!!!!!! - Clown to raise the top rate of tax to 45%

StevieJ

dopester wrote: »

One guy on Radio 5 about an hour ago.. Victoria Derbyshire's show, was saying that whilst his business doesn't yet allow him to take a £150,000+ salary... it has been slowly growing in that direction after much hard work, and bringing rewards to others along the way by way of employment and bonuses.

He said he was against the tax because "it is a tax on aspiration" - which of course I agree with. As well as limiting the extra risks and investments a higher earner in business might take, such as maybe not investing seed capital for some ventures where there is risk of loss... to reward of success and gain and bringing new advancements and innovation for the UK to better profit and sell to the world.

Tell you what, following on from that logic lets remove the high earners tax completely.:rolleyes:

StevieJ

coolnamebob wrote: »

About time too

At least it is a partial reversal of the stealth tax regime that everyone has been moaning about.

Pennywise

StevieJ wrote: »

At least it is a partial reversal of the stealth tax regime that everyone has been moaning about.

No, its a temporary vote winning exercise to keep GB in power. It's just another short term gimmick that has been ill conceived and received the usual "back of a fag packet" in depth consideration. If it were permanent I'd be in favour. If he kept it at the same level, but raised the threshold for registration, I'd be in favour. If he reduced the rate for "services", to make it cheaper to repair instead of buy new, I'd be in favour. This will cost millions, if not billions, to UK businesses simply in costs of administration of two changes. It will encourage consumers to keep spending on expensive imports. It does nothing for the UK economy.

mitchaa

45% on earnings over £150k

Great it will affect about 0.00000000000000000000000000000000001% of the people on here.

Those earning more than that are hardly likely to visit and contribute to a money saving website:D

It should be 50% on earnings over £80k in my opinion.

We have got a relatively good taxation system here and the top rate is not high enough, to pay a genuine 40% in taxation you need to be earning over £600k to do so.

Those that claim to pay 40% (myself included) pay actually no-where near when you take into account the 20% rate and the personal allowance rate.

mitchaa

Jonbvn wrote: »

Wow! Somebody mentioned "engineers" as professionals:rolleyes:

Is this a turning point in the UK?

A top engineer.

Perhaps you should pull your head out of your ar*e:rolleyes:

Top engineers can be paid salaries in line with what premiership footballers earn.

I know an offshore oil and gas engineer earning £35k for 14 days work (£2500 day rate). Times that by his 13 stints a year and thats an annual salary of £455k.

2wks on 2 wks off working routine.

Earns double that of a brain surgeon or a top politician and yes he's only an engineer:rotfl:

stephen163

All seems quite logical to me. Taxing the mega-earners' income is the easiest way to generate revenue whilst minimising reductions in consumption. It is well known that lower earners spend more as a proportion of their income than higher earners, with the mega-earners choosing to plough most of their income into savings. This tax increase in combination with a reduction in VAT seems completely sensible to me.

chewmylegoff

neverdespairgirl wrote: »

I can't imagine spending £500 on a telly anyway.

too right - any tv that costs less than £1,500 is just a complete waste of time. might as well just buy an old grundig CRT one for a tenner, you'd get a better picture quality than on a £500 flatscreen.

michaels

mitchaa wrote: »

45% on earnings over £150k

Great it will affect about 0.00000000000000000000000000000000001% of the people on here.

Those that claim to pay 40% (myself included) pay actually no-where near when you take into account the 20% rate and the personal allowance rate.

SO Martin has at least 100,000,000,000,000,000,000,000,000,000,000,000
users on here of who 1 earns over 150k?

Realistically how much of your pay do you get after direct taxes (referred to as NI and income tax) are subtracted - I suspect you will find at least one third; not forgetting the 'employers NI' which is also a direct tax cost of employing you so to your employer it makes no difference whether it is taken off your 'salary' it is still part of the cost of employing you ... or what they could save if they no longer employed you.

stephen163

mitchaa wrote: »

Perhaps you should pull your head out of your ar*e:rolleyes:
:rotfl:

You may have missed the obvious sarcasm in the post referring to engineers.

Shoot me if i'm wrong.

However, £455k for a practicing engineer is EXTREME. A more realistic salary for a chartered engineer is about £1,000 for each year of your age.

neverdespairgirl

According to Robert Peston today, the national budget is in deep, deep doo-doo. Forget the extra spending, the tax take is down by a breath-taking amount.

The slump in the City has knocked around £40bn - yes £40bn! - from annual tax revenues.

That's made up of lower corporation tax (our banks and other financial services provided about £10bn of this), lower income tax (those controversial fat City bonuses, now gone, yielded a fair chunk of tax), and lower stamp duty (on share trading and property deals).

And much of that tax revenue has probably gone forever, or at least for as long as the time horizon of most sensible forecasts (viz, up to five years).


.....................

And, to be clear, the incremental sums he'll announce he has to borrow over the next couple of years will be colossal - equivalent to at least 8% of GDP, possibly more, or well over £110bn per annum.

You have to go back to at least the 1970's for a time when public borrowing was spiralling up at such an alarming rate.

Such a rise in public borrowing would be unsustainable.

Which is why, to repeat, there will have to be deferred tax rises and deferred public spending reductions inked into the public accounts and announced by the chancellor.

All of that is inevitable.

So which taxes will rise?

Well my prediction is VAT.

For the sake of transparency I should say that I don't know that there will be a VAT rise.



http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/11/citi_and_manic_monday.html