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Tomorrow is Budget Day !!

  john bunyan 09:54 10 Mar 2020
Answered

Obviously spending is going to be needed on the current coronavirus outbreak and on manifesto promises. With the huge drop in oil prices, surely the chancellor should bring in a temporary fuel tax to reduce borrowing? This is no time to reduce taxes with a national debt of £1.8 trillion and rising, as although interest rates are low at the moment our grandchildren may be left with massive problems if the rates rise in future

  qwbos 00:49 14 Mar 2020

FE

Studying economics doesn't seem to have done much good for the economists who appear to have failed to see just about every economic crisis coming in recent history.

You accuse me of "trotting out all the old wispy beard and sandals socialist stuff". Are you that terrified of change? I'm not talking revolution - more evolution.

You're a bit like those in the (un)democratic primaries who are using the S word to kill off Sanders, as if he was some sort of Stalinist figure.

As for debate, your little rant doesn't fit with the concept.

  qwbos 00:58 14 Mar 2020
  qwbos 01:37 14 Mar 2020

jb

Forbes' use of Jeff Bezos, Bill Gates, Mark Zuckerberg, Sergej Brin and Larry Page as examples highlights the select tech super rich, but doesn't really tackle the subject it sets out to tackle. Bill Gates would have been first out of the gate around 1976, so not really that many self made super rich examples in 45 years. These guys are the exceptions.

Buffett's bet with the fund managers is an interesting one, and again ties in to my argument elsewhere regarding the value of economists. The fund manager would be using all the economists tools yet missing the obvious. Individual funds always carry more risk than trackers, so unless they hit lucky in their choice of investments, they'll always be outperformed by the trackers. Even Neil Woodford knows that.

I particularly liked "Many heirs have more in common with lottery winners who, by a stroke of luck, win massive fortunes, but lose them again because they lack the requisite skills to handle money." Their financial advisers, however, will do very nicely on a fixed percentage, albeit of a declining balance.

  john bunyan 12:21 14 Mar 2020

Re higher taxes. Note that for any earnings over £100,000 pa there is a £2 reduction in the £12,500 personal allowance for every £1 over £100,000 such that all is lost at £125,000 - an effective tax rate of 60% . I am sure few here will cry over that , but to push it higher may well result in a lower net tax take

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