Brexit. Tax. Politics. Stuff.
Joined September 2019
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Politax retweeted
Increased tax rate = less tax revenue
It’s the same every time. The Laffer Curve lives on.
thetimes.com/uk/scotland/art…
Politax retweeted
Scotland raised its top income tax rate to 48% to make the rich pay more.
New HMRC data suggests the result may have been the opposite: Scotland collected about £22m less.
We can't be sure, but Scotland may have fallen over the Laffer curve.
🧵:
Politax retweeted
I’m not defending billionaires. I’m defending the economic system that protects the freedom to own property and to compete in the market.
I’m not worried about billionaires, I’m worried about big government destroying the economy. Billionaires make money through voluntary trade and achieve wealth through voluntary investment. Governments get their money through forced extraction and spend it through box-ticking bureaucrats.
A billionaire must create a win-win to get money and we know this creates an economically richer society - albeit unevenly distributed. Government can extract from the productive and do unproductive things with the money - which creates an economically poorer society.
Neither is ideal but I’d chose an unequal wealthy society over an equal impoverished one any day.
Politax retweeted
Are the richest 1% and the top 1% of taxpayers the same people? Largely — but not entirely.
Why? The UK tax code runs over 10 million words — twelve Bibles’ worth of reliefs and exemptions, each designed to reward behaviour the state deems useful for the society. The wealthy respond to those incentives. That’s what incentives are for.
Want to punish them for it? You can. But reliefs are granted for creating jobs, funding R&D, investing where nobody else will.
Kill the reward, kill the behaviour. Have you thought about this?
Politax retweeted
What confuses me is he paints a picture of an apocalyptic upcoming disaster, and then spends his time campaigning for a wealth tax that will make only a tiny difference in macro terms (even on his own terms) and no difference at all for the great majority of people.
Politax retweeted
Chart of the Day 🤓
Here is some real data (not "vibes") on what has actually happened to wealth inequality in the UK, compared to a selection of peers.
Key takeaway: wealth inequality collapsed between 1900 and the mid-1980s, and has edged up only slightly since then... (1/2)
Politax retweeted
A British billionaire can move to Dubai and stop paying UK tax.
An American billionaire can’t: the US taxes its citizens wherever they live.
So should we copy America?
No. There’s a reason only the US does this. A passport tax would be unfair, unworkable, & a huge mess.
🧵
He's right...joining the euro is entirely voluntary. Only because joining the EU is entirely voluntary.
So we won't.
Politax retweeted
The Brexiteers were right, and I say that as someone who voted Remain.
Brexit has had costs. But it has also restored democratic authority to Westminster, strengthened the case for the United Kingdom against Scottish separatism, and given Britain more room to think globally rather than remain trapped in Europe’s political and regulatory machinery. For all the prophecies of apocalypse, Britain is still standing, and politically freer.
Read my thoughts on why I would now vote to stay out, at The Biggar Picture: nigelbiggar.co.uk/p/the-brex…
Politax retweeted
It’s not credible to say Brexit was a huge mistake; the UK can flourish economically outside or inside the EU
I agree that social housing requirements are counterproductive, Manchester, Central Manchester, may well be doing OK. But that's not why he won Makerfield...he won simply because people don't like Keir Starmer, and this is the quickest way of replacing him.
Burnham won Makerfield because he abolished social housing requirements in new development.
Genuinely.
There’s a near universal understanding that Manchester is a part of the country that is actually growing, because people can see it growing.
They can see the new shops, restaurants, bars, public realm, and gleaming skyscrapers - all new in the last 10 years. They see the wealth and success that investment has brought.
This was not inevitable.
Had Burnham ‘done a Sadiq’ and insisted on ludicrous social housing requirements in every development, little would have been built. Investment would have remained on the floor, and Burnham would have no magic Manchester ‘for us’ growth vibes about him.
Any minute now. Press gathered. Candidates ready. 3 latest.
#Makerfield
Counting has finished. They'll speak to candidates/agents, but shouldn't be long.
Andy Burnham is in the hall. Arrived in the last two minutes.
We're almost done.
#Makerfield
Counting has finished. They'll speak to candidates/agents, but shouldn't be long.
Andy Burnham is in the hall. Arrived in the last two minutes.
We're almost done.
#Makerfield
They're counting "others" now. Labour, Reform and Restore votes have been counted. The result hasn't been in doubt for some time, called it about 11.20.
Burnham will have a comfortable majority.
Won't be too long now hopefully.
#Makerfield
Andy Burnham's winning margin is in the 1000s. I'd be saying 4/5000 or so. #Makerfield
Breaking: Count Binface: "Wherever there's a bin there's a f*cking fox". 😄
#Makerfield
Monster Raving Loony Party have arrived.
Things are getting serious.
#Makerfield
