Re: The 50p tax rate : Tue Mar 13, 2012 5:37 pm  

vbfg wrote:

That's a little closer.

I thank you for answering the rhetorical question aimed at Standee in an entirely non-patronising way after driving all round the houses to avoid the kind of charitable interpretation that most human beings are eminently capable of even though the context was blindingly obvious. It's been a great help.

No it hasn't. Standee still didn't bother to reply to you.

Re: The 50p tax rate : Tue Mar 13, 2012 8:17 pm  

I am still trying to get my head round the whole tax high earners thing.

Did we ever work out exactly what constitutes a high earner, and how much you have to be earning before you fit into this bracket?

Re: The 50p tax rate : Tue Mar 13, 2012 8:46 pm  

The Video Ref wrote:

I am still trying to get my head round the whole tax high earners thing.

Did we ever work out exactly what constitutes a high earner, and how much you have to be earning before you fit into this bracket?

We don't have to, HMRC does that for us.

But for what it's worth, I'd leave the tax rates as they currently are, apart from those earning more than £1 million per year. I'd tax them at 55%, rising at 1% increments every three months. Then when we see a downturn in receipts in one 1/4, we will have found the tipping point and we can drop it back 1% and leave it there.

And before the usual suspect(s) chime in with the "envy" allegation, I'm simply proposing we maximise our resources

Re: The 50p tax rate : Tue Mar 13, 2012 9:20 pm  

I think tax at the higher rate kicks in at around £38,000. It then goes up to 50% if you are earning over £150,000, I think.

Someone earning the former figure in London, whilst trying to support a family, is really not that well off.

Re: The 50p tax rate : Tue Mar 13, 2012 9:31 pm  

The Video Ref wrote:

I think tax at the higher rate kicks in at around £38,000. It then goes up to 50% if you are earning over £150,000, I think.

Someone earning the former figure in London, whilst trying to support a family, is really not that well off.

think the 40% band starts at 42K or thereabouts.

Re: The 50p tax rate : Wed Mar 14, 2012 5:46 am  

The Video Ref wrote:

I think tax at the higher rate kicks in at around £38,000. It then goes up to 50% if you are earning over £150,000, I think.

Someone earning the former figure in London, whilst trying to support a family, is really not that well off.

So, you raise the threshold before becoming eligible for tax, then everyone benefits and you tax the richest more to compensate. Then the lower paid benefit more proportionately, as does the economy because the lower paid will spend any extra insted of sqirreling it away. It's called fairness

Re: The 50p tax rate : Wed Mar 14, 2012 12:25 pm  

cod'ead wrote:

We don't have to, HMRC does that for us.

But for what it's worth, I'd leave the tax rates as they currently are, apart from those earning more than £1 million per year. I'd tax them at 55%, rising at 1% increments every three months. Then when we see a downturn in receipts in one 1/4, we will have found the tipping point and we can drop it back 1% and leave it there.

And before the usual suspect(s) chime in with the "envy" allegation, I'm simply proposing we maximise our resources

The cigarettes, alcohol and petrol taxation model.

Re: The 50p tax rate : Wed Mar 14, 2012 6:28 pm  

Dally wrote:

Nobody in the press seems to question the mantra that cutting the 50p tax rate would be good for jobs, so I will.

I couldn't bothered about reading eight pages worth of comment because I'd already heard from a respected economic commentator (the guy from The Times) that there is pretty much no evidence to suggest that cutting the top rate tax band will create jobs.

Re: The 50p tax rate : Wed Mar 14, 2012 6:48 pm  

Richie wrote:

No it hasn't. Standee still didn't bother to reply to you.

I'm not convinced that Standee responding to rhetorical questions is the deciding factor in whether or not something is helpful.