DOOM: Taxes

[TheDude]

I hate it that when discussing tax certain elements of the media imply that £150k is an extremely high income - in the grand scheme of things it really isn't.

Yet keeping/raising the tax rate for income over £150k is seen as the fat cats paying their share when the truly rich who exist on income from property and investments are never touched.

[TheDude]

Liz basically did the damage of an entire Labour government in a week.

Forgetting of course that Labour invested heavily in the NHS and education and did a lot to pull people out of poverty.

[malvolio]

Was it Jeremy Corbyn or Michael Foot? I can't remember which one of them put in austerity measures when they have been running the country for the last decade.

You really need to get the blinkers off. I and you both know it was a combination of Brown's cock up, and Hammond and Sunak following bad advice.

[SueEllen]

I hate it that when discussing tax certain elements of the media imply that £150k is an extremely high income - in the grand scheme of things it really isn't.

Yet keeping/raising the tax rate for income over £150k is seen as the fat cats paying their share when the truly rich who exist on income from property and investments are never touched.

Ohh that's an idea let's update council tax.

And property owner pays not resident.

[northernladuk]

I hate it that when discussing tax certain elements of the media imply that £150k is an extremely high income - in the grand scheme of things it really isn't.

But you are comparing apples and pears. 150k is in the top 1% of earners with only 310K or so people earning above that. So on that basis it is extremely high. You throw the grand scheme of things comment in and your argument falls apart. What does, in the the grand scheme of things' even mean? It's a nonsensical argument that is taking away from a black and white fact.

Yet keeping/raising the tax rate for income over £150k is seen as the fat cats paying their share when the truly rich who exist on income from property and investments are never touched.

Again multiple issues in one sentence which just means it doesn't make any sense.

The total income tax paid by high earners making £150,000 or more has increased by 77 per cent in the last decade, reaching £60.9bn in the 2019-20 tax year, up from £34.5bn in 2010-11, according to data that was shared with City A.M.

Over the same period the total tax take from basic rate taxpayers has fallen 5 per cent, from £68.6bn to £64.9bn, as HMRC becomes increasingly reliant on those paying the additional rate of income tax.

In fact, 32 per cent of all income tax HMRC receives is now paid by those earning £150,000 per year or more, compared to just 23 per cent ten years ago, lawyers at accountancy group UHY Hacker Young told this newspaper.

Looking at those figures it's hard to argue people over £150k haven't been heavily squeezed and pay 32% of all taxes. So you could argue the wealthy are doing their bit and being hit harder than your average bod.

And bringing super rich not paying tax on their goodies is a whole different argument and needs tax loop holes closing. Nothign to do with the rate of income tax.

[DoctorStrangelove]

So what they're saying is that the two things Truss got through parliament before she exited stage left, pursued by a bear, have left a huge budget deficit the likes of which many have never seen before (unless you're an )?

Pips? Are you ready to squeak?

Just askin' like.



You really couldn't make this tulipe up.

Vote Tory for A Better Britain

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Now awaiting

Crisis? What Crisis?

Do they still have Gnomes in Zurich?

[WTFH]

You really need to get the blinkers off. I and you both know it was a combination of Brown's cock up, and Hammond and Sunak following bad advice.

You left off 6 years of Osbourne.

[TheDude]

But you are comparing apples and pears. 150k is in the top 1% of earners with only 310K or so people earning above that. So on that basis it is extremely high. You throw the grand scheme of things comment in and your argument falls apart. What does, in the the grand scheme of things' even mean? It's a nonsensical argument that is taking away from a black and white fact.


Again multiple issues in one sentence which just means it doesn't make any sense.



Looking at those figures it's hard to argue people over £150k haven't been heavily squeezed and pay 32% of all taxes. So you could argue the wealthy are doing their bit and being hit harder than your average bod.

And bringing super rich not paying tax on their goodies is a whole different argument and needs tax loop holes closing. Nothign to do with the rate of income tax.

OK - fair points.

What I am try to say is that £150k may be a high income but it does not make make one wealthy.

Rishi+Hunt will undoubtedly hit earners a bit harder but I suspect they will take very little action on the wealthy.

[AtW]

I hate it that when discussing tax certain elements of the media imply that £150k is an extremely high income - in the grand scheme of things it really isn't.

Yet keeping/raising the tax rate for income over £150k is seen as the fat cats paying their share when the truly rich who exist on income from property and investments are never touched.

Bringing back 50% tax level will generate a billion or less - basically nothing, most likely reduce taxes actually, but that won’t stop them from doing it kn the interest of “fairness”

[hugebrain]

I think the point of this high taxation is mostly to stop the middle classes from getting uppity.

That’s why you have 80% tax over a hundred k for earners and little one no tax on property owners. It’s to prevent social mobility.

Also this is why raising taxes further makes little fiscal sense - if you raise tax rates by 10% then it doesn’t make much (if anything) more for the government, but it’s half the (marginal) income of the poor contractor gone.