Labour watch

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Re: Labour watch

PostPosted by Off The Hook » Tue Jan 10, 2017 2:45 pm

Orient Meat Pie wrote:The inequality is at the low pay end, not the high pay end.


:lol:
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Re: Labour watch

PostPosted by Nice Username » Tue Jan 10, 2017 2:53 pm

'I'm afraid we can't raise the minimum wage again this year as tax revenues are down so much...but good news, the CEO of your company will only be earning £1 million!'
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Re: Labour watch

PostPosted by Off The Hook » Tue Jan 10, 2017 3:09 pm

How is the minimum wage related to tax revenues?

Also, I'm not sure, but I think Jezza might want to do something about increasing wages at the bottom end too.
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Re: Labour watch

PostPosted by Off The Hook » Tue Jan 10, 2017 3:11 pm

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Re: Labour watch

PostPosted by Nice Username » Tue Jan 10, 2017 3:21 pm

So a company was going to pay their CEO £2 million, but Corbyn's amazing earning cap comes into force.

The CEO now gets £1 million, and we lose the tax revenue from the additional £1 million. For the sake of envy, the exchequer now loses out on 40% of those earnings, which stay inside the rich company, and probably end up with the CEO anyway in some form of shares etc to get around it.

Meanwhile the government has to raise taxes elsewhere to make up the shortfall - maybe VAT will go up? Wonder who that affects the most.
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Re: Labour watch

PostPosted by Orient Meat Pie » Tue Jan 10, 2017 3:31 pm

Off The Hook wrote:
Orient Meat Pie wrote:The inequality is at the low pay end, not the high pay end.


:lol:


Do you not see the point I am making? Or do you disagree with it?

Let's do this in crayon for you. In order to close the inequality gap, the minimum wage should be raised to the living wage (and adjusted for regional living costs, e.g. London weighting), zero-hour contracts should be banned, employer pension contributions should be reintroduced, the lowest tax threshold should be raised, etc. This should all be paid for by a higher and more stringently policed top tier of income tax and corporation tax, CGT should be higher and the taper should be longer. In short, pay the poor more from a higher share of uncapped income. This approach of the rich (involuntarily) helping lift up the poor is nothing new, which is probably why it doesn't grab headlines like Corbyn's current circus of stupidity.
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Re: Labour watch

PostPosted by Nice Username » Tue Jan 10, 2017 3:33 pm

Off The Hook wrote:How is the minimum wage related to tax revenues?


Personal allowance is what I should have said (apologies), which benefits those on minimum wage/lower wages. The government has been consistently increasing the threshold for years. Either way, how is the government going to make taxation fairer across the board if they are bringing in less revenue?
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Re: Labour watch

PostPosted by Max B Gold » Tue Jan 10, 2017 3:43 pm

Orient Meat Pie wrote:
Off The Hook wrote:
Orient Meat Pie wrote:The inequality is at the low pay end, not the high pay end.


:lol:


Do you not see the point I am making? Or do you disagree with it?

Let's do this in crayon for you. In order to close the inequality gap, the minimum wage should be raised to the living wage (and adjusted for regional living costs, e.g. London weighting), zero-hour contracts should be banned, employer pension contributions should be reintroduced, the lowest tax threshold should be raised, etc. This should all be paid for by a higher and more stringently policed top tier of income tax and corporation tax, CGT should be higher and the taper should be longer. In short, pay the poor more from a higher share of uncapped income. This approach of the rich (involuntarily) helping lift up the poor is nothing new, which is probably why it doesn't grab headlines like Corbyn's current circus of stupidity.


In addition it would be useful to repeal the Anti Trade Union laws so that workers are stronger and more able to negotiate their own remuneration.
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Re: Labour watch

PostPosted by Off The Hook » Tue Jan 10, 2017 3:52 pm

Orient Meat Pie wrote:
Off The Hook wrote:
Orient Meat Pie wrote:The inequality is at the low pay end, not the high pay end.


:lol:


Do you not see the point I am making? Or do you disagree with it?

Let's do this in crayon for you. In order to close the inequality gap, the minimum wage should be raised to the living wage (and adjusted for regional living costs, e.g. London weighting), zero-hour contracts should be banned, employer pension contributions should be reintroduced, the lowest tax threshold should be raised, etc. This should all be paid for by a higher and more stringently policed top tier of income tax and corporation tax, CGT should be higher and the taper should be longer. In short, pay the poor more from a higher share of uncapped income. This approach of the rich (involuntarily) helping lift up the poor is nothing new, which is probably why it doesn't grab headlines like Corbyn's current circus of stupidity.


Ah, so the wealth of the top will sort of trickle down to those at the bottom? Yeah, that sounds like a plan.
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Re: Labour watch

PostPosted by Off The Hook » Tue Jan 10, 2017 3:53 pm

Nice Username wrote:So a company was going to pay their CEO £2 million, but Corbyn's amazing earning cap comes into force.

The CEO now gets £1 million, and we lose the tax revenue from the additional £1 million. For the sake of envy, the exchequer now loses out on 40% of those earnings, which stay inside the rich company, and probably end up with the CEO anyway in some form of shares etc to get around it.

Meanwhile the government has to raise taxes elsewhere to make up the shortfall - maybe VAT will go up? Wonder who that affects the most.



Where do you think that £1m not paid to the CEO goes?
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Re: Labour watch

PostPosted by Nice Username » Tue Jan 10, 2017 3:54 pm

Off The Hook wrote:
Nice Username wrote:So a company was going to pay their CEO £2 million, but Corbyn's amazing earning cap comes into force.

