near true underlying inflation levels or even RPI inflation rate. The real problem is the tories have been cutting tax for big corporate businesses and the wealthy and higher payed since 2010. The rest of us are getting poorer since 2010. And our tory government since 2010 has slashed funding for all public services in real terms adjusted for inflation. Roads literally falling apart around us, NHS in real crisis, local councils going bankrupt or on the verge etc etc , hence council tax going up way above inflation since 2010. The tories have suppressed real inflation adjusted average wage growth since 2010. Our country is broken now and our economy really in a recession thanks to our con-servative since 2010. We desperately need a real change now, the tories ideology and policies don't work, they aren't sustainable. Any economy really needs ordinary working class people to have high enough wages in real inflation adjusted terms , sufficient excess capital to spend into the economy, otherwise the economy will go down. And this is very evident to see since 2010 our economy hasn't really gone anywhere thanks to the tories polices, austerity etc
@@YummyWhiteLiquidyes I am. About the only one 🤣
Love your channel Damo. The balance between accessibility and eye for detail is unmatched. Top man, keep going what you’re doing.
Thank you so much! Lovely feedback, have a great weekend.
@@DamienTalksMoney you're also possibly the only person I know who actually knows when and where to put in humour. Keep going, really enjoying your channel and your podcast and would love to see you get bigger
@@ryangilchrist3294I spend far too long thinking ‘should I crack a joke here’
these video's just get better. informative and entertaining in a no non-sense, easily understandable way. thank-you.
You are very welcome! Thank you so much for watching
One of your BEST uploads ever..😊😮
Thank you! Well that has made my weekend
@@DamienTalksMoney you're welcome man...the editing was top notch too
I now have a better understanding of the tax system and the money involved and really enjoy the way you deliver it. People like you are really helping to inform how money systems work and have a fare and multi sided opinion. I look forward to more financial learning .
Man your story telling and the editing of your videos is getting so good. Great video.
A very good video. Again. I'm really enjoying this channel and your carefully balanced, data lead, analysis. Thank you
See the thing is Damien the ideas you've laid out are really good, and that's why they won't happen. The system is broken by design
It's almost like there isn't an easy answer to a complex problem...
Thanks for covering this topic so well, Damien. Great video.
What a great video Damien, I’ve always enjoyed your stuff but with this video it feels like your content and editing skills have gone to the next level. Thank you
In that last 4 years there has been £100 billion in waste by the government
Scrap inheritance tax and release all the people and talent employed in setting up schemes to avoid paying it.
I think one thing you missed out, for why tax burden has risen so much and will keep rising, is the fact the biggest employer in UK (the public sector) still run gold plated defined benefits pension schemes. Private sectors companies stopped offering them long time ago as they were far too expensive. The rising cost of public sector = higher tax burden and/or lower quality of public services.
For example the NHS is one of the largest employers in the world, after several armies (US, China, India) and railways. To think that there is no way to make the public sector more efficient is naive.
Wise words. Thanks for the update.
Very well put together video, thanks
Definitely tax the Welsh 🤣
Would pretty much solve all our problems
😢
@@MightyTubbyTuba sacrifices must be made 🧐
Oh brother 😂😂😂
I'd just tax the number of "L" they use in their language! It's like someone cheating at Scrabble!
I have purchased this book after you mentioned it in a previous video. Not finished it yet but there are some interesting ideas in it that we all should have an open mind on. As the book highlights we will ultimately have to pay more in “tax” but we need to make sure that everyone contributes on an equitable basis.
People would not mind paying tax if they saw their taxes make a positive improvement on their lives.
Why do the people who pay the most taxes have access to the worst services?
Why do you need to pay more tax? How does your tax debt pay given that UK government does not rely on tax to pay for services, it only affects inflation. Given the UK government can create bonds that can wipe out debt if need be
I’ve read the book too - it’s very good and well written.
Could be improved with a few charts & tables listing and summarising some of the figs.
That is way I love watching your video! Easly digestiable content even when the topic is a tough cookie. As always edited nicely. Well done Damo!👏👍🖖
You knocked it out of the park with this one Damo, best video so far (and I've been subscribed for a while now). Keep it up!
