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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@9PFSYZG10mos10MO
No, but close the tax loopholes for corporations and individuals so everyone is taxed equally and the wealthier can’t legally avoid paying their share of taces
@9NJ4H73Liberal Democrat10mos10MO
Increase tax on the rich, decrease tax on the poor, close loopholes and tax individuals who leave the country to tax havens for a decade to ensure that the money the produce comes back to the uk economy.
@9N7XL4510mos10MO
Tax the rich but raise the higher tax threshold to 60k (from 50k). Due to inflation, raising wages to match the cost of living etc, more people are seeing wages creep past this number thus making it less of a "higher bracket"
@9MXT5FD10mos10MO
All tax rates should be lowered by minimum 2.5%. Let the individuals decide what the money is spent on also.
@9M48T4ZLiberal Democrat11mos11MO
For people who have bettered themselves educationally and morally, i.e. surgeons- should NOT be taxed more than they already are. Whereas, the likes of celebrities, footballers etc. who have offshore accounts etc. SHOULD be taxed far more.
@8G2V6544yrs4Y
I think our actual tax system needs a reform where the less well off can become on a level playing field with those well off. I think some taxes need to go and I'd introduce new ones.
@9M6TRXJ11mos11MO
Increase the minimum threasholds for basic and higher bands, and increase the additional rate by a couple of %.
@9HP2V8G1yr1Y
Lower the tax on the poor, and abolish tax for the destitute, bussnesses and people making over £ 100,000 a year should be taxed higher. Aswell implement Artificial intlegence to investagate corporate and political candidate’s tax avoidance
@8VC3QHV4yrs4Y
Yes, and also enforce harsher tax enforcement for collecting from big businesses, which includes removing loopholes and distributing excessive money held by businesses and the rich to better the people.
@8SG6MSL4yrs4Y
yes and remove all taxation on households below the national per capita average
I’d want to reform the British tax system. Firstly, I’d put in place a system whereby there would be a 21% tax rate on distributed profits. So if a company earnt £100 and gave that £100 to its shareholders, £21 of that would be paid in tax. However, if the business reinvested that, they would not be required to pay tax. Now, this does not mean that the income goes untaxed. Instead, the profit is potentially taxed at a 21 percent capital gains rate. If the business reinvests its £100 profit, it is probable that the value of the business would increase and,… Read more
@8G648GB4yrs4Y
I think the tax system needs to be significantly changed so that the gap between the rich and the poor is almost zero. I strive to find an equal playing field, and this begins with shutting down the loopholes which allow anyone whether they're rich or not as rich, to avoid paying their taxes in full.
@96QRJGN2yrs2Y
Make smaller tax brackets and tax accordingly
Lower income taxes for the poor, raise income taxes for the rich, and remove tax loopholes for corporations and enforce those laws
Keep income tax at 25% for income and 30% 30% ex criminals with violence, rapes and more. for flat no extras keep the no tax free allowance if you earn over £120,000
Have a £10,000 tax free allowance.
Zero taxes 10% taxes on capital gains max £10,000 allowance and 10% taxes on dividends £1000 allowance per year
ISA allowance to £30K per year
15% flat corporate tax bring people back to the UK
Increase on VAT from 20% to 25%
Members of parliament have reduced income unless they give
Stop funding wars
Stop finding NHS now
Cut funding to benefits on childre… Read more
@8JS6QHZ4yrs4Y
I’d want to reform the British tax system. I’d put in place a system whereby there would be a 20% tax rate on corporate income that is only applied to distributed profits. The next aspect would be a flat 20% tax on individual income that doesn’t apply to personal dividend income. I’d have property tax that only applies to the value of land rather than to the value of real property or capital. Finally, I’d put in place a territorial tax system that exempts 100% of foreign profits earned by domestic corporations from domestic taxation, with few restrictions.
@8G55PKY4yrs4Y
I think we need an entirely new tax system where there is much less of a gap between the rich and the poor. I think that in the current format, there should be no loopholes that rich people should be able to get around to avoid paying their taxes in full.
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