Tax reform?

[motorbiking]

PAYE?
And then you have the wealthy that set up companies and pay themselves dividends or some such and structure their tax affairs so that they never have to pay such ridiculous amounts as 44%, lol.

Or work part time to ensure they never pay much tax.

Do please tell us what they are.

I gather you think they are so wonderful that there is no need to reform the unfair system of property tax in this country, which has been designed so it bears more heavily on the poor than on the rich.

It hasn't.

I may have mentioned before that property taxes have the huge advantage that you can't easily conceal your asset.

of course its possible:

Angela owns a house, she wants to carry on living in her house. She also wants to buy a second house, but not pay second property tax on it.
She transfers her ownership to a trust held for others, she now doesn't own a house and pays rent to keep living there.
The trust charges her rent up front for life and offsets the value of the house she transferred against the rent.
She can now buy another 1st house and avoid 2nd property tax. Angela now has 2 houses to live in and avoided stamp duty on the transfer of the first house and additional stamp duty on her second.

Or move it offshore. Which the rich like to threaten they will do, whenever they hear a rumour that they might have to pay some tax.

more tax on top of a lot of tax.

 

[noseall]

Or work part time to ensure they never pay much tax.

It matters not how they fiddle it. 44% is just a pipe dream. Some of those millionaires only pay themselves £12k per year "wages" .

 

[Murdochcat]

Tax and NI paid on Income from work

Nobody pays 44% on ALL of their earnings in the UK unless you are between £120 and £125k ish

 

[Murdochcat]

It matters not how they fiddle it. 44% is just a pipe dream. Some of those millionaires only pay themselves £12k per year "wages" .

But they would get taxed on other income.

You would do exactly the same if you could

 

[MNW67]

Nobody pays 44% on ALL of their earnings in the UK unless you are between £120 and £125k ish

MBK claims to pay £190k in taxes and NI. So, his income must be well over £400k. And he also claims that he doesn't actually work that hard.

 

[JohnD]

There is no particular relationship between hard work and wealth.

 

[JohnD]

Those who already pay 68% of the income tax.

You pretend to be shocked that some people with high incomes pay more income tax than people with low incomes.

That's the way it's supposed to work, dummy.

 

[Odds]

There is no particular relationship between hard work and wealth.

 

[motorbiking]

MBK claims to pay £190k in taxes and NI. So, his income must be well over £400k. And he also claims that he doesn't actually work that hard.

Nobody pays 44% on ALL of their earnings in the UK unless you are between £120 and £125k ish

back to the calculator chaps.

 

[MNW67]

back to the calculator chaps.

Are you disputing simple arithmetic now.

If £190k is 44% of your income, then your income is £432k.

 

[motorbiking]

That's the way it's supposed to work, dummy.

I can see why you think others should pay more.

 

[Justin Passing]

Tax the rich and if that doesn't work Tax them more.

Look up the LAFFER CURVE.
It's not a myth put about by the rich.

 

[MNW67]

Look up the LAFFER CURVE.
It's not a myth put about by the rich.

The Laffer curve is a theory. There was no evidence behind it.

 

[motorbiking]

Are you disputing simple arithmetic now.

If £190k is 44% of your income, then your income is £432k.

I'm suggesting you don't understand the information you think you have.

 

[Justin Passing]

It matters not how they fiddle it. 44% is just a pipe dream. Some of those millionaires only pay themselves £12k per year "wages" .

An aside - the plumber's and sparks are rejoicing in the US. They'll be starting to get tips routinely, up to $25k tax free.
It's not meant to be those workers and it's all supposed to be declared, but we know what'll happen
Tips in the US are ridiculous already.