Thank you so much!
The answer is not to tax more, but for the government to better manage the money they have.
Agreed - this needs to happen first, before any discussion about raising taxes!
😂😂😂
love the history behind taxation. never knew about number of bricks. heard about the window tax from the saying 'daylight robbery'.
Stupid laws will make people do stupid things.
Bloody love this channel. Thanks
Great explanation mate thanks for the video!
Taxing people more isn’t the answer. How about shrinking government. The borrowing and money printing is out of control. Taxing people’s homes or the inheritance passed on for future generations does nothing for the poorest in society anyway. A smaller government and thus need for less tax income is the answer. Just doesn’t suit to say it I guess…? 😬🤷♂️
Your videos really are world class
You hero thank you.
thanks for coming Damo
Excellent video, Damien. The current format of your video is great! Keep up the good work.
You almost gave me a heart attack with this title mate xD I saw it and was like "wtf did the government come up with now?!" - Great content mate! Can't wait to see the podcast
Wait til you hear about the plans for global taxes! Not our elected government but one of the unelected groups planning for WD... Can't remember which group it was, maybe wef or un... One of em anyways.
Over taxing individuals destroy the incentive to work and is generally counter productive (tax receipts often go down when income tax rates go up). Unfortunately we have too many people taking out the system and too few paying in. We need a grown up conversation of how we can cut government spending fairly because we can't endlessly keep increasing tax to spend on benefits.
Over half of the governments spend on benefits goes to pensioners. Neither political party would dare take away from the group with such a high voter turnout
I couldn't agree more.
@@jordantaylor439you will be a pensioner . Didn’t take long for someone like you to bring out the same old division by blaming pensioners.
But your comment is too simplistic, because the issue is about Who pays tax on What.
It’s counter intuitive, if you live in a country with good public services and infrastructure paying higher taxes doesn’t demotivate at all ( I was in NL 13 years), but living in a country like UK which has far lower taxes but government is so corrupt and wasteful makes you want to pay zero taxes, which ultimately is worse for you because public services we need just continue to get worse.
Mate, I'm a recent fan (~ 3 months) - this is the first time I've heard you mention your podcast!?! Good to know! Well done on making a helpful, non-douchey finance/investing resource. It's just wonderful to get stuck into.
another banger mate, keeps getting better!
Damien could you please do a sketch on the top 50 companies tax payments on companies House showing the public how little tax these companies ACTUALLY PAY ON PROFIT!!!Don't forget the other top 50 companies that don't register tax in this country that still receive uk money and offshore accounts that don't pay any tax!!!!
Hullo Damien, a great video as always. The fundamental problem is that taxation can never keep up with government spending. We're already well over the Laffer curve with so many working age, capable people deciding to not bother working due to the tax rates. Government must spend less. Despite the protestations that waste cannot be cut this simply isn't true. For example, why is the government meddling with the energy market? Why are thre 1400 quangos duplicating the role of government departments? Why does government then give charities money to do the jobs it has been paid to do?
We are a services economy. We need a small population of high skill individuals and lots and lots of abundant energy to suppoort our high tech, highly mechanised indusrial base. The government is forcing us the other way - it has been for 25 years. High industrial costs and high taxes but a massive labour pool mean wages get suppressed but welfare keeps rising, meaning more and more people are forced out of the workforce and into permanent dependency in one form or another. This creates a cycle of tax, welfare, borrowing that the state refuses to stop because it's poliically unpalatable. The freezing of the tax allowances was pure socialist spite.
The current state is like a slapstick comedy of a man desperately trying to plug a leak with each hand, foot, knee, nose, cheek to stave off the inevitable - turning off the tap and getting a low tax house in order but instead it is continuing with an ever more oppressive and abusive regime. The Singaporean tax code is 250 pages. Switzerland's about the same. Ours is over 170,000, not withstanding amendments and examples.
See Texas for what happens when government lets the private sector go rogue in the energy market. 700 people froze to death
Brilliant video! Can’t wait for the podcast, and now I have another thing for the Christmas list!!
