MP Scandals

[Brew_DD2]

So why haven't they done this already these companies have been getting away with it for years?

Because deals are struck behind closed doors, and have been for years.

https://amp.theguardian.com/money/2011/dec/06/hmrc-tax-deal-vodafone

 

[lancon]

So why haven't they done this already these companies have been getting away with it for years?

Tories have been reducing the department that chases the avoiders

 

[Chippy_Tea]

How about “Of course, if you don’t pay, we will Nationalise you without compensation!”? That should get the management’s attention.

Oh and the aforementioned high paid legal teams wouldn't have something to say about that would they, you couldn't make this up.

The government always has the upper hand (why else would Boris treat the electorate with such contempt) so please don’t be a defeatist.

Jeez mate you need to let it go this hatred must be making you ill, Boris is already one foot out of the door he is not going to be making any big decisions in the short time he has left move on and pick a new target for the sake of your blood pressure.

 

[Chippy_Tea]

Because deals are struck behind closed doors, and have been for years.

https://amp.theguardian.com/money/2011/dec/06/hmrc-tax-deal-vodafone

I stopped at "May"

A highly controversial tax deal which cost the public purse billions may have been illegal, according to allegations being examined by a powerful parliamentary committee.

 

[Brew_DD2]

I stopped at "May"

I wasn't taking about the legality of it, but pointing out why so many of them don't pay their fair share.

The government had the power to close these loopholes and prevent these sweetheart deals years and years ago.

 

[An Ankoù]

So why haven't they done this already these companies have been getting away with it for years?

Good question.
Tory donors
Lobby groups
Back handers
Jobs for the boys
Old school tie
Out and out corruption

I'm sure this has been going on forever, and not just Tories, although they've perfected the art to tee. But it's only relatively recently that the sums involved have become so obviously obscene. Britain is by far the world's leader in corruption. We've had centuries of practice.

 

[foxy]

I'm no economist, but can someone please explain to me how cutting taxes  raises money for the government?

Let's also remember that this isn't a manifesto, so anything that either candidate is saying probably won't happen anyway. Let's look back at Boris's promises when he was going for party leader. "Out of Europe by October come hell or high water" (it was actually the following year we came out), and raising the threshold for higher rate tax to £80k (which never happened).

The reason governments cut taxes is to encourage spending, they give it with one hand and take it back at whatever your GST is.

 

[foxy]

I wasn't taking about the legality of it, but pointing out why so many of them don't pay their fair share.

The government had the power to close these loopholes and prevent these sweetheart deals years and years ago.

Kerry Packer then the richest man in Australia, minimising tax.

 

[lancon]

The reason governments cut taxes is to encourage spending, they give it with one hand and take it back at whatever your GST is.

The problem is cut taxes you need to cut spending, and where do you cut that from?

 

[lancon]

Kerry Packer then the richest man in Australia, minimising tax.

And here is the nub of the matter, if you're employed then you have no choice but to PAYE, however if you have lots of money and tax advisers (who don't come cheap) then you can avoid tax.
The sheer nerve of their situation is perhaps best summed up by evasion = illegality / avoidance = legality.
Now to the likes of the average worker evasion and avoidance are one and the same matter, but to the rich they are importantly blurred.
If all were on the same PAYE situation then we would have problems reduced massively, now that would be levelling up.

 

[Brew_DD2]

The reason governments cut taxes is to encourage spending, they give it with one hand and take it back at whatever your GST is.

And encouraging people to spend when you already have double-digit inflation is a terrible idea.

 

[foxy]

The problem is cut taxes you need to cut spending, and where do you cut that from?

Why do they need to cut spending? The revenue they get from GST will fill the coffers.

 

[foxy]

And encouraging people to spend when you already have double-digit inflation is a terrible idea.

It is the spending which increases government revenue. I think one of the worse times for governments was the global financial crisis, I know it was here. Credit card debt was at an all time high. People stopped spending money to get their credit cards back down to a manageable level. Our GST is 10%, when billions of dollars are being spent the government is picking up 10% of that spend. Once that slows the government is getting a poofteenth of bugger all.

 

[foxy]

And here is the nub of the matter, if you're employed then you have no choice but to PAYE, however if you have lots of money and tax advisers (who don't come cheap) then you can avoid tax.
The sheer nerve of their situation is perhaps best summed up by evasion = illegality / avoidance = legality.
Now to the likes of the average worker evasion and avoidance are one and the same matter, but to the rich they are importantly blurred.
If all were on the same PAYE situation then we would have problems reduced massively, now that would be levelling up.

The rich can afford financial advisors to reduce their taxes for them. Unfortunately the working man has a tax form to fill in with limited ways to cut taxes. But they can't avoid sales tax. At one time an idea was put forward to increase taxes on utilities and petrol and get rid of sales tax altogether. The rich would then be paying more as they would be using more, in today's world this is no longer viable.
There are blind spots in the tax system, find them and you can reduce tax, not legally, but seemingly legal.

 

[lancon]

At one time an idea was put forward to increase taxes on utilities and petrol and get rid of sales tax altogether. The rich would then be paying more as they would be using more, in today's world this is no longer viable.

Why no longer viable? Unfair to the rich?

 

[lancon]

There are blind spots in the tax system, find them and you can reduce tax, not legally, but seemingly legal.

So illegal?

I refer you to evasion v avoidance as in earlier post.

Again handy if you can afford expensive accountants

 

[foxy]

Why no longer viable? Unfair to the rich?

Solar.

 

[foxy]

So illegal?

I refer you to evasion v avoidance as in earlier post.

Again handy if you can afford expensive accountants

But if you are employed there is not the scope that an employer has. The employed has the basic tax deductions and that's your lot.

This thread reminds me of Benefits Britain. They blame the Tory party too! "I am a big fat lazy ******* because of the Tory party" Or the Queen is to blame! They blame everyone but themselves!

 

[lancon]

But if you are employed there is not the scope that an employer has. The employed has the basic tax deductions and that's your lot.

This thread reminds me of Benefits Britain. They blame the Tory party too! "I am a big fat lazy ******* because of the Tory party" Or the Queen is to blame! They blame everyone but themselves!

But we aren't cheating...

 

[Dutto]

I see Rishi has found “The Money Tree” and is now promising a 4% cut in Income Tax!

Oh joy - for the rich of course!