Take £250 off the millionaires and £5 off the other people?
If you look at taxpayers and who are net contributors the poorest fifth recieve on average £2,151 from the exchequer and the richest 20% are net payers to the tune of £24,259
If we define "net taxes" as "taxes paid less benefits received", then the net tax rate of the poorest fifth is -46% of their original income (or -32% of their after-tax income), with the negative number reflecting that they are net beneficiaries. At the other end, the richest fifth have a net tax rate of +33% of their original income (or +50% of their after-tax income). These figures show what one would expect: the tax and benefit system as a whole takes money from the rich, and gives it to the poor.
Take £250 off the millionaires and £5 off the other people?
With a top rate of tax higher by 5% than any time during the last Labour Government (apart from the few weeks when they pulled the 50% stunt) anyone earning over £150,000 a year will be paying 5% more tax or £7,500 per year.
No surprise, that is how the income tax rules are structured. The only interesting point is the percentage of income tax receipts they pay has gone up from 25 to 27% since the last election.
That can't be right. . All these millionaires have had a massive tax cut.
With a top rate of tax higher by 5% than any time during the last Labour Government (apart from the few weeks when they pulled the 50% stunt) anyone earning over £150,000 a year will be paying 5% more tax or £7,500 per year.
Should have also added that anyone earning over £260,000 a year (which doesn't automatically make them a millionaire) would be paying £250 a week extra by paying 45% tax rather than 40%.
Should have also added that anyone earning over £260,000 a year (which doesn't automatically make them a millionaire) would be paying £250 a week extra by paying 45% tax rather than 40%.
But still have about £2,500 a week to live of, poor babies
I suppose they introduced VAT and recently increased it to 20%, so they must be.
so the tories aren't letting off their rich mates then, like some would believe.
all we need now is for HMRC to pull their finger out over the issue of failing to collect over 30 billion in taxes.
so the tories aren't letting off their rich mates then, like some would believe.
all we need now is for HMRC to pull their finger out over the issue of failing to collect over 30 billion in taxes.
The problem is that £30Bn is not easy to collect.
Some of it is lost to out and out criminal activity (organised crime / VAT fraud in particular).
It goes back to the same argument about the "majority". If 5 million people pay 1 job per year cash in hand at £200 then £40 VAT is not declared / paid = £200m and probably the income won't be declared either so another (at least) £200m in lost tax.
Excise due is also lost to people doing "booze cruises" etc.
The problem is these are lots of small amounts that often cost more to collect than are lost in revenue.
With a top rate of tax higher by 5% than any time during the last Labour Government (apart from the few weeks when they pulled the 50% stunt) anyone earning over £150,000 a year will be paying 5% more tax or £7,500 per year.
Hmmm,
What would I rather pay, 25% of a million pounds or 30% of 200 pounds a week?
answers on a postcard please,
I'm not at all religious, but I'm reminded of the story of Jesus and the beggar, When Jesus was collecting money for the poor, and a rich man drops 50 quid (yes, I know) in the tin, "cheers mate" says Jesus, along comes a beggar and roots through his pockets finally finding a quid covered in pocket fluff n dirt, he pops the quid in the tin saying "there ya go, sorry it couldn't be more but it's all I have"
"Thank you very much indeed" says JC, "You are blessed and guaranteed a place in heaven"
"WTF" and "OMYD" (Oh my your dad) exclaims the millionaire, "I gave you 50 quid and get a 'cheers mate' That smelly old lefty gives you a quid and it's a free pass through the pearly gates!! you are having a giraffe, can I have me 50 back or at least get a receipt so I can claim it against my taxes"?
JC says "Listen up mush, you gave me 50 quid, that guy gave me everything he has, do you know that it is easier for a camel to fit through the eye of a needle than it is for a greedy Tory to squeeze his fat backside though the pearly gates? so get up outa my grill and DO ONE mush before I open up a can of boils n plague on yo house n ass"
I think it went something like that, but school was a long time ago, and religious stuff bored me even back then,
Capitalist extremists need to know that they'll have to start paying their way.
Since the 1970's when we had punitive levels of tax the proportion of income tax paid attributable to the rich has risen from 11% to the current figure.
