The row about the 50% tax band is heating up. Personally I think increasing the percentage as salary increases is unfair and inflationary - the higher paid (invariably entrepreneurs) will simply pay themselves more to cover the extra tax, leaving less for their staff or investment.
Ed Balls is quoted as saying; ”People who earn £150,000 should be paying a bit more tax."
Isn’t that the whole point of percentages in the first place? 40% of £150,000 is a damned sight more than 40% of £50,000. People on £150,000 already do pay more tax.
3 comments:
Phil..
Can you please explain tax ?
I feel you miss the point and see it as the PAYE man.. I havn't paid personal tax in 35 years in either of the three countries I have residency in... there are always ways and means around it legally so it really only effects the man in the street.. as businesses we find ways to minimise it not avoid it.
Phil - but you earn millions.
I've always felt that 20% was a fair and reasonable amount of tax for anyone to pay, IMO there should be a no frills blanket rate simple and cheap to implement.
Don't talk to me about the layers of unreasonable and parasitic taxes on employers, unless you want to make a grown man weep..
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