Great video. Looking forward to the podcast episode coming out
My friend (27) and I (27) were having a discussion about how in our relatively short tax paying lives the government has wasted so much money. To the point that it makes sense why people would generally vote to reduce taxes (Tory) after seeing decades of the same wasteful cycle. Often being on the side of "tax cutting" is framed as selfish or anti-social but IF the government is going to create monetary black holes when instead you could keep more of your income, I know what I would vote for.
I think this may very well be one of the best videos I've seen on UA-cam in 2023.
It's criminal that you don't have more followers and views of this masterpiece.
Thank you for creating such well informed and compelling material.
Thank you so much.
Why does the Government need so much tax? What's it spending so efficiently on?
my dad saw this coming 50 years ago ....
our reliance on the social system is expensive
I didn't even need to win lmao
The tax rate thresholds need to automatically change with the CPI or some other inflationary measure; MPs should need to vote each year (with a record of who voted of course) to stop a change in the thresholds. Otherwise you are retroactively changing the intent of the rate thresholds that were originally made into law. It's maddening what Fiscal Drag has done. More people need to be upset about this abhorrent policy to freeze rates until 2028 or whatever it is now.
I want people wages to keep up with inflation i think the decline in real incomes over the last few decades is a huge scandal but ill give you what economists would say on this point.
The issue with linking wages to inflation is that in times of high inflation wages keep going up potentially fuelling the inflation further. a so called ‘wage price spiral’ I believe Italy tried this and it didn’t work out well, but I don’t know that as fact.
Wrong! Not in Scotland it doesn’t and Hunt has frozen threshold levels for at least three years.
@@DamienTalksMoney sorry what do income tax thresholds rising with inflation have to do with wage growth? I'm lost at your response. I'm not speaking about wages, I'm talking about when 20%, 40% and 45% tax rates kick in.
If you increase the council tax its the tenants pay it so that doesn't reflect the landlords wealth
Thanks for giving the voice for ideas like this! I never understood why we need to tax income, capital gains, dividends or inheritance differently. Tax bands also seem unnecessary since you can define proper functions. Taxing corporations based on sales is interesting but is hard and it would be nice to hear more about it.
fairest way to tax everyone correctly is remove all taxes and just adjust the tax on anything you buy, the rich pay more as they spend more
This will make everyone buy less and hurt the economy, but maybe that's a sacrifice worth making. A side benefit is it tones down consumerism for environmental sustainability, also worth considering.
@@IAmebAdger possibly it's an unknown, but remember if their not being taxed in their pay check they'll have more money to begin with, so they will still be likely to spend, albeit slightly less, but yes 100% agree with the second part
Increasing vat would be the worst solution for the poor. Poor spend 100% of their income, while rich spend a fraction of their income/asset value. You end up hurting poor people much more as a percentage. Example, a poor person who spend all his income on vat 20%, will end up paying 20% of his income in vat, a rich person spending 30% of his income on vat 20% will end up paying 6% of his income in vat. Vat hit poor proportionally much more than rich, this is the first thing you learn in economics.
yes this is true, I don't claim to be an expert by any means and is merely a suggestion, but it's a way to get more tax from the rich overall compared to now, there is never a perfect solution and to think 'economics class' is going to give you a good way to tax the rich is absurd, they control these institutions and never want to teach you ways which in turn hurt them, also why would we think what is being taught is correct? We have yet to see ANY currency throughout history survive the test of time, which should tell us that no one knows/wants to put a correct system in place, break the mould stop thinking from the boundaries they put in place (this is the reason this issue is still a thing)
Madness no TAXs only pay what you buy so VAT increase 1000% 🤣
I’m planning on leaving the country for a business opportunity- need to figure out how not to pay tax here
Best of luck. Please share where you will go.
Nice work Paul
They can reform the taxes and it wouldn't make any difference. The goverment would just find more ways to waste the additional money.
Ronnie Pickering!
Thank you so much for talking about Hartlepool, my home town!
Council tax is so high here that people dread and despise having to pay it. For a Band D prioerty, it's well over £200 a month!
We've had leaflets through the door saying that around half of it goes towards social housing, but I can't shake the feeling of distaste that a chunk of what I'm paying is going towards the (MANY) people in my town who CBA to work.
