Super Rich - The Greed Game

darubio · 23 Sep 2009 at 17:45

I came across this documentary by the BBC about super rich people and one of the thing they mentioned on there that Millionaires pays less tax compared to an average person! I didnt know that! lol but its fascinating! :rolleyes:

http://www.youtube.com/watch?v=OS92xfN4PKg

Russinating · 23 Sep 2009 at 17:50

Rich people can afford to employ people who know how to avoid tax, that's pretty much it.

Don't know where the article was but I read something along the lines of the 100 richest people in the UK pay a total of £Xmillion pounds in tax, which equated to about 0.1% of their income.

darubio · 23 Sep 2009 at 18:10

it said on the documentary that the goverment made the law for it that they pay less tax just to keep them in the country!

ordinaryjoe · 23 Sep 2009 at 18:17

darubio said:
it said on the documentary that the goverment made the law for it that they pay less tax just to keep them in the country!

What's the better alternative then? Tax them and they all leave with all their money?

r3loaded · 23 Sep 2009 at 18:35

They were talking about slapping down a steep tax on non-domiciles - high-fliers (usually in financial industries) who work in this country but aren't properly settled here as they work in several countries, thus avoiding certain income taxes. That would have been a terrible move as they would have simply moved away to another EU country, taking their disposable incomes with them.

Tom0 · 23 Sep 2009 at 18:39

I was hoping for a flash game then

aww

Flare · 23 Sep 2009 at 18:47

Tom0 said:
I was hoping for a flash game then aww

So was i

Greenlizard0 · 23 Sep 2009 at 18:49

r3loaded said:
They were talking about slapping down a steep tax on non-domiciles - high-fliers (usually in financial industries) who work in this country but aren't properly settled here as they work in several countries, thus avoiding certain income taxes. That would have been a terrible move as they would have simply moved away to another EU country, taking their disposable incomes with them.

Not to mention for some of them, the fact that they employ many many people too.

darubio · 23 Sep 2009 at 19:23

Flare said:
So was i

hehe Sorry guy! If i find a game that was called this youll be the first ones to know

Glaucus · 23 Sep 2009 at 19:45

They still pay far far far more than the average person, it's just a much lower percent. This is a good thing. You do not want rich people to pack there bags and leave for another country.

THMRK · 23 Sep 2009 at 19:53

Murdoch pays a ridiculously low amount of tax on his UK assets. Something like £1000 a year or something ridiculous.

Which, given his net worth is shocking.

Al Vallario · 23 Sep 2009 at 20:09

Here are some interesting statistics using the United States as an example:

Wikipedia said:
[...] the top 0.1% of taxpayers by income pay 17.4% of federal income taxes (earning 9.1% of the income), the top 1% with gross income of $328,049 or more pay 36.9% (earning 19%), the top 5% with gross income of $137,056 or more pay 57.1% (earning 33.4%), and the bottom 50% with gross income of $30,122 or less pay 3.3% (earning 13.4%).

— http://en.wikipedia.org/wiki/Taxation_in_the_United_States