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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@9H4FS33 1yr1Y
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
@9D5THDV2yrs2Y
Lower the income tax rate for all earners
@8WF3V9G3yrs3Y
Yes, however we need to define what "rich" is. Currently definition still hits the middle-class disproportionately.
@9GCH9FS1yr1Y
No, but reduce loopholes and punish those who pay tax through shell businesses by fining them handsomly and giving jail time.
@9MTZ6J4Independent10mos10MO
Lower the income tax for people earning more than 50,000-Should be 30% not 40%. Make the 40% when someone earns 150,000
@9FKKMDX2yrs2Y
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
@98B7QJK2yrs2Y
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
@98FD5DD2yrs2Y
@9GZYQWR1yr1Y
make it fair for everyone , since humans don't even own earth i hate how we gotta PAY. to live under a roof.
@9NPKH8J10mos10MO
This can’t be answered without “the rich” being defined. If people with an annual income of over say £1,000,000 a year then definitely yes. But if it’s just increasing the tax amount for the current 40% or 45% tax bracket then no definitely not. I think there should be an additional bracket.
@8S4YTZF4yrs4Y
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
@9HY5DZX1yr1Y
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...
@99JH2SX2yrs2Y
no, but remove loop holes
@8ZFLG483yrs3Y
raise tax on rich and remove all existing tax loopholes for large corporations
@B444TX21wk1W
Yes — modestly, to ensure the wealthy contribute their fair share to fund strong public services, while maintaining a competitive and stable tax environment.
@B42XX2N1wk1W
Remove all existing loopholes and keep tax the same until the economy is better and we can lower tax.
@B22ZPN24mos4MO
Yes raise the taxes on the rich. We also need to adjust the tax system so that large corporations take advantage of loopholes in the tax system
@9ZZYF6Y4mos4MO
Raise taxes for the people that do not deserve to be rich because they are not hardworking. Lower taxes for the people that work the hardest.
@9ZS32QS4mos4MO
Yes but we should make it in brackets where if you earn a certain amount you half to pay mpre and if you earn less you pay less.
@9ZQYGK64mos4MO
They should be treated just the same as the less rich because they may have worked hard all their life to get where they are
@9ZPN6VS4mos4MO
Have tax on only what you buy. If you have more money to spend on what you want then there is more tax for the government and you get more stuff you want. Its a win win.
@9ZN4VCG4mos4MO
No. I believe everyone should pay taxes - if some middle class has to pay 50%, why do the lower class not have to? Everyone should pay the same taxes
@9ZM26SR4mos4MO
Redress the balance. If someone’s privilege and wealth is such that taxing them further won’t impact their quality of life where is the harm?
@9ZH2VY35mos5MO
YES. but also I believe it just needs to be FULLY reformed, the tax system DOES NOT WORK In this country, IT. MUST. CHANGE. not just taxing rich more, overhaul it.
@9ZGXSK25mos5MO
Lower all income tax rates and national insurance, increase windfall, capital gains and taxes on large corporations. Decrease taxes on small businesses.
@9ZGMF6X5mos5MO
Yes but only up to about 1 or 2 percent. This can be increased to 3 percent if they're a millionaire. If they're a billionaire this can be increased to 5 percent.
@9ZGKRCX5mos5MO
only tax the rich who have inherited / non-self made their money as those people have a naturally better position without all the hard work of those who earned their wealth had to go through.
@9XQ4WZB5mos5MO
Increase the personal allowance to be the recognised average wage per year and then charge everyone the same rate of income tax.
@9XMH825 5mos5MO
I realise that "from each according to their abilities, to each according to their needs" isn't actually practical, but allowing the excessively wealthy to line their pockets, and those of their cronies, needs addressing. Nobody can spend a billion £s/$s/€s in their lifetime and blasting 10s of millions up in smoke every now and then proves, what exactly?
@9XCY2FVLiberal Democrat5mos5MO
Yes, but by retaining the existing tax structure and adding new bands for incomes exceeding 10 times the national minimum wage
@9VMLNSS6mos6MO
I think the tax allowance should be 20k and I think after 20k the tax should be a flat rate of 25%, no NI, up to 40k, then 35% to 60k, 45% to 80k and that’s the max. However, corporate tax loopholes and tax breaks need to be closed.
@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.
@9TJJJPQ7mos7MO
Yes, make it so people who earn over 1 million GBP per year are taxed between 50-75% of their income, as £250,000 a year is more than enough money to live on yearly
@9TJ4FH7Liberal Democrat7mos7MO
Raise it for very wealthy and reform where the brackets hit, tax avoidance by very wealthy and corporate should be tightened like for paye earners
@9TG4GGF7mos7MO
No, and reduce cooperation tax, abolish capital gains, inheritance and property tax and cut the top rate of tax
@9T943GN7mos7MO
Look at meeting HMRC tax revenue targets, higher tax rates can result in less revenue as higher taxpayers leave the country or set up businesses elsewhere.
