Breaking News: Tax Cuts REVERSED! 😳

Breaking news just announced is that virtually all the proposed tax cuts— well, actually not proposed, the guaranteed tax cuts— virtually all of them have been reversed. Of the, what, 40— of the $45 billion in tax cuts, $32 billion have immediately been reversed. So virtually all tax cuts have been reversed. Breaking news, it's just been announced. I think this is a joke. Now here's some irony. Do you want to start with a big dose of irony? The UK Chancellor, and I quote, the objective is to design a new approach that will cost the taxpayer significantly less than planned. Uh, he's just removed $32 billion of tax cuts, and now he's saying that the taxpayer will pay less than planned. Well, less than planned means nothing. That's just verbiage. And within days of new proposed tax cuts, which were actually for the people in many regards, have now all been reversed, and we're once again being Just fed bullshit. I mean, for the Chancellor to say the objective is to design a new approach that will cost the taxpayer significantly less when his reversal has cost us significantly more, that's just verbiage bullshit. It's just waffle. It's waffle. So breaking news, in case you want to know, and yes, I am pissed off and I think you should be pissed off, um, the government are ditching nearly all of the proposed tax cuts. The basic rate of tax will go back up. Here's another kicker in the nuts, um, the energy cap guarantee that Liz Truss supported the nation, um, will be reviewed after April, which basically means there's going to be less support for the energy cap raise. So there's all this talk about the old tax break, Like, I just want people to understand that they should be careful what they wish for, because there's a whole load of people in the working class who don't like the Conservatives, don't like Liz Truss, don't like it whenever anyone who employs or makes a bit of money gets any kind of support. They don't like it, and they bark and they moan and they scream. Be careful what you wish for, because your tax break has just been reversed. And the big increase in cost for people in the next 12 months is energy. Our energy has gone through the roof. You could have been paying up to 800% more for your energy. Liz Truss came in, spent a whole load of money— well, proposed to— well, did and then didn't— to support the energy cap rise. And the new chancellor is basically going to reverse it after April. So you're gonna get screwed. All right, so the cuts to stamp duty and National Insurance will go ahead. Pretty much everything else has been reversed. Peter has said, shouldn't I wait to see what they're being replaced with? Well, yeah, I will wait until they're— well, until I see what's being replaced with, and then I will comment on what it's being replaced with. But Peter, here's my point. For years and years— and let's just start with Brexit, so let's go back 3 years— there have been all these changes that the masses did not vote for. Now Brexit, of course, we sort of did, um, but then you had lockdown 1, lockdown 2, lockdown 3, all the hundreds of billions spent on vaccinations and lockdowns and PPE and track and trace apps. 500 billion was spent on post-lockdown, and I didn't decide it, you didn't decide it, you didn't choose it, I didn't choose it, and the government spent it anyway, and we are paying for it. And for the Chancellor to say that the new approach will cost the taxpayer significantly less than planned, to me, it's just bullshit, because the taxes have just gone up, not down. And surely the only way we pay less taxes are taxes to go down. How do we pay less taxes when taxes go up? How does the maths work? Do the maths. So they are reducing taxes and reducing spending. So where's the benefit to us if they're reducing taxes and reducing spending? Where's the benefit to us? Ryan says calm down. Why should I calm down? Someone's got to speak up about this. I thought Liz Truss's plan for growth was pretty solid. The only way out of a recession or depression is growth. And if they increase tax and cut back on spending, they will decrease growth. Why can most people not get this basic economics? If you increase taxes and you decrease spending, you decrease growth. If you decrease taxes, you should, in theory, as long as you make it possible for employers to employ and workers to work. If you decrease taxes and increase incentives, you should therefore increase growth. And yeah, I do think it's backfired, Claudia. I totally do. All these people moaning. See, I tell you what really was the crux of all this. The crux of all this was the reduction in the highest tax bracket from 45 pence per pound to 40 pence per pound. That made everyone angry. Because people don't understand economics. So they moan about that, masses of pressure on that. Yeah, of course, Bank of England coming in. Yeah, of course, IMF coming in. But really, that's the headline that everyone didn't like, because it's a popularity contest, isn't it? Because Liz Truss hasn't reversed her decision because she thought, 'Oh shit, I made a bad decision.' Liz Truss must have believed that her decision was the right decision. She planned it for ages. It's kind of what got her into the Prime Minister role in the first place. So she's reversed her decision because either the powers that be, the IMF, the Bank of England, to put pressure on her, or her backbenchers in her party have threatened to fire her. And it's all popularity. None of it is actually long-term plans for growth. And this new chancellor can come in and reduce spending and increase tax, but this is on money that the government owe, that they spent without our fucking permission. I did not subscribe to lockdown 2 and soft lockdown 3. I did not want to waste tens of billions on track and trace apps and PPE equipment, which was wasted. I did not subscribe to that, and now I'm paying for it, and so are you. And the way we grow out of this is reducing taxes, increasing support. We need to— here's my proposal. Why has no one thought of this? Number 1, get the benefits payments down. Encourage and incentivize as many people as possible on benefits to go back to work. One, you're saving the benefits payments. Now obviously some people need to be paid benefits if they're really ill, but there's a lot of people gaming the system. So get rid of half of that spending, encouraging people to be employed and to get work, which they probably want anyway. So you're going to save billions there and you're going to fire up the economy because you're going to have more employment. Number one. Number two, all these civil servants, all these people Working in government, moving paper from one place to another, and working from home and doing nothing. Get rid of half of them. What about coming in? I mean, our government is way too