The rich will save us

[HairyArsedBloke]

If you are 'rich' then you are getting very poor financial advice.

[OwlHoot]

The government is likely to see a big rebound in income tax revenue this year, says HM Revenue & Customs (HMRC).

It expects to raise an extra £10bn in income tax in 2010-11, nearly all from 40% and 50% rate taxpayers.

As the UK National Debt is increasing by about £ 400,000,000 per day (the current "deficit") all that extra income tax revenue will keep the National Debt marching on the spot for about three weeks before it starts growing again as fast as ever.

I wonder what they'll do for the other 49 weeks of the year.

[AtW]

I thought you buggered off for good?

[DimPrawn]

BBC News - Tax take from the rich to boost government income

Tax take from the rich to boost government income


The government is likely to see a big rebound in income tax revenue this year, says HM Revenue & Customs (HMRC).

It expects to raise an extra £10bn in income tax in 2010-11, nearly all from 40% and 50% rate taxpayers.

This will largely reverse the past two years' drop caused by the recession, according to HMRC's predictions.


There will be a modest 100,000 increase in the number of basic rate payers to 26.4 million, who together will pay an extra £1.2bn, thus handing over a total of £68.1bn.

But the number of people in the 40% higher rate band and new 50% additional rate bracket will jump by 192,000 to 3.412 million.

The 40% higher tax rate is levied on taxable incomes above £37,400 and the 50% rate is now levied on taxable incomes above £150,000 a year.



Hooray for them lucky "rich" people earning more than £37K pa.




Got to love the leftie BBC calling these people "rich".