Budget

[JohnD]

The top one per cent pay 30 per cent of all income tax revenues: a higher share than at any time in past twenty years. In other words, three in every ten pounds that the government receives in income tax is paid by just over 300,000 individuals.

The most money pays the most tax.

That's how it's supposed to work, dummy.

But you keep moaning about it.

 

[ajohn]

https://researchbriefings.files.parliament.uk/documents/CBP-8513/CBP-8513.pdf

So who set it up as it is now?

 

[Brigadier]

The top one per cent pay 30 per cent of all income tax revenues: a higher share than at any time in past twenty years. In other words, three in every ten pounds that the government receives in income tax is paid by just over 300,000 individuals.

The top 1% are also proportionally far better off than the other 99%, than at any other time in history.
And the wealth gap is only getting getting larger and larger.

If I were one of the top 1%, I'd be keeping quiet and smiling so widely, my head would be in danger of falling off

 

[Notch7]

The top one per cent pay 30 per cent of all income tax revenues: a higher share than at any time in past twenty years. In other words, three in every ten pounds that the government receives in income tax is paid by just over 300,000 individuals.

So 70% of tax is paid by ordinary working people, many of whom can’t afford enough food or heating.

Oh and those on low incomes spend more directly in the economy

Wealthy people take money out of the economy because they put it in assets.

 

[Notch7]

Employer NI is a tax on working people

Labour should reverse the increase on employers NI and increase the top rate of tax to 80%

Then it wouldn’t be a tax on working people.

Sorted that for you

 

[ajohn]

The top 1% are also proportionally far better off than the other 99%, than at any other time in history.
And the wealth gap is only getting getting larger and larger.

It's more interesting to look at the chart as it also show % of income. ~41% have done well out of the change - vote collector as has the lower sector, votes again. Net result without those is all pay a similar %.

You might say that the 41% group are the so called average earners. These will also get a significant gain from the NI reduction. Maybe on that politicians should be clearer - we have this money and have decided to give it to you rather than spend it where it is needed,

 

[diy_fun_uk]

The problem is that the most driven, power hungry people who would stop at nothing to get ahead……they are the people who rise to the top and are the least suitable candidates

That is exactly my point

 

[motorbiking]

So 70% of tax is paid by ordinary working people, many of whom can’t afford enough food or heating.

Oh and those on low incomes spend more directly in the economy

Wealthy people take money out of the economy because they put it in assets.

Nope.. the top 10%. The bottom 50% barely pay 10%

 

[JohnD]

If I were one of the top 1%, I'd be keeping quiet and smiling so widely, my head would be in danger of falling off

Biking does that

But he keeps moaning in the hope of distracting people.

 

[ajohn]

Biking does that

Also takes no notice of info that gets posted. I suppose that the 50 to 90% percentile is a large group but the below 50 is also a fairly large group with a lower taxation burden. 9.5/25.5.

There was a period where the usual average paid more. Ideal target for votes.

 

[motorbiking]

The top 1% are also proportionally far better off than the other 99%, than at any other time in history.
And the wealth gap is only getting getting larger and larger.

If I were one of the top 1%, I'd be keeping quiet and smiling so widely, my head would be in danger of falling off

I suspect you might be in a higher group than you think

Here are some other income brackets in the UK:

• Top 25%: salary of £45,000 or more
• Top 10%: salary of £65,000 or more
• Top 2%: salary of £100,000 or more
• Top 1%: salary of £160,000 or more
• Top 0.5:%salary of £236,000 or more
• Top 0.1% salary of £650K or more
  

 

[Brigadier]

I suspect you might be in a higher group than you think

Here are some other income brackets in the UK:

• Top 25%: salary of £45,000 or more
• Top 10%: salary of £65,000 or more
• Top 2%: salary of £100,000 or more
• Top 1%: salary of £160,000 or more
• Top 0.5:%salary of £236,000 or more
• Top 0.1% salary of £650K or more

I know where I sit - roughly - and my point still stands.

The top one per cent pay 30 per cent of all income tax revenues: a higher share than at any time in past twenty years.

"The top one percent" are much better off than those below them, than ever before.
And the gap from that top one percent and the rest continues to widen.

 

[JohnD]

Some of the people with vast amounts of money pay some tax.

Biking keeps moaning about it.

 

[ajohn]

Nope.. the top 10%. The bottom 50% barely pay 10%

The top 10% of income taxpayers (including the top 1%) are expected to contribute around 60% of income tax receipts. The bottom 50% of income taxpayers (with incomes under £26,300) are expected to contribute around 10% of income tax receipts. These figures only include those paying income tax. They exclude those who don’t pay income tax as their income is too low.

The richest one-fifth paid £9,000 in indirect taxes in 2021/22; the poorest fifth paid £4,800. For the poorest fifth this is equivalent to 28% of disposable household income, but for the richest fifth it is equivalent to 9% of disposable household income.

 

[ajohn]

There is also a link to a report on handling the banking crisis. Both NIC's increased. It's the sort of measure needed when there is no chance of getting enough from CGT
The taxes grouped as ‘capital taxes’ in the chart below grew from 1.0% of GDP in 1999/00 to 1.4% in 2019/20 and 2023/24. Receipts for stamp duty on property purchases and capital gains tax grew faster than the economy over the period.

Why because it does not contribute that much ~1,4% GDP may be 1% if so frogive me
Taken together, income tax, National Insurance contributions (NICs), VAT and corporation tax contributed around two-thirds of public sector receipts in 2023/24, a slightly higher proportion than in 1999/00.

Some state total wealth as a measure richness - no it needs to be income.