The characteristics and incomes of the top 1%

westernpromise

Read the report, it's all in there. Being on:

• £120k puts you in the top 1% of earners.
• £160k puts you in the top 1% of income tax payers.
• £236k puts you in the top 0.5% of income tax payers.
• £648k puts you in the top 0.1% of earners.

The highest-income 1% of income tax payers have about 12% of the income but pay 27% of all the income tax.

Zero_Sum

So over 25% of said top 1% income is dividend/partnership income.
Which if im not mistaken is non NI-able. Sounds like tax fiddling to me.

And the income tax figures arent strictly true either as NI is an income tax which wont be included.

Basic rate payers pay 32%. Higher rate payers pay 42%

Kentish_Dave

westernpromise wrote: »

Read the report, it's all in there. Being on:

• £120k puts you in the top 1% of earners.
• £160k puts you in the top 1% of income tax payers.
• £236k puts you in the top 0.5% of income tax payers.
• £648k puts you in the top 0.1% of earners.

The highest-income 1% of income tax payers have about 12% of the income but pay 27% of all the income tax.

The before and after-Tax and benefits numbers from the ONS are pretty staggering, showing a continuing massive redistribution from rich to poor.

And before anyone deliberately misconstrues this, that’s they way that it has to be, it’s the only way that society can function, that those with the broadest shoulders carry the heaviest burden.

But what beggars belief is that while the banker with his twelve hour days and two hour total commute is spending half the year working for the common good you’ve the ludicrous spectacle of posture like we’ve seen above getting angry about it.

“How dare you, after sticking in at school, being in utter poverty for a few more years getting a good degree, and then putting in punishing hours for decades while working out, every single day, how to improve your company, and then having half your earnings redistributed dare think that you should not be spat on by me, someone who bunked off school, and then just never, ever tried since then?”

Zero_Sum

westernpromise wrote: »

Read the report, it's all in there. Being on:

• £120k puts you in the top 1% of earners.
• £160k puts you in the top 1% of income tax payers.
• £236k puts you in the top 0.5% of income tax payers.
• £648k puts you in the top 0.1% of earners.

The highest-income 1% of income tax payers have about 12% of the income but pay 27% of all the income tax.

And thats not what i was after. Many of those top 1% will be on a lot more. Whats the average? What it could also show is that the gap between the top & bottom is too big.

Thrugelmir

lisyloo wrote: »

You should not assume that the older generations have had the opportunities that are available today.

Previous generations had the opportunity to rise through up the ranks from the very bottom. Fewer opportunities these days. As organisations have reduced the number of layers. We've certainly lost the art of management. I put it down to a lack of role models.

westernpromise

Zero_Sum wrote: »

And thats not what i was after. Many of those top 1% will be on a lot more. Whats the average? What it could also show is that the gap between the top & bottom is too big.

The top 1% are about 300,000 people. The top 0.1%, i.e. about 30,000, are on £648k or better. How much more detail do you think you need?

westernpromise

Zero_Sum wrote: »

So over 25% of said top 1% income is dividend/partnership income.
Which if im not mistaken is non NI-able. Sounds like tax fiddling to me.

Sounds like getting off your ar5e and establishing your own company to me. Try it, it works.

SingleSue

westernpromise wrote: »

43% of UK adults do not have an income high enough to pay income tax but even though they pay s0d all tax themselves they're still angry at those who do.

That attitude's a big part of why they're not in the 1% or even the 57%.

I don't earn enough to pay tax (although I was a high rate tax payer earlier in my life), I don't envy, feel angry or jealous of those who earn more or who have done better.

For the record, I'm disabled and unable to work many hours hence the low income, I'm only jealous of my former self (and angry at my failing body) who was capable of 80 hour weeks, huge overtime payments, a decent pension and bonuses.

ruperts

Malthusian wrote: »

"Cucky"? Interesting that the extreme left are adopting the homophobic "low-T" incel terminology popular among the extreme right over the last few years.

Nobody is surprised that the extreme left behaves so similarly to the extreme right - the political spectrum is a circle and meets at the extremes - but it is a point of interest when they imitate each other so blatantly, like a married couple adopting each other's mannerisms.

No idea what you are talking about with the low-t stuff. Assume it relates to low testosterone? I don't spend any time reading the views of the extreme right or left so have no idea what insults are currently fashionable among them.

I do know that 'cuck' briefly became the insult of choice among the alt-right, until it became apparent that a pro-business, pro-elite, pro-wealth person who is also an employee, working class and poor is almost the definition of a cuckold. Ie, it works much better as an insult against the right, than it does against the left. If anything the left are the opposite: we'll fight for and defend what's rightfully ours, not just hand it over in a fit of excitement immediately upon meeting someome who happens to have had the good fortune to become rich.

ruperts

Kentish_Dave wrote: »

Bend over for them? The tax and benefits system in the U.K. takes a significant fraction of the output of the most productive workers and simply hands it over to people like you.

A trader in an investment bank on £500k per year will be paying about 45% of that in total on tax and NI, which means that they will be doing their twelve hour days, five days a week, from January into Mid June for your benefit before they earn a penny themselves.

Despite this, you still seem bitter. Why?

You could have done what they do, had you wanted, and planned your life better.

People like me? Immediately you move in with the personal comments. Speaks volumes. If you think anyone can get any job, you're a naive fool, simple as that. The elite have got you right where they want you - eating out of the palm of their hands. Indeed, here you are doing their bidding for them. Unpaid, of course. I doubt they'll even call you to say thanks. Doesn't matter though because you'll do it anyway, for them. You'll do anything for them. Maybe one day they'll send you an envelope full of cash to express their gratitude at your having spent your life defending their honour. One day, eh Dave? Maybe one day.