The problem is that £150 to someone on £15k is almost certainly a significantly higher percentage of their available spare funds than £1000 is for someone on £100k. This is why flat taxes that affect everyone similarly are in fact regressive in nature.Even if that were the case, but as the article says the pandemic has escalated things, surely the government now needs to act?
As stated, it’s 1% across everyone, which means someone on 100,000 a year is paying £1000 more annually and someone on £15,000 is paying £150. As per the situation with income tax, the richest in society will pay a lot more.
I’ve never earned £100k+ but I know someone close to me who has and the amount they already pay in tax is astonishing to me.The problem is that £150 to someone on £15k is almost certainly a significantly higher percentage of their available spare funds than £1000 is for someone on £100k. This is why flat taxes that affect everyone similarly are in fact regressive in nature.
The answer to this should be a massive one off wealth tax on the super rich, but it won't happen.
Nope, the middle band starts at £9564 pa.I’ve never earned £100k+ but I know someone close to me who has and the amount they already pay in tax is astonishing to me.
The amount they keep on earnings above £100k isn’t to be sniffed at.
1% across the board for most income groups is manageable but as the other poster above stated, it’s looking like those earning above the national average of £27k will be paying it, not those sub £20k.
Income tax achieves nothing, there's some formula somewhere which shows that any income tax rise will eventually result in diminishing returns. No general taxation rise will solve any problem overnight.I’ve never earned £100k+ but I know someone close to me who has and the amount they already pay in tax is astonishing to me.
The amount they keep on earnings above £100k isn’t to be sniffed at.
1% across the board for most income groups is manageable but as the other poster above stated, it’s looking like those earning above the national average of £27k will be paying it, not those sub £20k.
I don't think it was spent on Preston North End players!Trevor Hemming used to live up my way but he now lives in the Isle of Man. He sold his house in Euxton and they've built a load of £500k+ houses on the land. I wonder where the money from his profits went and how much tax he paid on the sales? My guess is not a penny.
He did buy them a training ground over here although I think he got it as almost bankrupt stock from Wigan!I don't think it was spent on Preston North End players!
Fair enough, I wouldn’t anticipate they would start to include those in the lower banding, if they did I would be against it.Nope, the middle band starts at £9564 pa.
Only people earning less than £184 per week don’t currently pay NI and wouldn’t have the 1% applied unless the government decide to start it at zero or at the lowest band starting threshold of £120 pw.
So, just to be clear, you support an effective 1% tax rise on every pound earned above £9564 pa?Fair enough, I wouldn’t anticipate they would start to include those in the lower banding, if they did I would be against it.