Does anyone here pay 50p tax?
- Thread starter easyrider
- Start date
Well what? You've told us how much you pay for petrol now tell us how much tax you pay.
So the choice is selfish or punitively malicious green-eye? Riiiiight.
The marginal rate of tax is more telling. It's not just that the rate is 50% plus NI, it's also that you lose your personal allowance. 52% is an understatement.
IMO, a flat rate of income tax with an increased personal allowance threshold is the way forward. PA should be at least £15,000 anyway. I don't see how anybody could complain about ~15-17% income tax when the first £15,000 of your earnings is tax free.*
* Unless they just want to see those more affluent than themselves suffer, which is sadly common.
You lose your personal allowance in the 40% bracket.
Please enlighten me on what actual suffering the affluent have to endure?
So the choice is selfish or punitively malicious green-eye? Riiiiight.
The marginal rate of tax is more telling. It's not just that the rate is 50% plus NI, it's also that you lose your personal allowance. 52% is an understatement.
IMO, a flat rate of income tax with an increased personal allowance threshold is the way forward. PA should be at least £15,000 anyway. I don't see how anybody could complain about ~15-17% income tax when the first £15,000 of your earnings is tax free.*
* Unless they just want to see those more affluent than themselves suffer, which is sadly common.
Shock that people wouldn't complain about paying less tax. Unfortunately any such flat tax rate would likely be around 30-35% to be tax neutral, which would absolutely rape low and middle earners. But of course, people who want flat tax don't want it to be tax neutral do they? They also want huge cuts to the pesky things their taxes get spent on like health, education, police, military.
Soldato
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dont twist my words, i just said that 'many' avoid paying, there are a few philanthropists. i find it funny how often the poorest people are the most generous. i think 7.5k a month is very easy to live on. hell, the average salary is 25k before tax.
yes, in an ideal world everyone should pay the same and everyone should have a comfortable standard of living. we do not live in an ideal world. in fact its not even close.
Of course, I wasn't suggesting 7.5k/month wasn't easy to live on. If it's not, you're definitely doing something wrong 
I was just making the point that 150k/year earners already pay a massive chunk in taxation, and how damaging it can be when they decide to pay themselves using avoidance techniques.
Avoidance is a pain, but if it saves you a massive chunk of money, you're going to do it aren't you?
I was just making the point that 150k/year earners already pay a massive chunk in taxation, and how damaging it can be when they decide to pay themselves using avoidance techniques.
Avoidance is a pain, but if it saves you a massive chunk of money, you're going to do it aren't you?
Personally have no issue with a progressive tax system. The issue is with complexity though - the more complex the tax system the more open it is to active avoidance.
Associate
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Poor people are often scum who avoid getting a job and sponge off society and take the tax paid by high earning hard working wealthy people in benefits. They all have sky TV though and smoke £100 worth of fags a week.
Some people are just plain lazy and smelly i guess...
Because it is a lot of money?
Associate
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I'm not in the 50p bracket but my Father is and his monthly moans echo through the house.
I'd personally leave the country if I was ever getting taxed that much and I could earn that money from anywhere in the world.
I'm self employed at the moment and will be in that 50% bracket within 3-4 years myself my own income is increasing monthly and is at a nice rate as it is and the trend will probably continue for the next decade (if it continues it's current predicted trend for that time frame) I wouldn't stay in the country if I had to pay in the 50p bracket not even 40p would tempt me to stay in all honesty especially when I can pay 0-20% in various countries in Europe (and I can still work for my income)
I'd personally leave the country if I was ever getting taxed that much and I could earn that money from anywhere in the world.
I'm self employed at the moment and will be in that 50% bracket within 3-4 years myself my own income is increasing monthly and is at a nice rate as it is and the trend will probably continue for the next decade (if it continues it's current predicted trend for that time frame) I wouldn't stay in the country if I had to pay in the 50p bracket not even 40p would tempt me to stay in all honesty especially when I can pay 0-20% in various countries in Europe (and I can still work for my income)
+1, even when they tax avoid, the ones that earn enough to pay 50% pay far more then there fair share. The top 1% pay 27% of the total tax collected by the government and the bottom 50% only pay 11%.
People should get a grip and not expect others to pay there way for them, and to also understand the rich get rich because they picked themselves up and worked there bloody ass off, or have the intelligence to get where they are. There's a lot of jealously in this thread
The 1% also own 23% of the UK's wealth. Even with a 90% tax rate, they would still be the major beneficiaries of the capitalist system.
They'll struggle to find another country (that isn't a boring tax haven) that offers non-dom status.
Associate
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Really ? everyone in that bracket has different circumstances and there are a myriad of reasons for how they've got there.
As for helping society that's not a tax payers burden to the point of paying 50% which is ridiculous, I don't care how anyone tries to spin it and if someone like my Dad is doing a poor job of helping society how about the rest of the country ?
After being cleaned dry of over 50% of your earnings any further charity will not occur at least in my household.
Just to add my Father worked his way to the top (in my lifetime)
To all the people saying they would be more than happy to pay 50% tax - you know you can freely donate all your spare cash to charity if you want and even gross up the amounts if you declare UK residency on the donation form?!
I don't see why high earners should be penalised and crazy high tax (not to mention the loss of the tax free personal allowance above 100k and pension limitations) definitely encourages those people to consider their options abroad.
Even a 40% tax rate is a great reason to leave the UK imo, plenty of places with 20% or less tax rates.
I don't see why high earners should be penalised and crazy high tax (not to mention the loss of the tax free personal allowance above 100k and pension limitations) definitely encourages those people to consider their options abroad.
Even a 40% tax rate is a great reason to leave the UK imo, plenty of places with 20% or less tax rates.
Yeah but they can't afford to because the poorer you are, the higher your marginal propensity to consume. Despite this, poorer people tend to give a higher proportion of their income to charity despite giving a higher proportion of their income also.
I don't see why low earners should be penalised with regressive tax regimes such as a flat tax. I think anyone who wants to leave the UK because of the tax regime here should be free to do so, with the proviso that they don't earn any more money in the UK. Fair?
Deleted member 66701
Deleted member 66701
Hahahahahahahahahahahahahahhahahahahahah!
Thanks, funniest thing I've read in ages.
Last year I contributed 11% of my earnings to various charities.
Fairish, depends on their tax residency status really.
Another fact to consider is that as a person earns more not only do they pay more in via the tax regime they also take less out as they are more likely to fund things privately, for example personal healthcare.
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