Tim of the Oak said:BoyBlue_1985 said:I posted in the Cellar before that tax revenue from the rich actually dropped when the top rate was changed to 45% to the tune of about £3 billion over the first 6 months, which as you have both pointed out is counter productivegordondaviesmoustache said:Some people want a twentieth century tax system for the present day because it makes them feel like they're punishing the rich, but it is actually counter-productive for the reasons you have identified.
Tax systems will need to evolve to meet our changing world as much as any other system has to. They do not and cannot operate in a vacuum. Due to the increasing mobility of labour consumption and assets will have to form the mainstay of tax revenues in the years ahead, I reckon, as much as the King Canutes of this world would say otherwise.
Fair point but that is partly because the Inland Revenue is so shit at collecting tax from big earners.
squirtyflower said:we could go round all night with this as we are on different sides of the fencepominoz said:squirtyflower said:when the government are constantly asking us to save, why then tax me on doing it?
secondly i have already paid my tax on the money as income, as i'm on PAYE, then i put what i can away for a rainy day, to save buy something or to save for my pension and then i pay tax on the interest, it's fucking ridiculous
You pay tax on what you earn, interest is earnings.
i already paid the tax on my earnings, without my savings the banks wouldn't have the money to loan to others
lolpominoz said:squirtyflower said:we could go round all night with this as we are on different sides of the fencepominoz said:You pay tax on what you earn, interest is earnings.
i already paid the tax on my earnings, without my savings the banks wouldn't have the money to loan to others
Keep your earnings (after exs ) at home and don't pay the (Bank) tax. simple ;)
BoyBlue_1985 said:Tim of the Oak said:BoyBlue_1985 said:I posted in the Cellar before that tax revenue from the rich actually dropped when the top rate was changed to 45% to the tune of about £3 billion over the first 6 months, which as you have both pointed out is counter productive
Fair point but that is partly because the Inland Revenue is so shit at collecting tax from big earners.
that is true but they were as shit the day before it went to 45% as they were the day it did go to 45%. Too many loopholes and the like But the overall fact is that they decided they didn't want to pay the extra 5% and paid less than the 40% they were taxed on before.
interest tax is necessary as its one of the few ways of taxing the 'idle rich' who have vast wealth in the banking system and live off the interest charged to the borrowing classes on car loans, mortgages etc. its more acceptable to tax that as opposed to add the tax onto the borrowers cost.squirtyflower said:lolpominoz said:squirtyflower said:we could go round all night with this as we are on different sides of the fence
i already paid the tax on my earnings, without my savings the banks wouldn't have the money to loan to others
Keep your earnings (after exs ) at home and don't pay the (Bank) tax. simple ;)
that would be some fucking mattress
I would definitely describe squirty as "idle rich".aguero93:20 said:interest tax is necessary as its one of the few ways of taxing the 'idle rich' who have vast wealth in the banking system and live off the interest charged to the borrowing classes on car loans, mortgages etc. its more acceptable to tax that as opposed to add the tax onto the borrowers cost.squirtyflower said:lolpominoz said:Keep your earnings (after exs ) at home and don't pay the (Bank) tax. simple ;)
that would be some fucking mattress
just idle, thank yougordondaviesmoustache said:I would definitely describe squirty as "idle rich".aguero93:20 said:interest tax is necessary as its one of the few ways of taxing the 'idle rich' who have vast wealth in the banking system and live off the interest charged to the borrowing classes on car loans, mortgages etc. its more acceptable to tax that as opposed to add the tax onto the borrowers cost.squirtyflower said:lol
that would be some fucking mattress
and theres a very good case to be made for the first so much income from interest being tax free, take it up with your mp :)squirtyflower said:just idle, thank yougordondaviesmoustache said:I would definitely describe squirty as "idle rich".aguero93:20 said:interest tax is necessary as its one of the few ways of taxing the 'idle rich' who have vast wealth in the banking system and live off the interest charged to the borrowing classes on car loans, mortgages etc. its more acceptable to tax that as opposed to add the tax onto the borrowers cost.