how much of total income tax should the top 1% pay
carlos_jackson
Posts: 168 Forum Member
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Apparently they now contribute 30%, is this enough? My view is it should be more.
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carlos_jackson
Posts: 168 carlos_jackson
Posts: 168 carlos_jackson
Posts: 168
Comments
1. How much more ?
2. What is your justification for this ?
3. What do you think will be the economic effect of your policy and why ?
I believe those who are lucky enough to have this amount of income should assist in the redistribution of wealth in this country, and yes luck does play a huge part in this, even though few are prepared to admit it. None of us choose our genetics, health profile, intelligence, physical characteristics, environment we grew up in, etc .
I would hope those on low incomes could be taken out of tax altogether, which would make them more economically active, and better for our economy. I don't have proof it would benefit our economy only that I choose to believe it e would as those on low incomes seem less likely to hoard cash.
I fully understand that what is not known is more than what is known within economics, but if anyone could come up with good evidence that this policy was causing damage we could always reverse it.
Even if that applied to all his salary, and it wouldn't, he would still earn over £150,000 a year.
Ideally, I would see the gold standard years as being 1947 and 1967 when tax including supertax was over 100%,
The problem is it is already known what the effect of hiking tax on the very richest does - President Hollande is just the latest world leader to find out. When you are talking about the top 1 per cent taxes are very much discretionary at that level as they can employ very expensive tax accountants, and failing that they can just put all the income on the wife's name offshore ala Phillip Greene. The rationale in some quarters is now to reduce the levels of tax on everyone so it makes it less and less worth their while seeking tax avoidance schemes.
You say if anyone could come up with good evidence that this policy was causing damage we could always reverse it. Firstly the evidence is there now from numerous past examples around the world and secondly as to reversing it once you have found it is failing that is a bit like bolting the stable door after the horse has bolted.
Have you worked out what tax rate you would need for the top 1% to contribute 40% of all tax?
Oh come on, when has the French economy been anything other than in the doldrums? Irrespective of who the leader is? France is a very different country to this one, there are a million reasons why their economy is stagnant.
I wouldn't go that far, but 99% for the billionaires who have been feeding of this crisis doesn't sound all too unreasonable.
which we don't
How much for the billionaires who haven't been feeding off this crisis, though?
Global Tax Rate.
You pay the same wherever you live on the planet. That way we can redistribute the wealth fairly.
Good idea, lets make everyone poor.
What a poor comment you have made.
If we sort out the flaws in the tax laws then the majority of people would pay less tax. One reason we are paying so much is that we have to take up the slack left by the evaders and avoiders.
You want to redistribute wealth, but there isn't enough wealth to go around 7 billion people. The system relies on there being rich and poor people.
Correct. The Capitalist system that is.
i think you have misunderstood the statistic.
30% of the entire revenue generated by income tax comes from the top 1% of earners.
With the rich getting ever richer at the expense of everyone else who get ever poorer.
I wonder why so many people have a problem with that......
Is this the same system that almost fell in on itself in 2008? You know the one that had to be propped by the various Governments?
Seems like it needs massive restructuring.
Expecting 1% of the population to contribute 30% of taxation is grossly unfair as it stands. It is about time the other 99% (including me) were not so reliant on so few.
No, it didn't have to be propped up by various governments.
If they're giving up the pretence that NI is an Insurance premium rather than a tax why not just go the whole hog and amalgamate it into income tax.......simplify the system !