Should billionaires and multinationals pay fair tax?

[motorbiking]

I already was aware of this: I was just sending a simple response to the post.

But I still stand by "hard work" does not directly equate to high income.

I don't dispute that. Earning potential in nothing more complex than the economic value of your skill and the scarcity of people who have them.

No country that benefits from wealthy investors is going to be told to increase taxes by a foreign power, particularly former French, British etc colonies.

 

[JohnD]

Earning potential in nothing more complex than the economic value of your skill and the scarcity of people who have them.

Wrong.

 

[motorbiking]

Thanks for educating me

But in polite debate - it's normal to explain why you "believe" something is wrong. Otherwise people just think you are an idiot.

 

[Brigadier]

Can you really expect someone earning 2M to pay 1.1M in tax and not try to find a way to reduce it?

There are already mechanisms to do this, legally.

Perhaps it should start tapering back at say 300k.

What figures do you propose?
As

There are only something like 1/2 a million people who earn more than 200k.

it would have to be a huge cut, otherwise it would make little difference to either the individuals concerned, or the country in general.

It would attract people living in other countries to bring their wealth to the UK.

Would it?
Such wealthy people can already go where they like: you've used that argument - that they'll fug off, if they are taxed more - and they already benefit from all sorts of tax reduction vehicles.

And for what?
Part of the reason that the UK would be such an attractive place to be is that a lot of money is spent keeping it that way.
Money that comes from taxation.
What individuals don't cough up, businesses have to: something you've also argued against.

 

[motorbiking]

According to a bit of googling around 25,000 people earn over £1M. These people will be paying around 600k tax assuming they are not leveraging efficient vehicles.

Band Taxable income Tax rate
Personal Allowance Up to £12,570 0%
Basic rate £12,571 to £50,270 20%
Higher rate £50,271 to £125,140 40%
...

what about:
Additional rate over £125,140 - 250,000 45%
Upper Upper rate 250-500,000 40%
500k+ 20 or 30%

You only have to attract around 5,000 more 1M+ earners and tax collected increases (rough sums).
Then you have the complexity of structuring stock based bonus schemes, which can dilute stock - would people bother if it was just a few % different?

Poeple on the basic rate will always want rich people to pay more. But the fact is someone earning 300k has already paid 50 X more tax as well as a larger proportion of their income going to tax. Its no wonder people find tax experts to reduce it.

I know plenty of people who base themselves in Dubai for a few years to "build a pension". Zero tax paid. I could easily do it myself and fly to Europe/uk a couple of times a month.

 

[Brigadier]

These people will be paying around 600k tax assuming they are not leveraging efficient vehicles.

"Assuming" is doing a huge amount of heavy lifting, right there: pretty much everyone I know, as an example, who has their own business has their partner as a director (even if they spend all of their time shopping, golfing, or in the hairdressers), and their RRs and Porsches "through the company"............

SO, your back-of-a-fag-packet sums are likely way out, before you even start.

would people bother if it was just a few % different?

Bother with what? Your point is not at all clear.

But the fact is someone earning 300k has already paid 50 X more tax as well as a larger proportion of their income going to tax.

Just saying it is a "fact" doesn't make it so.

A basic rate payer has little-to-no opportunity to reduce their tax obligation.
Someone on £300k has a lot of avenues to do so; you acknowledge this yourself, in the same paragraph:

Its no wonder people find tax experts to reduce it.

Which is all perfectly legal.


And, all of your points are moot anyway, as the title of the thread was about fair tax.
The people you're advocating for are the same people you have repeatedly said will sling their hook if they don't like it.
And yet, they're still here...........

 

[JohnD]

Thanks for educating me

But in polite debate - it's normal to explain why you "believe" something is wrong. Otherwise people just think you are an idiot.

You just made an assertion.

it is incorrect.

I need provide no more evidence than you did.

 

[diy_fun_uk]

Poeple on the basic rate will always want rich people to pay more. But the fact is someone earning 300k has already paid 50 X more tax as well as a larger proportion of their income going to tax. Its no wonder people find tax experts to reduce it.

It's the 'you're richer than me, grrrrrrr, pay more in tax, MUCH more!!!' mentality.

Mostly jealous types that think rich folk should be taxed 99p in the pound.

 

[JohnD]

I've always found that receiving lots of money, and paying some tax on it

is greatly preferable

to getting very little money, and paying little tax. Motorbiking pretends to disagree

He prefers the notion of getting lots of money, and paying very little tax.

 

[Brigadier]

It's the 'you're richer than me, grrrrrrr, pay more in tax, MUCH more!!!' mentality.

Mostly jealous types that think rich folk should be taxed 99p in the pound.

Making stuff up just weakens any valid point you may have.

 

[carmanmemoranda]

It's the 'you're richer than me, grrrrrrr, pay more in tax, MUCH more!!!' mentality.

Mostly jealous types that think rich folk should be taxed 99p in the pound.

How much more money can somebody on minimum wage pay?

If the people with money don't pay it, where do you suggest it comes from?

 

[diy_fun_uk]

How much more money can somebody on minimum wage pay?

If the people with money don't pay it, where do you suggest it comes from?

Where in my post did I say those on the minimum wage should pay more? Please direct me to the relevant section of my post where such a statement was made.

 

[carmanmemoranda]

Where in my post did I say those on the minimum wage should pay more? Please direct me to the relevant section of my post where such a statement was made.

If top earners don't pay the tax, who else should?

 

[diy_fun_uk]

Making stuff up just weakens any valid point you may have.

I'm not making anything up. It mostly comes from the same place (conscious or subconscious jealousy.)

 

[diy_fun_uk]

If top earners don't pay the tax, who else should?

All earners should pay a fair amount.

Has it ever occurred to you that much of the tax take is p1ssed against the proverbial wall by incompetent government and local councils.