bloated. There's way too many staff in it. It's not needed. Yes, Gerald, I'll be there for the lunch date. I'm having a quick rant. I'll be there, don't worry. So what about getting rid of all this wastage and fat in the civil service and all the people employed in government? Next thing, simplify the tax code. Do you know there's thousands of pages in the tax code? Do you know how much time and money and how many people are required to implement the tax code? Costs the country tens or hundreds of billions, probably. Certainly tens of billions. Why don't you just have a flat rate 20%? Flat rate 20% across the board with everyone, nice and fair. You need a one-page tax code. All right, a few more, but simplify stuff. Get rid of fat, get rid of wastage. It's all bloated. What about that? There are my thoughts. So yeah, who's really in charge? What do you think about the breaking news? Of the reversal of nearly all the tax cuts. I think the UK are probably the laughingstock of the world, and I just don't think it's right. I don't think— and isn't it pretty— isn't it just a bit bad that we were offered these things? We'll support you with the energy, we'll support you with some tax breaks, we'll look for a better quality of living for all, and we'll look to increase growth. Thanks for voting me in, we'll do that. Oh no, no, no, we won't. No, we won't. We'll take it all back. Ah, we'll take it all back. 'Here's your bag of sweets.' 'Oh no, I'm having your bag of sweets, and you know what? I'm gonna eat my bag of— your bag of sweets. I'm gonna eat in front of you.' 'Oh, this bag of sweets that you were supposed to have? No, I'm having a really nice bag of sweets. Thanks. What did you think of maybe being teased by these bag of sweets? But now I'm eating the bag of sweets, and you're paying for my bag of sweets, and I'll eat my bag of sweets.' What the fuck is going on? Anyway, let me know what you think in the comments. I would love your thoughts on this. Um, I think the country's a fucking mess. Now look, I predicted this when lockdown happened, because how can you spend £500 billion on lockdown and vaccines and COVID and track and trace apps and PPE equipment? How can you spend £500 billion, shut all the businesses down, some of them indefinitely and many of them for months? How can you do all that and not expect the economy to be broken for a decade? The economy is broken and it will be broken for a decade. It will take us into a depression, I'm virtually sure of it. So look, um, only you can control your life. Only you can have aggressive growth while there is a recession. You have got aggression while there is a depression. Only you can make, manage, and master your own money while the government try and take it all from you. So here's what I'm going to do for you. I'm going to do a 3-hour mentor masterminding Zoom session on Thursday. Um, oh man, I always do this. Um, I'd copied the link and now I've got to type it. So, um, my new Telegram group for you to join to get free access to a 3-hour Zoom mastermind with me where you can ask me anything you like and we can talk about starting your own business, scaling your own business, making money while the government are trying to take it all off you, reducing your taxes increasing your income and making sure that you don't just survive but you thrive in these really disruptive times, which are going to get worse before they get better, in my opinion. So I'm just going to share you the link of my brand new free giveaways bonus Telegram group. Join for free. You'll see a link in there to go and join the, um, 2 sessions, 3 hours long in total, mastermind and mentoring with me. And, um, some of you are going to win a private VIP lunch a shadow day with me. Come and, you know, I'll take you out in one of my nice cars and I'll take you around some of my hundreds of properties and I'll show you around my offices with 100 staff. It's all, all in my brand new Telegram group. I've just shared the link in the comments, so hopefully you should see it pop up. My brand new Telegram group. Let me see if I can Yeah, um, yeah, it's just popped up there. Let me pin it. There you go, I've pinned it. Can you see the link to my new Telegram group there? Go and join that, cost you nothing. In there, um, I've got links that I've given you. John has said it's a top group, um, where you can get 3 hours of mentoring, a mastermind, and we can all go on a Zoom and we can all chat about solutions. How can you start a business and scale a business? How can you protect yourself financially, protect your assets? How can you invest in assets that produce recurring income? How can you not just survive but thrive? And how can we create partnerships and collaborations? That'll all be the subject of, um, the Zoom masterclass, 3 hours long, where you can ask me anything, coming up. Um, but you need to be a member of my Telegram group to gain access to this. And what I'm going to do is I'm going to pick the 2 or 3 best questions, and you will be able to come to my offices, have a VIP paid lunch by me. I'll take you in one of my nice cars around my— some of my properties. I'll give you a bit of a tour in my offices. And with— we've got about 100 staff in the offices plus all the outsourcers. Um, you can come and sit in some meetings, uh, with me, and I guess just get behind the scenes on, you know, running a decent-sized organisation. Because I actually run a real economy, which is called a business. The economy isn't a real economy because they trade insolvently. If an entrepreneur trades insolvently, then they can be struck off or put in prison. Governments legally trade insolvently. They allow themselves to trade insolvently. One rule for them, one rule for us. So I'll show you a proper business, a real economy, how it really works. So the Telegram link is in the comments. You should be able to find it. Go and join now. I've got to get out of here. I've told you the breaking news. Virtually all the tax cuts have been reversed. 30-odd billion out of the 40-odd billion that was given is now taken away. Here's your bag of sweets. Now let's take the bag of sweets off you and let's eat them in front of you. I think the government is a mess. I think it's a laughingstock. I actually think that this U-turn is a bad move, even though it was a popularity contest. And now I just hope that people realize that they should be careful what they wish for. What's the best car that I have? Um, I suppose it depends how you define. I have a Lamborghini Aventador, Porsche Panamera Turbo S, Ariel Atom, Range Rover, um, Ferrari Testarossa. See how the weather is and which one we get out. Thanks for tuning in. Go join the Telegram group, the link is in the comments. I'll see you there. Strange times, to say the least. And remember, if you don't risk anything, you risk everything.