Taxation

  Grey Goo 11:04 08 Oct 08
Locked

As the taxpayer seems to be bailing out the financial institutions,(simplified statement), the amount of money left for all the other bugetry considerations will probably come up a bit on the short side. The Badger could always borrow some more but he would then be borrowing back the money he has loaned out I suppose. The other option is the dreaded "Raising the level of income tax" and other taxes. Are we in for a new era of personal grief to cover this shortfall. We will know soon enough I suppose when the pre budget anouncement is rolled out.

  Cymro. 11:16 08 Oct 08

One so called expert on the radio this morning reckoned that the government would indeed be strapped for cash in the short term. He also stated that by putting money in to the banking business now the government was sure to make a hansom profit in the long run.

What rather surprised me about it all is that the three major political parties are very much in agreement as to what has to be done and surely that in itself is a sign of hope.

  spuds 11:33 08 Oct 08

Is there not a well known saying, something in the lines: Nineteen shillings and sixpence = Bliss. One pound and sixpence = Poverty and Bankruptcy.

The government is using money that it doesn't really have or own, and any shortfall will (hopefully) be covered by increased taxation, something that the public do not want,but may have no choice, and prudent spending!.

  Forum Editor 11:42 08 Oct 08

are very much in agreement as to what has to be done because they know that there's little alternative. Any party in power would be doing precisely the same thing, and no doubt everyone who has money in a bank, or investments to make will be grateful for the added sense of security it will bring.

It's a far from ideal situation, but we have to deal with the situation that exists, rather than bleating on and on about how it all happened, whose fault it all is, etc., etc. We'll all get a chance to express our opinions about how the government has handled our economy at the next general election, and that may come along fairly quickly.

  Grey Goo 11:45 08 Oct 08

Quote from Wilkins Micawber.(David Copperfield)

  lofty29 11:57 08 Oct 08

One of the things that always amuses me is so many people have the idea that any government has money, they do not, they only have the use of money extracted from taxpayers, or from the natural resources of the country under the control of the government, or money borrowed on the understanding that eventually the country's taxpayers will have at some time to foot the bill. And as FE states the only say the taxpayer gets, and that is only hypothetical, is at a general election.

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