General Election 2010

Originally Posted by keithd

and this extra money will come from where precisely, sir? what's the downside....?

My point exactly

Originally Posted by plowsie

My point exactly

lol oh sorry, there was a point behind your post?! your subtlty evaded me my good man!

[L3nny]

Originally Posted by keithd

and this extra money will come from where precisely, sir? what's the downside....?

I read somewhere that the top 1% of earners pay 99% of income tax so it probably wouldn't make that much difference and an increase on tax to the higher earners would probably be made to cover it.

Originally Posted by keithd

lol oh sorry, there was a point behind your post?! your subtlty evaded me my good man!

I forgot the Sarcasm smiley mate. Politics isn't my thing, but, when somebody in the office shouted this out, my reply was along the lines of

[Stu]

Originally Posted by L3nny

I read somewhere that the top 1% of earners pay 99% of income tax so it probably wouldn't make that much difference and an increase on tax to the higher earners would probably be made to cover it.

You sir, have your figures so spectacularly f*cked up I don't know where to begin with the point you were trying to make

[L3nny]

Yer well I can't remember the exact figures but it was somehting like that.

The point I was trying to make was the money lost from taxing the lower earners less would probably be made by taxing the higher earners. Didn't day that I was for or against it.

Originally Posted by L3nny

Yer well I can't remember the exact figures but it was somehting like that.

The point I was trying to make was the money lost from taxing the lower earners less would probably be made by taxing the higher earners. Didn't day that I was for or against it.

Top 1% pay 24% of total income tax. Top 10% pay 53% of total income tax. source

Taxation is a very emotive subject. Whilst most high earners understand that they should pay more than those on lower incomes, if you make the top rates too high (95% in the 70's under then reds I believe) you will just drive them offshore where you collect ZERO tax revenue.

This is why many film and rock stars from the 70s now are domiciled abroad and can only spend so many days per year in the country.

[L3nny]

Originally Posted by simesb

Top 1% pay 24% of total income tax. Top 10% pay 53% of total income tax. source

Taxation is a very emotive subject. Whilst most high earners understand that they should pay more than those on lower incomes, if you make the top rates too high (95% in the 70's under then reds I believe) you will just drive them offshore where you collect ZERO tax revenue.

This is why many film and rock stars from the 70s now are domiciled abroad and can only spend so many days per year in the country.

That was the graph I can rember seeing, looks like I mis-remembered the figures but the point I was trying to make was the same.

Originally Posted by simesb

Whilst most high earners understand that they should pay more than those on lower incomes....

In absolute monetary terms they do at the moment.

The real issue is that at the moment those on lower incomes are paying more tax as a proportion of income than those on higher incomes. This is a disgrace, and more so when you remember that this situation has arisen under a Labour Govt.

Originally Posted by Jabba

The real issue is that at the moment those on lower incomes are paying more tax as a proportion of income than those on higher incomes. This is a disgrace, and more so when you remember that this situation has arisen under a Labour Govt.

Think you maths is a bit faulty there. If everybody got taxed at 20%, then everybody pays the same proportion of their income. As the rates are banded, those in the higher band pay a higher proportion of their income in tax than those in the lower rates.