Britain: an economic train wreck
#91
Re: Britain: an economic train wreck
I think you're right, lower taxes for all and balanced budgets are the way to go IMO.
#92
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Joined: Jul 2012
Posts: 3,300
Re: Britain: an economic train wreck
Reply to commonwealth -
Rephrase my earlier post - I don't believe tax cuts are good for economies who don't manufacture their own consumables.
Rephrase my earlier post - I don't believe tax cuts are good for economies who don't manufacture their own consumables.
Last edited by Zen10; Jul 27th 2012 at 4:27 am.
#93
Re: Britain: an economic train wreck
lets help the poorer countries who manufacture the goods by buying their goods. after all, they buy our minerals and energy. it's a money merry go round which is the idea behind free trade. unfortunately the free trade was derailed by the ****wits of wall street and canary wharf.
#94
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Joined: Mar 2009
Posts: 1,230
Re: Britain: an economic train wreck
This post highlights how little some people know about mining. The States allow companies to mine the land for a royalty fee which is used to benefit the people living in the state. There is an enormous amount of risk in setting up and operating a mine, hence the massive profits when it pays off. Talk of nationalisation would just leave all the stuff in the ground as no state would gamble billions of tax payer money.
#95
Re: Britain: an economic train wreck
As we are probably never going to be a low taxed country, we need things like SWFs.
#96
Re: Britain: an economic train wreck
So the government shouldn't be building roads, that's stupid. They should be acting as loan sharks to the poor - much more sensible and lucrative.
#97
Re: Britain: an economic train wreck
#98
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Joined: Jul 2012
Posts: 3,300
Re: Britain: an economic train wreck
I agree about the tax cuts, and your opinion on SWFs - if we were a low taxed country, but we're not. If a political party was to come along and say that we are going to go to a 20% flat-rate tax for all but that they are going to cut all tax breaks and slash welfare in half, I would vote for them, but they would never get elected. Reason being that too many people have a vested interest in keeping the system as it is, ie taking more out of taxation than they put in.
As we are probably never going to be a low taxed country, we need things like SWFs.
As we are probably never going to be a low taxed country, we need things like SWFs.
#99
Re: Britain: an economic train wreck
I disagree. When you take GST, customs duties, CGT, state taxes and duties, fuel levy etc, we are a highly taxed nation. Yes, there are some great tax breaks available, but with a flat-rate system you could do away with them. When 40-odd% of people are taking more out than they put in, the only way to balance the budget is excessive wealth redistribution.
#100
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Joined: Jul 2012
Posts: 3,300
Re: Britain: an economic train wreck
I disagree. When you take GST, customs duties, CGT, state taxes and duties, fuel levy etc, we are a highly taxed nation. Yes, there are some great tax breaks available, but with a flat-rate system you could do away with them. When 40-odd% of people are taking more out than they put in, the only way to balance the budget is excessive wealth redistribution.
I appreciate there was no healthcare levy etc back when Eisenhower was taking 92% of the rich's wages, but even with all the things you mention, the average Australian pays nowhere near 92% of their salary to the state. That is what I call a high tax state and why I don't regard Australia to be a high tax state, or even Britain with its 12% NI. (The rich of course only pay 2% or 1% NI).
#101
Re: Britain: an economic train wreck
I disagree. When you take GST, customs duties, CGT, state taxes and duties, fuel levy etc, we are a highly taxed nation. Yes, there are some great tax breaks available, but with a flat-rate system you could do away with them. When 40-odd% of people are taking more out than they put in, the only way to balance the budget is excessive wealth redistribution.
#102
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Joined: Mar 2009
Posts: 1,230
Re: Britain: an economic train wreck
I might be reading it wrong, but it seems there the story is more BHP letting down the local community by making promises and then selling up and shipping out. They still sold the land for hundreds of millions and still have loads of extremely profitable operations in the country.
I know investment in mining needs a lot of capital to invest and there are obviously some risks as with everything but I think to call it 'a gamble' with the amount of money being made there is stretching it.
#103
Re: Britain: an economic train wreck
Thanks.
I might be reading it wrong, but it seems there the story is more BHP letting down the local community by making promises and then selling up and shipping out. They still sold the land for hundreds of millions and still have loads of extremely profitable operations in the country.
I know investment in mining needs a lot of capital to invest and there are obviously some risks as with everything but I think to call it 'a gamble' with the amount of money being made there is stretching it.
I might be reading it wrong, but it seems there the story is more BHP letting down the local community by making promises and then selling up and shipping out. They still sold the land for hundreds of millions and still have loads of extremely profitable operations in the country.
I know investment in mining needs a lot of capital to invest and there are obviously some risks as with everything but I think to call it 'a gamble' with the amount of money being made there is stretching it.
The way to hedge is in the futures market but not all miners do this and the ones who do will have much lower profits.
#104
Re: Britain: an economic train wreck
Could I ask what you think a reasonable total tax bill should be :
- For someone in poverty
- For someone not well off
- Someone on average income
- Someone doing well
- Someone 'rich'