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By (user no longer on site)
over a year ago
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What I find laughable is the statement often thrown about by left wing MP's about the 'Wealthy paying their share'
If they actually took a look at the Tax system in this country, they'd find that the wealthy pay MORE than their share.
Let's look at it like this.
If you earn (currently) £10,600 or less you pay NO INCOME TAX Whatsoever.
Above £10,000 p.a. you pay tax at 20% on your earnings between £10,600 and £42,385. (But still pay no tax on the first £10,600)
If you earn above £42,386, you pay 40% on any earnings above that and 20% on the first £32,385 of taxable income (£6,477 Tax).
If you earn over £150,000, you pay 45% tax on any income above the £150,000 (together with £53,523 - your tax on earnings up to £150K)
In addition, anyone who earns above £100,000 loses £1 of their personal (tax free) allowance for every £2 earned above £100,000 until their personal allowance reaches £0. - So, anyone earning over £121,200 pays income tax on their entire earnings.
So the argument that the wealthy should pay more is rather a false one - especially when you consider that everyone has an equal right to use the services, such as the NHS, Education etc, that Taxes pay for - regardless of how much they contribute.
And you'll probably find that the more wealthy tend to have private health insurance and send their children to public schools - so paying extra for alternative services that they've payed for through taxation.
Let's look at it slightly differently
How many take part in Lottery syndicates?
Do those on lower incomes pay less into the syndicate than others?
No. Usually, everyone will pay in the same amount - and therefore expects an equal share of any winnings.
Let's for example take an example of a syndicate of 10 people.
Amongst those taking part, there is a broad spread of incomes, from the lowest earning £150 per week and the highest earning, let's say £5,000 per week (just hypothetical)
2 scenarios.
1st. Everyone pays in £1 per week.
The syndicate wins £100,000 and that amount is split 10 ways - everyone gets £10,000 - Totally fair.
2nd scenario.
The two lowest earners contribute nothing and the two highest earners pay double,
The syndicate wins £100K and everyone taking part expects their £10,000 share of the winnings.
Sound fair? And yet this is pretty much how our tax system runs in this country and yet many argue that the wealthy should pay even more.
Now, before you all accuse me of being a high earning tory supporter, I am actually on a very low income (next to nothing) and struggling to get my own business started. I am in no way suggesting that there should be a flat rate of income tax, across the board, for everyone.
I'm just trying to dispel the myth that the poorer of us in society are getting such a raw deal.
I believe that success and ambition should be encouraged. I certainly strive to do as best as I can and pay my way. I also support those that have worked hard to achieve what they have and do not resent anyone for success.
Just saying.  |
