50p tax just spin from ultra rich

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Sarah
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Re: 50p tax just spin from ultra rich

Post by Sarah » Wed Sep 07, 2011 5:34 pm

Since the Treasury are currently trying to figure out for themselves whether or not it actually raises any revenue, I'm happy to await the outcome of their investigations before making my mind up. I do think that keeping the tax only for political reasons would be pretty silly.

devils advocate
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Re: 50p tax just spin from ultra rich

Post by devils advocate » Thu Sep 08, 2011 1:08 pm

Back again! Well, it does all seem rather civilised here :)
kevinchess1 wrote:
devils advocate wrote: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 how could you show/prove that :?:

No doubt by payin Managenment consultants £1000000000000 to ask their mates what they thought
True, Kevin, it would be hard to prove. But given the billions at stake it has to be worth spending some money on an educated guess? Or else the Govt is making policy blind, don't u think?
I'd be happy to pay 50% if I was earning that much
Maybe. The question is, are the people who currently earn that or have the potential to, happy to pay it?

Consider a successful businessman who thinks about opening a new branch for this company. He'll need to take on staff (creating jobs); it will be hard work, stressful and risky. And he faces a 50% (perhaps more) marginal tax rate. He might conclude that it's not worth the bother, if the government is just going to grab half of anything extra he makes. In which case, we all suffer - less jobs, missed opportunity for more tax revenue etc. Or eventually he might decide he IS going to open a new branch, just not in the UK. Which might even lead to him moving his entire company somewhere else.

That's part of the practical argument why dropping the rate might actually result in more long term tax revenue. Another is fairness - which can be argued either way

kevinchess1
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Re: 50p tax just spin from ultra rich

Post by kevinchess1 » Thu Sep 08, 2011 3:59 pm

devils advocate wrote: Consider a successful businessman who thinks about opening a new branch for this company.
Okay lets consider it
If his new branch is inn a Econimic Blackspot he might well end up with A rate free rent free site
He will be able to write off all his start up costs against his Income tax
There by reducing his tax bill whilst still enjoying the improvement to his share price
Growing companies are always increasing in value.

Don't reaaly belive he's going to let all that go for 10p in the £

His tax is only going up by 10p it's already at 40p

No one, certainly not me, like paying income tax
And if they push mine bac up to the rates when I started working, 35% I wouldn't be happy
but I stop working or Riot
I'd cut bac me expenses or earm more money
As would most over people


Might be wrong
Politically incorrect since 69

planteria
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Re: 50p tax just spin from ultra rich

Post by planteria » Thu Sep 08, 2011 4:00 pm

i don't understand the poll.

Sport Billy
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Re: 50p tax just spin from ultra rich

Post by Sport Billy » Fri Sep 09, 2011 6:06 pm

planteria wrote:i don't understand the poll.
Question being asked is: Do you agree with the current top rate of income tax?

The tax is paid at 50p for each pound earned over £150,000 and affects around 310,000 people.
[source: http://www.bbc.co.uk/news/business-14810323]

It is only your earnings above £150,000 that would be taxed at that rate.
If I was fortunate enough to be earning that much money, I would be happy to pay it.

planteria
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Re: 50p tax just spin from ultra rich

Post by planteria » Fri Sep 09, 2011 8:00 pm

thanks SB.

50% Tax: For or Against, im with that. it was the thread title that made me wonder exactly what the question was....whether it was spin or not? :lol: id had a long day

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