| 50p Tax Rate 10:38 - Jan 26 with 3424 views | exiled_dictator |
Reading that Steady Eddie and Labour would reintroduce the 50p top rate of income tax for those earning over £150,000, if it returns to power.
Now this wouldn't affect me at all, but it might affect some of the bloggers on here.
How do you feel about this proposal?
Is it fair that the more you earn, the more tax you pay?
Or is it better that regardless of your pay check, we all pay a flat same percentage?
My real concern is not the tax itself, but what Labour would do with the money it raised.
I don't trust politicians in any form at all, regardless of the colour of their flag. They are all as bad as each other, lying regardless of the subject.
What I really don't like is the idea that you can sit at home, drinking beers, watching 50" SKY telly, having hundreds of sprogs, and getting paid for it. Some of us actually get up and go to work to get money, and this principle should be reinforced into these leeches. |  |
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| 50p Tax Rate on 11:03 - Jan 26 with 2257 views | jonno |
In my view it should be more of a sliding scale - there's too big a differential between the two current rates of tax. So something like £10k and below - no tax. Then say 20% between 10k and 15k, 22% 15k to 20k, 24% 20k to 25k, 26% 25k to 30k, 28% 30k to 35k, 30% 35k to 50k, 35% 50k to 100k, 40% 100k to 150k, 50% above 150k. Maximum no more than 50%. |  | | |
| 50p Tax Rate on 11:18 - Jan 26 with 2218 views | sevenhoop |
It'll satisfy all those (sadly the majority) green-eyed people who hate the idea of someone (no matter how hard they work) who earns plenty of money.
What it won't do is raise much, if at all, extra tax (as has been proved over and over again) or do anything for the economy as you'll put off those people who create wealth and jobs for others (the very people who benefit from higher earners having a lower tax economy). you've only got to look across the channel for evidence.
My take on it us: why should I pay a higher slice of any of my income than anyone else? I will always, always, spend my money more effectively than some career politician who will normally find a way to spunk my money away. And, in spending it, I am more likely to protect and create jobs |  | | |
| 50p Tax Rate on 11:22 - Jan 26 with 2208 views | ingeminate |
| 50p Tax Rate on 11:18 - Jan 26 by sevenhoop |
It'll satisfy all those (sadly the majority) green-eyed people who hate the idea of someone (no matter how hard they work) who earns plenty of money.
What it won't do is raise much, if at all, extra tax (as has been proved over and over again) or do anything for the economy as you'll put off those people who create wealth and jobs for others (the very people who benefit from higher earners having a lower tax economy). you've only got to look across the channel for evidence.
My take on it us: why should I pay a higher slice of any of my income than anyone else? I will always, always, spend my money more effectively than some career politician who will normally find a way to spunk my money away. And, in spending it, I am more likely to protect and create jobs |
I think the determination to tax and for tax read punish anyone who has the temerity to earn above a certain amount is political posturing gone mad. |  |
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| 50p Tax Rate on 11:24 - Jan 26 with 2201 views | runningman75 |
I believe in fair taxation. The other thing is fair earnings. When public sector employees such as nurses and teachers have had pay freezes whilst bankers still get massive bonuses seems one can get big rewards for not being socially popular. |  | | |
| 50p Tax Rate on 11:29 - Jan 26 with 2188 views | ingeminate |
| 50p Tax Rate on 11:24 - Jan 26 by runningman75 |
I believe in fair taxation. The other thing is fair earnings. When public sector employees such as nurses and teachers have had pay freezes whilst bankers still get massive bonuses seems one can get big rewards for not being socially popular. |
Public sector earnings controlled by state whereas bankers are not. Plus bit of a myth that bankers bonuses remained unaffected over last 6 yrs- they have gone down a lot in that period.
Nurses pay in gen is a joke. | |
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| 50p Tax Rate on 11:59 - Jan 26 with 2131 views | CanadaRanger |
I've never been near those income levels but I feel Labour's idea is regressive and is simply pandering to their traditional support. It also will do little for those most in need.
Governments (of whatever political persuasion) are not great at spending money wisely, and are an inefficient means of job creation. Giving them more money only encourages them.
If you want "the rich" to pay more tax then close the loopholes and reduce the number of deductions to an absolute minimum. Most ordinary folk can't take advantage of these deductions anyway!
Next, make/keep the tax structure flat so there is incentive to work harder, knowing you won't just lose more of what you earn to the Government, and so your highest earners don't simply relocate to lower tax places.
Next, raise the individual personal allowance (the amount you can earn before paying tax) as high as possible, so that as many people on subsistence wages and part time jobs can afford shelter, heat and food.
And finally, cap the amount any public servant can earn at a high but not unreasonable amount. Public service should be just that.
Just my $0.02 |  | | |
| 50p Tax Rate on 12:09 - Jan 26 with 2109 views | stansleftfoot |
The UK's Tax Code is a minefield of legislation that creates an industry in itself for Tax "avoidance" reasons, it also creates margins of tax rates that give heat to political dogma.
