68. Election Tax Special: What do political parties want to do with your money?
Jun 18, 2024
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Explore the tax policies of UK political parties including pledges for working people, proposed tax cuts, and ambitious net zero pledges. Delve into the impact of tax burden shifts on income disparities, government spending, and national debt. Highlight the Greens' tax plans for wealth redistribution and analyze the influence of tax policies on political parties and voters.
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Quick takeaways
Different parties have varied proposals on tax policies for working people.
UK faces challenges with rising national debt impacting taxation and economic stability.
Deep dives
Exploring Manifestos and Tax Policies
The podcast delves into the manifestos of various political parties, analyzing tax policies and implications. The discussion revolves around promises made by different parties regarding tax cuts and increases for working people, higher tax burdens for the wealthy, and the impacts on the overall economy.
The Impact of Tax Burden on Average Earners
A significant focus is placed on the tax burden, highlighting that even though the UK has a high tax burden as a percentage of GDP, average earners face lower tax burdens compared to previous years. The discussion emphasizes the changes in tax obligations for average workers over time, with comparisons to other G7 countries.
National Debt and Tax Implications
The conversation shifts towards the national debt, revealing a substantial increase in debt levels over the years. The podcast examines the implications of rising national debt on taxation, public services, and economic stability, emphasizing the challenges faced by future governments in managing the debt.
Greens' Tax Proposals and Investment
An analysis of the Green Party's tax proposals is presented, focusing on wealth taxes, capital gains tax increases, and a wealth levy for high-net-worth individuals. The discussion extends to the importance of encouraging investment for economic growth, reflecting on the potential impact of tax policies on businesses and individuals.
Who are the "working people" that Keir Starmer has promised no tax increases for? Would Reform UK send the markets into a spiral if they got into power? How would the Green Party raise money to fund their ambitious net zero pledges? Robert and Steph examine the manifestos and provide answers to the big tax questions.