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What do you reckon? Additional tax for the 12000 most wealthy in the country.
It'll obviously catch on here.😉 I'm sure the royal family would chip in for sure.
https://www.bbc.co.uk/news/world-latin-america-55199058
Any Tory will tell you that this form of socialism will make the country bankrupt in months!
There will be less wealth to trickle down 😂
I'm struggling to see the problem. Wish a UK gov had the balls to tax the rich.
Wish a UK gov had the balls to tax the rich.
Not gonna shit on their own lunch, are they?
Yep, I'm sure the government would say that we would be driving away the great and the good and the investment they bring to the country...
... Yet Brexit is apparently absolutely f'ing wonderful and will make us all wealthier and absolutely hasn't cost is billions already.😁
What do you reckon? Additional tax for the 12000 most wealthy in the country.
Beautiful. Bring it.
Not gonna shit on their own lunch, are they?
Sadly no. Its the sort of policy that is sadly needed. Its ok to do it to the oil and gas companies but over wealthy individuals.......
Even something long term like attaching an extra 10% charge to the vendor on any property sold over £x (where X is not that high).
People are calling for Lewis Hamilton to be Knighted. He is a tax resident of Monaco so he wouldn't be in the list.
Yet those who choose to live in UK, pay UK taxes and work their war up to a nice big £ house will have a extra 10%
I do have any answers but I know it's not black and white.
25% of funds raised to go to natural gas ventures?
Its not as simple as just saying the rich should pay more tax, a lot of rich people pay tax in more than one country depending on the source of their earnings, some of this will be offset through tax agreements. The richer you are the better the accountant you can afford, the better the accountant the more money you save (legally or not).
I believe we should start with the corporations and get them to pay the correct levels of tax, the government appears to turn a blind eye to corporate tax avoidance at the moment.
Why just tax the rich? What’s wrong with taxing everyone as a proportion of their income, or is that just too fair for people to comprehend.
Probably Argentina are taxing the rich, because a lot of people are not even on the tax system?
I’m struggling to see the problem. Wish a UK gov had the balls to tax the rich.
What, tax their donors, tax the people that give them their back handers and future well paid 1 day a month jobs.
Plus as others have said the rich don't pay much tax anyway due to the creative financial setups they have that us PAYE people could not do even if we wanted to.
"Sir" Lewis is a good example where he was brought up in UK and presumably used the services of it and now has more money that he could ever spend yet feels he shouldn't pay any tax on it back to the country he was raised in?
Taxing as a proportion disproportionately effects those with lower income.
Closing loopholes like paying via dividends at a lower rate tax would also be good.
Why just tax the rich? What’s wrong with taxing everyone as a proportion of their income,
If I explained it you probably wouldnt get it a anyway.
Actually why not remove income tax completely and instead make vat much, much higher, especially on luxury items. Same with car tax and fuel tax. Remove car tax and massively increase fuel tax. Yes there would be some holes to be closed to stop people using companies to buy stuff for home and claiming the vat.
Lewis Hamilton is one of the top 5000 UK tax payers.
they (and you) have scored an own goal with that little nugget as the ST puts him in the 1000 richest bracket, so yeah he’s clearly not paying enough tax. 🤣Lewis Hamilton is one of the top 5000 UK tax payers.
Many people are living on a 20% reduction and more, paid out of taxation. I would increase income tax across the board to help fund this. All in it together?
Yet those who choose to live in UK, pay UK taxes and work their war up to a nice big £ house will have a extra 10%
Depends how much tax they are paying, I'm in no doubt that there are those who earn many, many multiples of what I do that pay relatively little or less tax.
Why just tax the rich? What’s wrong with taxing everyone as a proportion of their income, or is that just too fair for people to comprehend.
But it's not, that's regressive taxation (like VAT) that
disproportionately effects those with lower income.
Actually why not remove income tax completely and instead make vat much, much higher, especially on luxury items.
See above point.
I don’t see why, in the current situation, only the rich should have to pay more, though I can see why they should have to pay proportionately more. The Argentina thing just looks like populism to me - 12000 people won’t go very far towards solving the massive economic problems that country faces.
Everyone needs to be taxed more, but some need to be taxed more more (sorry!)
they (and you) have scored an own goal with that little nugget as the ST puts him in the 1000 richest bracket, so yeah he’s clearly not paying enough tax. 🤣
But where was he paid that money? Was he taxed on it at the point of payment in another country? To put him on a rich list they would use his accumulated wealth not just the wealth paid to him in the UK.
A couple of years ago I earned most of my money in the Philippines, their tax is structured differently to the UK, when it came to tax return time I had paid all of the tax required to be paid to the Philippine government rather than the UK one but due to the tax agreement between the two countries I only had to pay around 20GBP to the government for a whole year. Currently I pay 10% to the Kazakhstan on my salary and then deduct that amount of money from my tax bill each April.
Why just tax the rich? What’s wrong with taxing everyone as a proportion of their income, or is that just too fair for people to comprehend.
As AA said, oh FFS.
It's not just taxing the rich, it's trying to reset the balance so the rich actually pay the fair proportion of taxes that they should have been paying from the start but didn't because they can afford much more expensive lawyers and tax accountants than the rest of us.
