You are a total self serving fruitcake...
And of course you are actually part of the 1% clan you claim to be in?
Congratulations sir kier
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And of course you are actually part of the 1% clan you claim to be in?
It's not as rich as you might thinkAnd of course you are actually part of the 1% clan you claim to be in?
But it does include a small number of billionaires (about 165)
It's no surprise that people a million times richer than you ought to pay more tax than you.
"There are about 540,000 people in the top 1 per cent income bracket across the UK and that requires £120,000 a year, the IFS said."
If you only have a taxable income of £120,000 then you are not contributing an enormous amount of tax.
www.thisismoney.co.uk
Of course, there are plenty of people pulling in lots of money that income tax is not charged on, and they do not pay much income tax.
Perhaps they should.
You might be surprised to learn how little tax some of them pay. The tax system has been designed to allow that.
"Using anonymised data from personal tax returns, we show that in 2015-16 the average rate of tax paid by people who received one million pounds in taxable income and gains was just 35 per cent: the same as someone earning £100,000. But one in four of these paid 45 per cent – close to the top rate – whilst another quarter paid less than 30 per cent overall. One in ten paid just 11 per cent—the same as someone earning £15,000. The rich, it seems, are not all in it together."
www.lse.ac.uk
You'll find some serious discussion about taxation on that link.
Tax-dodgers won't like it.
If you only have a taxable income of £120,000 then you are not contributing an enormous amount of tax.
Who are the 1% in Britain and are you one of them?
The IFS asked who are the 1%, how much does it take to get into that bracket, and are some earning so much that even within that single per cent there is a great disparity?
Of course, there are plenty of people pulling in lots of money that income tax is not charged on, and they do not pay much income tax.
Perhaps they should.
You might be surprised to learn how little tax some of them pay. The tax system has been designed to allow that.
"Using anonymised data from personal tax returns, we show that in 2015-16 the average rate of tax paid by people who received one million pounds in taxable income and gains was just 35 per cent: the same as someone earning £100,000. But one in four of these paid 45 per cent – close to the top rate – whilst another quarter paid less than 30 per cent overall. One in ten paid just 11 per cent—the same as someone earning £15,000. The rich, it seems, are not all in it together."
How much tax do the rich really pay? | LSE Research
Read about research from LSE’s Andy Summers and Arun Advani on taxation, how much the rich pay and whether the UK should have a wealth tax?
www.lse.ac.uk
You'll find some serious discussion about taxation on that link.
Tax-dodgers won't like it.
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Tax free allowance is mostly a benefit for the well paid. Its a distraction and not worth discussing
Clearer picture of none working related tax payers
What percentage of the population pay income tax? The UK tax system relies on taxpayers contributing some of their earnings to pay for public goods and services. 47% of the UK population is a 'Non-Taxpayer' but this includes all children, students, and the elderly.
Of the 35 million Non-Taxpayers in 2017-18, 48% are 'working age', but this includes everyone between 16 years old and retirement age, so the term is questionable as many from the younger generations will still be in education.
Looking at the trends since 1990, the number of Non-Taxpayers decreased to around 30 million in 2000-2006 but has since been increasing gradually, reaching 35 million in 2017-18.
From the lower level breakdown, it can be seen that this is despite a stable number of children and pensioners, so the variations are driven by the number of working age people paying taxes.
What percentage of the population pay income tax? The UK tax system relies on taxpayers contributing some of their earnings to pay for public goods and services. 47% of the UK population is a 'Non-Taxpayer' but this includes all children, students, and the elderly.
Of the 35 million Non-Taxpayers in 2017-18, 48% are 'working age', but this includes everyone between 16 years old and retirement age, so the term is questionable as many from the younger generations will still be in education.
Looking at the trends since 1990, the number of Non-Taxpayers decreased to around 30 million in 2000-2006 but has since been increasing gradually, reaching 35 million in 2017-18.
From the lower level breakdown, it can be seen that this is despite a stable number of children and pensioners, so the variations are driven by the number of working age people paying taxes.
Taxpayers
Q. How many income taxpayers are there in the UK? Q. What percentage of the population pay income tax?
graphwise.weebly.com
Sweden uses what could be called a state tax and also a municipal one. The level of that one can vary a bit. The state tax is applied when some one earns over ~£45k
Municipal ~32%. State 20%. There is a tax allowance that ranges from ~£1100 up to ~£3k.How that is derived and applied pass but clearly not a fixed level.
Different world though. Last time I looked they still exist on a positive trade balance. Other scandi ones too but Finland is the one that struggles most to maintain it and shows more debt.
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Re those in favour of taxing the rich more (I don't just mean on here, I mean generally) I wonder what top rate of tax they think would be reasonable? I'm not coming at that question from a 'ready to start an argument' perspective, I'd genuinely be interested to know e.g. if all those people were surveyed, what would the resultant chart look like if it had segments ranging from 50% to 90%.
My concern about anyone paying even more tax is how effective the additional take would be in actually improving anything. I suspect much of the additional take would essentially be wasted through poor policy, ineffective management, bureaucracy and so on.
And I do feel, which is completely understandable in times of hardship, there is an element of 'tax the rich more!' as if they're to blame for the current ills, a bit like 'get rid of all the migrants!' as if this will be some sort of cure-all.
My concern about anyone paying even more tax is how effective the additional take would be in actually improving anything. I suspect much of the additional take would essentially be wasted through poor policy, ineffective management, bureaucracy and so on.
And I do feel, which is completely understandable in times of hardship, there is an element of 'tax the rich more!' as if they're to blame for the current ills, a bit like 'get rid of all the migrants!' as if this will be some sort of cure-all.
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That's looking at it the wrong way round. The first question is, how much tax do we need to raise to be able to deliver what parties were elected to do. You (the Government) can then decide where the tax burden will fall.
FFS, here we go.
It's not looking at it the wrong way round. Believe it or not, I know what I'm thinking about in my own mind when I type a post.
I, as in me, would be interested to know what such a chart would look like if all the 'tax the rich more' people were surveyed today asking what increase to the top rate they think would be reasonable.
I don't need my own thoughts and curiosity corrected thanks.
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Until you know what the expenditure is, you don't know what level of tax you need to pay for that expenditure. I wasn't looking for an argument, just seems common sense to me. Making up arbitrary figures means nothing.
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Anyone on £120k up doesn't have a tax free allowance.
£160k puts you in the top 1%
£236k puts you in the top 0.5%
But if you are a man of my age living in London/SE. 1/2 a million a year wont get you in to the top 5% for your age/location/gender.
common sense is setting a budget based on the available resources.. not coming up with a budget and finding you don't have the income to pay for it.
Someone earning 500k a year will take home:
500k living in Dubai
270k living in the UK
260k living in Germany or Sweden
over 290k living in NY, CA or Spain
215k in france 265k in italy
Guess where those high earners will go if we lose our competitiveness.
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I don't think it's so much as taxing them more, as closing more loopholes
I'm in favour of removing some of the generous handouts that enable the rich to pay lower rates of tax by not paying income tax.
You mean French commodity traders, fund managers, bankers and lawyers have moved here?
What rates do they pay on Capital Gains and Carried Interest?