HMRC cannot even work out with any accuracy how much the .5p differential made to the tax take during these last three years.
Rip the Tax Code up, clear the first 15K of all income from paying Income Tax, drop National Insurance completely, and create an equitable scale of Income Tax rates based an Incomes across three or four levels. Tax people directly at the point of exchange.
We have just had a tranche of figures launched at us that "prove" one political parties policies are working. The biggest growth in new jobs just released tell a tale of people becoming self-employed.
So now they can get Tax Credits, Housing Benefits, Council tax Benefits, they can now "earn" marginal Income levels to avoid tax....The Wealthy have taught us how do it, and now a large part of the population will follow.....
The idea that Labour, Conservative or Liberal are any better at running the economy is nonsense, they all promulgate the idea that a Country is like a household and all you have to do is match expenses with income, it's just wrong and it creates a huge amount of hot air..
A £1 passed from one person to another five times in the GDP model of accounting we use to get GDP becomes £5 with no value added.
The use of this method of discussion allows political parties to create the totally false picture that they do. It's the economics of the playground. The UK economy is totally fxcked structurally and it is the fault of all political parties over the last 50 years.
Messing with that 5p in the top tax rate is done just to take your eye off the ball which is that the direct and indirect tax rate across all income ranges is between 32% and 36%. That's on income but the scales change when it comes to taxing wealth or attempting to distribute earned waelth accumulated more equitably.
What is not ever discussed is that wealthy industrialists and the business entrepreneurs have their business activities subsidised by use of the Social Security, Benefits system and Immigration to keep wages low. It then allows distribution of wealth to flow upwards to the extremes we see around us today. | | | |
| 50p Tax Rate on 12:12 - Jan 26 with 2098 views | HollowayRanger |
first £10,000 if not £15,000 should be tax free for all
then say 20% for earnings over that
then raise tax limit for anything over
£50,000 , 30% tax
£100,000 40% tax
£500,000 50% tax |  |
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| 50p Tax Rate on 12:15 - Jan 26 with 2097 views | Watford_Ranger |
Wouldn't affect me one bit but a sixth form Economics student could tell you this isn't going to have much effect, especially once you take into account extra admin-related costs that come with an extra tax bracket.
A flat tax system works best overall in my opinion. | | | |
| 50p Tax Rate on 12:21 - Jan 26 with 2081 views | CanadaRanger |
| 50p Tax Rate on 12:15 - Jan 26 by Watford_Ranger |
Wouldn't affect me one bit but a sixth form Economics student could tell you this isn't going to have much effect, especially once you take into account extra admin-related costs that come with an extra tax bracket.
A flat tax system works best overall in my opinion. |
Yes. To grow more beans, increase the number of bean growers and reduce the number of bean counters... [Post edited 26 Jan 2014 12:22]
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| 50p Tax Rate on 12:43 - Jan 26 with 2029 views | HollowayRanger |
i know but better to lure more into work then sitting at home with thier hand outs
i know they are trying to change things but for too many they are better off not working ,i dont like flat rate as if say 25%
my £24000 becomes £18,000 tough to survive on not that i even get that
someone on £250,000 becomes £187,500
first £10,000 must stay tax free and id like it to be £15,000 to help the low paid even more many of whom work in public services that we need | |
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| 50p Tax Rate on 12:53 - Jan 26 with 2008 views | Watford_Ranger |
| 50p Tax Rate on 12:43 - Jan 26 by HollowayRanger |
i know but better to lure more into work then sitting at home with thier hand outs
i know they are trying to change things but for too many they are better off not working ,i dont like flat rate as if say 25%
my £24000 becomes £18,000 tough to survive on not that i even get that
someone on £250,000 becomes £187,500
first £10,000 must stay tax free and id like it to be £15,000 to help the low paid even more many of whom work in public services that we need |
Flat tax systems are rarely that high a rate and tend to be tax free on the first £x too. | | | |
| 50p Tax Rate on 12:54 - Jan 26 with 2007 views | stansleftfoot |
What's a Citizens Income? | | | |
| 50p Tax Rate on 13:33 - Jan 26 with 1933 views | THEBUSH |
Beyond me, why anyone would want to defend those who pay the top rate of tax ?
