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Rachel Reeves just doesn’t get it. None of us should pay tax on savings (www.telegraph.co.uk)

submitted 1 day ago* (last edited 1 day ago) by [email protected] to c/[email protected]

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My opinion:

Telegraph just dosent get it. No one pays tax on savings.

Yeah they get it they just intentionally mislead in the title. Tax is paid on the income savings earn. Not your savings.

But the Telegraph has no interest in arguing why those who can afford to save should get that extra income tax free. When they know full well it helps the economy more when it is spent or invested in other ways.

Putting money into savings only helps the bank. It is safer for the saver. But only to a very limited point the best investment for them.

This is why ISA have always had limited maximums and often encourage investment with some risk. Rather then supporting a tax free passive income alone.

Any form of passive income can only be beneficial to a society as a whole. If the recipient is encouraging growth in the form of income for the rest of society iE jobs/inferstructure/or risk based investments. (At least assuming we stick to fiat based currency. )

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[–] [email protected] 0 points 1 day ago* (last edited 1 day ago)

You (Telegraph) missed a word out there: none of us MPs should pay tax on savings; fuck the rest of you/us.

If MPs have to pay tax, we'll either vote through a compensating pay/expenses rise, or claim it back on expenses.

[–] [email protected] -1 points 1 day ago

They will never tax the rich without taxing passive income.

But of course they're also going after the little guy first.