50% tax

[N Rothschild]

how can some **** who isnt an economist or an expert in his field be the chancellor of the exchequer? like what the **** does he know?

 

[chump]

I should also have mentioned Alastair Darling is the worlds foremost expert on deciphering codes ,for example " ***** " ..which I believe means 'thank you very much for your support'

 

[Atilla]

I have never been able to understand why big earners pay a higher rate of tax when they are already contributing more to the Exchequer due to their ability/hard work/large salaries.

In my book, the more you earn, the lower the rate should be seeing as you're contributing more to the economy and supporting the "submerged third". But that would offend our working class socialist mentality. When will our socialist leaders realise that we need people with talent, brains, & high earning power to get us out of the sh!t that our politicians have allowed to accumulate?

Ethics of taxation - People who earn equal amounts of money should pay the same rate. It goes without saying that people who earn different amounts of money should pay different rates.

Taxation should be efficient - not cost more to collect then what it brings into coffers...

PAYE and VAT most efficient forms of tax.

Regressive taxation - Pay diminishing % as you earn more
Flat taxation - Pay same % of income no matter how much you earn
Progressive taxation - Pay increasing % as you earn more

My view is we need we should have a higher rate of VAT as then you are taxed not on what you earn but what you spend on. Earn more spend more.

I would have progressive rates of VAT too. Basic consumption and childrens clothes needs to be low rate.

Non-essentials middle rate and

Luxery items higher rate.

PAYE should be low to encourage work.


Snobs like buying products others can't afford. Exclusivity is the selling factor. I refuse to believe any car costs can vary between £5K - £500K...



In fact there is a very simple theoretical taxation model that runs as such.

Give every individual £300 p/week or what ever they need to live. No other DSS or benefits required. Cut out admin.

Impose only a single tax rate on expenditure "VAT" that balances the books. No other PAYE, inheritance or capital gains required. :idea:

End of story.

 

[N Rothschild]

you sound like a right capitalist atilla

 

[Atilla]

you sound like a right capitalist atilla

I wouldn't have classed my self as a capitalist just common sense on not to tax work but tax spending that's all.

I just thought I throw in what they tought us back at school long time back.

I think the system is stupidly complex.

What is the point of taxing earnings in PAYE and then taxing interest on savings again???

I don't understand why I have to deal with Employers contributions, Employee contributions, PAYE, corporation tax and then self assessment on top... Where did you earn that income. How did you earn that income????

It's all very stupid as you want people to work and earn money. The more money circulates the richer everyone becomes. Why staunt the flow of that money???

Government supposed to be efficient in managing. It's like they go out of their way to compound on complexity. They think they can fine tune and manage the economy. End to boom and bust I think was their expression.

You pay everyone the minimum amount they need to survive and everyone gets the same whether they work or not. Rest of money you earn is down to your work effort. You only pay tax on what you spend. It's in the price. Simple, effective, equal to all.

True socialism imho.

 

[N Rothschild]

sorry i was being sarcastic lol..i didnt think your ideas fitted in with the capitalist mind set thats all..which to be fair most of us traders have this mindset!

 

[Atilla]

sorry i was being sarcastic lol..i didnt think your ideas fitted in with the capitalist mind set thats all..which to be fair most of us traders have this mindset!

Ok no problem.

I have no idea where I am on the richter scale of isms...

I do favour free markets to those that are over controlled.

Amongts all these different taxes I don't see why we don't have another one exclusively to people in Banking - earners above £150K @ 75%. After all the b******s have got tax payers money to keep their jobs.

 

[N Rothschild]

i hate tax so much, give me another year and i will hiding in some tax haven somewhere. I was lucky enough to inherit some money, not after those ****ing cum stains stuck their hand in and took 40% of it. Taxing money that has already been taxed is disgusting. Bit like paying tax on tax like with fuel.

 

[chump]

I wouldn't have classed my self as a capitalist just common sense on not to tax work but tax spending that's all.

I just thought I throw in what they tought us back at school long time back.

I think the system is stupidly complex.

What is the point of taxing earnings in PAYE and then taxing interest on savings again???

I don't understand why I have to deal with Employers contributions, Employee contributions, PAYE, corporation tax and then self assessment on top... Where did you earn that income. How did you earn that income????

