UK deficit reduction, soak the rich? (15Sept10)

An idea to tackle the UK's budget deficit, soak the rich instead of crippling the borrowers that created the mess.

Recorded from The Daily Politics, 15 September 2010.

Category:

News & Politics

Tags:

• uk
• budget
• deficit
• reduction
• soak
• the
• rich
• public
• sector
• spending
• borrowing
• out
• of
• control

[crackmonster99]

Life is a series of choices. That guy is right the government can either cut services for the poor or tax the rich to keep everything going. Many of the rich wouldn't even be hurt that much in terms of lifestyle by that money going towards taxes. But the UK gov won't do it because Mr. Cameron doesn't want to anger his base.

[liarpoliticians]

@crackmonster99 Hold it right there. Labour courted the rich as well. Just remember, it was LABOUR that increased the tax on the poorest by 100%... the so called 10p tax fiasco. But NOBODY ever talks about that.

So you cannot claim that the Labour party are the party of the poor, because THEY ARE NOT.

[CrankCase08]

@quizling22204 No he is not. He is advocating a one-off wealth tax on the rich that thay would not have to be paid until they die, and in the meantime they only pay the interest on the amount owed. It's convenient book keeping.

I think it's you who needs to improve your skills of comprehension.

[eyeswideopennimrod]

It has nothing whatsoever to do with not upsetting the rich, as it was said they are for it. The reason it will never happen is the BoE are making far to much money from interest charged on the nation debt to ever allow such an idea get rolling. It was only 2008 when the WW2 debt was paid off, luckily for the BoE the banking crisis happened, the UK gov borrowed hundreds of billions from the BoE to give to the banks, and we get to pay the interest and now it looks like the full debt. WAKE UP

[crackmonster99]

@TheGladstonianKnight Yes cut the rich peoples' taxes because they create jobs. That's worked so well for the US over the last 30 years our economy is booming right now. In case you can't tell I'm being sarcastic. The rich don't spend money to create jobs they hide it overseas. If you give them tax cuts they'll just hoard the money and won't do a thing with it. At least if you raise tax you can pay down debt and cover essential services so the money goes to something tangible.

[CmdrTobs]

@jas407 lol, enjoy paying that debt then!

[SirOneoneselfandone]

it fixes the debt now, but what about next year! or aafter. The whole problem of debt is spending

[quizling22204]

Good God. If this is the type of idiot you guys produce across the pond then you guys are totally screwed. This guy is advocating stealing from the rich and paying not the poor, but the idiot who improvished the poor in the first place (i.e. politicians). And this guy is a professor!!!!Your future generations have to learn from this guy!!!

[lIluminated]

The problem is even the the debt completely disappeared, it would then just be a matter of time before it builds back up again.

[lIluminated]

Justice in this world? Na dont think so.

[crackmonster99]

@liarpoliticians I don't deny that at all but I was speaking traditionally. New Labour isn't about being for the working class its about putting a smiley face on some Thatcherite policies to win. They used to be for the poor. But none of that matters now because it's Cameron and the coalition that's making choices. It's also no secret that the rich benefitted more from tax and government policy for the last 30 years because of deregulation and ownership society. Why not make them pay more now?