Should the government raise taxes on the rich?
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.
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831 Replies
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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
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@BDR354DLiberal Democrat1mo1MO
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Taxing the rich is essential, but only those that are in the elite level of wealth through asset accumulation. Tax assets not work, someone who earns 200k a year should not be punished, but if they own a million pounds of assets that will likely accumulate by +20% a year, a small tax on these assets should be introduced to aid public spending and improve general living standards.
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No. Not everyone that is wealthy is from wrongdoing or benefits of business enterprise. We as a family have worked hard for our money and have made good financial decisions, so we are financially stable and maybe better off than others. But why should we be penalised for making good decisions for the ones that make bad choices and don’t do well with their money- in having the same opportunities.
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