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Jeremy Corbyn suggests earnings cap



M

Machiavelli

Well-known member
Oct 11, 2013
16,663
Fiveways
beorhthelm said:
never quite sure what advocates think a wage cap will actually achieve. many executives are paid their headline grabing salary and bonus as shares, would this be counted, along with all other loopholes and forms of payments in kind? why do we want to loose the 40% tax? remember over a quarter of tax revenues come from the top 1%, whos going to pick up the slack if they dont earn so much?
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Unusually, you and I will have to agree about your first sentence. The only real way to do something about inequality is at a global or at least supra-national level, and the likelihood of that happening in the current situation is not far off zero.
As regards your final sentence, the only reason why so much tax comes off the top 1% is BECAUSE THEY EARN SO/TOO MUCH, whereas SO MANY OTHERS EARN SO/TOO LITTLE. Even Theresa May recognises this now. The slack will quite easily be picked up by the 99% and they'd probably contribute one heck of a lot more, as they're neither as adept nor as inclined at the fiscal and financial chicanery as your beloved 1% are.
 




vegster

vegster

Sanity Clause
May 5, 2008
27,894
Giraffe said:
http://www.bbc.co.uk/news/uk-politics-38568116

and he will be joining the Southern Rail strikers on the picket line.

I assume he never wants to live in Downing Street then.
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Didn't The Maybot suggest similar in a couple of speeches regarding how " Capitalism does not seem to be working for many.. " and she pledged to go after bosses who pay themselves way over the top at the expense of their workers?

Now that is really revolutionary coming from a Tory.
 




vegster

vegster

Sanity Clause
May 5, 2008
27,894
Looks like we have achieved something unique for NSC... Consensus!

However if May says capitalism has to change then it's OK but if Corbyn says it he is derided. Strange world.
 








D

darkwolf666

Well-known member
Nov 8, 2015
7,576
Sittingbourne, Kent






Blue3

Blue3

Well-known member
Jan 27, 2014
5,574
Lancing
Earning cap along with minimum wage for all is an interesting concept I have for ages wondered just how many millions one actually needs to live a fantastic life, there must come a point when earning more is pointless I am aware a number of these are

This is the fundamental change required in our society which could lead to a true meritocracy And to finally move Britan from a class riven society where no one bats an eyelid at billions being spent on the few while millions are living life on the bread line who your parents were and not nessasarialy ability will ensure a bright future
 


Buzzer

Buzzer

Languidly Clinical
Oct 1, 2006
26,121
vegster said:
However if May says capitalism has to change then it's OK but if Corbyn says it he is derided. Strange world.
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Not really. Theresa May appears to be advocating One Nation Toryism which tries to reform capitalism whereas Corbyn wants to replace it altogether with socialism. Even a sixth-form politics student can explain why a wage cap within a mainly capitalist economy is a bloody stupid idea.
 


Curious Orange

Curious Orange

Punxsatawney Phil
Jul 5, 2003
9,962
On NSC for over two decades...
I absolutely do not want Tony Bloom to have an earnings cap placed on him, and it is people like him, and more importantly what they do with their money, that make an earnings cap a stupid idea.
 




hans kraay fan club

hans kraay fan club

The voice of reason.
Helpful Moderator
Mar 16, 2005
61,366
Chandlers Ford
Simster said:
Christ you're easily pleased. .
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I'm not though, (pleased). I'm very far from pleased. I think our political elite is rammed full of self-serving arses, hungry for money, power and influence, who treat the entire thing as no more than a big game, with the zero thought for the well-being of the general population.

Parliament needs people with strong beliefs. Party leadership is another thing entirely.
 


heathgate

heathgate

Well-known member
NSC Patron
Apr 13, 2015
3,471
Way to go Jezza... perfect for stifling aspiration and attracting or retaining the best talent.

Sent from my SM-G920F using Tapatalk
 


H

Hastings gull

Well-known member
Nov 23, 2013
4,635
beorhthelm said:
never quite sure what advocates think a wage cap will actually achieve. many executives are paid their headline grabing salary and bonus as shares, would this be counted, along with all other loopholes and forms of payments in kind? why do we want to loose the 40% tax? remember over a quarter of tax revenues come from the top 1%, whos going to pick up the slack if they dont earn so much?[/QUOTE]

Exactly, but it appeals to the luvvies, who like his "principles" apart from when he rides on trains, that is. But then the hard economics of life kick in, as most folk appreciate when they go to the ballot box.
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H

Hastings gull

Well-known member
Nov 23, 2013
4,635
Machiavelli said:
Unusually, you and I will have to agree about your first sentence. The only real way to do something about inequality is at a global or at least supra-national level, and the likelihood of that happening in the current situation is not far off zero.
As regards your final sentence, the only reason why so much tax comes off the top 1% is BECAUSE THEY EARN SO/TOO MUCH, whereas SO MANY OTHERS EARN SO/TOO LITTLE. Even Theresa May recognises this now. The slack will quite easily be picked up by the 99% and they'd probably contribute one heck of a lot more, as they're neither as adept nor as inclined at the fiscal and financial chicanery as your beloved 1% are.[/QUOTE]

I wonder if in practice the other 99% will be as grateful to pay more tax as you glibly state on their behalf
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H

Hastings gull

Well-known member
Nov 23, 2013
4,635
vegster said:
Looks like we have achieved something unique for NSC... Consensus!

However if May says capitalism has to change then it's OK but if Corbyn says it he is derided. Strange world.
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I do see what you are saying, but let's face it, the type of change that they want is very different indeed.
 


beorhthelm

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,315
Machiavelli said:
... The slack will quite easily be picked up by the 99% and they'd probably contribute one heck of a lot more, as they're neither as adept nor as inclined at the fiscal and financial chicanery as your beloved 1% are.
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thats rather the point, remove £40bn of tax revenue (~25% of ~£160bn raised), then everyone else is going to have to pay more in tax to cover the short fall (assuming no cuts to spending). look at the raw economics rather than the ideology, taking out all those earnings do not make higher earnings elsewhere in the companies, so the tax revenue is lost (it maye filter out in profits somewhere, not necessarily in the UK though). the bottom 50% pay in only ~10% and arent able to pay more, so the 2%-49% cohort are going to be paying an awful lot more income tax.
 
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vegster

vegster

Sanity Clause
May 5, 2008
27,894
Buzzer said:
Not really. Theresa May appears to be advocating One Nation Toryism which tries to reform capitalism whereas Corbyn wants to replace it altogether with socialism. Even a sixth-form politics student can explain why a wage cap within a mainly capitalist economy is a bloody stupid idea.
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We have had One Nation Toryism several times and nothing has changed. If you think Corbyn really wants to create a socialist Republic in 2017 you must have swallowed the old Tory propaganda hook,line and sinker! We would NEVER turn in to Cuba or similar.

But, there has to be change because currently money flows upwards to the few people and corporations at the top.
 






Tyrone Biggums

Tyrone Biggums

Well-known member
Jun 25, 2006
13,498
Geelong, Australia
So what incentive is there for a small business to become as successful as they can when their earnings will be capped? Is their profit included in this cap?

It's promoting mediocrity on face value.
 


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