Rishi - be a Robin Hood, Tax the richer and give to the poorer....

[Fab Foodie]

Increase the higher tax rate.
Introduce a higher-higher Tax rate
Tax wealth

Well, I'm no economist clearly but when the really richer are getting richer (and many are comfortably above the average income if you're paying 40% Tax) and the poorer are getting poorer, something is clearly wrong.

So Richi-Rishi, do something decent for the poor....

 

[Ian H]

He'll do the opposite of course, in the name of "fairness".

 

[winjim]

He can't even get his wife to pull her investments out of Russia when babies are being bombed to death, he's not gonna try and tax her as well.

 

[Beebo]

Can anyone explain why you wouldn’t up
NI and also announce an intention to reduce the basic rate of tax?

 

[Ian H]

Can anyone explain why you wouldn’t up
NI and also announce an intention to reduce the basic rate of tax?

NI affects the wealthy much less than does income tax, it's not a progressive tax. From the Government website:-
The National Insurance rate you pay depends on how much you earn, and is made up of:

• 12% of your weekly earnings between £184 and £967 (2021/22)
• 2% of your weekly earnings above £967.

 

[Deleted member 28]

NI affects the wealthy much less than does income tax, it's not a progressive tax. From the Government website:-
The National Insurance rate you pay depends on how much you earn, and is made up of:

• 12% of your weekly earnings between £184 and £967 (2021/22)
• 2% of your weekly earnings above £967.

We've still to establish what 'wealthy ' is though, surely we would need to know this before we can decide how much more to tax them?

Is it the 40% bracket or the higher one you need to hit before being classed as wealthy?

 

[Craig the cyclist]

Increase the higher tax rate.
Introduce a higher-higher Tax rate
Tax wealth

Well, I'm no economist clearly but when the really richer are getting richer (and many are comfortably above the average income if you're paying 40% Tax) and the poorer are getting poorer, something is clearly wrong.

So Richi-Rishi, do something decent for the poor....

At what number would you instigate the higher bands? How much will someone have to earn to be taxed at the higher rates?

 

[winjim]

Frustratingly my formatting buttons are greyed out again so I can't seem to upload that sealion cartoon.

 

[newfhouse]

Is it the 40% bracket or the higher one you need to hit before being classed as wealthy?

Income over £45000 (£43000 in Scotland) seems a reasonable indicator of wealth. There are about four million tax payers in the 40% band in the UK. It doesn't mean you are stinking rich but it probably means you won't be worrying about where your next meal is coming from.
https://www.gov.uk/government/stati...ome-taxpayers-by-marginal-rate-gender-and-age

 

[Deleted member 49]

Income over £45000 (£43000 in Scotland) seems a reasonable indicator of wealth. There are about four million tax payers in the 40% band in the UK. It doesn't mean you are stinking rich but it probably means you won't be worrying about where your next meal is coming from.
https://www.gov.uk/government/stati...ome-taxpayers-by-marginal-rate-gender-and-age

45 grand ! It was 80,000 at the last election that Labour proposed and people nearly pi55ed their pants 🙄

 

[icowden]

Personally I think that rather than going after the "rich" we should be going after their companies. Google, Facebook, Amazon all make a fortune in the UK and pay next to no tax. Yes it might put our prime subscription up, but if they were actually paying tax on UK transactions the exchequer would have a lot more cash in it.

 

[newfhouse]

Personally I think that rather than going after the "rich" we should be going after their companies. Google, Facebook, Amazon all make a fortune in the UK and pay next to no tax. Yes it might put our prime subscription up, but if they were actually paying tax on UK transactions the exchequer would have a lot more cash in it.

Why not both?

 

[winjim]

45 grand ! It was 80,000 at the last election that Labour proposed and people nearly pi55ed their pants 🙄

I'll have to dig out the maths I did back then on that thread.

 

[Deleted member 28]

Frustratingly my formatting buttons are greyed out again so I can't seem to upload that sealion cartoon.

And this means what exactly?

What's your opinion on wealthy?

 

[Deleted member 28]

So the 40% tax payers are 'wealthy ' and should be made to pay more?

I would imagine there are a few on here meet that criteria so be very interesting to hear their thoughts.