Re:The candy stores of Oxford Street
by kergonath on Monday April 25, 2022 @10:01AM
(#31154873)
Lowering taxes is counterproductive, though. The problem is sharing the burden with the wealthier. At some point, you can't really get something for nothing and we have to accept that if we want first-world services and infrastructure, we have to pay for them. And paying for them through taxes is way more efficient than just letting private companies extract their benefits from tolls and such.
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Re:The candy stores of Oxford Street
by deathcakes on Monday April 25, 2022 @10:07AM
(#31154960)
I agree with this - I was making the point that austerity, by the terms of its own argument, hasn't worked. Reducing public spending has demonstrably not reduced our debt burden even before the pandemic, and so therefore I would suggest we abandon it.
Definitely, it was a resounding failure of the modern Neo-liberal ideas. What worries me though is the cakeist populists who are feeding on resentment and who are in power or close to it in several European countries (including the UK). There will need to be a tax increase, probably not for most people, but in terms of tax revenues.
The problem is that the effective taxation rate is unbalanced. Lowest income groups and new graduates are paying more than the highest income ones! Lowering tax on the majority of people need not lower tax so significantly if paired with higher tax rates at the top. Or so my understanding goes.