@9T6KPQT7mos7MO
The wealthy already have a significant portion of their income—up to 50%—taken through taxes, so I don’t believe further increases are necessary. Instead, it would be more effective to scrutinize how the government spends the money it collects. For example, in one instance, a government spent **£90,000 on fancy dress costumes**—a prime example of wasteful spending that doesn’t benefit the public. Additionally, the government sometimes funds projects, like left-wing media initiatives, because they align with the current political agenda. This kind of spending goes largely unchallenged, even though such projects can influence public opinion, which could be viewed as a form of political manipulation. The focus should be on curbing unnecessary spending rather than further taxing high earners.
@9SMFZ357mos7MO
if the rich are willing to pay more then they should, lower the tax for the poor, allow the government to give more support to the poor and charities helping the poor.
@9RSBQFJ8mos8MO
People should be taxed based on their net value and proportionate to how much of the time the individual spends in the country if it’s over a month (or whatever period becomes longer than just a holiday)
@9RLPW6P8mos8MO
Yes, There should be different tax rates based on each income bracket like low taxes for the poor and high taxes for the rich but not top high
@9RD3YLP8mos8MO
Yes, but focus on super rich, multi-millionaires and billionaires/big companies, capital gains tax / inheritance tax (not income tax) and close tax loopholes and crack down on tax avoidance.
@9QYWQS39mos9MO
They think the rich should pay more taxes than the poor, but not so much that they leave the country. They want to make sure the rich pay their fair share, but they also don't want to hurt the economy.
@9QSD6YY9mos9MO
Reduce tax evasion as taxing the rich just means that the middle class is taxed more heavily instead
@9QRYSLS9mos9MO
Yes, but not 'rich' as in people earning 100,000 to 500,000. Rich as in millionaires and billionaires.
@9QQKKGQ9mos9MO
No and get rid of certain taxes like inheritance tax and income tax which it mainly being large corporations that should be taxed heavier.
@9QQ9BQT9mos9MO
Add more tax brackets for earners earning significantly more than the top tax bracket currently. These brackets should have higher rates than the current top
@9QQ82WB9mos9MO
Create 2 tax brackets. One is for those under a household salary of £35,000 per annum, and the second for those above that household salary
@9QQ7RBQ9mos9MO
tax should have more divisive catagories, tax should change depeding on income. really high earners 80k and over should be taxed the most
@9QPLNMM9mos9MO
Tax the corporations!!! The CEO’s… they’re the rich… not the people earning £100k. Just let the every day folk have their hard earned money, they’re the ones who make the system tick while we all know where the money goes. It’s obvious where the tax should be and then reinvested back into the system. It’s actually sickening the amount of money being hoarded while there is a homeless issue and we turn away refugees. Shame on you “Great” British Gov.
@9QPHPCL9mos9MO
The incredibly rich should be taxed more heavily. But not people who have worked incredibly hard for their money and wealth.
@9QPHMTR9mos9MO
It’s not black and white, make paying fair tax easier is, I believe, the way to gain more revenue from the wealthy. Note: wealthy and rich is different
@9QPHJHD9mos9MO
Remove loopholes for large corporations and lower overall income tax rate but also separate out high income tax I.e. People on 500k should be taxed more than those on 150k.
@9QPBV5G9mos9MO
In some way yes. However tax brackets need to be changed. Earners at 40k and 100k are on two different spectrums. Tax brackets should be adjust more fairly to the middle and lower class workers.
@9QNTCDN9mos9MO
Still have the current structure but raise the thresholds because £50K doesn't mean what it used to and doesn't go very far
@9QNM8JG9mos9MO
45k is not the rich, this is middle earning and has been the same for years. Yes raise the tax on the rich, 45k is not rich
@9QNLH339mos9MO
Tax rates to stay the same but remove all loop holes. Blanket rule: if the transaction was made in the uk then you pay tax to the uk. Example ‘starbucks’
@9QNJXQW9mos9MO
No, but review how large companies are taxed where there is obvious avoidance, and introduce an incentive to pay a one off large tax payment to the UK to avoid corporation tax in the future
@9QNH67F9mos9MO
Harmonise the approach to capital gains tax with income tax and limit proceeds paid to banks on basic reserves held with the Bank of England, both of which are increasing taxes on the rich
@9QN2VFS9mos9MO
The rich should pay the appropriate tax related to their earnings and not put their money in an offshore account without paying tax on it!
Yes, raise the income tax rate for the rich and remove all existing tax loopholes for large corporations
@9QM74JR9mos9MO
No, the tax system should be used to encourage those to work and to earn more - to pay into the economy. although after a certain value this should be taxed at a higher rate.
@9QM64QM9mos9MO
people at the higher bracket such as 80k annual not the people just on 50k that are just in the supertax bracket
@9QLZBBW9mos9MO
I believe yes, but only when it comes to really really wealthy people such as millionaires and celebrities, very highly paid government officials and even the Royal family, not just your average person who happens to have worked really really hard for the money.
