Should the U.K. raise taxes on the rich?
The top tax rate in the UK is 45%. For the 2022/23 tax year, if you live in England, Wales or Northern Ireland, there are three marginal income tax bands – the 20% basic rate, the 40% higher rate and the 45% additional rate. Marginal bands mean you only pay the specified tax rate on that portion of salary. For example, if your salary puts you in the 40% tax bracket, then you only pay 40% tax on the segment of earnings in that income tax band. For the lower part of your earnings, you’ll still pay the appropriate 20% or 0%. If you live in Scotland, there are five marginal income tax bands – the starter rate of 19%, the 20% basic rate, the 21% intermediate rate, the 41% higher rate and the 46% additional rate.
@9FKKMDX7mos7MO
Tax is not fairly balanced between rich and poor because the rich do not pay sufficient tax on assets e.g. inheritance tax, second homes etc
@9D5THDV9mos9MO
Lower the income tax rate for all earners
@8S4YTZF3yrs3Y
Raise slightly but reduce tax loopholes and make it harder to evade and avoid tax. Also have non taxing means to encourage wealth to be reinvestes
@9HY5DZX3mos3MO
unlike sit coms on Netflix, tax loopholes haven't existed since the 90's. Please read the economic times before commenting because you look very silly...
@8ZFLG482yrs2Y
raise tax on rich and remove all existing tax loopholes for large corporations
@9H4FS33 5mos5MO
Add a tax bracket for ultra high net worth individuals to be taxed at a higher rate on income above £500k and remove all existing tax loopholes for large corporations
@9GZYQWR5mos5MO
make it fair for everyone , since humans don't even own earth i hate how we gotta PAY. to live under a roof.
@9GCH9FS6mos6MO
No, but reduce loopholes and punish those who pay tax through shell businesses by fining them handsomly and giving jail time.
@99JH2SX1yr1Y
no, but remove loop holes
@98FD5DD1yr1Y
@98BGDKHConservative1yr1Y
Raise Taxes across the board and pay down and off the national debt.
@98B7QJK1yr1Y
No, if people work hard and have good jobs they shouldn't be punished, this puts them off investing in the UK and spending to benefit our economy
@8WF3V9G3yrs3Y
Yes, however we need to define what "rich" is. Currently definition still hits the middle-class disproportionately.
@8CL97RGConservative4yrs4Y
Yes but then no when im rich
@9LJT4MR6 days6D
They should remove loopholes so everyone pays the correct amount/same percentage of their income regardless of where the income has come from
Lower income tax, particularly for the poor? and substantially increase sales tax, particularly for unhealthy activities.
Reform tax, increase tax free allowance, remove other allowances, same tax applies for all income and CGT
@9LHDWQ71wk1W
Lower income tax across the board and introduce a range of taxes on asset ownership such as homes, second homes, land holding etc. on assets that cannot be moved out of the country. Also remove the distinction between tax evasion and avoidance and introduce licensing fees and huge penalties for organisations operating in the wealth management and tax planning industries if they facilitate exploitation of loop holes,
@9LHBB2G1wk1W
Simplify the tax brackets, collapse NI into general taxation, look hard at capital gains avoidance of income tax, eliminate inheritance tax.
@9LH6CS41wk1W
Define rich? Raise taxes on incomes exceeding 1m(?), lower corporation taxes and close tax loopholes for corporations
@9LGWVPP1wk1W
Increase tax for very high earners (more than 200k a year) Remove tax loopholes Introduce taxation on investment
@9LGQ7KT1wk1W
Raise the lowest tax bracket to any earning above £25k. The highest should be raised to any earnings above £250k. Keep the others the same
@9LG823B1wk1W
Taxes should be raised for all brackets slightly to improve infrastructure and soceity, but they should be raised significantly for richer brackets and all tax loop holes should be closed.
@9LF2SMH2wks2W
Tax the rich. Close the loopholes. And stop squeezing the rest of us. Capital tax down from 12500 to 3000?thsts nothing 12500 tax allowance still blocked for few more years? Only a pound increase on minimum wage. It's not enough!
@9LDBFKR2wks2W
Yes, but also remove tax loophole for large corporations, later down the line should be able to reduce tax for lower income families
@9LCQQ7X2wks2W
This depends on what you regard as rich... I think ensuring huge corporations are not operating in his country, failing to contribute and dodging tax is the real issue
@9LCFXN6Animal Welfare2wks2W
Be like old dubai and encourage people to stay here because everyone wants to move out the weather doesnt help but you cant change that so change the way you run things
@9LBG87D2wks2W
I believe that if you are very wealthy such as millions of pounds. You should give more back to the government in a way or National insurance and Tax's. The People that are on the lower system need more support which could include a lower rate to pay.
@9L9SNFX2wks2W
Yes. tax wealth not income to be fairer, and remove all existing tax loopholes for large corporations
@9L7YD7V3wks3W
add more tax bands to make the gaps between each band less, as well as adding additional bands for even higher incomes than the top of the tax band.
@9L7L2P23wks3W
Make tax a flat rate so you pay only 1500 pound tax if you earn 20000 pound and then you pay an extra 1500 pound for every 10000 pound earned there after
@9L5GDV6Conservative3wks3W
A universal Tax you pay when you earn over a certain threshold A sales tax based on the harms caused by the products we buy A withholding tax to stop offshoring wealth
@9L59HJN4wks4W
Yes, but not on income. Tax Land via a Land Value Tax, or implement a time limit on generational property just as we do with Intellectual property.
@9L55P8G4wks4W
Replace all taxes with a 100 percent Georgist Land Value Tax and Piguvian Taxes, and if it doesn't raise enough funds, implement the taxes that are least impactful on the economy first that are still progressive.
@9L3LS964wks4W
No, lower tax for everyone. No one wants it and no one knows where it goes apart from Rishi to play manoplay with it
@9L2VL384wks4W
Evaluate everyone’s circumstances in order for the best outcome - everyone is different some people need more help than others. Somewhat others that earn more should pay more due to gaining substantial amount of money from employees working for minimum wage
@9KZJBCN1mo1MO
If the money they have is earned and not inherited then taxes should not be raised. Otherwise it should.
@9KX2HS81mo1MO
No, income isn't how the rich earn money. A Wealth tax needs to be introduced to properly tax assets, income and dividends over 5M
@9KWJX9T 1mo1MO
Yes, but there should be root and branch tax reform to make it simpler, fairer and more efficient. Earned and unearned income should not be taxed differently, personal allowances should be significantly increased, and a tax on wealth above a certain level should be introduced
@9KVSY441mo1MO
This is a hard one because some people have good salaries with a single income so the other person can support the family home and tax penalises that, and some double income lower tax bracket families end up better off.
@9KQKX431mo1MO
No, but make the tax a more personalised rate. The hardline tax levels do not benefit those hovering around them.
@9KMWNXRLiberal Democrat1mo1MO
Add an extra tax bracket and adjust the percentages and the salary thresholds so lower incomes pay less tax and the most rich pay more and also remove tax loopholes for businesses
@9KLK3YZ1mo1MO
Income tax is already high enough and should be reduced or remain the same- larger businesses should be taxed more and reduce loopholes.
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