Guest 640- Registered: 21 Apr 2007
- Posts: 7,819
With the whole world sick up to their proverbial eyeballs with the culture of huge city earnings...dear old Tory Boris Johnson, flagship Conservative Mayor of London, is urging that we dont tax these guys over and above the normal. Boris feels any punitive reigning in, will be an inhibitor to enterprise.
Suddenly this kind of thinking and speaking smacks of an age long gone...the age of the dinosaur. These guys in the city get huge remuneration, and even with heavier taxation as is proposed by labour and indeed the Conservative Party itself as I understand it, are more than amply awarded for their meagre talent.
The 'inhibitor to enterprise' argument is an old one and it wont wash anymore, the rewards are still there.. but also that other old chestnut needs addressing, the one that feeds our fears that all our talent will clear off overseas at the merest whiff of a tax increase. Cobblers. Where are all these city so called superstars supposedly about to bugger off to if we tax them... nowhere! Nobody is going anywhere! I hate that ould red herring bigtime.
David Cameron, freshfaced conservative leader, is also it seems " sick of the fat cat culture" so where does that leave poor oul Boris...out dangling on a high rise limb!
Of course the City is in his durisdiction as Mayor, and no doubt after perhaps a good dinner up town he was convinced this was the right argument. However millions of Londoners who voted for Boris Johnson will not be amused by this...not with most of them struggling to stay afloat. They will have little sympathy for bankers and high flyers.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Boris is right.
There is an 'international market' for top execs and a market wage for them. What I dont like and what is wrong are huge bonuses being paid out for failure. That is a different matter. It is no place though for any politician to interefere with wages.
Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
sounds like a case of not upseting the movers and shakers,its about time that taxation was sorted out to put every body on an equell footing.these big city boys/girls try and get away with much as possable through loopholes in the tax laws.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
I agree about tax on an equal footing.
A simple flat and low rate of tax across the board, with few exceptions, would be far best and much more difficult to avoid. Get rid of higher rates and most 'deductables'. We need to get back to the idea that taxation has one objective only and that is to raise the necesssary revenue for essenial government spending.
Its increasingly complex tax systems that create the opportunities to fiddle the system.
Ross Miller
- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,696
I am bemused by Boris's argument particularly in relation to the finance sector; where are all these "high flyers" going to go? There are not masses of jobs out there, it is an employers market and rates are being driven down hard.
I agree with BarryW that we need to simplify the tax system, the problem with a flat rate system is getting the rate at the right level to raise necessary revenues and at what level to set the non taxable pay element to avoid poverty traps but also to encourage job creation and getting people into work.
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi
Guest 640- Registered: 21 Apr 2007
- Posts: 7,819
BarryW you are not in harmony with your shadow Business Secretary one Ken Clarkle, he of financial legend and widespread vote-winning popularity. He said on the Politics show today that
"Boris is plainly wrong!"
This of course is as mentioned in the top posting above. Ken went on to say
"It can be argued that all tax is a tax on enterprise!"
Well quite. So in effect, and although it doesnt raise zillions, it raises enough and its the right thing to do. This is Ken's stance and its nearly evryones position so why you are siding with Boris I dont know. Is it just that you must defend the Tory position at all cost whether right or wrong!?
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
barry's wish for a flat rate tax band looks dead in the water.
that old leftie osbourne wants a 45p tax rate for those over 150 grand.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
PaulB - I am not in harmony with Ken Clarke with a lot of things.
howard, You should read what GO actually said. He said that he would find it difficult to avoid raising the tax level to the 45p level. Difficult to avoid, means just that diffficult, sometimes difficult things are worth achieving.
The mess we have with the economy could have one of two effects, it could delay any radical overhaul of the tax system or it could accellerate it. We will only find out which after the next election.
Brian Dixon- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
make it 50p rate right the way through,.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
barry
following georgies comments, william hague talked about tough choices over tax.
that is old fashioned political speak for raising them.
the other one is "we have no plans to", which translates as "we will do it when you least expect it".
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
The mess Labour have left us in means that there is likely to be tax rises before they can fall, but what taxes and how they apply is a diffferent matter. The increase as proposed by Labour to 45% tax is not likely to raise much, if any, extra revenue.
DC has said that a priority now would be to reduce Labour's rise in NI for everyone earning more than £19k. Sensible politically and morally.l
Brian Dixon- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
in other words the torys will cut the hands that feed them of vital revanue.
Ross Miller- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,696
I really wish politicians would stop fiddling at the edges (oh actually just stopping fiddling would be good) and come up with a complete overhaul and simplification of the tax system, such that most of us have a fair chance of understanding what our liability will be etc.
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
agreed Ross.