@9QLQ44V9mos9MO
Abolish tax income, disallow all deductions and increase sales tax on high sugar foods and drinks, alcohol, cigarettes, high saturated fat foods and drinks
@9QLPD3W9mos9MO
Super wealthy should be taxed more - someone who makes 5 million should be taxed as normal but anything above especially the billionaires should be taxed more
@9QLD6QR9mos9MO
Raising taxes on the "rich" is a good idea, but if they can avoid taxes altogether then there seems little point?
@9QLBDCB9mos9MO
Yes, but please define what is rich! Parties are mentioning increased taxes for anyone earning above £50k, I do not define that as rich in now way shape of form.
@9QL7X2J9mos9MO
Remove all tax loopholes and find an appropriate tax level for the mega rich. We want them to stay here, but pay enough to contribute sufficiently to justify their place in society.
@9QL5LTZ9mos9MO
No but rich people should pay a percentage for the services provided cover under the taxable services provided.
@9QKWBPC9mos9MO
Within reason so as not to discourage businesses from being based in the UK or individuals looking for ways to avoid paying tax, settling in the UK or investing in the UK
@9QKSSWL9mos9MO
Tax brackets should be reviewed as we are basing figures on an outdated view of high income. what was considered ‘rich’ is no longer the case
When you say tax the ‘rich’ I am talking about million billion and trillionaires. Taxing middle and upper class people is not my idea of rich
@9QK462G9mos9MO
We should have simplier and easier to understand taxes by abolishing NIC and rolling it into Income tax
@9QJYXZ29mos9MO
Yes, but redefine the brackets for "rich". A family making 100k in London is by no means rich given the cost of living there.
@9QJWJ699mos9MO
No, remove all income tax but instate a 50% 'luxury item'-VAT tax on items of extremely high value (all items valued over £80,000 - except 1 main residential property)
@9QJTCFB9mos9MO
Lower the income tax rate for the poor, maintain the middle band and increase for there super rich. Remove all existing tax loopholes for the rich and large corporations
@9QJPGP39mos9MO
There needs to be more tax bands. People that earn 500k shouldn’t pay the same as someone who earns 100k!
@9QJJTZ59mos9MO
Yes, but consider the impact on middle earning incomes/households - they always seem to get hit the hardest
@9QJFW8C9mos9MO
Redefine the brackets. A higher tax rate should be applied on earners £300k+, 40% bracket up to £125k is not "rich".
@9QHNSQT9mos9MO
Yes, raise taxes for rich. But, rich needs to be defined. For example, you need at least a 70k wage to live somewhat comfortably in London. 70k might sound like a lot, but it isn't. Tax loopholes for large corporations needs to be removed, and tax people more who are earning extremely high wages, like 100k plus a year.
@9QHFNXLConservative9mos9MO
Add another tax bracket for the obscenely rich and remove all loopholes for individuals and corporations
@9QHDLPF9mos9MO
You can’t truly tax the rich so this question isn’t well written. As always the middle earner would be the one squeezed.
@9QH8KVW9mos9MO
Depends on what rich is these days, people with millions yes people earning around 100k no. They need to close loopholes for both corporations and ultra wealthy
@9QGWBH29mos9MO
Yes, but by adding additional tax brackets so this doesnt impact well paid but still working class people
@9QGT7BF9mos9MO
YES! There should be no billionaires or multimillionaires! Make them pay for the destruction and inequality they’ve caused
@9QGSC8M9mos9MO
Top tax rate at 45% bracket should be raised to a higher amount and should not be as low as £50,271. The lower 20% tax rate should remain the same.
@9QG96KK9mos9MO
Everyone should pay tax fairly. Middle income earners who work hard should not be punished and tax should be lower as they tend to work harder. Millionaires/billionaires should pay a rich tax to support local communities.
@9QGBR2WLiberal Democrat9mos9MO
Define what is rich? I believe that working class people should keep more of there income as this will give working class people money to actually spend. the 40% bracket needs to be raised to £6000.
@9QG63JR9mos9MO
move the higher tax bracket - paying 42% on anything over £50k is not feasible in this economic climate. 50k is not a lot of money anymore.
@9QFXGZG9mos9MO
Everyone should pay the same percentage of earnings, regardless of how much they earn. The same rate is fair
@9QFJR6K9mos9MO
Remove income tax as a whole. The tax we pay on goods and services is adequate. National Insurance is fine! But tax on your income is excessive!
@9QFDCDL9mos9MO
Abolish the additional tax rate, lower the tax rates for higher rates and put the threshold up. Increase the annual tax free allowance.
@9QF664C9mos9MO
Increased taxation of the super rich (1% of the 1%), without removing the incentive to earn. Use the super taxes to ease burden on working and middle classes
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