Would love to see a video about the government reforms forcing people to actually seek employment while leeching off the system.
*property
A lot of people in social housing can and do work.
There are many reasons why people end up in social housing.
Say you have a job and are renting a flat from a private landlord. Landlord decides to sell and kicks you out of the flat, but you can't find another private rented place that you can afford (rents have gone up, your hours have been cut, whatever). Then you are homeless. You still have a job, but you don't have a home. How do you feel about your council tax helping these people?
Or turn it around, if things go tits up for you with your rent / mortgage / whatever would you be happy if you had nowhere to turn to get help?
Damo you should seriously consider becoming a politician! We need your voice in the parliament! You already got my vote! 😁
Superb video, amazing insights
Glad you think so!
All by design.....including convid!!
I agree with most of the suggestions, i mentioned the inheritance tax idea to a couple of local canvassers just last week. We need more money in the living people's pockets.
An unpopular idea is to phase out gold plated govenment defined benefit pensions that have caused such a disparity in our country and paying them just drains our resources
nah. reduce spending instead of increasing revenue through double and triple taxation, which inheritance tax falls under. the people who worked and made money should be able to pass wealth to their kids tax free. the people who don't work aren't entitled to money.
@@Anon-nv7bpyeah, who needs a copper, fire person, or a prison. Sod education too. Sounds like a great society you propose.
Ronnie Pickering! Fantastic video keep up the great work.
Great video, love your delivery style
To really change things, the way politicians are appointed and also removed should be overhauled.
Wealthy Eton elites with good connections that manage to eschew into high ranking decision making positions, that can bollocks up their given area of responsibility with no accountability.
Take a look at the average health minister, or education minister, or transport minister. Did they commit their working life to know their area of responsibility and rise above all others to earn the respect and admiration of their peers, or did they get given the cabinet job because their second cousin was in the same dorm as the PM, and had 6 holiday homes in the same area of the Caymen islands?
Until politicians are incentivised to give a shit about their decisions and acions, they will continue to be self-serving gravy-train riders instead of work for the people.
How many watchers of this video feel that the government works hard for them, rather than the other way around?
Totally agree. These idiots are totally unqualified and incompetent to do the jobs they have. And when they Eff it up, they have a cabinet re-shuffle and put an equally unqualified and incompetent person in charge of something instead.
Taxing the rich may create more income, but if the government focuses on growing the economy we all win, the population has more money, and the government get more in tax revenue. The US have achieved this much better than the UK and all EU states. So you statement at the end really nails it - another great vid BTW.
US has always had oil, every state with it is wealthier.
so far they are focused at taxing the mid class
What makes you think the UK or Europe can grow like the US?
The US is a young country. It has effectively unlimited land and tons of resources. It hasn't even been able to use all the land it occupies and can basically grow into it.
The UK and Europe have no more land. We're already all living on it. Good luck growing a finite resource.
It's the same folly that led to the idea "Why not transform the UK economy into the successful one the Republic of Ireland has?", ignoring the context of the country and that it wouldn't be possible without the very specific political state that it's in.
Context. You can't just *make* your country to be a different country.
The problem with inheritance tax on a farm, you have to liquidate the farm to pay the taxes. And all that generational knowledge goes away, also.
Interesting, thank you
I have always maintained that we should adopt a ‘flat tax'. 10% tax on everyone, regardless of wealth expenses and loopholes, on ALL INCOME OF ANY KIND above the £12k threshold.
I say more tax would be raised overall and let’s face it, if you make 20 million a year you can certainly afford £2m tax whereas those making the national average would pay less than half what the do now.
This was the taxation for HK and it worked very well.
Disagree on the majority of the points. We need people who can spend it more wisely, not career politicians. Get rid of most of them and replace some with finance professionals time served. Increase taxes will make the rich move away. 100% of nothing is what we would end up with. Introduce more bands in corporation tax, small companies pay less tax and create growth, jobs and competition. Big companies cannot escape such a big market like the UK.
Then completely overhaul and cut benefits! Leches of society.
Flambe Floppy sounds like one hell of a dance move!
