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Do You Think Income Tax Banding is Fair?
Comments
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Surely tax for the richest would also fall from 45% to 31%
Correct but a lot of people will be benefited by that.
Those who are already paying base rate won't be worse off.
Those who are paying higher rate or top rate will be better off.
In current Tory policy, only the top rate payers became better off and almost every one else became worse of by means of child benefit cut etc.For example, is it fair that say a company director or investment banker could have £1M after tax whereas a minimum wage carer could be on £12K?
People are paid based on value (sometimes perceived) what they are adding to a business. You can't dictate what private companies will pay to their employees.Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
Correct but a lot of people will be benefited by that.
Those who are already paying base rate won't be worse off.
Those who are paying higher rate or top rate will be better off.
In current Tory policy, only the top rate payers became better off and almost every one else became worse of by means of child benefit cut etc.
People are paid based on value (sometimes perceived) what they are adding to a business. You can't dictate what private companies will pay to their employees.
Where will the tax cuts be funded from, personal and employers?"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Where will the tax cuts be funded from, personal and employers?
Many ways - if there is a will there will be ways
For example, not wasting money on benefits, stopping HS2, stopping foreign aid, asking Amazon/Starbucks to pay tax, not contributing £50m/day to EU etc.
If people have to pay less tax, they will have more money on hand, which will be spent on economy which is good for most of us.Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
Many ways - if there is a will there will be ways
For example, not wasting money on benefits, stopping HS2, stopping foreign aid, asking Amazon/Starbucks to pay tax, not contributing £50m/day to EU etc.
If people have to pay less tax, they will have more money on hand, which will be spent on economy which is good for most of us.
I would love to see some of those figures put into a spreadsheet to show how they would balance.;)"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Will you rather
1. Vote UKIP and make it happen?
or
2. Moan here and see tax for riches reduced from 50% to 45%?
Neither. I would only vote UKIP in a European Parliament election (and probably not next time). I am happy with the upper rate of tax at 45% and the associated threshold level.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
Easy ways to simplify the tax system and make it fairer.
Increase the personal allowance and keep it linked to the NMW. (Also increase the NMW so that working the average 35 hours F/T would provide at least £15k a year)
Combine NI and Tax.
Tax rates
£0 - £15000 - 0%
£15001 - £49999 - 25%
£50000 - £74999 - 35%
£75000 - £100000 - 45%
over £100k keep the reduction of the Personal Allowance
£1000000+ - 75%
Remove the investment rate of income tax and tax everything at the above rates.
This will stop Company Directors from taking a minimal salary and large amounts of dividends to avoid paying their fair share of tax and NI.
The other option is to charge a flat rate 25% over the personal allowance, but again remove the investment tax rate and all other reliefs, i.e. charity, pensions etc etc[SIZE=-1]To equate judgement and wisdom with occupation is at best . . . insulting.
[/SIZE]0 -
Banding isn't fair. Banding is stupid.
It introduces artificial boundaries.
What's wrong with a formula which tapers away to lower amounts the more you earn?0 -
Every system is unfair. Personally since taxation is a % I would prefer a standard rate for all irrespective of income - if I earn £20K I pay about £2120 income tax next year, if I earn £500,000 and paid same rate I would pay £98,120 but at present I would pay about £210,000.
So by earning 25 times as much money at same rate I would pay 46 times as much tax but under current regime I would pay 99 times as much tax.
Instead the following is applied ;
no benefits at all
remove personal allowances completely
tax everybody's income at same rate on every pound earned (no exclusions or creative accounting allowed)
give every household a monthly payment from government equivalent to what is needed for the household to exist in humane conditions based on basic accomodation costs, acceptable food cost, etc
You want anything beyond the basic, work for it.
If living costs fall or rise the payment drops or rises and if more money needed then tax rate rises.
You want to be a lazy slob then dont work and live a basic but humane existence fine, but you want extras you work end of story.0 -
Because then that puts the burden for funding the country on those less able to contribute.Banding isn't fair. Banding is stupid.
It introduces artificial boundaries.
What's wrong with a formula which tapers away to lower amounts the more you earn?
If you are privileged enough to be able to earn substantial amounts of money, then you should make the largest contribution, as it is more than likely those at the bottom who have put you into that position.[SIZE=-1]To equate judgement and wisdom with occupation is at best . . . insulting.
[/SIZE]0 -
Because then that puts the burden for funding the country on those less able to contribute.
If you are privileged enough to be able to earn substantial amounts of money, then you should make the largest contribution, as it is more than likely those at the bottom who have put you into that position.
Why would that be?0
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