Jeremy Hunt shifting the tax burden towards pensioners

[motorbiking]

I'm not suggesting that.
and I'm not suggesting that we should not pay proportionately more as our income increases.

I'm pointing out the fact that you are not paying your share if your contribution is significantly less than others. I'm also pointing out that is hypocritical to moan about some tax efficient schemes, while benefiting from others and also stating you are "ready to pay your share" when really you want to tax wealthier people more as if their success is somehow to be punished.

We all have a duty to reduce our burden on the state as best we can.

JohnD wont say what tax efficient schemes he enjoys and if his retirement pension was paid for by his own contributions.

But he happily points the finger at those more honest and open who pay over 40% of earnings in tax, because they saved VAT on an export of... exported goods.

 

[carmanmemoranda]

I'm not suggesting that.
and I'm not suggesting that we should not pay proportionately more as our income increases.

I'm pointing out the fact that you are not paying your share if your contribution is significantly less than others. I'm also pointing out that is hypocritical to moan about some tax efficient schemes, while benefiting from others and also stating you are "ready to pay your share" when really you want to tax wealthier people more as if their success is somehow to be punished.

We all have a duty to reduce our burden on the state as best we can.

JohnD wont say what tax efficient schemes he enjoys and if his retirement pension was paid for by his own contributions.

But he happily points the finger at those more honest and open who pay over 40% of earnings in tax, because they saved VAT on an export of... exported goods.

And how much have the high earners saved in tax avoidance ?

Lower earners cannot pay any more. They are paying their fair share, or more.

Taxation needs to be fair, not equal

 

[JohnD]

Poor miserly motorbiking has not grasped yet that earning a lot of money, paying some tax, and ending up with a lot of money

Is much better than earning a little money, paying some tax, and ending up with a little money

Perhaps he would like to swap with a low earner.

 

[motorbiking]

You are welcome to pay my annual tax bill and I will happily enjoy living on a final salary indexed linked public sector pension, that I wasn't taxed on nor paid much in to.

 

[JohnD]

You are welcome to pay my annual tax bill

If you give me all your income and gains, I wouldn't mind.

I don't need your public sector pension.

 

[motorbiking]

I'm sure that if 41% of your income had gone in taxes, when you were working, you'd not be so excited to pay more and you'd find it a bit rich hearing others who pay nothing of the sort suggesting you need to pay even more, while at the same time enjoying the fruits of tax free investments.

Nobody checked that I was a labour voter when I submitted my export papers and nobody said I had to be a tory voter when I applied for my current job.

 

[JohnD]

If you give me all your income and gains, I wouldn't mind.

Aren't you going to?

 

[Brigadier]

Divide the total Tax income needed by those who have an income. If you pay more you are paying your share, if you pay less, someone else is paying your share.

Not everyone can pay their share (disabled, unable, temporarily out of work etc). As long as people are trying to be a net contributor then we are all good. But don't tell people "you are ready to pay your share", if you think those who already pay most of the taxes, should pay more.

Be honest and say, I should pay less than my share, because I can't afford to pay my share and others who can afford to pay my share should cover my gap.

Your "share" is what the government says it is.
Not you.

 

[carmanmemoranda]

I'm sure that if 41% of your income had gone in taxes, when you were working, you'd not be so excited to pay more and you'd find it a bit rich hearing others who pay nothing of the sort suggesting you need to pay even more, while at the same time enjoying the fruits of tax free investments.

Nobody checked that I was a labour voter when I submitted my export papers and nobody said I had to be a tory voter when I applied for my current job.

Nobody wants to pay tax. Everybody should.

Those that earn more should pay more.

Fairness , very simple

 

[Diver Fred]

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

Interest - I believe is taxed as 'normal' income'.
Capital gains, was £12K over the purchase price then 28% on the remainder; now £3K over the purchase price then 24% on the remainder.
The really nasty one is When you take cash from an insurance bond - taxed at normal income rates after 5% tax free of the principle* - that taxing already taxed income!
* That is my undrrstanding.

 

[JohnD]

Interest - I believe is taxed as 'normal' income'.

"Carried interest"

Nope.

Nor are Capital Gains.

Nor are dividends

By an amazing stroke of bad luck, the ordinary working man pays higher rates of tax on his wages than if he was lucky enough, or rich enough, to make his living in some other way. He also pays National Insurance.

Almost as if the tax system was designed to favour the rich.

Who could have seen that coming?

 

[motorbiking]

Your "share" is what the government says it is.
Not you.

I'm not the one complaining about carried interest capital, capital, dividends etc being tax efficient, while at the same time ignoring tax free ISAs, defined benefits pensions with massive contribution subsidies and other free tax free goodies.

 

[carmanmemoranda]

I'm not the one complaining about carried interest capital, capital, dividends etc being tax efficient, while at the same time ignoring tax free ISAs, defined benefits pensions with massive contribution subsidies and other free tax free goodies.

Swerve alert

 

[motorbiking]

"Carried interest"

Nope.

Nor are Capital Gains.

Nor are dividends

By an amazing stroke of bad luck, the ordinary working man pays higher rates of tax on his wages than if he was lucky enough, or rich enough, to make his living in some other way. He also pays National Insurance.

Almost as if the tax system was designed to favour the rich.

Who could have seen that coming?

utter nonsense.
High earners pay more tax and a larger percentage of tax. The top 1% of earners pay around 1/3rd of all income taxes, and the top 10% pay 2/3rds. Or perhaps you can show me how someone on £25k pays a higher percentage of tax, than someone on £200k

Remind me what their personal tax free allowance is? zero.

 

[motorbiking]

Swerve alert

you are welcome to contribute.

Nobody wants to pay tax. Everybody should.

Those that earn more should pay more.

Fairness , very simple

You understand that high earners pay more and pay a larger percentage of their earnings.