50p Tax Rate

Euronymous

Euronymous

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Nick Clegg has said axing the 50p top income tax rate too early could "destroy" public support, as the Lib Dems gather for their conference.

The deputy PM said no decision would be taken without "consensus" between the coalition parties on the issue.

The 50p rate on earnings over £150,000 was introduced as a temporary measure under the previous Labour government.
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Personally I'd bump it up to 75p. But that's the commie in me I suppose.
 
It won't make any difference to the tax-dodging super-rich, anyway, will it, with their dosh safely invested in property, gems, gold, oil wells and football clubs? I see Bernie Ecclestone's 27 y.o. daughter Tamara is to adorn her £45,000,000 Kensington pad with a rock crystal bath which will need a total outlay of about £1,000,000 to get right. She's also concurrently looking for home in LA in about the £100,000,000 mark. Now, we don't really believe she's going to live in either full-time, surely? But if you're a billionaire, you've got to find a way to squirrel that money into something other than savings certificates...
 
True. I know it's a silly Utopian fantasy but I've always thought people should think about what they're left with rather than what they pay in Tax. Anything over 300k should be taxed at 99% - simply because no one deserves that amount of money anyway.
 
75 cent, not per cent. Mr O'Brien has been persuaded to pay a little more this year, although he's a tad below the category I was thinking of.
 
Not, entered debaterecently - other things taken over - but this 50p tax issue has irritated me. How can the Chancellor allow senior ministers to say/leak ' ..... but it doesn't raise any money!'

How can that be? It begs a serious question about tax avoidance and a government developing policies from a position of some would say near criminality.

A very annoyed MR2 (and for other reasons as well EMA, NHS ...... and I voted for the buggers)
 
Dan - Shouldn't it be the very rich in your statement? The definition of rich seems to vary widely depending on the stance of the writer. If one earns £200K pa annum on PAYE one pays roughly 50% taxes (inc. NI), end of. Does £200K pa put one in the rich class?
 
Taxes need to be high to pay for the massive public sector who process the return of the taxes to the taxpayer.
 
There is a perception in Ireland that the rich don't pay their fair share.

The median earner in Ireland pays just 5% tax. This compares to the OECD average of 20%.

Those earning over €1mn pay almost six times more tax as a percentage of their income than the median earners.

In 2009, 2/3 of those paying tax paid less than 10% of their income in income tax.

There are certainly people at the top of the system who dodge tax. But the top 0.5% of earners pay over 17% of the country's income tax. Their average tax rate is close to 30%.

As Euro says, that is as it should be. But most people in Ireland don't realise that is how it is.
 
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Those figures are a couple of years old. For 2011 figures, here is the proportion of earnings paid in taxes in Ireland.

€20k earner pays 2.3% in taxes
€40k earner pays 9.2%
€60k earner pays 16.8%
€100k earner pays 29.7%
€150k earner pays over 35%

Again, as it should be.
 
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