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BBC: Corbyn suggests max limit to what people can earn, "somewhat higher than £138K"
- Thread starter Chittagong
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Hari Seldon
Member
Does the UK have capital gains or does it tax investment as regular income?
What am I going to lose here? I'm not seeing your point. It's not a race, I'm not a runner.
Pretty much this. There's so much to be done about simply collecting the right tax and tightening up our ridiculously complex tax rules the UK has, seemingly designed by the higher echelons in society to benefit the higher echelons in society.. do that and we're half way there.
It's staggering when you see how wages at the top are absolutely running away. Board of directors vote on what board of directors should get paid... hmmmm (let me vote on what I get paid, please!). I think a fairly simple cap on what the highest earner in a company can receive versus the lowest paid and we could solve a lot of issues and just make life feel fairer for all. Maybe cap it at 25 times, hell even 100 times and we could help reign in completely unreasonably high pay these people choose to give themselves.
Shao Kahn Brewing a Stew
Banned
Minimum income, not maximum income, you DOOFUS!!
I agree. But if you feel that way you shouldn't move to Sweden lol. My brother has a marginal tax rate at 63%.. Oh and now i see i have 55% after my latest payrise, damnit lol!
Pankratous
Member
I don't see a problem with a cap, but not that low.
It's fundamentally a question of where the money after the cap goes, amongst many many many many many many other sticking points.
Equally, take something like the NHS. At this point throwing a shit tonne of cash at it is not the answer in its current form.
ClosingADoor
Member
How would you go about doing something like that? How do you define an employee? Someone with direct salary, or also external companies you hire?
Considering average FTSE director pay is 123x average salary there would be revolt on reducing that to 200%. Not that I disagree with you, there is no way current salary levels are reasonable, especially given how everyone elses wages have stagnated.
There is capital gains tax on both dividends and selling shares (taxed on the profit you make). The rate is dependent on your income tax rate, iirc.
There is both a yearly tax-free allowance on capital gains, and an ISA scheme where you can invest up to £15,000 annually free of any tax.
makingmusic476
Member
I'd support a cap in the millions. That amount is just laughable.
Jezbollah
Member
They tried this before...
They tried that already, Corbyn may be incompetent but he's clearly the best Labour have to offer at the moment given how forgettable all the challengers were
Palette Swap
Member
As it sounds pretty useless in what redistribution it will effectively achieve, I'm going to assume this is just signaling. Except even that posturing is dumb, it's not going to earn you more voters but it might turn a few away.
Totally useless cunt. And I am a Labour party member.
He's been attacking the Tories on the press. He's relaunching himself. He's now arguing about;
A) Immigration despite signaling a policy change
B) A policy that LOWERS tax revenues; productivity and our general ability to compete as a nation.
Twonk. Also "why do you need that much money" - I have no idea Jeremy but some people feel they do and will move internationally to do so or if they get it in this country will work for it.
He's not some hard leftie. He's just dim.
He's been attacking the Tories on the press. He's relaunching himself. He's now arguing about;
A) Immigration despite signaling a policy change
B) A policy that LOWERS tax revenues; productivity and our general ability to compete as a nation.
Twonk. Also "why do you need that much money" - I have no idea Jeremy but some people feel they do and will move internationally to do so or if they get it in this country will work for it.
He's not some hard leftie. He's just dim.
Re the NHS, just to point out we don't know if that's right or wrong. The NHS is drastically underfunded - we spend less on healthcare as a %of our GDP than almost every other western country. Even under Blair it only started approaching the lower levels of what France, Germany, Australia etc spend on health.
It's one of the big lies of uk politics - the notion that the NHS is this vast overspending monstrosity that needs funding beyond imagination.
always crazy bacon
Banned
Well, that's a stupid thing to say.
Also, there is no unity at all. Many Labour members hate Corbyn but there is no consensus on uniting behind an alternative.
It truly feels like they have given up. I lean more Conservative in my world view but by god we need some semblance of a Labour Party right now to balance shit out.
Chittagong
Gold Member
Dividends are taxed as income in UK to close a loophole. Capital gains tax is 28%, and it applies to things like share sales.
They tried already but he has such a fanatic base to vote him in, he needs to walk away himself. Even then, they would probably vote the wrong person in again and the choice of leaders or even politicians in the Labour party is horrific at the moment but maybe that's just what I'm seeing rising to the top around Corbyn.
