Multinational forced to pay some tax

[Notch7]

What about the little old lady who lives in the south east in a modest 4 bed house. Why should she downsize when the little old lady living next to noseall has a luxury 5 bed mansion worth a quarter of the value.

regional variations would still exist if house prices were affordable.

 

[motorbiking]

Which is why taxing people on hard to liquidate assets is stupid. Unless you are living up north or Scotland. Then it’s another excuse to get others to pay more tax so you can pay less. Some people like to complain that others should pay more tax, so they can pay less. They pretend it’s for the good of everyone

 

[Notch7]

every employee earning in the top 1% will be paying around half their income in tax. Not some, all. 28% of all taxes. Some 1/2 a million people. The top 10% pay 60% of all income tax.

so next time you moan about how little tax the ”wealthy” pay. Maybe think about your own contribution.

Income tax only represents 25% of tax receipts

In reality it’s not about tax on wages, it’s about massive transfer from income to capital in this country

”Strong growth in global stock markets and in UK house prices has yielded significant gains in the wealth of pension holders and homeowners, who sit in the middle and upper part of the wealth distribution,” said David Sturrock, economist at the Institute for Fiscal Studies think-tank. He added that much of the savings accumulated during the pandemic had been on the part of higher-income households, while those on lower incomes “have drawn down on their savings and increased debt”.

Wealth inequality rises in Britain after decade of stability

Top 1% of households have 230 times more wealth than those in the bottom 10%

www.ft.com

We live in a country where 6.7m live in fuel poverty and 4.8m live in food poverty - do you think that is right?

why does U.K. have such unequal wealth distribution compared to most other advanced economies?
why does UK have far worse standard of living than many other advanced economies?

 

[Notch7]

Which is why taxing people on hard to liquidate assets is stupid. Unless you are living up north or Scotland. Then it’s another excuse to get others to pay more tax so you can pay less. Some people like to complain that others should pay more tax, so they can pay less. They pretend it’s for the good of everyone

So maybe the poor are paid far too little in this country

”The UK has the 9th most unequal incomes of 38 OECD countries (OECD, 2022) ”


Do you think that people who work in relatively unskilled jobs but nevertheless work very hard, should be able to earn enough to have a reasonable standard of living?

Why is it that during the austerity years of 2010 to 2020 wages at the lower end stagnated whilst the topn1% saw their income and wealth shoot up - is that fair?

 

[motorbiking]

Supply and demand. Part of the problem, is an over supply of cheap imported labour. Just look at the growth of lazy f**s who live on delivery takeouts fuelling a whole economy of very low paid imported delivery riders.

i know gen Zs on modest wages who never prepare any meals. Everything is just eat and deliveroo

 

[JohnD]

every employee earning in the top 1%

That's interesting, you're thinning it down. Of the super rich, how many are primarily "employees?" Not many.

What's the top rate of Capital Gains Tax? It's not 50%
What rate do business owners pay?

What rate of tax is paid on income that is generously classed as "carried interest?"

How much National Insurance is paid on money rolling in from these sources?

 

[JohnD]

Hello, what's this?

Capital Gains Tax rates and allowances

Use these rates and allowances for Capital Gains Tax to work out your overall gains above your tax-free allowance (known as the annual exempt amount).

www.gov.uk

"Rates for Capital Gains Tax
The Capital Gains Tax rate you use depends on the total amount of your taxable income, so work that out first.

6 April 2017 onwards
The following Capital Gains Tax rates apply:

10% and 20% tax rates for individuals (not including residential property and carried interest)
18% and 28% tax rates for individuals for residential property and carried interest
20% for trustees or for personal representatives of someone who has died (not including residential property)
28% for trustees or for personal representatives of someone who has died for disposals of residential property
10% for gains qualifying for Business Asset Disposal Relief — previously known as Entrepreneurs Relief
28% for Capital Gains Tax on property where the Annual Tax on Enveloped Dwellings is paid, annual exempt amount is not applicable
20% for companies (non-resident Capital Gains Tax on the disposal of a UK residential property)"

Gosh, not 50%

And another

Tax on dividends

How you're taxed on dividend payments and how your income affects the amount of tax to pay

www.gov.uk

"Working out tax on dividends
How much tax you pay on dividends above the dividend allowance depends on your Income Tax band.

Tax band Tax rate on dividends over the allowance
Basic rate 8.75%
Higher rate 33.75%
Additional rate 39.35%"

Gosh, not 50%

Who would have thought it?

 

[Notch7]

Supply and demand. Part of the problem, is an over supply of cheap imported labour

There is a massive shortage of nurses, farm workers, hospitality workers.
yet the people working in those sectors often can’t afford to live.

you are a typical Tory: “all the failures in this country are the fault of foreigners”

Just look at the growth of lazy f**s who live on delivery takeouts fuelling a whole economy of very low paid imported delivery riders

the 6 million on fuel poverty, the 4 million on food poverty, the people whose wages run out before the end of the month….,they cant afford delivery take outs

 

[JohnD]

so next time you moan about how much tax the ”wealthy” pay

Ask yourself if it is a lower proportion than the "not-wealthy" pay

(Yes it is)

 

[Notch7]

i know gen Zs on modest wages who never prepare any meals

I know property investors who hardly have to work to live a rich lifestyle

they sit around in their big houses whilst their tenants work extremely long hours trying to afford the rent.

 

[JohnD]

How much National Insurance is paid on money rolling in from these sources?

Spoiler:

None.

 

[carmanmemoranda]

every employee earning in the top 1% will be paying around half their income in tax. Not some, all. 28% of all taxes. Some 1/2 a million people. The top 10% pay 60% of all income tax.

so next time you moan about how little tax the ”wealthy” pay. Maybe think about your own contribution.

Not many 'employees' in the top 1% .

The top 10% may pay around 60% of all income tax, but what % do they get paid? Over 60% of all income?

 

[carmanmemoranda]

I know property investors who hardly have to work to live a rich lifestyle

they sit around in their big houses whilst their tenants work extremely long hours trying to afford the rent.

And even get benefits whilst in full time employment because the Government agrees they dont earn enough

 

[carmanmemoranda]

Supply and demand. Part of the problem, is an over supply of cheap imported labour. Just look at the growth of lazy f**s who live on delivery takeouts fuelling a whole economy of very low paid imported delivery riders.

i know gen Zs on modest wages who never prepare any meals. Everything is just eat and deliveroo

So those who work long hours don't fuel those delivery takeout because of lack if time?

Its all the lazy ones ?

 

[fillyboy]

Globalisation: the rise and fall of an idea that swept the world

The long read: It’s not just a populist backlash – many economists who once swore by free trade have changed their minds, too. How had they got it so wrong?

www.theguardian.com