Originally posted by BlasterBates
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top 1% pay 27%, top 10% pay 90%
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Originally posted by vetran View Postfunded by rich people's taxes?
I'm alright JackComment
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Originally posted by BlasterBates View PostNot if they relocate their businesses to Germany.
Always forgive your enemies; nothing annoys them so much.Comment
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Originally posted by zeitghostCurious since the highest rate of tax in the 1970s was 98%.Originally posted by ASB View Post102% never. It was worse than that....
http://www.hmrc.gov.uk/history/taxhis7.htm
Special rates have been introduced twice within the post-war years, causing income tax in certain circumstances to exceed 100%.
* For 1947-48 a special contribution was payable when a person’s total income exceeded £2,000. For investment income over £5,000 it was 50%. So with income tax at 45% and surtax at 52.5%, the effective rate was 147.5%.
* In 1967-68, the special charge was imposed. For investment income over £8,000, the rate was 45% which - with income tax at 41.25% and surtax at 50% - meant a total rate of 136.25%.
With substantial investment income tax rates were "only" 98% in the mid 70s.Comment
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