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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@9TXMC696mos6MO
Taxes should be cut as a whole, along with the state spending/GDP ratio but income tax and NI should be merged, with the personal allowance clawback removed. Instead there should be a flat 35% tax on all income above Personal allowance, with personal allowance unfrozen.
@9QLD6QR9mos9MO
Raising taxes on the "rich" is a good idea, but if they can avoid taxes altogether then there seems little point?
@9LGWVPP12mos12MO
Increase tax for very high earners (more than 200k a year) Remove tax loopholes Introduce taxation on investment
@96N5JNP2yrs2Y
I believe yes to increase tax on rich but not too much to deter them.
@9624SF23yrs3Y
No, although those in ‘the middle’ should receive a lower tax bracket. To have reduced the upper tax bracket seems redundant when it makes little to no difference to those earning above £100,000 pa. If anything, it gives them more but will that increase their spending? Unlikely, given they could already afford to spend more!
@8TGG7JN4yrs4Y
Abolish income tax, increase resource taxes
@8T85FRZConservative4yrs4Y
remove loopholes but keep mainly same
@8S2VRY44yrs4Y
Yes, with a focus on removing tax loopholes for the largest corporations
@9BZW66W2yrs2Y
In reality we need more tax brackets. We need an additional tax bracket for the super rich. It is ridiculous that someone earning £100k is in the same tax bracket as a billionaire.
@99T9H4Y2yrs2Y
Yes but via a restructuring of tax towards "luxury" items
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