£100,000 per year

[AtW]

I'm a Tory btw.

Still???

[LondonManc]

Still???

Given Komrade Korbyn's plan to deal with immigration appears to consist of turning us into a third world Muslim country so there's no reason to come here, you can see why.

[AtW]

Given Komrade Korbyn's plan to deal with immigration appears to consist of turning us into a third world Muslim country so there's no reason to come here, you can see why.

If you can't be turned...

[centurian]

+1

50% at 150k or even 100k - fine, but having this insulting contraption of removing personal allowance at 100k is an insult, then it gets worse - personal allowance is INCREASING for most people, but it just widens 60% band for those between 100 and 120k.

Yes done my "back of an Excel" calculation. To make it revenue neutral for everyone earning over 150K means 45% would need to start at ~£110K (150 - 10* (20/5) ).

But that doesn't factor in those currently earning 100-150K, so it will have to drop further - and I don't have the data available to crunch that.

Reckon my initial guess of 75-80K probably isn't that far out - and that's what makes it tricky - the government needing to admit that the effective top rate really starts at half the advertised level.

[DimPrawn]

Yes done my "back of an Excel" calculation. To make it revenue neutral for everyone earning over 150K means 45% would need to start at ~£110K (150 - 10* (20/5) ).

But that doesn't factor in those currently earning 100-150K, so it will have to drop further - and I don't have the data available to crunch that.

Reckon my initial guess of 75-80K probably isn't that far out - and that's what makes it tricky - the government needing to admit that the effective top rate really starts at half the advertised level.

Labour in 70's

In 1971 the top rate of income tax on earned income was cut to 75%. A surcharge of 15% kept the top rate on investment income at 90%.In 1974 the cut was partly reversed and the top rate on earned income was raised to 83%. With the investment income surcharge this raised the top rate on investment income to 98%, the highest permanent rate since the war.

Tories following

Margaret Thatcher, who favoured indirect taxation, reduced personal income tax rates during the 1980s. In the first budget after her election victory in 1979, the top rate was reduced from 83% to 60% and the basic rate from 33% to 30%.[18] The basic rate was also cut for three successive budgets - to 29% in the 1986 budget, 27% in 1987 and to 25% in 1988. The top rate of income tax was cut to 40% in the 1988 budget. The investment income surcharge was abolished in 1985.

Under the government of John Major the basic rate was reduced in stages to 23% by 1997


Under Komrade Korbyn

100% taxation, the 40 million state workers on equal pay means there is no need for income above the govt and union approved regulated amount. Workers with special status get a weekly potato on top of this.