“Massive Tax Cuts” 😳 (Mini-Budget)

The mini-budget has been announced and much of the media are calling it massive tax cuts. I have some sympathy for the government. You might be surprised to hear me say that, but they're damned if they do and they're damned if they don't, because Liz Truss has come in and she has started to break the back of the crazy rises in taxation, and now she's getting criticism for it. I'm going to talk you through what's been announced in the mini-budget, and I am going to defend our government and our chancellor and Liz Truss. And people may be surprised to hear me say that, but you have to give credit where credit's due. And they are damned if they do and they damned if they don't. So the mini-budget, which I'll explain in a moment, has just been announced and there are some tax cuts. I would not go as far as to call them massive, like for example a 1% reduction in income tax in the lower bracket. Wouldn't exactly call that massive. But here's the thing, the government have now come under attack because of how much money it's going to cost in these tax cuts? Last time I looked, they were spending hundreds of billions on needless shit anyway. They were printing trillions to erode their own debt anyway. So not like they were on a road to recovery. They were on a road to disaster. The pound is the weakest it's ever been against the dollar. Inflation is in double digits, about to probably at one point go to double double digits. Taxation was ridiculously high, and Rishi would have put the taxes even higher. I know he would. Thank goodness for Liz Truss. So here, look, I'm going to summarize the mini-budget of the things I think are relevant to us. First thing is they're reversing the corp tax increase. Hallelujah! Rishi was going to put the corp tax up from 19% to 25%, a 6 out of 19% increase. A 30% increase, that is freaking ridiculous, ridiculous! And it's been reversed. Hallelujah to that. Now some people are criticizing this move that the rich will benefit. Well, here's the thing that most people don't understand, especially the left: when the rich benefit, everyone else ends up benefiting. Trickle-down economics— more employment, more growth— everyone ends up benefiting. Now, by the way, it's not just the rich that have got these benefits, as you'll see, but It's always fashionable to say, "Oh, the rich get richer, it's not fair." So, corp tax increase of 30% to 25% has been reversed, hallelujah. And people are gonna say, "Oh yeah, but the greedy corporations can make a lot more money." No, what this means is the small businesses and the medium businesses, the 6 million small businesses that fuel most of the economy, that pay for most of the private sector, the public sector, they can finally now start making a little bit of money. They can survive, maybe one day thrive. They can reinvest into employment and into growth. Okay, the next thing is the basic income tax rate is cut from 20% to 19%, so 3 million people are likely to get £170 more. Now some people will say, oh, that's not going to make any difference, but right now that does help and every little helps, so I am in support of a basic income tax cut. Maybe they could have cut a bit more. The higher tax bracket has gone down from 45% to 40%. 45% higher income tax bracket is crazy ridiculous, and bringing it down, I support that, that's a really good move. They're reversing the National Insurance rate rise. For employers and employees. They're saving 1.25 pence in the pound. Not a massive amount of money, but I think that that's good. Mal has said more money to spend on generating work. Exactly. I want to employ more people. I want to grow. All of these mini-budget moves are for one thing: growth. I agree we need growth. We are in recession. Make no, no mistake about it, we're in recession. And I think the move is right to fuel growth. And I've been saying for 3 years that massive taxation is not going to grow the economy, it's going to do the opposite. The government have got themselves in so much debt, they couldn't do anything, or they couldn't work out anything other than increasing taxes, the last, um, Boris and Rishi. Boris and Rishi, all they thought to increase their own governmental revenue was taxation. Some of you are saying here trickle-down, are you having a laugh? Trickle-down economics does work. Some people believe it doesn't. I believe it does. If a small or medium-sized business gets tax breaks, they can employ more people, they can create more products and services, they can generate more revenue, which does trickle down. It is a thing. I don't understand these people who say it's not a thing. Of course it's a fucking thing. Even if— now look, I'm not a bit— I just want to say this, right, really quickly. I see a huge difference between a small, medium-sized business and a massive greedy corporation. A huge difference. Um, now by the way, not all big corporations are greedy, but massive corporations that do squillions and they don't pay any corporation tax, I think that's wrong. I'm just going to say that. So I'm not a pure capitalist and I'm not a far-right, as some people, you know, I don't really identify as any of that stuff, by the way. People just say that. But these small to medium-sized businesses, these need support, these need subsidies and incentives. These are the ones that fund most of the public sector. This is the economy in the UK, the small to medium enterprises. And they're the ones getting fucked, and they're the ones that actually do produce the trickle-down revenue. They do give back to the community. They become landlords. They employ people. They keep the money in the company rather than siphoning it out through Ireland or something like that. So trickle-down revenue does work in the small to medium enterprise, and you need to remove the friction there. You need to help them employ, help them innovate, help them grow, and