It's all very stupid as you want people to work and earn money. The more money circulates the richer everyone becomes. Why staunt the flow of that money???

Government supposed to be efficient in managing. It's like they go out of their way to compound on complexity. They think they can fine tune and manage the economy. End to boom and bust I think was their expression.

You pay everyone the minimum amount they need to survive and everyone gets the same whether they work or not. Rest of money you earn is down to your work effort. You only pay tax on what you spend. It's in the price. Simple, effective, equal to all.

True socialism imho.

For the most part the tax system has not been developed to be efficient. It the product of a very long run attempt by parties of all political persuasions over the years to basically buy votes from various sectors of the population..no more ,no less.Until at last they have a system which is so complex they can tinker away with it ..buying votes in this sector at the cost of losing votes in other sectors that may at any given time not be vital.
Like most systems people develop ,ends up completely unfit for purpose, when the original goal is lost back in the mists of time.

 

[richi rich]

Snobs like buying products others can't afford. Exclusivity is the selling factor. I refuse to believe any car costs can vary between £5K - £500K...
.

Atilla you seem to pay alot of attention on 'tax on spending'

There will come a time in the distant future when i will have 30 vehicles. Some of them will be the same vehicles, but just in different colors. These 30 cars will be 'ill' cars all kitted up and tuned up from brabus to alpina to rolls to bentleys. I am that type of guy. I like cars. My first car at 17 was a sick whip. The insurance and costs was a Biatch. but i was happy

I get bare pissd off sometimes ... when the * start blaming so and so (high earners, top dawgs) on the economic mess (ofcourse when times are good they are usually * in their mass numbers).

Raising ''TAX spending'' or VAT as you may say and other forms of spending tax is the most * approach i have ever heard.
You have a guy like me with money believe * me it will help the economy more than give the ''EXtra £300 of tax money to some mother hus breeding 15 children just to get more benfits.
(I am not against benefit taking mothers, i come from a poor as * background, have had no option but to be in benefits in the early childhood, have been homeless, but ive found my way)

The saying goes ''We will spend our way out of this economic crisis''.

And you know what thats right, i agree.
But there's one massive * problem the * like darling and ova * dont grasp ;
they want to spend the way out, by creating more debt, more borrowing. (not that they have TOO many other options.)

No * in this nation (average guy as a %) has anything. Cars on finance, houeses on silly ass mortgages etc etc. (yes ofcourse there are guys paying 50,000 for suits and buy everything in cash - but on a average basis its all mostly negative equity in total terms)

& anyways wtf is the right way and the rong way. The economic system is a astute model system. it has to be tweaked and changed always chaginging for the perfection - but in the pursuit of perfection we (economy) will never perfect....Because No one can be perfect, no one in this world is happy. Evry * has a problem. Perfection on that kind of whole/general/macro level cannot be achieved.

Greed is good as Geko that * says. Greed can kill you aswell. Balance.

* me thas the longes post ive eva...n ps 30 cars only of trading keeps going as is

(raise spending tax...bahahahaha) - try getin high 1 day..then u will think the oposite way

 

[MrGecko]

I, on the other hand:

1) didn't pass my driving test until July last year and drive a ford focus 1.4 LX (2nd attempt)

2) Passed GCSE English (1st attempt)

3) Understand that NOBODY will pay 50k for a suit... in these conditions you can get 20 for that price straight off the Row.

4) Don't live with my parents

5) or suck balls

Greed IS good, my friend, so do stick around and maybe take a punt on any/all of FESX, FGBL. ES or ZN tomorrow, eh?

 

[Calinor]

So there will be a tax rate of 50% on earnings over 150K. Well those earning over about 35k were already paying 40% of all earning above that amount. You'll still be paying 40% up to the 150k mark, and then 50% onwards. When you put it like that, it isn't such a huge increase, and I'm amazed some people think you shouldn't have to pay higher tax if you earn more.

When you were young, you got free healthcare (forever) and free education up until the age of 18. You then get hugely discounted education at university (some received it for free or even got grants on top). You should have to pay some of that back. Those of us who did go to university, often earn a bit more, and so of course we should pay a bit more. Anything else is just selfish and a lack of perspective.

