imutual.co.uk

the ultra rich have hired a PR firm Westbourne to get the tax scrapped. they just had an article published in financial times saying best to scrap it. i agree with unions who say the call to axe the 50p rate is "monstrously unfair" while spending cuts bite.

BBC article: http://www.bbc.co.uk/news/business-14810323

whos right and whos wrong?

As somene who has never paid/will be payin 50% I'm in favour of it
Especially in these harsh econimc times
I'm old enough to remember when the top tate of Tax was 83% and the basic was 35%
So bring it on

i get the feeling they are using their power+influence+money+contacts to get a result in their favour.

Ooh, I loves a good debate I do. Saw this topic and couldnt resist signing up!

Can I ask those who are opposed to dropping the 50% rate - would you still be opposed on principle even if it were shown that reducing the rate from 50% to 40% would generate more long term tax revenue? And were you against the dropping of the rate from 60% to 40% under Nigel Lawson (ahem, if you remember that far back!)

devils advocate wrote:Ooh, I loves a good debate I do. Saw this topic and couldnt resist signing up!

Can I ask those who are opposed to dropping the 50% rate - would you still be opposed on principle even if it were shown that reducing the rate from 50% to 40% would generate more long term tax revenue? And were you against the dropping of the rate from 60% to 40% under Nigel Lawson (ahem, if you remember that far back!)

my pleasure. for your convenience i have added a poll

DO NOT forget to fill out your shareholder registration

devils advocate wrote:Ooh, I loves a good debate I do. Saw this topic and couldnt resist signing up!

Can I ask those who are opposed to dropping the 50% rate - would you still be opposed on principle even if it were shown that reducing the rate from 50% to 40% would generate more long term tax revenue? And were you against the dropping of the rate from 60% to 40% under Nigel Lawson (ahem, if you remember that far back!)

And how could you show/prove that

No doubt by payin Managenment consultants £1000000000000 to ask their mates what they thought

As i stated I remeber Tax rates bac to the 70s and then they were far too hi and complex

Anyway didn't Alistar Darleen say it would only be a temporay thing?

I have never paid more than 20% in tax and believe even 20% is too high. I prefer that the Income Tax should be scrapped completely and instead the VAT increased to 30% or so on all items except Food and utilities where it should be 0%.

This will have a number of benefits

a) Help the people who save as they will need to pay less taxes
b) The ultra rich and foreign tourists will pay a higher share
c) Today the rich pay low taxes in foreign countries and stay in the UK. This will do away for their need to maintain a foreign domicile and hence spend more in the UK
d) Poor people will pay less if they do not indulge in luxaries as there will be 0% tax on food and utilities

kevinchess1 wrote:As somene who has never paid/will be payin 50% I'm in favour of it
Especially in these harsh econimc times
I'm old enough to remember when the top tate of Tax was 83% and the basic was 35%
So bring it on

I'd be happy to pay 50% if I was earning that much

I also remember Black Wednesday (16/09/1992) - interest rates jumping to 15%

unfortunately the only people that would have 50% are those that can find a way to avoid it - even if this means leaving the country

last time they did this (about 40 years ago), thousands of our best entreprenaurs and businesses went abroad and it had a major negative effect on the country

I wish I was in a position to pay 50% but I do appreciate that most people that are have done something to earn it - like it or not - 40% of a lot of money is better than 50% of nothing

I think they should leave th 50p and abolish inheritance tax instead.