50% tax rate roaring success

OldSnowy

LE
Moderator
Book Reviewer
#2
" Far from raising funds, it actually cost the UK £7 billion in lost tax revenue. " I just love that line...........

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 :)
 
#3
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 :)
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.
 

Bouillabaisse

LE
Book Reviewer
#4
You're only upset because Fleet St stopped buying you dinners when your mob lost. If you were senior enough to be bothered with.
 
#6
So, 10,000 million-plus earners left the UK.
In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.

The figures have been seized upon by the Conservatives to claim that increasing the highest rate of tax actually led to a loss in revenues for the Government.

It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes.
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 :)
 

Bouillabaisse

LE
Book Reviewer
#7
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
 

Travelgall

LE
Kit Reviewer
#9
#10
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%.
 
#11
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%.
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.
 
#13
Thought people might like this one


Millionaires' exodus: Two thirds of Britain's top earners 'deserted the UK' after 50p top tax rate was introduced | Mail Online

Two-thirds of millionaires left Britain to avoid 50p tax rate - Telegraph


" Far from raising funds, it actually cost the UK £7 billion in lost tax revenue. " I just love that line...........
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.
 
#14
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.
 
#15
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.
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
 
#16
The reason I asked if it matters how they make their income is not what they do to gain that income
Let me make sure I understand your point - you don't think it matter what people do to gain their income? I'm aghast, I truly am. You also seem to lump rent-seeking together with wealth-creation, just as the Telegraph did.

No wonder we're in the mess we're in.
 
#17
#18
Good, avoiding tax should be a duty, the government should never get the idea that they can just steal what they want from whoever they want.
 
#19
Why not just adopt a flat rate?

Get rid of tax on current accounts, give everyone a 18,000 allowance and then ALL wages earnt IN the UK gets taxed at 25%.

Non of this 'domiciled' b0llocks. You work here, you pay tax and NI. End of.

Tidy up the unholy mess taht is 'tax rules' and all of a sudden we might see loopholes disappear.
 

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