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Originally Posted by Sephiroth
All that 'most people' you mentioned need to do is to read my previous post. Then they'll understand how it all works.
If those '£100K' bods are overtaxed, they'll leave and take the jobs they employ with them. I suggest you join the dots.
As to effective tax rates, I didn't understand your calculation by reason of the cumulative increase you cited. What did you mean by 'your wealth increasing by £60K (or £100K) per year'? After tax? After spending? What is the taxable salary within those figures?
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Everybody, gather round and read Seph's previous post to understand the detail of how the global, pan-tax jurisdiction, corporate capitalist market works and the intricacies of arcane financial instruments. You're a funny man
I never mentioned '£100K bods' so not sure where you got that from. As to leaving and taking their jobs with them, your Brexit put paid to most of that.
Finally, for such a financial guru, you would think that when we are discussing effective tax rates, it is blindingly obvious we are discussing the tax rate applied to gross income/wealth gains.
---------- Post added at 21:06 ---------- Previous post was at 21:01 ----------
Quote:
Originally Posted by Sephiroth
Ah - but Ian kept it vague as to what he meant by wealth growing by £100K/year. So there's no real reference point.
Ian doesn't like the idea of people being wealthy and only paying a top rate of 45% tax. If those people have their tax increased, they'll leave, imo. The wealthy may well have big business here and I have no doubt that they would move those business to a lower taxation country.
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Again, I never mentioned people paying 45% tax rate. Classic deflection from addressing the point I made.
I also like the idea of people being wealthy e.g. I like myself. I am not saying that middle income earners are to be impacted. Please stop making up BS.
I'll ask the question again:
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Let's take this example: your wealth increases each year by £60k, principally through income, and you pay an overall effective tax rate of, say, 35%. Let's then say that my wealth increases by £100m each year but my overall effective tax rate is 10% or less. Do you think this is fair & equitable?
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