Indeed if you take the table in the follow wikipedia page (source HMRC net work 2005/6 the richest 1% own 21% of the wealth and contribute a third of income tax collected).
What they legally owe, or just what you thInk they ought to pay? Your post suggests that the 30% paid by the 1% is not their fair share, and is a distorted statistic.
Comments
If you look at taxpayers and who are net contributors the poorest fifth recieve on average £2,151 from the exchequer and the richest 20% are net payers to the tune of £24,259
see http://www.ifs.org.uk/publications/4813
With a top rate of tax higher by 5% than any time during the last Labour Government (apart from the few weeks when they pulled the 50% stunt) anyone earning over £150,000 a year will be paying 5% more tax or £7,500 per year.
That can't be right. . All these millionaires have had a massive tax cut.
Should have also added that anyone earning over £260,000 a year (which doesn't automatically make them a millionaire) would be paying £250 a week extra by paying 45% tax rather than 40%.
But still have about £2,500 a week to live of, poor babies
So at least you accept they are paying more tax than under the last Labour government
And it is closer to to £2900 per week but the tax man will be getting about the same (just over £2700 a week) in tax and NI
Are you saying the Tories are the party of high taxation?
well, the top rate is 45% now as opposed to 40% under labour. what do you think?
I suppose they introduced VAT and recently increased it to 20%, so they must be.
so the tories aren't letting off their rich mates then, like some would believe.
all we need now is for HMRC to pull their finger out over the issue of failing to collect over 30 billion in taxes.
The problem is that £30Bn is not easy to collect.
Some of it is lost to out and out criminal activity (organised crime / VAT fraud in particular).
It goes back to the same argument about the "majority". If 5 million people pay 1 job per year cash in hand at £200 then £40 VAT is not declared / paid = £200m and probably the income won't be declared either so another (at least) £200m in lost tax.
Excise due is also lost to people doing "booze cruises" etc.
The problem is these are lots of small amounts that often cost more to collect than are lost in revenue.
Hmmm,
What would I rather pay, 25% of a million pounds or 30% of 200 pounds a week?
answers on a postcard please,
I'm not at all religious, but I'm reminded of the story of Jesus and the beggar, When Jesus was collecting money for the poor, and a rich man drops 50 quid (yes, I know) in the tin, "cheers mate" says Jesus, along comes a beggar and roots through his pockets finally finding a quid covered in pocket fluff n dirt, he pops the quid in the tin saying "there ya go, sorry it couldn't be more but it's all I have"
"Thank you very much indeed" says JC, "You are blessed and guaranteed a place in heaven"
"WTF" and "OMYD" (Oh my your dad) exclaims the millionaire, "I gave you 50 quid and get a 'cheers mate' That smelly old lefty gives you a quid and it's a free pass through the pearly gates!! you are having a giraffe, can I have me 50 back or at least get a receipt so I can claim it against my taxes"?
JC says "Listen up mush, you gave me 50 quid, that guy gave me everything he has, do you know that it is easier for a camel to fit through the eye of a needle than it is for a greedy Tory to squeeze his fat backside though the pearly gates? so get up outa my grill and DO ONE mush before I open up a can of boils n plague on yo house n ass"
I think it went something like that, but school was a long time ago, and religious stuff bored me even back then,
So you mean say the top 1% paying around 30% of all income tax - something like that?
It appears that since the present administration came to power they already do - unlike before of course.
How about paying what they owe. The top 1% earn far above what the 99% earn and the 30% is nowhere near paying their fair share.
Using conflicting percentages may make a good sound bite but only the stupid would fall for it.
Indeed :rolleyes:
The 1% are paying £3 out of every £10 that is collected in income tax.
And getting £9.75 out of every £10 earned in Briton.
How much of the overall tax take should that 1% be paying?
What they owe in tax obviously.
Since the 1970's when we had punitive levels of tax the proportion of income tax paid attributable to the rich has risen from 11% to the current figure.
Indeed if you take the table in the follow wikipedia page (source HMRC net work 2005/6 the richest 1% own 21% of the wealth and contribute a third of income tax collected).
http://en.wikipedia.org/wiki/Income_in_the_United_Kingdom
So it would like they are.
What they legally owe, or just what you thInk they ought to pay? Your post suggests that the 30% paid by the 1% is not their fair share, and is a distorted statistic.