[Nextgrid]

> the tax cut being proposed in the uk at least addresses #3 above

It doesn't address it in any meaningful way. That tax cut only benefits the significantly well-off while doing nothing about the lower classes.

In the lower class, this cut doesn't give you any further incentive to work (you're screwed and won't be able to afford your rent or energy bills regardless so may as well not even bother), and the upper class never really needed an incentive.

IMO, it shouldn't been the opposite - completely abolish tax on anything under 50k or so and make it up by taxing company profits higher.

Of course, you could say "fuck the poor" and not care about them as long as the "rich" are doing fine, but the problem is that a lot of "rich" stay there only because there's there's a steady supply of "poor" that buys their goods/services (not saying this in a bad way) - now if all those "poor" are too poor to have money for discretionary spending, a lot of businesses from the "rich" will no longer have any customers to stay afloat and close, leading to job losses, etc - furthermore businesses that serve those businesses will also see a downturn, etc - essentially a cascading failure, and this doesn't even mention the other downsides that tend to come with extreme, widespread poverty such as people resorting to crime as they're out of options.

[mytailorisrich]

The tax cuts announced benefit everyone in employment even if indeed the top earners benefit the most because the 45% income tax rate (which didn't exist before 2010, btw) is abolished.

The cancellation of the planned corporation tax increase is absolutely the correct thing to do, IMHO. Increasing from 19% to 25% would have made the UK's rate one of the highest in Europe at a time when looking not business friendly is the last thing the country need

[wucaworld]

The suggestion you propose is interesting .. no tax on first k dollars where we raise k from existing levels. Helps rich and poor. I’d be fine with this if it was time limited. E.g. until the war is over and things have adjusted from the pandemic. This would fan inflation due to increase in demand but if time limited to 1 year or 2, it could be palatable.