Wealth gap 'widest in 40 years'

[Mr_T]

This is always a tricky subject, I can see both sides to the argument of should the rich pay more tax. Ultimately I think yes, they should if only for the reason that if you can't help the poor get on in life and get more educated etc. The situation can never improve... in fact I'm sure crime would get worse.

 

[Spie]

Is 55% tax not enough?

 

[Biohazard]

Is 55% tax not enough?

It depends on the circumstances really.

My uncle is in the serious money, he spends x amount of days in Paris so he gets a nice tax break here. He still moans about his and my aunts tax bill, and his venture group could buy Overclockers about 10 times over (from what I've seen of your business). So it goes to show that even if you are filthy rich, your still going to be a moaning brat (not you personally Spie).

Now I don't want people who are succesful to be taxed into a non success, however I don't like my uncle having an Office & Appartment in Paris to get away with what he is due here?

Its an awkward thing for me...

 

[Over Clocker]

Why do people have a problem in this country with people doing well for themselves.

Never thought it has something to do with some of us working very hard and some of us sitting on our arses all day? I'm not saying that for everyone, but mainly those people who scrounge of the state instead of actually working.....

 

[scorza]

Is 55% tax not enough?

Private equity execs pay nowhere near 55% of their income in tax.

 

[Posty]

Private equity execs pay nowhere near 55% of their income in tax.

Actually they do pay the income tax required which is normally the top bracket, but most of their wealth comes from their investments (which has a much lower tax i think around 10%)

 

[Posty]

It depends on the circumstances really.

My uncle is in the serious money, he spends x amount of days in Paris so he gets a nice tax break here. He still moans about his and my aunts tax bill, and his venture group could buy Overclockers about 10 times over (from what I've seen of your business). So it goes to show that even if you are filthy rich, your still going to be a moaning brat (not you personally Spie).

Now I don't want people who are succesful to be taxed into a non success, however I don't like my uncle having an Office & Appartment in Paris to get away with what he is due here?

Its an awkward thing for me...

the tax break should stay as a perk for being successful

 

[Spie]

Private equity execs pay nowhere near 55% of their income in tax.

Privaty equity execs represent a fraction of total taxpayers. I repeat, is 55% of your income excluding other direct and indirect taxes not enough?

 

[Spie]

Why do people have a problem in this country with people doing well for themselves.

Never thought it has something to do with some of us working very hard and some of us sitting on our arses all day? I'm not saying that for everyone, but mainly those people who scrounge of the state instead of actually working.....

Well said.

 

[RDM]

Personally I think everyone has a duty to help those less fortunate than themselves.

Why?

 

[Spie]

"The rich" should be paying taxes so that "the poor" can have access to better education, health, mobility - not just so that they can live at the bread line.

The "rich" do pay more taxes than the "poor" already. In fact our progressive tax system ensures they pay a much higher proprtion of their income than those who are worse off. Without the tax revenues of the better off this country would crumble.

 

[cosmogenesis]

the rich may pay more but do they pay proportionate taxes ?

Personally with the accountants they have, doubtful.

 

[Biohazard]

the tax break should stay as a perk for being successful

Yes, but he purposfully keeps his business and profit out of the country. Or in places where the tax is better, or there is none! The silly rich avoid the tax almost all together! Or at least are really darn good at keeping a lid on it.

So that is not proportionate taxes.

 

[scorza]

The "rich" do pay more taxes than the "poor" already. In fact our progressive tax system ensures they pay a much higher proprtion of their income than those who are worse off. Without the tax revenues of the better off this country would crumble.

Yes, and imo its right that they should do so. My post was in reference to a claim that paying 40% income tax was akin to robbery, which it isn't. There's an interesting debate to be had about flat tax, but I've yet to be convinced about the whole trickle down effect, where the government helps the rich in the hope that their money trickles down to us peons.

55% tax is enough, the trick is to make sure everyone pays it, which at the moment they aren't. Whats needed isn't wholesale changes though, just minor tweaks here and there.

 

[Dolph]

don't the really fortunate people have a duty to help the less well off in some way?

Social conscience says you do, however that doesn't mean it has to be enforced by the state, the money taken without permission and redistributed inefficently. I can give charity fine on my own, I don't need to be forced to do it by the government so they take a cut too

 

[Dolph]

Yes, and imo its right that they should do so. My post was in reference to a claim that paying 40% income tax was akin to robbery, which it isn't. There's an interesting debate to be had about flat tax, but I've yet to be convinced about the whole trickle down effect, where the government helps the rich in the hope that their money trickles down to us peons.

55% tax is enough, the trick is to make sure everyone pays it, which at the moment they aren't. Whats needed isn't wholesale changes though, just minor tweaks here and there.

Do you not believe in fairness and equality then? Treating people's money differently isn't fair or equal...

 

[The Running Man]

Do you not believe in fairness and equality then? Treating people's money differently isn't fair or equal...

to be fair, this country does provide every opportunity to allow those who do not come from wealthy backgrounds to progress with a career - if they so wish.

but then the rich complain about means testing (student loan debate, EMA debate) and want to take it back to reduce these opportunities where possible. These are essential mechanisms for helping to decrease the gap, or potential for a gap.

Also, as previously stated, the unfortunate point to note is that the richest, who by rights would be paying the most (£) tax are able to avoid doing so. yet they still get a vote, and all the benefit of living and trading/prospering within the UK. it is these who need cracking down upon, maybe through law changes, to ensure that they are contributing as they should.

 

[scorza]

Do you not believe in fairness and equality then? Treating people's money differently isn't fair or equal...

No-one's money is treated differently. The rules are the same for everyone, the problem is when people abuse loopholes in those rules.

I believe in a fair society, which to me means that those who are most able to support those who are most vulnerable. To me one of the most unjust societies in the world right now is the Chinese, where you have a super-rich elite paying little or no tax, while millions of people in the same country have almost nothing and no hope of doing anything about it. That is not fair and it is not equal.

 

[Dolph]

No-one's money is treated differently. The rules are the same for everyone, the problem is when people abuse loopholes in those rules.

No, it isn't. The amount taken from £1 varies depending on how many £'s you have. Equality is provided by flat rate taxation with a high personal allowance, not by saying "well you earn X so we'll take 20%, but you earn Y so we'll take 40%". That's not fair or equal.

I believe in a fair society, which to me means that those who are most able to support those who are most vulnerable. To me one of the most unjust societies in the world right now is the Chinese, where you have a super-rich elite paying little or no tax, while millions of people in the same country have almost nothing and no hope of doing anything about it. That is not fair and it is not equal.

And ironically, China is also a country with a pretty much entirely state controlled economy

 

[cosmogenesis]

The more you earn the more you should contribute back into society as the more society has out into you in many ways.