Even motorbiking knows that is all true.
Jeremy Hunt shifting the tax burden towards pensioners
- Thread starter JohnD
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Even motorbiking knows that is all true.
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That the ordinary man pays more tax - certainly not true.
Feel free to work some examples. You wont, so I'll do it for you:
A) Lets take a PE Deal maker in an investment fund on a basic salary of £150k, who has the potential to earn another £150k IF his work delivers the goods, despite a failure rate of 3:1 - He has no personal allowance and is a top rate tax payer. He is taxed at 28% on the CI.
B) Lets compare his tax to an ordinary worker on £30k who turns up and gets paid for 37.5 hours a week
A) tax £95,053 = 31.7% TAX
B) tax £4,878.60 = 16.3% TAX
Sure A) saves £28,500 from his high risk and often deferred earnings over a person on a straight £300k salary who pays 41.2% tax, but he still pays a larger percentage and much more tax than B.
Feel free to work some examples. You wont, so I'll do it for you:
A) Lets take a PE Deal maker in an investment fund on a basic salary of £150k, who has the potential to earn another £150k IF his work delivers the goods, despite a failure rate of 3:1 - He has no personal allowance and is a top rate tax payer. He is taxed at 28% on the CI.
B) Lets compare his tax to an ordinary worker on £30k who turns up and gets paid for 37.5 hours a week
A) tax £95,053 = 31.7% TAX
B) tax £4,878.60 = 16.3% TAX
Sure A) saves £28,500 from his high risk and often deferred earnings over a person on a straight £300k salary who pays 41.2% tax, but he still pays a larger percentage and much more tax than B.
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You think that's wrong ?
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which is b@llox. The ordinary working man pays less tax and less tax proportionately. Even if the Hedge fund manager earned 100% of his income in carried interest, he is still paying more tax and proportionately more tax.
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I think its wrong for people who pay very little tax to point the finger at those who pay a lot of tax and say - they aren't paying enough and pretend that the rules are somehow stacked against them because they can't benefit.
JohnD likes to make out he is hard done by because he was a working man who could't benefit from such tax free investment schemes. JohnD wont say how much he has in tax free ISAs or if his share dividends are subject to tax.
Some people don't want to listen re folk who earn more usually pay more tax. Some of those people I'm sure would only be happy if 'the rich' started to pay 90% tax, maybe more ...
Rich people, argh!!!!!!!!!!! How dare they be rich.
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No problem with rich.
I do have a problem when they (legally of course) pay expensive accountants to save them more than the fees in tax.
The little working man doesn't get a choice, and the country needs taxation. It's obvious the small earners are really struggling right now and cannot afford more tax. So where does it come from?
MBK previously made the point that he pays more tax, and that everybody should pay the same amount, to make it fair and equal That is just plain wrong.
Taxation is essential. It needs to be fair, not equal. The only way it can be fair, is that those who earn more, pay more.
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No I said don't kid yourself that you are paying your share, if you aren't
I agree it's pants if you're paye, however that's the way the cookie crumbles.
If I was loaded, as in genuinely loaded, I'm confident I'd advise my finance person 'please ensure I only pay the tax that I need to ...'
It is fair, is it not?
The top 10% of taxpayers paid 60% of all income tax in 2023–24, up from 35% in 1978–79. The share of income tax revenue contributed by the top 1% of taxpayers rose from 11% in 1978–79 to 29% in 2023–24, despite big cuts in top rates of tax in the first 10 years of that period.
Income tax explained | Institute for Fiscal Studies
Income tax is the single most important source of revenue for the UK Treasury, accounting for about a quarter of total tax revenue.
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someone earning 300k or 10 times someone on 30k, pays over 25 times more tax. But its the ordinary working man who gets a sh*t deal - righto.
Generally, although rarely if ever admitted, it comes down to one thing ...
... jealousy
They have more than me and it isn't fair, tax the ****ers until they're bled dry!!!
You own a big house? How DARE you, sell it NOW and put the £££ into the community pot.
You earn how much? How DARE you, you should be taxed at 90% so more £££ can be distributed to the lazy.
You've inherited a house from someone who bought it with their hard earned, invested in it over the decades and wanted you to have it? What a piece of SCUM you are, right, you need taxed on this!!!
etc etc
Jealousy.
You earn how much? How DARE you, you should be taxed at 90% so more £££ can be distributed to the lazy.
You've inherited a house from someone who bought it with their hard earned, invested in it over the decades and wanted you to have it? What a piece of SCUM you are, right, you need taxed on this!!!
etc etc
Jealousy.
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Its just disagreeing over how you determine your share. I covered that before. As did others