Page 1 of 2 1 2 LastLast
Results 1 to 10 of 11

Thread: Economic thoughts

  1. #1
    Join Date
    Jun 2008
    Location
    Sunbury Victoria Australia
    Posts
    22,344
    Thanks (Given)
    6905
    Thanks (Received)
    8995
    Likes (Given)
    93953
    Likes (Received)
    40197

    Default Economic thoughts

    With a new PM in UK there is a lot for her to do, the economy is on somewhat shaky ground if the pundits are to be believed.
    The following is a proposal I put to my financial advisor a couple of weeks ago.
    Your thoughts on it maybe??

    In UK you have a Value Added Tax which is currently at some 20%
    In Oz we have a Goods and Services Tax currently set at some 10%.

    But I question the title and purpose of these taxes.

    Value Added, how does that fit with adding it to the cost of utilities, Gas, Electric and Water.
    These are essential services and there is no value added to them.

    The one in Oz Goods and Services sits a little closer to the fact as the utilities are in fact services.

    But in both instances they are essential services so should not be subject to any form of taxation.

    Why not remove the tax from these essential services and increase the tax on other goods by 5% to make up the difference?

    All utilities and fresh food should be exempt from such taxes, fine to add it to eating out as that is a service which has been added to.
    Sadly with ALL governments obsessed with such revenue, easy to garner, I doubt they would agree but the power of the people should begin to stand behind such a change.
    Happy daze John in Oz.

    Life is too short to blend in.

    John Strange R737787
    World Traveller

  2. #2
    Join Date
    Apr 2011
    Location
    Long Eaton
    Posts
    4,913
    Thanks (Given)
    728
    Thanks (Received)
    5249
    Likes (Given)
    13699
    Likes (Received)
    15915

    Default Re: Economic thoughts

    In the UK there is no vat on food. Certain speciality items are subject to vat.
    Energy supplies are taxed at 5% and should be binned.
    Vic

  3. #3
    Join Date
    Jun 2008
    Location
    Blue Mountains NSW
    Posts
    22,801
    Thanks (Given)
    39370
    Thanks (Received)
    12248
    Likes (Given)
    47015
    Likes (Received)
    35382

    Default Re: Economic thoughts

    Not really into all this, but i do somehow recall that at one stage Years ago there was no such thing??

    Why have it anyway, surely things are costly enough without an added Tax on them>
    Get Rid of all the Taxes as such and just have the Normal price to pay of whatever Item, Service etc.

    Gosh do we not all Pay enough bleedin Tax each Year as it is!??

    Think the best way is to scrap all Governments. Sure we can get by with a bit of sensible thoughts!

    Bye!! LOL
    Senior Site Moderator-Member and Friend of this Website

    R697530

  4. #4
    Join Date
    Jun 2008
    Location
    Greenwich, s.e. London.
    Posts
    558
    Thanks (Given)
    594
    Thanks (Received)
    227
    Likes (Given)
    12520
    Likes (Received)
    1309

    Default Re: Economic thoughts

    A elderly Jewish man told me V.A.T. was Vear & Tear.
    Graham R774640

  5. #5
    Join Date
    Mar 2022
    Location
    UAE
    Posts
    326
    Thanks (Given)
    66
    Thanks (Received)
    195
    Likes (Given)
    336
    Likes (Received)
    742

    Default Re: Economic thoughts

    Tax is what keeps the country going. No tax,No public services, No defence forces , No health services, Education services etc!!
    So can someone explain to me the country is on the bones of it's **** and current PM thinking is to cut taxes? Maybe she has found the Magic money tree.

    For those who go to church and the when it comes to the collection /free will offering. Why does the vicar or priest not just toss the contents of the collection plate into the air and say here God take what you want.
    Last edited by James Curry; 6th September 2022 at 04:54 PM.

  6. Likes Des Taff Jenkins liked this post
  7. #6
    Join Date
    Apr 2011
    Location
    Long Eaton
    Posts
    4,913
    Thanks (Given)
    728
    Thanks (Received)
    5249
    Likes (Given)
    13699
    Likes (Received)
    15915

    Default Re: Economic thoughts

    It's a proven fact cutting taxes raise more money than raising them.
    Vic

  8. #7
    Join Date
    Mar 2022
    Location
    UAE
    Posts
    326
    Thanks (Given)
    66
    Thanks (Received)
    195
    Likes (Given)
    336
    Likes (Received)
    742

    Default Re: Economic thoughts

    Tax cuts can boost economic growth. But the operative word there is "can." It's by no means an automatic or perfect relationship. If your sole, ultimate goal is faster growth, tax cuts might not be the best policy.
    Well-designed tax policy can increase growth, but to do so, tax cuts have to come alongside spending cuts.
    So is it back to the days of Austerity measures again?

    Time will tell!!!!

  9. #8
    Join Date
    Apr 2011
    Location
    Long Eaton
    Posts
    4,913
    Thanks (Given)
    728
    Thanks (Received)
    5249
    Likes (Given)
    13699
    Likes (Received)
    15915

    Default Re: Economic thoughts

    Rising taxes leads to decrease in disposable income, lowering taxes increases disposable income.

  10. #9
    Join Date
    Mar 2022
    Location
    UAE
    Posts
    326
    Thanks (Given)
    66
    Thanks (Received)
    195
    Likes (Given)
    336
    Likes (Received)
    742

    Default Re: Economic thoughts

    Well as I said time will tell, but I doubt if she will have the time to see if her economic policy will work. It is likely there will be a change of government at the next general election.
    One tax that should be reduced is VAT on petrol/diesel as that would have a knock on effect for all. Hauliers would benifit as would retailers. This would help reduce food prices and other essential goods. Also the 5% VAT on energy gas/electric bills will help. Concerning personal income tax the current rates should remain the same. Corporation tax should be increased from 19% to 25% and it would still be lower than Germany or France. Hungary (9 percent), Ireland (12.5 percent), and Lithuania (15 percent) have the lowest corporate income tax rates.
    Companies like Amazon should pay at least 30% tax on UK sales. It is companies like Amazon are killing the high street. VAT on goods purchased in the UK the customer should also pay 25% VAT. It would help small business and as said help restore the local high street traders by making them more competitive.

  11. #10
    Join Date
    Jun 2008
    Location
    Cooma NSW
    Posts
    7,217
    Thanks (Given)
    7524
    Thanks (Received)
    4386
    Likes (Given)
    33336
    Likes (Received)
    21676

    Default Re: Economic thoughts

    Our previous Govt passed a bill giving big wage earners a massive tax cut to the tune of around $250 Billion, wages have not increased for ten years, the Govt are in dept. to the tune of $Billions, It will be interesting to see what the new Labour Govt will do. people want it scrapped
    Watched an English show last night where they said that tax on a bottle of English wine is 96%, so they buy NZ wine, which in NZ is taxed at 97% a bottle, which is why they export it all to the UK as Kiwis wont pay it.
    Des
    Lest We Forget

  12. Likes happy daze john in oz liked this post
Page 1 of 2 1 2 LastLast

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •