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!
@942PZQQConservative3yrs3Y
No, cut taxes for the rich. Raise for the poor!
@8ZNL4RH3yrs3Y
Lower taxes for lower income groups and crack down on loopholes
@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
@8RCQGXJ4yrs4Y
No, the rich pay more tax than any of us and shouldn’t be abused as an infant supply for government income.the supply will one day dry up and a large proportion of funding will be gone
@8R26N2R4yrs4Y
Yes, but only if they have way too much money
@8Q53VC34yrs4Y
Raise it enough so it’s not too noticeable, and also lower the tax for the poor
@8PBXF7B4yrs4Y
Yes and introduce a Land value tax
@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
@8S33Z554yrs4Y
No way! Think about the fact that the rich are the ones who employ people across the nation. If we raise their taxes they will likely leave the nation putting thousands of jobs at risk.
@8KVLGVG4yrs4Y
Raise tax on earner over 300,000 per year to 60% past the 300,000 barrier and increase taxation on corporations, billionaires. Raise property taxation for foreign buyers to 30% property value and 50% if over 1 million pounds.
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