They have enough clout to defend themselves, I would have thought  |  | | |
| 50p Tax Rate on 13:33 - Jan 26 with 1933 views | QPR_John |
It is so obvious that it was simply introduced as a trap for the Tories I am surprised we do not hear it mentioned more often. I can only imagine the panic at Labour HQ at the last election when it looked possible that they they might remain in Government. | | | |
| 50p Tax Rate on 13:36 - Jan 26 with 1928 views | themodfather |
the money lost in not chasing lost tax revenue, the "office" in charge have cost this nation billions
STOP people avoiding tax by suing off shore accounts
ALL money earnt here, is taxed here
make the water companies pay tax, why should they be exempt, they knew the pipes etc had to be maintained! ensure all companies pay tax, inc amazon,vodaphone etc... | | | |
| 50p Tax Rate on 14:24 - Jan 26 with 1843 views | Jigsore |
| 50p Tax Rate on 13:36 - Jan 26 by themodfather |
the money lost in not chasing lost tax revenue, the "office" in charge have cost this nation billions
STOP people avoiding tax by suing off shore accounts
ALL money earnt here, is taxed here
make the water companies pay tax, why should they be exempt, they knew the pipes etc had to be maintained! ensure all companies pay tax, inc amazon,vodaphone etc... |
This is the obvious answer. I don't give a toss if some companies pull out of the UK because they'd rather pay their chairmen another couple of million in bonuses over paying fair tax, good riddance to the c*nts [Post edited 26 Jan 2014 14:25]
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| 50p Tax Rate on 16:03 - Jan 26 with 1741 views | SpiritofGregory |
I was listening to Radio 4 and it was estimated that this rise would only bring in an extra £100m into the coffers of the economy.
Big bloody deal Ed. |  | | |
| 50p Tax Rate on 16:10 - Jan 26 with 1736 views | derbyhoop |
The 50p tax rate is, IMHO, symbolic. It says that Labour aren't going to pander to the richest 1% of our country. However, it is highly questionable whether it actually raises that much revenue. The estimates are inexact to say the least.
The issue of tax fairness is a very complex subject and I doubt if any of us have sufficient knowledge to come up with a solution that 1) is enforceable and b) the vast majority would regard as fair |  |
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| 50p Tax Rate on 16:30 - Jan 26 with 912 views | smegma |
| 50p Tax Rate on 11:29 - Jan 26 by ingeminate |
Public sector earnings controlled by state whereas bankers are not. Plus bit of a myth that bankers bonuses remained unaffected over last 6 yrs- they have gone down a lot in that period.
Nurses pay in gen is a joke. |
Didnt seem to affect BBC top paid staff though. Or the top earners at TFL. Or the NHS. | | | |
| 50p Tax Rate on 17:06 - Jan 26 with 893 views | exiled_dictator |
| 50p Tax Rate on 16:03 - Jan 26 by SpiritofGregory |
I was listening to Radio 4 and it was estimated that this rise would only bring in an extra £100m into the coffers of the economy.
Big bloody deal Ed. |
It has been said that this idea is nothing to do with Red Ed, rather Balls.
Red Ed, like so many other 'modern socialists' is a hypocrite when it comes to money, especially his. He is minted (personal wealth) beyond belief, but still believes in his principles, on others.
I believe this is a move by Balls to ultimately oust Milliband, and is seen as a necessary evil by Milliband to support his most likely successor. | |
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| 50p Tax Rate on 17:17 - Jan 26 with 887 views | smegma |
| 50p Tax Rate on 17:06 - Jan 26 by exiled_dictator |
It has been said that this idea is nothing to do with Red Ed, rather Balls.
Red Ed, like so many other 'modern socialists' is a hypocrite when it comes to money, especially his. He is minted (personal wealth) beyond belief, but still believes in his principles, on others.
I believe this is a move by Balls to ultimately oust Milliband, and is seen as a necessary evil by Milliband to support his most likely successor. |
So are you saying a socialist is not allowed to be minted ?
Therefore by definition a tory is not allowed to be poor. | | | |
| 50p Tax Rate on 17:53 - Jan 26 with 873 views | baz_qpr |
Property price rises are a symptom of concentrated wealth at the top, the rich when they make money reinvest it in Property, Art, Wine and depending on the point in the cycle stocks. The current property boom is because the global rich have money to burn and that has a knock on effect on the average joe in the country, we are repeating the behaviour of the mid naughties again, its barmy.
As to the flat tax idea, There was a published study from 2006 looking at all the EU countries tax rates including those in the east with flat tax systems, the Average Joe, the average working person under a flat tax system was paying 10% more of their income in tax than within the UK system. Ultimately flat tax means higher indirect taxes such as VAT and other charges. It benefits the the top end but the money has to come from somewhere.
http://www.langlophone.com/20100526_edition/20100526_EU27_data_table_flipped.pdf |  | | |
| 50p Tax Rate on 18:05 - Jan 26 with 869 views | batmanhoop |
I know what hand sign I'd give obnoxious Balls | | | |
| 50p Tax Rate on 19:49 - Jan 26 with 818 views | baz_qpr |
A huge swath of new property being built in the south east is being sold to overseas investors often off plan, there is a massive increase in the UK in the last year of buy to let and also a massive increase in Let to buy (where someone lets there is existing property and buys up the ladder (for which there is currently an 18 month tax break) All property booms start at the top of the market and work their way down. Manchester has booming double ditch rises again fuelled by investment rather than people looking for a home. It is a simple fact of economics that the wealthy will generally invest in assets over capital investment. Your statement that the rich don't buy up average homes as investments is just not true especially when rents are so high. And of course that's the great irony that a huge amount of that benefits budget goes straight into the pockets of those wealthy landlords via the housing benefit system, who have for many years charged the maximum that the system will pay | | | |
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