ReplacementPelican
Member
He's not wrong about this part though, hilarious that this is being spun with the idea that the amount you quoted in the title is somehow his cap or close.
Corbyn is a clown and I've voted Liberal Democrat and Tory for the last few elections but I'm getting a bit sick of the silly hyperbole against Labour and Corbyn.
This is why I don't bother investing outside an ISA, I'm fairly financially minded but all the rules on taxation are a bit over my head. Not that I have more than the allowance to invest per year anyway..
That's my thinking. You don't need all these billionaires sitting on money they will never use but that cap is too low as it is.
Oh I do agree. It's just my wife is a midwife and there's a whole heap of issues she relays in terms on the waste in spending on Contractors just in her small corner of the world. Bizarre process and policy decisions that don't make any sense with my line of business thinking (I.T / auditing). We're talking big money.
Whilst resources could invariably do with boosting, there are big issues I have with people just thinking more money will save the NHS (say £350 million a week
It has Capital Gains Tax on divestment gains, but at a much lower rate (between 10% and 28% depending on tax bracket) than income tax. Dividends are essentially taxed as wages.
If Labour are serious about inequality two simple feasible steps it could take are as follows
- Equalise Income tax and Capital Gains (excluding pension funds)
- Set an upper threshold for wages which qualify for Corporation tax relief on the value of those wages above the defined threshold. i.e if a company chooses to pay an employee above the threshold of say 10 times the median wage, it cannot claim the excess above the threshold against it's corporation tax in the same way it can with other costs.
Camp Freddie
Member
LOL, because FTSE 100 CEOs won't have any way of taking money in a foreign tax domain to avoid this stupid income limit.
I just put the money into index funds (with minimal fees) that invest any dividends back into the fund and thus no tax from them. In Finland at least you just pay the capital gains tax for any profits you make when you sell them (30% up to 30k and 34% after that). Seems simple enough for me (way simpler then income tax at least)
Or, we could, you know, reform our tax system.
Never in my long lifetime has this country needed an effective opposition more and the Labour leader is bleating about a maximum wage. Is it that hard to focus on the fact that people are dying, frightened and alone, on hospital trolleys because of this Tory government's attacks on the NHS? A stance that might actually win the party votes, you turtle's cunt?
In the name of everything that crawls and fucks, Corbyn. In the name of everything that crawls and fucks.
Never in my long lifetime has this country needed an effective opposition more and the Labour leader is bleating about a maximum wage. Is it that hard to focus on the fact that people are dying, frightened and alone, on hospital trolleys because of this Tory government's attacks on the NHS? A stance that might actually win the party votes, you turtle's cunt?
In the name of everything that crawls and fucks, Corbyn. In the name of everything that crawls and fucks.
That's my question. Where does the runoff money go?
The government? From there, where?
This just doesn't sound like a feasibly doable idea at all.
Rimon-hanit
Member
How did he end up with that specific figure?
ultratruman
Banned
The Red Cross has declared the NHS a 'humanitarian crisis', and this is what Corbyn is focusing on.
I'm sure the Football Clubs paying the £50million a year salaries will funnel the saved £49,850,000 right back into important stuff at grossroots level or indeed comply with the law and not find any loopholes and pay it to the Tax man!!
Corbyn earns £137k
MadJackChurchill
Banned
Why exactly is a maximum cap so egregious? It shouldn't be that low, but fuck me nobody needs a multi-million pound salary. Surely corporations wouldn't mind a max negotiable limit for their execs.
I'm conflicted about this, I am pretty left wing, there should be some sort of parity in wages, or at least wage rates tied with job "worth".
When there are people who kick around bags of wind that earn more in a week than some of our hard working health staff earn in 4 years, then something is wrong.
But in the real world, yeah, that'll never happen, never has in the history of the world, never will.
Secondly, Jesus christ Corbyn, someone really needs to read through what you're going to say before you say it, at least put some lube on it before you ram it in.
Also Corbyn, your communist mantra is wholey hypocritical when you're raking in £138k a year.
When there are people who kick around bags of wind that earn more in a week than some of our hard working health staff earn in 4 years, then something is wrong.
But in the real world, yeah, that'll never happen, never has in the history of the world, never will.
Secondly, Jesus christ Corbyn, someone really needs to read through what you're going to say before you say it, at least put some lube on it before you ram it in.
Also Corbyn, your communist mantra is wholey hypocritical when you're raking in £138k a year.
metalslimer
Member
Lmao I guess at least the Democrats aren't to this level..yet
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