Taxes - what taxes

[AtW]

get rid of 50% of top payers and the rest of us (all levels) need to pay 30% more tax.

Income tax is 30% of total budget revenues - NIC is also hidden income tax but I reckon majority of NIC is taken from people who can't avoid taxation (PAYE).

Tax Revenue Sources in UK - Economics Blog

Those rich who wanted to fook off has already done so, it's not unreasonable to expect that they pay same taxes as everybody else in this country.

[vetran]

from your link:

The poorest 10% pay £4,000 in tax (mostly indirect, VAT, excise duty). But, receive over £5,000 in tax credits and benefits.
The richest 10% pay over £30,000 in tax (mostly direct, income tax). They receive around £2,000 in benefits.
Overall, the average household pays £12,000 in tax and receives £5,000 in benefits.

[AtW]

The poorest 10% pay £4,000 in tax (mostly indirect, VAT, excise duty). But, receive over £5,000 in tax credits and benefits.
The richest 10% pay over £30,000 in tax (mostly direct, income tax). They receive around £2,000 in benefits.
Overall, the average household pays £12,000 in tax and receives £5,000 in benefits.

And?!?!?!

You are not saying everybody on £80-90k will just decide to move to another country to start afresh there?

[vetran]

And?!?!?!

You are not saying everybody on £80-90k will just decide to move to another country to start afresh there?

No I'm saying the top 1% pay 25% of tax. They can decide not to pay we would be bankrupt in a week.

The 80-90K are paying 20K in tax in real terms after costs (NHS,Education etc) , a millionaire earner is paying £450 in tax in real terms.

so one >£1M earner = 25 * 80-90K earner.

The million pound earner is more likely to spend on goods / services as well.

£80K is enough to pay the mortgage and eat out a few times.

Note they mention the top 10%, what they don't mention is :

http://www.hmrc.gov.uk/statistics/ta...iabilities.pdf

the richest 1% of taxpayers by total income accounted for a 11.5% share of
total income and 25.0% of tax liabilities.

Table 2.5 also shows that there are
small numbers of taxpayers with very high incomes, including an estimated
10,000 with incomes above £1,000,000, among which 3,000 have income above
£2,000,000. The distribution of taxpayers by total income therefore exhibits
significant right skew.

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These people have a lot of money and can afford to live abroad for > 180 days if need be.

See Philip Green etc.

or they will arrange to move the money out / spend in a way that reduces their tax liability.

[AtW]

No I'm saying the top 1% pay 25% of tax. They can decide not to pay we would be bankrupt in a week.

No, it won't lead to bankrupcy - there is 0% chance they would stop being tax residents at the same and it would be very hard for them to do so given that residency rules are no longer "183 days in country".

Those of them who had the chance to quit UK tax rates has already done so.

[doodab]

No I'm saying the top 1% pay 25% of tax. They can decide not to pay we would be bankrupt in a week.

The 80-90K are paying 20K in tax in real terms after costs (NHS,Education etc) , a millionaire earner is paying £450 in tax in real terms.

so one >£1M earner = 25 * 80-90K earner.

The million pound earner is more likely to spend on goods / services as well.

£80K is enough to pay the mortgage and eat out a few times.

Note they mention the top 10%, what they don't mention is :

http://www.hmrc.gov.uk/statistics/ta...iabilities.pdf

the richest 1% of taxpayers by total income accounted for a 11.5% share of
total income and 25.0% of tax liabilities.

Table 2.5 also shows that there are
small numbers of taxpayers with very high incomes, including an estimated
10,000 with incomes above £1,000,000, among which 3,000 have income above
£2,000,000. The distribution of taxpayers by total income therefore exhibits
significant right skew.

----------


These people have a lot of money and can afford to live abroad for > 180 days if need be.

See Philip Green etc.

or they will arrange to move the money out / spend in a way that reduces their tax liability.

Put up corporation tax and they would benefit most from the corresponding reduction in personal taxes.