Quote:
Originally Posted by Pierre
There's a lot of nuance in the word "wealth".
Income, in pounds shillings and pence is easy to understand and tangible.
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Ah, I see you conform to the required thinking. When people hear Income, most think of PAYE and it is this this section of society, those whose tax is deducted at source, that bare the brunt of the tax rises. They literally have no choice.
It is the other Income sources e.g. Dividends plus the net increase in asset values that is not taxed at the same levels. People complain about being taxed too much since they have no ability to escape it however, those with net worth in the tens of millions, are laughing all the way to the (offshore) bank. Net increase in wealth is quantifiable if the system is structured to assess it.
The irony is that those who can afford to pay the most, would not notice the loss are those would pay the least in effective tax rate terms. Here's the kicker: most people don't have a problem with it but, in the same breath, will be angry about helping those who have so little.