1st Labour Tory blow up

[JohnD]

There method is more progressive and they have been proud that the poorer end do not contribute much

Except that poor people tend to mostly get their money from wages, and rich people don't

Different treatment of different sorts or money result in a billionaire paying a low percentage than his secretary.

Something similar can happen here, with generous treatment of the rich, for example as "carried interest" and capital gains.

You have perhaps heard of super-rich, multi-billionaire Warren Buffet.

Warren Buffett and His Secretary on Their Tax Rates

Get breaking national and world news, broadcast video coverage, and exclusive interviews. Find the top news online at ABC news.

abcnews.go.com

"Buffett's secretary since 1993, Debbie Bosanek, sat next to her boss just hours after being invited by the president to the State of the Union address, where the president made her the face of tax inequality in America.

Bosanek pays a tax rate of 35.8 percent of income, while Buffett pays a rate at 17.4 percent.

"I just feel like an average citizen. I represent the average citizen who needs a voice," said Bosanek. "Everybody in our office is paying a higher tax rate than Warren."

 

[JonathanM]

Can you link to the post where he said he would be willing to pay an additional 6%?

which bit of 1/2 do you not understand is more than 44%?

What percentage will you pay? I bet its not 1/2 or even 40%

 

[JohnD]

This is quite well known. Does anybody know what the real tax rate is that motorbiking pays, on everything he gets?

I don't trust him to tell us.

Unlike him, I am not a stalker.

"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.

These low rates are not driven by complex tax avoidance schemes; they’re part of how our system is designed. Where you get your money from (or at least how you package it) matters, because investment income and capital gains are taxed at lower rates than income from work. What’s more, as the National Audit Office recently highlighted, the government offers tax reliefs claimed to incentivise activities like entrepreneurship, without actually checking whether they achieve these aims."

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

 

[JohnD]

Oh, did he say that he meant he was willing to pay an extra 6% tax? I'm sure I asked him what he meant.

I remember he said "I feel ok about 44% being taken."

Did he say "plus NI?"

Is he still young enough to pay NI?

 

[festive]

"
Why should the person who pulls in £100,000 from capital gains pay less tax than a person who pulls in £100,000 from paid employment?

What an idiotic lemming mindset to ask.

So.. said person works their nuts/t1ts off and saves 100k savings. They've already paid tax on that right.
Then they chance it on crypto or some other investment..hey presto CGT hand comes out. How about no fkc off I've already paid my tax on that money.
It's a suckers game.

 

[festive]

This is quite well known. Does anybody know what the real tax rate is that motorbiking pays, on everything he gets?

I don't trust him to tell us.

Unlike him, I am not a stalker.

"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.

These low rates are not driven by complex tax avoidance schemes; they’re part of how our system is designed. Where you get your money from (or at least how you package it) matters, because investment income and capital gains are taxed at lower rates than income from work. What’s more, as the National Audit Office recently highlighted, the government offers tax reliefs claimed to incentivise activities like entrepreneurship, without actually checking whether they achieve these aims."

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

Some interesting reading however.

Do you resent Lewis Hamilton et all? Moving to Monaco for obvious reasons, good for him dont resent a penny he earns. Why? He's devoted his life to his job and he does i know funds alot people and families around him hell creating his own economy and is self sufficient taking not a penny from the government.
What would i tax him if he lived in this country? 20%
What would i tax a worker at the chip shop 20%
What would i tax a working mum/dad etc part time. 20%

They would all pay different amounts of tax , but they are all contributing the same. 20% of what they earn. Why should any be penalised or given an advantage?

45 percent isn't the upper limit, i know many around me who are forced to pay about 55% through 'engineered' channels by the tax man who make no concession for consultants it's a disgrace.

What you ve mentioned above is tax planning and efficiency, is not avoidance. Its the law interpreted to minimise tax. Just like they use the law to maximise tax. Whats the difference? Oh thats right one is immoral one is right?

 

[denso13]

What would i tax him if he lived in this country? 20%
What would i tax a worker at the chip shop 20%
What would i tax a working mum/dad etc part time. 20%

So where do you get the shortfall to get to the existing tax take?

 

[carmanmemoranda]

So where do you get the shortfall to get to the existing tax take?

Not needed in utopia

 

[JohnD]

So.. said person works their nuts/t1ts

Are you suggesting that people who work hard shouldn't pay tax?

 

[noseall]

trickle down economics

FFS.

Untitled

• noseall
• 17 Jan 2015
• 3

 

[festive]

Are you suggesting that people who work hard shouldn't pay tax?

Honestly John 'Straw Man-D' are you smoking spice now? Scroll up and look again at what i would charge people in the UK tax (clue its the same rate for all) .

 

[JohnD]

It's just a trick saying "if poor people are in need, give money to the rich."

Guess who spreads that story?

 

[festive]

It's just a trick saying "if poor people are in need, give money to the rich."

Guess who spreads that story?

No.
How i see it is this. The Government dont trust your average citizen has the brains and intelligence to save, spend money in the correct way. A deep mistrust, therefore the decision is as much as possible is taken from us at source via taxes, then for the Government to decide on how it is spent. Which in turn has left us with fck all. Not even an NHS dental checkup now, forcing us to go private anyway.

As opposed to the government giving us some greater margin to keep that money in our pocket, perhaps invest on private education, healthcare or invest in property, work harder and pay other people around you to do the jobs you dont have time to do. Paying locals more to improve your lifestyle, this money is reinvested locally into your local community. Not spaffed up a wall by an irresponsible party with zero accountability, influenced by business partners who are giving back handers to favour business advantage. This wont ever change it wont change now with Labour either, they're already starting by taking away handouts for the elderly in winter fuel payments. That wouldn't work they can't control us. No better to keep us on the bones of our ass sknt, and when we just see light lets add housing tax as well upping interest rates. No that doesn't benefit many as we are a country of debt not savings( see taxation).

 

[motorbiking]

Oh, did he say that he meant he was willing to pay an extra 6% tax? I'm sure I asked him what he meant.

I remember he said "I feel ok about 44% being taken."

Did he say "plus NI?"

Is he still young enough to pay NI?

I pay NI. I’m 52.

 

[motorbiking]

Ask Johnny boy if he's changed then. He seems awful quiet on the subject.

He wants everyone to chip in for the services he wants to use now.

Of course he wants others to chip in more and thinks he’s being generous.