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
@9HY5DZX4mos4MO
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...
@9H4FS33 6mos6MO
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
@8ZFLG482yrs2Y
raise tax on rich and remove all existing tax loopholes for large corporations
@9GZYQWR6mos6MO
make it fair for everyone , since humans don't even own earth i hate how we gotta PAY. to live under a roof.
@9GCH9FS7mos7MO
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
@9LWYG7F5 days5D
Lower income tax, but remove loopholes for large corporations. Properties and businesses belonging to Russian oligarchs should be taken away from them though.
Yes and raise the tax free thresholds. Increase enforcement of tax evasion. Close tax avoidance loopholes.
@9LS3PNF1wk1W
Tax accordingly to annual pay. Removing any loopholes that provide more people, no matter their situation, to commit tax evasion or tax fraud. Commit to helping any lower income or low class people who can't afford their tax ways to work through paying or at least reducing their tax till they're able to pay effectively.
@9LQDDJ42wks2W
Yes, but more on overall assets. Many top 5% earners, came from working class, they still struggle with rent, mortgage, childcare, and other caring responsibilities. We need to keep these high skilled people in work force.
@9LPZGSC 2wks2W
decrease the taxes for everyone else in the UK, but definitely increase for the rich and upper class. then they can feel how we have felt this hole time.
@9LLS3STLiberal Democrat2wks2W
"Rich" is poorly defined. What is rich in one area of the country is not rich in another. Those in the top 1% income bracket (including inherited wealth and assets) should pay more.
@9LKYTFJ2wks2W
There should be a flat rate of income tax for individuals, and existing tax loopholes for large corporations should be removed.
@9LJT4MR3wks3W
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
@9LHDWQ73wks3W
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,
@9LHBB2G3wks3W
Simplify the tax brackets, collapse NI into general taxation, look hard at capital gains avoidance of income tax, eliminate inheritance tax.
@9LH6CS43wks3W
Define rich? Raise taxes on incomes exceeding 1m(?), lower corporation taxes and close tax loopholes for corporations
@9LGWVPP3wks3W
Increase tax for very high earners (more than 200k a year) Remove tax loopholes Introduce taxation on investment
@9LGQ7KT3wks3W
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
@9LG823B3wks3W
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.
@9LF2SMH4wks4W
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!
@9LDBFKR4wks4W
Yes, but also remove tax loophole for large corporations, later down the line should be able to reduce tax for lower income families
@9LCQQ7X4wks4W
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 Welfare4wks4W
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
@9LBG87D4wks4W
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.
@9L9SNFX4wks4W
Yes. tax wealth not income to be fairer, and remove all existing tax loopholes for large corporations
@9L7YD7V1mo1MO
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.
@9L7L2P21mo1MO
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
@9L5GDV6Conservative1mo1MO
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
@9L59HJN1mo1MO
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.
@9L55P8G1mo1MO
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.
@9L3LS961mo1MO
No, lower tax for everyone. No one wants it and no one knows where it goes apart from Rishi to play manoplay with it
@9L2VL381mo1MO
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
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