50% tax rate roaring success

Discussion in 'Current Affairs, News and Analysis' started by Kitmarlowe, Nov 28, 2012.

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  1. OldSnowy

    OldSnowy LE Moderator Book Reviewer

    Yes, well, economists were clear that this would happen, the Government also knew that this would happen, but they did it anyway. Ah, the joys of a coalition - that, and an electorate so seized by envy and greed that a dog-in-the-manger attitude like this can be a 'popular' move.

    The problem with a Democracy is that everyone gets a vote :)
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  2. The joys of a coalition?
    This was a Labour policy, the Coalition (well, the Tories) reduced it to 45% again. According to the DM the millionaires are flocking back again.

    Makes perfect sense, I bet those 5% make all the difference. If a millionaire has to choose between 50%, 45% or 0%-20% (depending on offshore scheme) I bet he'll settle for the 45%.

    I wonder which newspaper editor has been having dinner with a Tory then.
    "Free press" my ****ing arse.
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  3. Bouillabaisse

    Bouillabaisse LE Book Reviewer

    You're only upset because Fleet St stopped buying you dinners when your mob lost. If you were senior enough to be bothered with.
  4. In the country where I live it is 21 percent taxation for all. It encourages people to do well.
  5. So, 10,000 million-plus earners left the UK.
    My bold.

    I do wonder which one: "moved abroad", or "took steps to avoid paying..." is more representative.

    Love the "deserted" in the Mail headline :)
  6. Bouillabaisse

    Bouillabaisse LE Book Reviewer

    I suspect most "took steps to avoid paying." The additional cost of tax avoidance schemes was less than the additional tax. What's intersting is that there are far more than 16,000 people earning over 1 million a year, so clearly even before the tax hike a lot of people were using such schemes already
  7. How many were wealth-producers and how many rent-seekers? The Torygraph doesn't seem able to distinguish between the two but I'll wager more of the latter than the former. If the source of wealth (a business, factory, trained staff, etc.) hasn't moved from the UK then I doubt those earning from it will prefer 0% of the income it generates to 50%.
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  8. Does it matter ? What really matters is that an act of mindless political dogma lost us an estimated £7 Bn in taxes receipts. I generally don't give a rat's arse if people with money do their utmost to take advantage of badly written and overcomplex tax laws to avoid paying excessive tax, and to be f**king blunt most tax money is wasted. What I do give a rat's arse about, to frothing at the mouth levels is the Hypocrisy displayed by large swathes of completely and utterly useless politicians who are quite happy to take advantage of tax laws they created whilst lecturing all and sundry that the rich should be dry raped of any penny they earn and everyone not claiming benefits should say thank for for having our incomes raped.

    Cwunts the lot of them.
  9. Wow I've only just left and I've hit the papers eh ?? ;-)
  10. I've been trying to tell people about this, but of course most know best and would rather have 50% of **** all than 45% of lots.
  11. I'm astounded you need to ask. Does it matter if the people reported as leaving are genuinely doing something to expand the wealth of the UK or merely expanding their share of the same size of pie while doing nothing productive themselves to enlarge it?

    Of course it does. We don't dig ourselves out of recession by handing over swathes of money to the non-productive, regardless of where they live or who they vote for.
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  12. The reason I asked if it matters how they make their income is not what they do to gain that income, and we hand plenty of money over to non productive people already thank you very much, but the reputed amount of income tax receipts that have been lost since the introduction of the 50% rate. £7 Bn to remind you

    And thank you for your obsolete observation. You seem to believe that moving money around in circles to make money is unproductive. Do hope your pension pot is tucked up safe under your mattress