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Vote Labour More Basic Rate Tax!
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You can't get 37bn off the "rich" you'll have to tax everyone to do that Jezza! 1p basic rate = approx 6bn so who's for 7p on the basic rate for everyone then?
You can't get 37bn off the "rich" you'll have to tax everyone to do that Jezza! 1p basic rate = approx 6bn so who's for 7p on the basic rate for everyone then?
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"We're asking those with broader shoulders to pay a little bit extra in in tax.”
Those with broader shoulders (which, in many cases, were achieved by hard work and not by accident of design) already pay “a little bit extra” in tax. As I think I pointed out a couple of weeks ago, somebody on £80k pays £25,824 (32.3%) in income tax and NI. Somebody on £20k pays £3,120 (15.6%). So those broad shoulders are already providing more than eight times as much revenue and twice as much in percentage terms.
The socialist philosophy seems to be “you’ve got it, so we’ll have it”. No cognisance is taken of the fact that those who have got it already pay far more than their fair share in taxes. I’ve lost count of the number of times Mr Corbyn has ”spent” the money he intends to raise by soaking the “rich” and crippling companies with corporation tax. I don’t know if he’s yet realised that raising taxes is a surefire way to reduce revenue. Perhaps they didn’t teach that on his Marxist Induction Course.
Those with broader shoulders (which, in many cases, were achieved by hard work and not by accident of design) already pay “a little bit extra” in tax. As I think I pointed out a couple of weeks ago, somebody on £80k pays £25,824 (32.3%) in income tax and NI. Somebody on £20k pays £3,120 (15.6%). So those broad shoulders are already providing more than eight times as much revenue and twice as much in percentage terms.
The socialist philosophy seems to be “you’ve got it, so we’ll have it”. No cognisance is taken of the fact that those who have got it already pay far more than their fair share in taxes. I’ve lost count of the number of times Mr Corbyn has ”spent” the money he intends to raise by soaking the “rich” and crippling companies with corporation tax. I don’t know if he’s yet realised that raising taxes is a surefire way to reduce revenue. Perhaps they didn’t teach that on his Marxist Induction Course.
Just a little bit over, rather fortuitously, 3Ts.
Of course other "rich" people do not get generous tax-free allowances which enable them to claim for a second home and everything from a tea-bag to a duck pond to go with it. They also cannot easily employ members of their family to open their post for them.
Of course other "rich" people do not get generous tax-free allowances which enable them to claim for a second home and everything from a tea-bag to a duck pond to go with it. They also cannot easily employ members of their family to open their post for them.
Labour says if you earn over £80,000pa you are rich.
Jeremy, on about £138,000 says he's not rich.
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Jeremy, on about £138,000 says he's not rich.
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“Gets worse than that NJ, at £110K because the allowance i not lost the rate of taxation in nearly 37% and at 151K is rises again to 40%. At 200K it is a staggering 41.6%.”
Quite so, youngmaf. The most iniquitous punishment of all in the income tax system is visited upon those “lucky” enough to be earning between £100,000 and £123,000. Because of the reduction in personal allowance (at the rate of £500 for every £1,000 extra earned) every pound they earn above £100,000 is effectively taxed at 62%. I wonder how many people would be happy enough to drag themselves out of bed in the morning knowing that some of their pay would be subject to such a tax rate. If you’re on £100k and are offered promotion to a £110k job you’d be doing it for £3,800.
Regrettably the Tories have presided over this injustice and will continue to do so as I see no sign that they will reverse the measure that sees the personal allowance removed.
Quite so, youngmaf. The most iniquitous punishment of all in the income tax system is visited upon those “lucky” enough to be earning between £100,000 and £123,000. Because of the reduction in personal allowance (at the rate of £500 for every £1,000 extra earned) every pound they earn above £100,000 is effectively taxed at 62%. I wonder how many people would be happy enough to drag themselves out of bed in the morning knowing that some of their pay would be subject to such a tax rate. If you’re on £100k and are offered promotion to a £110k job you’d be doing it for £3,800.
Regrettably the Tories have presided over this injustice and will continue to do so as I see no sign that they will reverse the measure that sees the personal allowance removed.
//The rich also pay more taxes above and beyond income tax in the form of v.a.t. on travel, purchases and services, that is unless they are misers and don't spend anything.//
That is interesting - everything I have read recently says that the poor lose a larger percentage of their income to taxation than the rich when you take into account indirect taxation, and apparently that differential is increasing.
That is interesting - everything I have read recently says that the poor lose a larger percentage of their income to taxation than the rich when you take into account indirect taxation, and apparently that differential is increasing.
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