Billionaires pay "0% - 0.5% tax" report finds - Suggests 2% minimum tax.

[unwashed potato!]

If you earn two billion and the get taxed half of that then I'm pretty sure you can survive on the one billion left over. And your tax can maybe go to help the society and staff that has helped earn you it in the first place.

It's true, but the point they were making in that, it stings to lose half, is still there none the less. Tax sucks and when you see what you could have earned if it wasn't for tax, it sucks.

The better mentality is to think of income tax like vat. It's never yours. The price of your wage is the amount without tax, and they add the income tax on to be paid by the employer through your wage, and if there was no income tax, you'd get paid 20 percent or whatever less, but still it sucks.

 

[Guest2]

It's true, but the point they were making in that, it stings to lose half, is still there none the less. Tax sucks and when you see what you could have earned if it wasn't for tax, it sucks.

The better mentality is to think of income tax like vat. It's never yours. The price of your wage is the amount without tax, and they add the income tax on to be paid by the employer through your wage, and if there was no income tax, you'd get paid 20 percent or whatever less, but still it sucks.

There's almost no point in working a load of extra hours as you know a huge chunk is going to be taken anyway.
Imagine if everyone suddenly decided to use cash only Get paid via bank trasfer or whatever but withdraw every last bit of money they had and didnt buy anything unless it could be bought with cash. It would be chaos within hours

 

[Hedge]

It's true, but the point they were making in that, it stings to lose half, is still there none the less. Tax sucks and when you see what you could have earned if it wasn't for tax, it sucks.

The better mentality is to think of income tax like vat. It's never yours. The price of your wage is the amount without tax, and they add the income tax on to be paid by the employer through your wage, and if there was no income tax, you'd get paid 20 percent or whatever less, but still it sucks.

Yeah that's part of the issue. People believing every penny is their own. It needs to come down to the simple fact of "does the leftover support the lifestyle you require?"

If it does, then I'm not sure why the taxes should be seen as such a problem.

My biggest issue with tax is the fiscal drag. More and more average people are being forced into higher tax brackets and losing out on decent progression.

 

[Mercenary Keyboard Warrior]

If I was a billionaire, I would certainly brush up on loopholes of paying a lot less (or no) tax or have a team that can do it for me.

Why would anyone want to give away half or more than half of their earnings? Only last month I worked my balls off doing a lot of extra overtime only for my tax to hit and £600 of that overtime was taken away from me in 1 month. My wage was only slightly higher than the month before.
If you're a billionaire, even millionaire then it would be stupid to no live somewhere or have that money in a place where half of it is taken away!

The whole tax system is broken and need fixing first IMO. Inheritance tax, dont get me started.

I never get these sorts of comment.
Its basically impossible under PAYE for most of your overtime to be taken away unless you had some other issue that was resolved at the same time.
If your a higher tax rate payer then your going to lose 42% to tax (probably)
Other things could influence it but thats the basic position.

If you look at his history of investments, his returns weren’t really much more than a tracker fund. Then he did an all in bet on one company and made $$$$$.

The layperson could have achieved the same returns with crypto at the same time.

High risk choice resulted in a high reward

He made across a few things, I assume you mean the life insurance company however?

He used his wealth and personality to undertake a set of investments that were not that risky.
Would the average black american get into a 50/50 deal with Sony, or a deal with Starbucks to open 100 black neighbourhood coffee shops, with a loan from them, and make $75M on selling them. No way.
Plus other similar deals.

He is either suddenly turned into a very good investor, or he has (more likely) got someone advising him and with Magics connections and money he has got a massive advantage.

 

[VincentHanna]

He used his wealth and personality to undertake a set of investments that were not that risky.
Would the average black american get into a 50/50 deal with Sony, or a deal with Starbucks to open 100 black neighbourhood coffee shops, with a loan from them, and make $75M on selling them. No way.
Plus other similar deals.

That was my point earlier about inequality between what the rich and not so rich are able to do.

I'm not in to football, but this is a good example of what rich people can do.

When The Glazers agreed to buy Man Utd in 2005, they used a leveraged buyout to pay for the club, effectively buying it by loading it with $787 million of debt against the assets.

No bank is going to let me do that.

 

[Guest2]

I never get these sorts of comment.
Its basically impossible under PAYE for most of your overtime to be taken away unless you had some other issue that was resolved at the same time.
If your a higher tax rate payer then your going to lose 42% to tax (probably)
Other things could influence it but thats the basic position.

I earned around £1500 in OT so yes. ~£650 of it was tax. It certainly stings when I think that doing all those extra hours of work was for nothing. The thought of moving to a tax free country is tantalizing.
A few friends have (who work for the same company) Seeing the Gross pay as being what you get must be incredible, even if it costs a bit more for some things. At least YOU choose where to spend your gross pay!

 

[Richie]

Only last month I worked my balls off doing a lot of extra overtime only for my tax to hit and £600 of that overtime was taken away from me in 1 month. My wage was only slightly higher than the month before.

I earned around £1500 in OT so yes. ~£650 of it was tax.

Only "slightly higher"? £850 extra NETT is only a "slight" amount?

 

[NickK]

The report doesn't single anyone out in particular.

But:

Sir Jim Ratcliffe, UK's richest person, moves to tax-free Monaco

Brexiter Ineos boss, who has an estimated £17.5bn fortune, officially changes tax domicile

www.theguardian.com

And

I thought they siezed abramovich’s assets in the uk..

 

[Guest2]

Only "slightly higher"? £850 extra NETT is only a "slight" amount?

IMO and for the hours worked. Yes

What would be better would be if salary took into account tax and tax levels so employees were effectively paid a Gross salary instead of Nett.
So double the pay, but this comes from the business who makes the millions/billions instead of employees. Then to counter that there is no additional business taxes - Staff work harder due to better pay and business doesnt pay corporation tax rates or have to rely on loopholes to do well.

 

[VincentHanna]

I thought they siezed abramovich’s assets in the uk..

Check the date.

 

[NickK]

Check the date.

doh lol

 

[unwashed potato!]

IMO and for the hours worked. Yes

What would be better would be if salary took into account tax and tax levels so employees were effectively paid a Gross salary instead of Nett.
So double the pay, but this comes from the business who makes the millions/billions instead of employees. Then to counter that there is no additional business taxes - Staff work harder due to better pay and business doesnt pay corporation tax rates or have to rely on loopholes to do well.

The thing is, take the tax away and your salary possibly drops, or at least, any increase of your salary possibly drops because you don't need to earn as much due to not being taxed as high.