Budget 2015

[Hotchilidog]

Those of us living on minimum wage, or less in my case, really need something. I'd vote for any party who is willing and able to put into practice a "living wage" as opposed to a "minimum" wage.

That would be the Green party then.

 

[yxee]

Osborne has borrowed like there has been no tomorrow. If FFP applied to governments then he would be facing a transfer embargo or a large fine at the very least.

Alternatives?

Labour were going to spend their way out of the recession.

People complain about austerity, and complain that the deficit is rising! It's pathetic. He's damned if he does and damned if he doesn't...

I'd vote for any party who is willing and able to put into practice a "living wage" as opposed to a "minimum" wage.

What if it means you lose your job because the employer can no longer budget for as many employees?

Raising the minimum wage doesn't quite mean "free money for everyone" in real economics.

 

[Hotchilidog]

Oh yes, the other thing I would vote for is to make zero hour contracts illegal. Nothing like keeping the proles down with a contract that gives utterly no security or ability to calculate bills properly.

That would be the err...Green Party then.

 

[soistes]

Don't be so soppy. Of course they'll be worth more than that. As it is, my kids stand to inherit all £375k plus 60% of anything on top. That's quite a lot of money to receive for doing fck all.

And spot on again. My kids will also face a hefty inheritance tax bill when I die (assuming that I haven't achieved my cunning plan to spend the lot...). However, that notwithstanding, as middle class kids from a professional family, with a good education and careers, they'll be pretty well off already. Why on earth should they expect an extra (wholly unearned) windfall later in life, an expectation which, if anything, would reduce their incentives to work for themselves? Inheritance of estates (along with the equally iniquitous right of the rich to buy their kids an advantage through private education) is one of the most pernicious mechanisms for perpetuating social inequality in the UK.

 

[Worthingite]

Alternatives?

Labour were going to spend their way out of the recession.

People complain about austerity, and complain that the deficit is rising! It's pathetic. He's damned if he does and damned if he doesn't...



What if it means you lose your job because the employer can no longer budget for as many employees?

Raising the minimum wage doesn't quite mean "free money for everyone" in real economics.

But surely if more people have access to more money, more money will be spent, therefore business would be more profitable?? Or is that too simplistic?

 

[Hotchilidog]

Except we were not in recession at the end of the last parliament. Osborne has borrowed and borrowed. The Labour party's problems were caused by it's aping of tory financial deregulation and the introduction of cushy no-risk private finance deals, not by actually sticking to the labour party's core values, not by excessive spending. The crying shame is that even the bloody labour party does not recognise this.

 

[Kuipers Supporters Club]

Oh yes, the other thing I would vote for is to make zero hour contracts illegal. Nothing like keeping the proles down with a contract that gives utterly no security or ability to calculate bills properly.

Whilst I agree that zero hours contracts can be considered to have negative impacts for many people, my last two jobs have been 'zero hours' and it suited me perfectly through flexibility. I was able to work as much as I needed too in any one week.

Here lies my problem with making them illegal - what doesn't work for some people works for others. I think there should be a minimum hours guarantee if an employee wants that as an option, so in theory the employee could choose to 'opt out'of zero hours if they wanted too, but they option would still be there for the employer too.

 

[Titanic]

Oh yes, the other thing I would vote for is to make zero hour contracts illegal. Nothing like keeping the proles down with a contract that gives utterly no security or ability to calculate bills properly.

~2% of the workforce are employed on zero hours contracts. For many of these people, it is an arrangement which suits them very well. This 'issue' seems to get more attention than it deserves. Perhaps because it suits the Red Ed agenda?

 

[nicko31]

Spot on, in my view. Inheritance tax is one of the fairest taxes imaginable, and one which is one of the least distorting of economic incentives.
No surprise that the Tories want it to wither away.

This article, written a number of years ago, well captures some of the relevant arguments in favour of the tax
http://www.newstatesman.com/politics/2008/04/inheritance-tax-stuart-white

The philosophical arguments in favour are also pretty weak
http://philpapers.org/rec/BRAHEA-2

Why not reduce the inheritance tax to kick in at £1? With the NHS, Education, Pensions and Foreign aid all ring fenced the government need to get real and collect tax from somewhere...

 

[Kuipers Supporters Club]

Except we were not in recession at the end of the last parliament. Osborne has borrowed and borrowed. The Labour party's problems were caused by it's aping of tory financial deregulation and the introduction of cushy no-risk private finance deals, not by actually sticking to the labour party's core values, not by excessive spending. The crying shame is that even the bloody labour party does not recognise this.

http://www.theguardian.com/politics/2010/may/17/liam-byrne-note-successor

(and just for fairness)

http://www.dailymail.co.uk/news/art...m-Byrnes-flippant-note-joked-sorry-money.html

 

[Kuipers Supporters Club]

On a more crucial point - WHERE HAVE THE THUMBS GONE!!!! Any party that votes 'thumbs in' has my vote.

 

[soistes]

But it is tax ON TAX. If you want to redistribute wealth then do it via income tax which happens once, don't do it via IHT. As things stand someone can earn £100,000, pay £45,000 in income tax and £2,000 in NI, then drop dead and pay a further £21,200 in IHT on the £53,000 that the government didn't touch first time around. So that's the government taking £68,200 - 68.2% - via 2 bites of the cherry. Totally wrong.