Also, taxing the bankers more, lol. I know that was tongue in cheek (well I hope so) but it amazes me also how we see now people complaining about bonuses and large salaries just because the economy is going through a hard time. Don't they realise that those people earning 200k+ have actually been paying for a lot of them, have been paying for their healthcare, education, benefits etc. If the average UK salary is around 23k, consider the tax received from that, and the tax received from someone earning 500k. How many people is that 500k earner paying for in tax. Quite a few. How much is he helping keep others in work by buying expensive cars etc. It is all too easy if you earn more than average, pay more tax than average and never use the NHS, to complain about it. But you never know when or a loved one might be seriously ill, or out of work and be reliant on the state.

 

[megamuel]

I'm all for equality and this doesn't sound very equal to me. I think everyone should pay the same % as tax. Why should the wealthy be discriminated against? I can understand people frustrations with the banker who are recieving massive bonuses even though the economy is going down the pan, but I'm more frustrated with the people who don't want to and will not work. They play the benefits system and act like the world owes them something. I wouldn't mind if they spent it on looking after their kids or something but they don't they go and spend it in Wetherspoons. I can't even go shopping in my city without seeing a load of frigging drunks and chavs shouting down the streets. I'm not having a go at genuine job seekers and disabled, just those idol f***ers that cheat the system.

As for inheritance tax, well thats just criminal in my opinion. So my grandparents have worked hard all their lives, paid their taxes on everything they earnt and bought yet when they snuff it, it will all be taxed again before my parents recieve any of it??? How can they even get away with that?

I used to feel very proud to be English/British but not anymore. I used to think Britain was the greatest country in the world. I don't feel that way any more. Everything is over complicated so the government can rip us off more and spend our money on their porn. We have a leader that we didn't even vote for and doesn't even deserve that position. Its absurd, he was chancellor of the exchequer for 10 years yet he did nothing to better our position for this global economic downturn. The uncharismatic human goldfish c*nt even sold half our gold right at the bottom of the market. Come on, seriously. I personally know people that could do a better job than him. At least if we're gonna have a sh1t "leader" could we at least have one with a bit of charisma. Like Obama, he might turn out to be sh1t but he's got a little something about him. I mean even Sarkozy is taking the p1ss out of Brown. We're being mocked by the French!?!? Only labour MP I like is that David Milliband guy. He's quite likeable I guess. But we need more politicians that are in touch with reality.

Anyway, what do I know. Its a sorry state of affairs thats all I know

Sam.

 

[Calinor]

Equality doesn't work because people aren't equal. And it doesn't make much sense to apply it in this way. You could just as easily say, everyone should be treated equally, so everyone should have an equal amount of money AFTER tax. So no matter how much you earn, you have the same money to spend as a cleaner would. Stupid right? Anyway, I understand the anger at people that choose not to work and just live on benefits. Sure they are lazy and deadweight. But I wouldn't want their life, and I'd rather work than be like them. And yeah there are too many taxes. I agree with Attila that things should just be simplified. You basically pay tax on money too many times. Income tax, then either you spend it and pay VAT or you save/invest it and pay tax on interest or capital gains. If you die, then they tax it again, lol. And there are other taxes...

 

[arabianights]

This equates to a 61.5% marginal rate of tax between £100 and £112.5k. Just to let you know...

 

[new_trader]

Everybody in the UK should quit working and start spread betting...that'll learn 'em!

 

[chump]

Everybody in the UK should quit working and start spread betting...that'll learn 'em!

I thought they already had.

 

[new_trader]

I thought they already had.

Yes, you're right. Now all they need to do is start spread betting.

 

[Black Swan]

As for inheritance tax, well thats just criminal in my opinion. So my grandparents have worked hard all their lives, paid their taxes on everything they earnt and bought yet when they snuff it, it will all be taxed again before my parents recieve any of it??? How can they even get away with that?

Anyway, what do I know. Its a sorry state of affairs thats all I know

Sam.

Can I just correct this, the majority of "wealth" is not earned or created by an individual it has arrived through asset inflation as a direct result of inflation in a given economy which has (as its bi-product) the 'advantage' of eroding relative debt.

I'd agree that IT needs re-modelling but the notion that a, for example, four bed detached in the SE rising from 5K to 1.5mil over a 30 year period has been "worked for" is nonsense.

 

[arabianights]

Regarding inheritance tax, I would have no trouble with a 100% inheritance tax replacing income and corporation tax - sounds fair to me