I have only one other immediate tax reform that is needed, which is increased tax on those well off as they still have the means to drive inflation and are doing so, as second hand car prices indicate.
It’s well off people who drive up second hand car prices.
What’s well off. People with more money than him. Or just anyone else with money.
Looking at second hand car prices recently I would tend to agree!
@BitFR – I don’t think many “well off” people buy second hand cars… I would expect them to buy new… Second hand cars are expensive due to scarcity (well, in the UK anyway) – after all of the scrappage stuff years ago and many manufacturers carrying this on there are less cars around.
missed the second part about shortage of new cars due to chip shortages and so people who NEED a car are having to buy second hand adding to the shortage…
I suspect there’s lot to be said for shifting taxation from income to expenditure, and having a sizeable element of sumptuary taxation involved. But the idea that second hand bangers is the place to start is just a sign that he’s loopy. I’ll grant you that he’s stupid and malevolent too but I think he’s got Mental Health Issues, as the young like to say.
He’s making up anything he can to deflect attention from the fact that inflation is caused by governments printing money and the COVID lockdowns, which he supported and wanted to go further.
And the hustling continues
https://www.t*xresearch.org.uk/Blog/2022/06/07/the-icaew-has-now-earned-more-than-10-million-fines-paid-by-audit-firms-in-a-few-weeks-with-no-explanation-as-to-what-it-will-do-with-it/
2nd Hand Car Tax is a wizard idea – easy to collect now that DVLA is working as sweet as a nut and a great new source of revenue. Yes! Soak those plutocrat 2nd hand car owners until their brakes squeak.
@tMB
Sadly it would be easy to implement. Car tax doesn’t transfer between owners so they could lump the purchase tax with the first years car tax for the new owner.
The rising second hand car prices have nothing to do with lockdowns having completely f*cked the global car parts supply system, and thus reduced the supply of new cars then?
I doubt the second-hand car aspect of the statement is there for any reason other than Spud is looking at buying a car. It might just as well have been bog paper if he’d been stocking up.
@Sam Jones
I spotted that. The ICAEW has fined big accountancy firms. Where should the money go?
“Might some research into what the public interest in accounting in the 21st century might be represent one socially relevant use of the funds?”
Who did he have in mind as the potential recipient of money to churn out the same badly researched crap over and over again?
used car prices have increased and are increasing because there is a shortage of the new product, due to covid shutdowns causing a global shortage of computer chips. The only tenuous link you might make to wealth is that those who are wealthier are more likley to be able to bear the depreciation cost of a new car every few years, although in practice the market is driven by the large fleets. The supply of lottery winners, footballers and celebrities being fairly limited in comparison!
it is hard to believe that Murphy only has one live idea for raising taxes!
It’s just a chip shortage causing a shortage of new vehicles. I’ve just been told the base vehicle for my new motorhome van conversion is sat at the docks in Italy waiting for a ship and it could be as late as next March/April when it gets here, although that’s probably a bit of customer expectation management as they’re hopeful for Aug/Sep.
“ I spotted that. The ICAEW has fined big accountancy firms. Where should the money go?”
The organisation that issues fines gets to keep the money? What could possibly go wrong cf police forces in the USA keeping the proceeds of civil forfeiture.
Sam Jones
Spot on – he’s actually directly responsible for the coming starvation of millions in 2023. Lest we forget there are 6 causes of inflation (generally)
– Ukraine War
– COVID lockdowns
– Quantitative Easing
– Net Zero
– Unlimited immigration
– EU unilateral action to punish UK for Brexit
Murphy is in favour of all six. So he will go down in infamy as being an accomplice to the coming devastation
BiND
When the ICAEW pointed out that they didn’t get to keep the money, it went to the Treasury, Spud responded in typical fashion “The point of principle remains , however.”
Given that everything is about himself – even concentration camps – I assume his car has failed it’s MoT and he’s struggling to buy a new one.
My current 15-year-old car cost me twice what my last 15-year-old car cost me four years ago. That means I’m incentivised to keep it running for longer as there more/more expensive repairs that are cost effective before it outstrips the cost of replacement.
I was quite pleased that I touched 50.6mpg driving home night. My first 15-year-old car struggled to get to 25. And you, yes *YOU* have been doing NOTHING about the environment! You DISGUST me!
Why don’t they start buying second-hand cars from the lower middle class, then? Even better, get a great bargain on a Trabant!
Brought a new car just before the start of the pandemic, this year I’ve had calls from the dealership every couple of months asking if I want to sell it as they can’t get new stock so are looking for nearly new vehicles. They have offered above book price so I assumed that prices are rising fairly quickly
My mate sells cars. In NZ, but I imagine it is the same elsewhere.
Sometimes the price of second hand cars is higher than the price of the same car new! Only for those with very light mileage, of course, but still a bizarre situation to be in.
The difference is that the second hand car is available now, and the wait for new ones exceeds six months.
@BiND
Except, in this case, the ICAEW didn’t issue the fine and didn’t keep the money (it was an Audit Enforcement Procedure case so was prosecuted by the FRC). So Spud’s story was catastrophically wrong. As ever, he’s refusing to admit it or apologise.