The CEO now gets £1 million, and we lose the tax revenue from the additional £1 million. For the sake of envy, the exchequer now loses out on 40% of those earnings, which stay inside the rich company, and probably end up with the CEO anyway in some form of shares etc to get around it.

Meanwhile the government has to raise taxes elsewhere to make up the shortfall - maybe VAT will go up? Wonder who that affects the most.



Where do you think that £1m not paid to the CEO goes?


:D what are you talking about? Do you think the company will continue to make the salary £2 million AFTER the government has announced that there will be a cap on salaries over £1 million?
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Re: Labour watch

PostPosted by Nice Username » Tue Jan 10, 2017 3:59 pm

Off The Hook wrote:
Orient Meat Pie wrote:
Off The Hook wrote:
Orient Meat Pie wrote:The inequality is at the low pay end, not the high pay end.


:lol:


Do you not see the point I am making? Or do you disagree with it?

Let's do this in crayon for you. In order to close the inequality gap, the minimum wage should be raised to the living wage (and adjusted for regional living costs, e.g. London weighting), zero-hour contracts should be banned, employer pension contributions should be reintroduced, the lowest tax threshold should be raised, etc. This should all be paid for by a higher and more stringently policed top tier of income tax and corporation tax, CGT should be higher and the taper should be longer. In short, pay the poor more from a higher share of uncapped income. This approach of the rich (involuntarily) helping lift up the poor is nothing new, which is probably why it doesn't grab headlines like Corbyn's current circus of stupidity.


Ah, so the wealth of the top will sort of trickle down to those at the bottom? Yeah, that sounds like a plan.


Trickle down economics is not even close to being the same thing as progressive taxation and redistribution of wealth.
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Re: Labour watch

PostPosted by Orient Meat Pie » Tue Jan 10, 2017 4:09 pm

Ah, so the wealth of the top will sort of trickle down to those at the bottom? Yeah, that sounds like a plan.


I take it your procession of smilies and glib one-liner sarcasm means you have no meaningful contribution to the discussion.
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Re: Labour watch

PostPosted by Off The Hook » Tue Jan 10, 2017 4:11 pm

Nice Username wrote:
Off The Hook wrote:
Nice Username wrote:So a company was going to pay their CEO £2 million, but Corbyn's amazing earning cap comes into force.

The CEO now gets £1 million, and we lose the tax revenue from the additional £1 million. For the sake of envy, the exchequer now loses out on 40% of those earnings, which stay inside the rich company, and probably end up with the CEO anyway in some form of shares etc to get around it.

Meanwhile the government has to raise taxes elsewhere to make up the shortfall - maybe VAT will go up? Wonder who that affects the most.



Where do you think that £1m not paid to the CEO goes?


:D what are you talking about? Do you think the company will continue to make the salary £2 million AFTER the government has announced that there will be a cap on salaries over £1 million?


What? The CEO is now only paid £1m, not £2m.
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Re: Labour watch

PostPosted by Nice Username » Tue Jan 10, 2017 4:13 pm

Yes, so the tax the exchequer would have earned on the other £1m is now zero, and stays inside the company's bank account. How does that benefit anyone?
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Re: Labour watch

PostPosted by Off The Hook » Tue Jan 10, 2017 4:13 pm

Orient Meat Pie wrote:
Ah, so the wealth of the top will sort of trickle down to those at the bottom? Yeah, that sounds like a plan.


I take it your procession of smilies and glib one-liner sarcasm means you have no meaningful contribution to the discussion.


I can't see the procession of smilies, sorry.

Although I am still chuckling that you think inequality is only at the bottom end of the pay scale, not the top end.
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Re: Labour watch

PostPosted by Off The Hook » Tue Jan 10, 2017 4:20 pm

Nice Username wrote:Yes, so the tax the exchequer would have earned on the other £1m is now zero, and stays inside the company's bank account. How does that benefit anyone?


It's not zero though. The company would have to pay corporation tax on their higher profit.

That's obviously lower than the tax take would have been on the CEOs earned income, but that can be resolved by increasing corporation tax rates to more realistic levels, which the company can now afford as its salary bill is lower. Plus that surplus cash remains in the economy, rather than being squirrelled away in some rich execs off shore bank account.

I genuinely don't see how people can see anything wrong with this concept. It's not the only policy, it would obviously be used in conjunction with other inequality crushing ideas. It might be difficult to implement and need loopholes closing. But calling it batshit crazy is just nonsense.
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Re: Labour watch

PostPosted by Nice Username » Tue Jan 10, 2017 4:45 pm

And if the company isn't making a profit in that financial year? Why bother changing it all around when you could have that money guaranteed in income tax? It literally makes no sense.

Corbyn is backtracking on it anyway. He just said it would be 'voluntary' - can see that being hugely popular.

All of this is irrelevant of course, you know that deep down.
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Re: Labour watch

PostPosted by mistadobalina » Tue Jan 10, 2017 4:48 pm

It is a policy that only exists in Cuba OTH. No-one is defending this policy except for Canary reading types.
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Re: Labour watch

PostPosted by Orient Meat Pie » Tue Jan 10, 2017 5:03 pm

Although I am still chuckling that you think inequality is only at the bottom end of the pay scale, not the top end.


It is only the bottom end of the economy that needs fixing. If that gets fixed, then the only reason to object to people earning too much is envy.
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