massive taxes is not going to help. And so I say hallelujah to these changes. So the corp tax increase has been reversed. There is no 19 to 25% rise. Basic income tax is down from 20 to 19%. Apparently 31 people will get about £170 more. The higher tax bracket has gone down from 45% to 40%. Which again should help the people who create the revenue and the economy and the growth in this country. It should help them reinvest, employ people, spend money on innovation and R&D. Okay, then the National Insurance rise has been reversed. The— there's— there was a new healthcare levy going to— so National Insurance and all these other things we pay are supposed to pay for the NHS, and then there was going to be a new healthcare levy. That's been removed. I, um, agree with that. Universal Credit rules have been tightened. I agree with that. If someone is genuinely physically or mentally of disability, they should get support. Everyone else should go back to fucking work. And some people who aren't skilled enough to go back to work, we should teach them skills to help them go back to work. I believe that people who aren't working but can work actually do want to work. I believe their self-esteem will be increased if they are working. I went down Peterborough High Street one day and I started talking to people. I asked some homeless people, you know, how are things here? How come you're not able to work? And I was regularly told there is no point going back to work because I can get as much money on benefits. There's no point working. So something in the benefits and the Universal Credit system is wrong, and they're tightening the rules, and I say that that's a good move. Stamp duty— no stamp duty on the first £250,000. Finally! Do you know the lowest stamp duty threshold has been there for so long that it's actually gone down because of inflation? And finally they've increased it to £250,000. And first-time buyers, there's no stamp duty up to £425,000. That's really fucking good, I think. First-time buyers need support, so the Help to Buy and the removal of stamp duty up to £425,000, that's a really good move to get people on the housing ladder, to keep the housing market going, to keep or to help fuel growth. I think that's really good as well. There's of course the freeze on energy bills. Apparently that's going to cost the government $60 billion in the next 6 months. So, um, the critics are saying this is going to cost the country hundreds of billions. This has made the pound the weakest against the dollar since it's ever been. This is really bad for global investment into the UK. It's going to get the government into more and more and more and more debt. Well, they already got themselves into more and more and more debt. I would rather the government get themselves into more debt reducing taxes and fueling growth than getting into debt, paying hundreds of billions for things like lockdowns, personally speaking. And Liz Truss didn't enforce the lockdown, the previous leader did. Ivana said, sorry, Rob Moore, wrong. She spelled your wrong. Um, no, trickle-down revenue does not only help the rich. Please, please listen. I understand the difference between a massive corporation and the small to medium enterprise. In the UK, there are 5 to 6 million small businesses. These are the companies that have been attacked by the government. These are the ones that don't get the tax breaks. When they get the tax breaks, the economy fires up again And trickle-down really works from the small to medium enterprise because they do all the local hiring, the local growth, the local investment. You know, the owners of the small and medium-sized businesses aren't not taking any money as drawing but just refinancing and creating debt in the billions. So if we protect and support and incentivize and subsidize the small to medium-sized bracket— they're the ones that have been screwed over— then we will fuel the economy and there will be massive trickle-down revenue from that. I have one of those small to medium enterprises. I currently hire at a minimum in my office and some outsourcers 137 staff. I would like to push that to 150 or 200. And that's hard going, and that's a big overhead. And if there's a bit of subsidy and a bit of support, and if they bring my corp tax down a bit, I can afford to hire more people. And most of those people are local. That's fucking trickle-down revenue, and that works. So you need to understand what's really going on here. And I know because I have a small to medium enterprise, and I know the difference between my kind of company and Google, Amazon, and Facebook. But everyone goes, oh, look at Google, Amazon, and Facebook, they're paying no corp tax, that's unfair, there's no trickle-down revenue, it's all a scam, it's bollocks, it doesn't work, the rich are greedy bastards. They don't understand. I think Liz Truss understands. I really do. I'm really impressed. Personally, I think it's a really good move. So what are your thoughts on these tax cuts, the mini-budget? I've explained everything that's happened. Oh, last one, the bankers have had their bonus cap released. A lot of people are pissed off with that, but it's another sign of growth. I personally don't believe in capping fair profit. So if you cap fair profit, you cap growth. If you don't cap fair profit, you don't cap growth. Now, fair profit versus unfair profit I think probably energy companies making billions while the masses are struggling with their heating, that's unfair profit. I think big companies, you know, putting their main offices in Ireland and circumventing corporation tax, I think that's probably unfair profit. But they are exceptions to the rule, or they're a small number. Remember, there's 5 to 6 million small businesses in the UK This is where all the growth is going to happen, and these moves are to help these small and medium-sized enterprises. I think this is really