I should probably point out that tax rates for the rich are significantly higher than they are in the USA.
Doing some playing around here and then checking the official rules for clarification, the tax rate for anyone earning over £40k is 40%, earning between £100k and £150k it does some weird stuff due to the way that allowances are withdrawn (marginal rates suddenly jump to 60% and then drop to 40%, averaging 46% over that bracket) and then stabilise at 50% over £150k.
I wouldn't really be comfortable with tax rates above 50%. Taking half of the money that rich people earn is fair enough, more than that feels wrong to me. (And, obviously, there's tax based on residence as well, but that tops out at £2,300 per year for Edinburgh.) Plus VAT (sales tax equivalent), which is currently 17.5%, going up to 20% in January. Which means that a top-rate earner who gets £1,000 and buy as much as they can with it will pay £600 in tax and get £400 of stuff. That's doesn't really strike me as entitlement :->
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andrewducker) wrote2010-10-22 12:01 pm
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Doing some playing around here and then checking the official rules for clarification, the tax rate for anyone earning over £40k is 40%, earning between £100k and £150k it does some weird stuff due to the way that allowances are withdrawn (marginal rates suddenly jump to 60% and then drop to 40%, averaging 46% over that bracket) and then stabilise at 50% over £150k.
I wouldn't really be comfortable with tax rates above 50%. Taking half of the money that rich people earn is fair enough, more than that feels wrong to me. (And, obviously, there's tax based on residence as well, but that tops out at £2,300 per year for Edinburgh.) Plus VAT (sales tax equivalent), which is currently 17.5%, going up to 20% in January. Which means that a top-rate earner who gets £1,000 and buy as much as they can with it will pay £600 in tax and get £400 of stuff. That's doesn't really strike me as entitlement :->