Nonsense - it's not a double tax on the person who dies (after all they can't pay tax when dead) -- the inheritance tax is paid by the person who inherits.
That's like saying that my window cleaner's income (assuming he pays tax on it... and I have some reservations about that) is doubly taxed, because the money I'm paying him from is net of my income tax.
Inheritance tax is a tax on the (unearned) income of the recipient. And like any other tax on unearned income, is fair. At least my window cleaner earns the pittance I pay him.
As the author of this article notes
http://www.newstatesman.com/politics/2008/04/inheritance-tax-stuart-white

‘Inheritance tax is a double tax,’ the critics say. But it isn’t, for the simple reason that someone who is dead can’t pay taxes. The tax is paid by the recipient, and is a first-time tax from their point of view. And why would it matter if it was a double tax? If a double tax is any tax one pays having already paid tax on one’s income, then sales taxes and council taxes are double taxes. But we don’t see the same indignation about them.

 

[soistes]

Why not reduce the inheritance tax to kick in at £1? With the NHS, Education, Pensions and Foreign aid all ring fenced the government need to get real and collect tax from somewhere...

I'd have no problem with that

 

[mikeyjh]

And spot on again. My kids will also face a hefty inheritance tax bill when I die (assuming that I haven't achieved my cunning plan to spend the lot...). However, that notwithstanding, as middle class kids from a professional family, with a good education and careers, they'll be pretty well off already. Why on earth should they expect an extra (wholly unearned) windfall later in life, an expectation which, if anything, would reduce their incentives to work for themselves? Inheritance of estates (along with the equally iniquitous right of the rich to buy their kids an advantage through private education) is one of the most pernicious mechanisms for perpetuating social inequality in the UK.

Somewhat this but they WILL still get a extra windfall won't they, just less a bit of tax to share around a bit! Funny the sense of entitlement the middle classes have isn't it.

 

[Bozza]

Nonsense - it's not a double tax on the person who dies (after all they can't pay tax when dead) -- the inheritance tax is paid by the person who inherits.
That's like saying that my window cleaner's income (assuming he pays tax on it... and I have some reservations about that) is doubly taxed, because the money I'm paying him from is net of my income tax.
Inheritance tax is a tax on the (unearned) income of the recipient. And like any other tax on unearned income, is fair. At least my window cleaner earns the pittance I pay him.
As the author of this article notes
http://www.newstatesman.com/politics/2008/04/inheritance-tax-stuart-white

‘Inheritance tax is a double tax,’ the critics say. But it isn’t, for the simple reason that someone who is dead can’t pay taxes. The tax is paid by the recipient, and is a first-time tax from their point of view. And why would it matter if it was a double tax? If a double tax is any tax one pays having already paid tax on one’s income, then sales taxes and council taxes are double taxes. But we don’t see the same indignation about them.

I have no real interest in Inheritance Tax - it has never affected me nor do I think it ever will.

However I think your argument falls down slightly in that the tax is paid on the estate. If the tax were paid by the person or persons inheriting it, then by dividing the estate up between multiple recipients, the taxation due would be reduced as each person would have a tax-free limit to 'use'.

By taxing the estate as whole, before the proceeds are divided, it doesn't really seem to be that those who inherit the estate are paying the tax.

 

[Bold Seagull]

~2% of the workforce are employed on zero hours contracts. For many of these people, it is an arrangement which suits them very well. This 'issue' seems to get more attention than it deserves. Perhaps because it suits the Red Ed agenda?

It is more like a million contracts, around 3%. Vince Cable has already proposed rule changes for these contracts, so certainly not just a 'red ed' agenda item. Suits the employment figures not to dwell on it right now though leading up to an election I guess, but then that would be a Devious Dave agenda?

 

[mikeyjh]

Inheritance of estates (along with the equally iniquitous right of the rich to buy their kids an advantage through private education) is one of the most pernicious mechanisms for perpetuating social inequality in the UK.

You know, I took the opportunity to visit Windsor Castle on Monday, I do enjoy the historic aspect of out nobility - But some of the riches there and some of the wealth bestowed upon our 'Peers' made me feel quite angry. The pile that the Dukes of Wellington inherit and pay the rent of a 'banner' is particularly galling.

Oh and £19 to visit something I actually own?

 

[Thunder Bolt]

You know, I took the opportunity to visit Windsor Castle on Monday, I do enjoy the historic aspect of out nobility - But some of the riches there and some of the wealth bestowed upon our 'Peers' made me feel quite angry. The pile that the Dukes of Wellington inherit and pay the rent of a 'banner' is particularly galling.

Oh and £19 to visit something I actually own?

You own Buckingham Palace not Windsor Castle.

 

[seagullsovergrimsby]

~2% of the workforce are employed on zero hours contracts. For many of these people, it is an arrangement which suits them very well. This 'issue' seems to get more attention than it deserves. Perhaps because it suits the Red Ed agenda?

But there are two sets of figures from the ONS , the latest widely banded about 697k which represents 2.3% of the workforce and the one which rarely gets mentioned from August 2014 when during the summer 1.8M workers were on zero hours contracts.

 

[GreersElbow]

No concessions for anyone with a username called 'GreersElbow' who supports Brighton.

#OsbournOut