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a tax too far?
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Originally posted by AlfredJPruffock View PostGiven that less than 2 per cent of the pop earn more than 100k and less than 1 per cent ear more than 150 k I can hardly sympathise for the very well off having to cough up a few more bob in taxes - and they will probably find ways round this anyway - which is good news for tax consultants and the like.
Persoanlly Im surprised they didnt go for a more substantial 70 per cent target - tax em till their Pips squeak !Comment
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50% tax is 100% of the money you receive. E.g. 50% of 100K is 50K, so the tax man gets as much of the (notional) 100K as you do.Comment
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Originally posted by Lockhouse View PostI'm just going to leave more dosh in the company to keep under the threshold until tax rates return to normal. I assume lots of other people will do the same.
Originally posted by AlfredJPruffock View PostGiven that less than 2 per cent of the pop earn more than 100k and less than 1 per cent ear more than 150 k I can hardly sympathise for the very well off having to cough up a few more bob in taxes -
And when this tax fails to gather enough money and its next band down getting the hike the bands below them (a majority in comparison) will think the same and so on until everyone's tax's have gone up
It's an old tactic to divide the population to play them off each other and is one of the major reasons gov's don't like a single flat tax rateLast edited by Not So Wise; 27 April 2009, 10:13.Comment
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Originally posted by TimberWolf View Post50% tax is 100% of the money you receive. E.g. 50% of 100K is 50K, so the tax man gets as much of the (notional) 100K as you do.
Someone earning 160k will pay 50% tax on only 10k of his income: i.e. only 10k of his income suffers a tax increase, from 4k tax to 5k tax, a rise of 1k; or 0.625% of his income.
Someone earning 200k will pay 50% tax on 50k of his income: i.e. only 50k of his income suffers a tax increase, from 20k tax to 25k tax, a rise of 5k; or 2.5% of his income.
You have to go quite a bit above 150k income before the tax increase becomes what you would call significant, however much some people try to imply that a person earning 150k will pay 75k tax: that's rubbish.Comment
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Originally posted by Not So Wise View PostYou do know that is unlikely to be within the next 10 years...if ever?Comment
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