Jump to content


Photo
- - - - -

Marginal Tax Rate For Income £100,000 - £115,000


  • Please log in to reply
33 replies to this topic

#31 Mikhail Liebenstein

Mikhail Liebenstein

    HPC Guru

  • Members
  • PipPipPipPipPipPip
  • 6,149 posts
  • Location:Dorking

Posted 26 February 2012 - 08:09 PM

I don't think you'll get too much sympathy as hard-done-by :D Especially since your 62% marginal rate is so much lower than for a person of working age.

But that's a nice little illustration of why excess taxes are bad for the economy. Slash your marginal rate in half and ... 31% of something is more than 62% of nothing.


I think this thread makes an point though - £100k-150k PA isn't really rich.
Well off yes, and considerably better off than the majority - yes.

But it isn't rich, rich is probably having an unearned income of £500k + from assets and investments, so I guess you'd need £10m assets, and the flexibility to arrange your tax structure.

The mega rich are even better set up with hundreds of millions or even billions, and I think these are the people who need to be taxed.

Edited by Mikhail Liebenstein, 26 February 2012 - 08:10 PM.


#32 gadget

gadget

    HPC Veteran

  • Members
  • PipPipPipPip
  • 1,480 posts

Posted 26 February 2012 - 11:42 PM

I think this thread makes an point though - £100k-150k PA isn't really rich.
Well off yes, and considerably better off than the majority - yes.

But it isn't rich, rich is.....


".... someone earning considerably more than X"

where X is the salary of whoever is talking.

http://news.bbc.co.uk/1/hi/8151355.stm

Only 1% earn more than 118k apparently. There is no way being in the top 1% of earners does not make you rich.

Are there lots of people in London who earn a tonne more? Sure. Could they make you feel small at the golf club? Probably. Does that stop you being rich? No.

Edited by gadget, 26 February 2012 - 11:44 PM.


#33 porca misèria

porca misèria

    Porcine Aviation Enterprises

  • Members
  • PipPipPipPipPipPipPip
  • 14,833 posts
  • About Me:pig

Posted 27 February 2012 - 12:00 AM

Only 1% earn more than 118k apparently. There is no way being in the top 1% of earners does not make you rich.

If you earn £26k/year you're in the global top 1% of earners.

Whether either of those figures makes you rich depends on a range of circumstances. Above all, property ownership.

#34 MarkG

MarkG

    I live on HPC!

  • Members
  • PipPipPipPipPipPipPip
  • 11,945 posts
  • Location:Canada (ex-Surrey)

Posted 27 February 2012 - 02:33 AM

Only 1% earn more than 118k apparently. There is no way being in the top 1% of earners does not make you rich.


On a traditional income muliplier, that would allow you to borrow enough to buy a house around 400k. According to the BBC, the average house price in London is now 406k.

Being able to buy an average house in London does not make you rich.
"If the world operates as one big market, every employee will compete with every person anywhere in the world who is capable of doing the same job. There are lots of them and many of them are hungry." -- Andy Grove, Intel.




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users