Taxing the Rich

[All_in_black]

I know the people on this site *tend* to lean towards the left, but I would like to know, do you think it is beneficial to make the highest earners in the country to pay much more than others?

Bare in mind that this would drive away all the rich and could very seriously damage the country's economy.

Are super-rich people not an essential thing in every economically more developed country nowadays?

Anyway, what u think.

[KEV - NFT]

even though majority of rich people inherit the money and are complete dicks/bitches there are the odd few who actually work for their money and have made a good life for themselves....i do not think that richer people should have to pay more tax just because they have more money

[Lindsay]

i don't know how the system works, but i think everyone should pay the same percentage.

i was a bit tired when i phrased that, i meant ot say that everyone should be charged the saem % on their earnings. but not inheritance, that should be more.

[Rosco the magnificent]

You couldn't tax the same % as it isn't economically viable and creates a bigger gap between the rich and poor as you'd have to lower the upper tax rate and increase the lower tax rates, unemployment would rocket as the pound would be too strong and would have a detrimental effect on trade.

Try this- Virtual Economy

it's correct to 2002.

[AlanG]

oh that virtual economy is a great wee link, Ill put it into the FAQ

Ive just ran it, and although the options are limited caused a hige dip in unemployment and massive growth in the economy

if anyones interested the most obvious example is just halving the defence budget. Theres a rise in unemployment (due to half the defence staff) but then the economy recovers a lot after an initial slump

[graham enzk]

don't high earners already pay more income tax? like 40% compared to 20-22% that us plebs are on?

[Rebelius]

yeah, that's definitely still around. Not sure if it's still around but there used to be an even higher one so the VERY VERY Insanely rich would pay about 90%.

mind you, it's not a direct percentage. I'm not sure about the figures but it's something like

Nobody pays any tax on the first 5K then you pay 10% on the next 2K, 20% on the rest up to about 31K then 40% on anything above that limit.

[AlanG]

plus a flat 17.5% on most things bought etc, so the actual proportion of income that goes to the government coffers is proportionally more at the bottom than the top even though there is a progressive income tax system.

[grigorip]

we have to remember that everyone has a part to play in creating the wealth of this country

this means the highest top executives and the street sweepers

they all have varying skills and are all valubale to society in accordance to these skills

people who have more skills should be rewarded more.

though this reward seems to be very unfair and the gap between the lowest paid and the highest paid is too great, in my opinion

we dont want a society where everyone is the same... people should be rewarded for working extra hard and for having extra skills... but perhaps not as much as they are

[graham enzk]

do you really think directors of companies or managers have more skills than their workers?
i take it you've not had many jobs or are still at school then.

[All_in_black]

Originally Posted by smallbob

do you really think directors of companies or managers have more skills than their workers?
i take it you've not had many jobs or are still at school then.

Acutally, a CEO has more skills than a basic worker. Of course he does. Why did you even say that?

[graham enzk]

why exactly do you think a ceo has more skills than a worker?

[trickyvicki]

Current and previous tax levels can be found here:

http://www.inlandrevenue.gov.uk/stat...00ap_a2d_2.htm

I am still very undecided about taxing the "well off" even more than they are getting taxed just now.

I am currently studying tax as part of my accountancy course and have been reading up about it recently and have been finding some of the arguements very interesting. There are many argurments for and against a tax hike for the higher earning of the public, all of which raise very good points.

If tax levels are raised for "well off" people then there are many implications that go along with this. When I have more time I can cite some relevent websites for those of you who are interested in finding out more.

[All_in_black]

Originally Posted by smallbob

why exactly do you think a ceo has more skills than a worker?

Because he is CEO, therefore his job is harder and so he needs more skills than the average worker. Why do you have trouble understanding that?