good. I'd love your thoughts. And, and I actually can see why Liz Truss has removed the banker bonuses, because she wants to fuel growth. So look, I think it's really important to understand wealth building Economics, the economy, the difference between the economy and your economy. So a lot of people weirdly are really pissed off and angry of these tax cuts. Isn't this what we wanted though? Didn't we all think that taxes were getting more and more unfair and they didn't look like they were going to stop and the only way was up? They were going to force all these small and medium-sized entrepreneurs out of the country. And now they've started to reverse that. They're getting a load of shit for it. I'm just gonna say it, most of the new mini-budget and the things that the Chancellor and Liz Truss has done, I think is really good for growth. I think it's really positive signs. I think it's signs that they're not ignoring the people and they're acknowledging that the people have been overtaxed and overburdened and, you know, their spending power has been smashed. And these are really big positive signs that will cost the government more than $100 billion, by the way. Personally think this is pretty good. It's a great start. Of course, more needs to happen. So let me know what you think. But here's the thing: you've got to know the difference between the economy and your economy. The economy could be in recession. Your economy could be in aggression. The world could be scared, the world could be fearful, and you could be greedy. You know, the millionaires say, be fearful when others are greedy and greedy when others are fearful. Observe the masses and do the opposite. So you actually have a great opportunity right now to leverage this mini budget and the reduces in taxation and the slight increase in your ability to grow. But you must learn to make manage, master, and multiply your own money. You must become your own financial independent advisor. You must learn to invest in assets, protect your cash from inflation, build multiple streams of income, start and scale the right business. Because no matter what goes on in the economy, you must master your economy. So if you'd like to master your economy, make, manage, master, and multiply money I recommend you join Rob.team. It's the perfect time now to join Rob.team with this mini budget announcement where taxes are cut pretty significantly, and so your opportunity to learn and earn has just increased. And I didn't think in recent times I'd be saying that the government have got your back, but I think they've got your back, especially if you want to be an entrepreneur, especially if you want to earn more money, especially if you want Freedom, security. So to join rob.team is really easy, and you're going to get hundreds of hours of content to start and scale your business, get better financial education and knowledge, make, manage, and master and multiply money, and build multiple streams of recurring income. So to join— and by the way, there is no ongoing contract, you can cancel at any time, and it will cost you less than 20p a day. I can't ask for more than that. 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Team, rob.team, into a new window on the internet right now. I'll see you there. Go join, go join now. Come back, you won't regret it. We've got many thousands of members, movers, shakers, and changemakers. Awesome community. The reason I'm doing this for less than 20 pence a day is because I want to help you get the better financial education and knowledge that your parents didn't give you, that school didn't give you, and that society didn't give you. Because they don't want you to know it, otherwise you'd be taught it. So see you, knob.team. Right now I've seen a couple of comments here, I just want to get— Mark has said we need more long-term support on the electricity bills for small businesses. We do, but I think the signs are there, Mark, that the government is looking to support, you know, pulling the, um, well, subsidizing the energy cap raises. Um, I think that there's more support now for small businesses with the reversal of corp tax. The reduction of the higher income tax bracket. Um, Yvonne, you have the cash. Um, they're only thinking about the top 5 to 10%. I don't agree with that, Yvonne. Um, I think that they're focusing on the employers, the innovators, the creators, and the producers, because I do believe that trickles down. And clearly the government think that thinks that that trickles down and they think that that's where the growth is going to be fueled. But there is a tax cut on the basic income tax level. There is the reversal in the National Insurance rise for employer and employee. There's a removal of the healthcare levy. But yeah, you could argue they've given more breaks to the— it's not really the wealthy. People are like, oh, the rich have benefited. No, no, no, no, the employers. Have benefited. And the employers are the ones that fuel the economy. The workers, of course, help the employers fuel the economy, but the employers who do all the employment, research and development, innovation, creation, industry, manufacturing— this is why I believe Liz Truss has focused in this area, well, with the Chancellor. So I, I really do believe it will trickle down. I know a few of you don't think trickle-down works. I don't think you're right. Because at the moment nothing's trickling down when you have lockdowns and when you have massive unfair taxes and huge inflation. There is no trickle down anywhere. All right, what else have we got? Let's have a look. What about inflation though, Rob Moore? Um, yeah, well, inflation looked like it could get out of control. Um, Inflation isn't always bad, Paul, by the way, because if you have mortgages, inflation is good because it pays down your mortgage for you. If you have good debt against assets that produce income, inflation is