The tax lawyer, Chetu Kamal, who recently discussed Nitil for slander, was talking to me on how the tax law applies, and how the current organization creates the imagination between the needs of the community and the social individuals who have options to reduce tax payments. Kamal’s arguments against Nitle: https://www.linkedin.com/feed/update/update/urn:LI: Catcativity: 7339328172389203970
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“People who are earning a lot of money are not really doing a lot with that money and are paying a lower rate of tax”. Maybe you could back these two ideas up or is it just your perception?
Yes, the tax system is broken. Call any new taxes to get rich to pay their fair share 'Patriot taxes' .
The only way wealth inequality can be addressed in a sustainable way is to ensure income disparity is minimised. Adjusting tax rates is fiddling around the edges of the problem.
Tax Assets. have a proper tax on share trading the same as Capital gains.
Tax Land (the owners not the tenants/renters) above a modest acreage,
Tax properties (House) beyond primary residence. Second home, rented properties, empty speculative properties.
Stop the wealthy their hiding money in offshore tax havens.
#TaxWealthNotWork
Any business operating in the UK should pay taxes in the UK, likewise, anyone living in the UK should pay taxes. Abolish non-dom status.
A little beside the point, but I would let retired people keep their pensions even if they choose to live abroad, but tax them as normal. Why punish them for choising private healthcare abroad and not burdening the NHS and social services? For many, choosing a warm Mediterranean country means less pain from arthritis and other weather-related aches and pains, better mental health not having to be cooped indoors because of cold and having to risk icy roads to go to the shops. (For my dad, shopping and excanging a few words with the cashier is his highlight of the week, for this reason he doesn't want them delivered! But in winter he cannot do that.
At least this is how I understand getting pension works. I never thought about it, until I accidentally saw a documentary some years ago of people living in Spain and South of France, and they said having to go to England twice a year and perhaps hanging onto their house (which doesn't exactly reduce the housing shortage) just to pretend they still live there.
Rich don't matter that much, you can always create more rich people.
What matters far more is that you have a lot of people that can drive economy. People that have money, time, education and freedom to try push for more prosperity.
What matters far more for companies, and creation of companies is that you have stable country where it's easy to do business, infrastructure and you have workers required for the business.
When we look at low tax economies, and how prosperous the country is. It doesn't seem to have much correlation.
US is kind of an exception, but there are so many more compelling reasons as to why they are as they are now.
Ultimately, even if rich move away, as long as your country is attractive place to fo business in, money won't leave.
Performance related pay has a lot to answer for. At executive levels they help set their own targets and can manipulate the business to assure achieving those targets. They always put profit and shareholder value before investment or workers. The worker's targets reflect business objectives and achieving them is not under their control. So the workers fail to achieve targets, and get paid less. No wonder morale slumps along with productivity.
Short term thinking prevails, and you get the current economy that satisfies only those executives and the wealthy asset owners. They have more money than they can spend but won't risk it on investments rather they accumulate assets driving up the prices for everyone.
I think the word 'fair' is the critical point. There's the law and there's (perceived) fairness. Misperception is down to the media and populist voices, but if a law is unfair there will be a cause. Somebody has bent the law to an advantage, usually their own. I would imagine it is relatively easy to find out who bent the law, harder to find out why.
Really good interesting interview learned a lot, thank you both.
That her turned uk into a banana Republic
So every argument has assumptions, and one of the assumptions here is that taxation policy is intended to be fair and/or understandable. Indeed, as in law, much money is made from privileged knowledge.
….and that guy plays with his glasses constantly. Glasses are fitted at the opticians and with such sloppy fitting, he needs to demand a refund…but perhaps they are not his.
Interesting discussion though.
Sorry, this guy just sounds like he is just helping his clients avoid UK taxes. Did you ask how many of his "EU" clients were actually Brits with multiple nationalities or those with primary residence in the UK?
He comes off as your typical narcissist who finds a structure to justify his actions to himself.
Thanks
The elite…… establishment…monarchy….toffs…..want reform in.
They want things as they were before….The Status Quo.
That means the best of food and lifestyle…and of course immediate and the very best medical attention.
I don’t think he really understands your questions
People on the welfare and working getting undeclared income there are a lot on YouTube
Phil
Excellent topic of discussion and really important to make taxation easy for everybody to understand. The complexity built into the current system is a barrier to properly understanding which bit needs to be fixed and how. A great place to start is to have transparency as to how much each person actually pays. This means making it illegal to hide your identity in tax havens.
Look at Norway… High tax, high wealth, great services… all the arguments about why the rich shouldn’t pay a fair share of tax goes out of the window.
If you think only rich people try to avoid paying taxes, just ask your local builder how much for cash, the only people who can’t get away with it are the PAYE employees
Setu showing he thinks tax avoidance is a good thing and that people who dont leave the country are entitled says a lot. He had no interest in having a productive conversation and i think you could have been harsher with him
Equalise CGT with Income tax, clamp down on cash in hand and push the narrative that paying your fairly due taxation is patriotic.
How did Trump get elected the second time, given what he did the first time?
Its going to be about job losses of paper agents first with A I . Tax the bots
Tax is far too high. Tax evasion is a good.
Tax is a fee for use of British government services. If you do not pay the due tax in full you should be denied access to British services until you do (no healthcare, no road license, suspension from companies house, no vote, etc)… If you are okay with not having those things so long as you can avoid tax, that's on you, but if not, pay up.
thatcher was the Instrument of Inequality……reform want the status quo to continue.
Define "wealthy". Seems to me they are bleeding everyone dry . Taxing the "rich" isn't the answer
Scrap income tax. It was brought in to pay for endless wars
Unfortunately we got a bunch of self interested amateurs running our country