America has a great system to deal with wealthy people who have moved away, or at least pay tax elsewhere. If you are an American citizen then, regardless of where you earn money and pay tax, you have to file a US tax return. If you paid less tax than you would have in America then you owe the US government the difference. If you don't file the IRS gets you.
The rich can afford to be taxed more. Spreading the tax between the population increases the burden on people on low incomes who will be struggling more than usual during the pandemic due to, for example, being furloughed and taking an 20% pay cut, losing their job and taking up poorer paid work in the industries that are employing like being a Hermes driver or if your employer has cut wages to stay afloat. The very rich will remain very rich, regardless of whether they pay more tax or not, and should be the ones to cover the cost of the pandemic as they're the least likely to have suffered any consequences of it.
When people talk about ‘rich’ what does that equate to? £80k, £200k, £2m, Lewis Hamilton wealth?
When people talk about ‘rich’ what does that equate to? £80k,
Good point, can we have some Londoners please to whine about how £80k barely pays the mortgage on their scabby bedsit in the capital....
With all the talk of taxing the rich, what do we define as rich? Who gets to define what is rich?
If we closed the revolving door between Treasury and the big 4 accountancies we could cut down on the amount of loopholes that multinational business and the super wealthy can exploit. Then when everyone actually pays what they should the system would then be fair and they'd be more money for the public services we all depend on.
As for what classes as rich - any one who earns significanlty more than I do!
As for what classes as rich – any one who earns enough to pay someone else to minimise their tax bill!
With all the talk of taxing the rich, what do we define as rich? Who gets to define what is rich?
There's the nub. Our joint household income is ~ £60k. We are pretty comfortable on that, no mortgage, pretty frugal, don't have flash cars or foreign holidays, though teenagers are expensive. We could pay more tax - happily - even though our individual incomes aren't much above the average wage. But we made some canny/lucky decisions and sacrifices 20-30 years ago, others are less fortunate or willing.
I'd like to see the government get more creative with VAT, to make it less regressive. Take it off some things, increase it on more "luxury" items. Tie it to green issues maybe. No VAT on bikes below £500 or ebikes below £1200. Higher VAT on cars over £25k if not hybrid/electric (plucking numbers out the air).
any one who earns enough to pay someone else to minimise their tax bill!
People who use a cycle to work scheme? Small business owners who use an accountant?
We could pay more tax – happily
What’s stopping you?
Erm Tom, those two examples aren't people, they're companies.
I know where you're heading though, so have another try...😄
In this country we tax the poor to subsidise the rich! Endless tax breaks for the well off, all unavailable to those with very little.
. Take it off some things, increase it on more “luxury” items
We’ll have to start a STW luxury items list, I’ll start;
Gravel bikes
Artisan coffee
Dog food
Dried wood for the log burner
Short wine glasses
Anything Miele
As for what classes as rich – any one who earns enough to pay someone else to minimise their tax bill!
I use an accountant because my tax return is complicated due to overseas earnings, should I be paying more tax?
Taxing higher earners more is a double edged sword, if I was taxed more would it still be worth the long hours and extended time away from home when I could work at an engineering consultant for less money (so less tax payable) and be home at night and have weekends off rather than spending months at a time away from home. I know a lot of guys living in eastern Europe and Thailand to avoid taxation from their home countries, if they put the tax rates up in my bracket would I consider relocating? yes.
We’ll have to start a STW luxury items list, I’ll start;
Gravel bikes
Artisan coffee
Dog food
Dried wood for the log burner
You forgot Audi estate, but I'd consider all those basic necessities 😉
Taxing higher earners more is a double edged sword,
That argument (laffer curve etc) is endlessly rolled out every time tax is mentioned, but there is very little evidence to support the idea that the rich would suddenly up ship and move, or down tools in any meaningful numbers.
PMSL at kilo. Swift work that. 😜
This thread seems to be suffering from the common misconception that governments have to raise money via taxes before spending it. By all means tax the rich to address inequality and eliminate corruption, but you don't need to do it to raise money.
Forget tax, why not just make things cost a % of what you earn? 😛
In this country we tax the poor to subsidise the rich!
No we tax middle income earners because they are an easy target through PAYE and no one gives a monkey's about them, politics of envy despite most middle income earners actually earning the income through their skills, time working and abilities that are in short supply, but we don't like accepting that maybe people who earn more do so for a legitimate reason. These people also get bugger all help when they need it, Tired up there mentioning people taking a 20% drop in pay, try 90% drop like I endured last year, I am now paying off the money I had to borrow to maintain a modest lifestyle during that period.
The poor pay very little to no tax, including many low income earners, this is where the subsidies kick in, subsidising the pay of low pay workers allows an economy of cheaper consumer goods, expensive coffee takeouts and all sorts of other nice to haves.
Meanwhile the rich as so far outside the system it's a joke and not something a single nation can address.
The poor pay very little to no tax,
Maybe not in absolute terms, but indirect taxes like VAT, fuel duty, alcohol duty, cigarette duty, etc mean they pay a significant percentage of their meagre wealth.