Quality as always mate 🙌
Inheritance tax is not fair for most people: You are taxed throughout your life on the money YOU earn, you are taxed on interest and investments you make with whats left, your taxed everytime you buy most things, then whatever you have left you leave to your kids and they are taxed on money, you were taxed on as you earned it, after you invested it and then after you left it. Tax, tax, tax. So no inheritance tax is not 'moral'.
Other than that it is pretty decent video and argument
It is the fairest tax because we now live in an asset economy, not an income economy as the baby boomers and Gen Xers experienced. This means today, receiving an inheritance around the time you build your life up (in your twenties and thirties) is the single largest factor for enabling prosperity in millenials/Gen Z generation. Those who can't receive inheritance will most likely never own a home. So, the only way to reduce the inequality between those that can and those that can't inherit, is taxing the inheritance and reinvesting the revenue into more social programs and building houses for extra supply.
Also additional point, millenials and Gen Zers today are taxed on income considerably more than the baby boomers did, meaning there's less options for the young to start developping wealth. The baby boomers had the opportunity to save, invest and buy homes. It's only fair to equalise the opportunities by taxing the wealth on baby boomers now and redistributing to the young who won't have those same opportunities.
@@TopazDrlol as if the government will re invest that money into housing and social benefits as opposed to using it to fund Ukraine and/or line their pockets
@@TopazDrI would say that it doesn’t seem correct to tax the people that have put intense efforts into their lives to build up a considerable estate for their kids. Not every rich person is a self interested snob. This is something that isn’t understood by a vast majority of the population. Building wealth for your family and children is a huge motivator, especially if you came from humble beginnings without any of this. If you take that example to the extreme then each person should be allocated a certain amount of wealth at birth that cannot be changed and allowed to develop how they wish. I guarantee the inequality will emerge just as much as we have always seen. Equality of outcome is just a poor excuse to punish those that made more financially sound decisions.
@@urbanpkrider31The "kids" didn't work for that income, their parents did. So it makes no sense to claim they are being taxed twice or multiple times for the same income.
You are simply parroting the Tory playbook phrases used to justify concentration of wealth in a few hands. Also the suggestion is not to tax ALL inheritances but above a certain threshold... the same principle as income tax, which you appear to see no issue with apparently.
all money is created as debt.@@TopazDr
The problem with the Council tax idea is that any increase is simply passed on to tenants who are already struggling with ridiculously high rents, thanks to the housing crisis... another problem that requires politicians to be brave.
But it will be scaled to the value of the property - those who are struggling right now probably aren't renting properties that are very high value.
Say council tax becomes 0.5% of the current property value, people living in an average 300k property would have to pay 1.5k - probably about the same as their council tax is now
And Ethel, who has been in her victorian terrace for 45 years, gets told she owes 20k because the area became desirable in the 90's and house values went through the roof.
@@slayerrocks2 tough shit, then Ethel must pay. She benefited hugely from her area becoming desirable in the 90's and experienced a massive increase in her net worth, that was never taxed. Now, that wealth needs to be taxed in order to provide Ethel with health and social care services and a triple locked pension, without constantly fisting the working population.
@matthewhook3375 If she hasn't sold it, she has realised zero profit from the increase. She still needs a place to live.
Also, if you are jealous of someone living off state pension, why don't you try doing it? See how far you get on £10,600. Though this example would probably have her on the old state pension, at a maximum of £8,500.
@@slayerrocks2 State pension alone is terrible to live off of but a good company pension can be very comfortable esp if you're collecting the state pension a company and your house is paid off.
As always a great informational video. Oh and we loved the Ronnie Pickering clip 😂
Looking forward to the podcast episode.
Yes council and inheritance taxs need a rethink, rebanding, but governments wont do this as it'll loose them votes and upset their wealthy friends.
@Contact__Damien__now. Spammer! Reported
You should learn how to spell...
Don’t mind my taxes going into education, health etc Totally opposed to it going to fund wars in Ukraine, weapons for Israel etc.
Basically PAYE you are forced to pay it all - self employed you can tax plan
Excellent video. Could be used in school economics lessons.