actually your friend because it's wiping your debt down. Um, inflation, the predictions of it seem to go up and down like a horse's drawers. So, oh, it's 8 point whatever, it's going to be 13, then 15, it could be 22. Oh, it won't be 22 now because of the energy cap. Support. I might only be 15, who knows. Um, you know, the main way to reduce inflation from monetary policy is obviously to increase interest rates. That's also another way to attract foreign investment to protect the really weak pound. So you're probably looking at pretty sharp interest rate rises, or a possibility of. But there are other ways to control inflation. Paul, and that is more economic growth. Um, because inflation is essentially an increase in prices, it's a reduction in your spending power. So all the built-up supply chain issues, if that's fixed and we can build and we can create and we can trade and there isn't this massive undersupply in the supply chain and supply meets demand, then that can also help with inflation. Okay, yeah, interest rates increase will increase debt. Uh, Colin, interest rates don't increase debt. Interest rates increase repayment of debt. Let's be clear on that. So inflation will erode debt that you have interest rates will increase the repayments on the debt you have. Um, you might want to look at 5-year fixed rate mortgages, for example. That's something that, that could help. Um, I think most of us think that in the short to medium term, interest rates are going to go up. Of course, that will protect your savings a bit more against inflation. So this— the thing with economics is Everything has an equal and opposite reaction, and every upside has a downside. So some things to think about. So, um, let me just give you a quick summary. Um, people are calling these tax cuts massive. I'm not sure I'd call these tax cuts massive, but I personally think it's a step in the right direction, and I'm going to publicly support most of the mini-budget. And I have been critical of the previous— well, the same party in government, but the previous leadership, where I thought inflation wasn't being controlled enough. I thought taxation was far too high, um, and I thought the treatment of small to medium enterprise was really bad. And it was the massive corporations that got the, um, tax loopholes and incentives, and it was a small to medium enterprise that the government seemed to have turned their back on. And they fund most of the public sector. And it looks like Liz Truss and, um, you know, our Chancellor is supportive of small business, and we must support small business. So they've reversed the corp tax rise. Now some people are saying that only benefits the rich. No, no, no, it benefits the small to medium business owners because the difference between 19% and 25% corp to a small business corp tax is massive. It's one-third. So these small business owners aren't just going to draw all that money as extra profit. They're going to reinvest that into employment, into innovation, into building supply back up again. That's what they're going to do because that's how they grow their business. So actually, you know, people just think, oh, the rich, they just want to take all of their profits. No, no, no, the rich reinvest the profits into growing the business. So I think that the reversing of the corp tax rise is an amazingly powerful move. The basic income tax rate is cut from 20% to 19%. Where 31 million people are estimated they're going to get £170 more. The higher tax bracket is cut from 45 to 40, about fricking time. The National Insurance rise has been reversed. There's a new healthcare levy, as if we're not spending enough money on the NHS, they wanted even more out of us. That's being scrapped, good. Universal Credit has been tightened, good, because people who can work should fucking work. And I'm not just saying that we just throw them off the streets and give them no support. I'm saying we need to educate people how to work, give people the skills required to work. Um, what else did we have here? Um, no stamp duty on the first £250K of purchase of a property, and for first-time buyers, no stamp duty under £425 grand. I think that's a great move, help the first-time buyers get on the market. Lots of people have been calling for that. Um, they're spending 60 billion in the next 6 months on the freezing of the energy bills. The bankers' bonuses are being removed. What do you think about that? Bankers' bonus— sorry, the bankers' bonuses, um, caps are being removed. Hmm, love your thoughts on that one. Um, critics are saying this is going to cost the country hundreds of billions of debt, but haven't the country been spending hundreds of billions anyway? Much of it needlessly. Track and trace app, needless spend. Some of the lockdowns, needless spend, in my humble opinion. So they're spending— they're wasting hundreds of billions anyway. They might as well spend hundreds of billions and give us tax breaks. Um, yeah, let me know your thoughts. And if you would like to protect yourself from inflation, taxation, the soaring cost of living crisis, um, then join Rob.team, because Rob.team is your financial education platform teaching you what your parents didn't and the school didn't and the system didn't about money. How to make, manage, master, and multiply money. How to get better financial education and knowledge. Sabrina said the education system needs a massive shake-up. I completely agree, and that's exactly why I've launched Rob.team. And my Rob.team is less than 20 pence a day to to be a member and why you can cancel anytime with no ongoing contract, no risk to you. Because I want to do my bit for society, and we have got many thousands of members, and I am doing my bit. But you can— only you can help yourself by joining. I can't make you join. I can only ask you to join. You need to take the next step. 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