You really are not listening here. I am not talking about PAYE earnings which a lot of high net worth individuals do not receive in meaningful terms. I know about RSU's, I get them and I pay an effective tax rate of over 50% on them. Again, I am not talking about the people who receive taxed at source income.
Here's an article that covers this problem:
https://www.lse.ac.uk/research/resea...ich-really-pay
This survey was done in 2015-2016. The wealth inequality has increases markedly since then. So back to my point:
The fact that you return back to the PAYE use case means you are not looking at those who generate their wealth through other means, exactly as intended.
I will leave this point with you, again from the article above:
and lastly, Rishi Sunak paid effective tax rate of 23% on £2.2m income in 2023, roughly the same as an average nurse earning £37,000. You would find this perfectly acceptable I presume?
Repeat good accountants
Labour should commission a root & branch reform of the tax system for high net worth individuals and large corporates to make the playing field a bit more level.