Jeremy Hunt shifting the tax burden towards pensioners

[JohnD]

I wonder what the tax rate is on carried interest, capital gains, and dividends.

Are they taxed the same as a working man's wages? Do they pay the same NI?

 

[motorbiking]

I wonder why you use the term "working man" to imply high earners don't work.

 

[JohnD]

Diversion from motorbiking that avoids admitting the answer.

Because he know perfectly well that these tax-dodging tricks have been designed to benefit the rich, and have the effect of reducing the proportion of tax paid by the most fortunate.

 

[motorbiking]

Earn £20k pay 10% in tax
Earn £50k pay 21% in tax
Earn £100k pay 31% in tax
Earn £200k pay 38% tax.
Earn £300k pay 41% tax

Since you want to pay your fair share, I assume you are ready for 41% of your income to go in tax?

 

[JohnD]

I wonder what the tax rate is on carried interest, capital gains, and dividends.

Are they taxed the same as a working man's wages? Do they pay the same NI?

Ha ha ha!

I think we all know why motorbiking doesn't want to say!

 

[carmanmemoranda]

Earn £20k pay 10% in tax
Earn £50k pay 21% in tax
Earn £100k pay 31% in tax
Earn £200k pay 38% tax.
Earn £300k pay 41% tax

Since you want to pay your fair share, I assume you are ready for 41% of your income to go in tax?

Whats the takehome pay, out of interest ?

 

[motorbiking]

Are you unable to work it out? Let me help you with some extra fingers.

100% - the percent in tax multiplied by the gross earnings. = the net earnings

e.g. 100% - 21% = 79% * 50k : £39.5k

 

[JohnD]

Are you unable to work it out? Let me help you with some extra fingers.

100% - the percent in tax multiplied by the gross earnings. = the net earnings

e.g. 100% - 21% = 79% * 50k : £39.5k

You mean none of them pay NI, and all their income is taxable?

That seems unlikely.

 

[motorbiking]

You have the tool if you don't have enough fingers. Are you suggesting NI is a tax deducted from gross earnings to find net earnings.

 

[motorbiking]

I wonder what the tax rate is on carried interest, capital gains, and dividends.

Are they taxed the same as a working man's wages? Do they pay the same NI?

do you wonder about the tax on:
- final salary index linked pension benefit
- a home that is not a home, but you pretend it is a home
- All the money squirrelled away in an ISA over the years.
- free travel, meals and discounts for certain public sector workers

Are these designed only to benefit the rich?

 

[JohnD]

What's the NI rate on carried interest, capital gains, and dividends?

 

[carmanmemoranda]

Are you unable to work it out? Let me help you with some extra fingers.

100% - the percent in tax multiplied by the gross earnings. = the net earnings

e.g. 100% - 21% = 79% * 50k : £39.5k

So somebody earning 50k goes home with lots more money than the person on 20K, even after all his unfair tax burden?

Thought so.

Why do you persist in looking at this in such a simplistic way. You do know it is far more involved.

The man on on 20k, paying his fair share, without any help from a fancy accountant still struggles to survive and pay his bills. But he doesnt avoid any tax.

You think he should pay more obviously.

 

[motorbiking]

I think he should recognise that the things he benefits from are not paid for by him.

Are you suggesting we should all take home the same, irrelevant of how much we earn? Nobody would bother to work.

 

[motorbiking]

What's the NI rate on carried interest, capital gains, and dividends?

What's the tax rate on the first £12k for the "working man" earning £90k vs the working man earning £120k

 

[carmanmemoranda]

I think he should recognise that the things he benefits from are not paid for by him.

Are you suggesting we should all take home the same, irrelevant of how much we earn? Nobody would bother to work.

Nobody should have to pay all their income in tax. You appear to be suggesting they should to be fair