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At What Level Would Income Tax Have To Rise To

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A brief history of income tax levels since 74:

In 1974 the top-rate of income tax increased to its highest rate since the war, 83%. This applied to incomes over £20,000, and combined with a 15% surcharge on 'un-earned' income (investments and dividends) could add to a 98% marginal rate of personal income tax. In 1974, just 750,000 people were liable to pay the top-rate of income tax. [4] Margaret Thatcher, who favoured indirect taxation reduced personal income tax rates during the 1980s. [5] In the first budget after her election victory in 1979, the top-rate was reduced from 83% to 60% and the basic rate from 33% to 30%. [6]. The basic rate was also cut for three successive budgets - to 29% in the 1986 budget, 27% in 1987 and to 25% in 1988. [7]. The top-rate of income tax was cut to 40% in the 1988 budget.

http://en.wikipedia.org/wiki/Taxation_in_the_United_Kingdom

I feel no obligation to pay down my country's debts so personally I would be unhappy with any increase in the tax rates charged on income. As much as I would like to see the UK with very low debt levels I wouldn't happily sacrifice any more personal income to achieve this end, but whether I'm forced to or not is an entirely different matter of course.

Once again I'm blindly putting my faith on this matter into the hands of economics (so far that hasn't worked out too well, re gilts market/gov't borrowng and interest rates). If income tax was raised to pay off our massive national debt then many more would find it increasingly difficult to make ands meet which should make a political and economic impossibility. However it could ultimately boil down to public opinion. If the general public could be convinced that it was in their benefit to take on their share of the pain to ensure the country's future economic wellbeing then it would dampen down any opposition and make the process politically manageable.

Any thoughts on this issue?

Edited by chefdave

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A brief history of income tax levels since 74:

http://en.wikipedia.org/wiki/Taxation_in_the_United_Kingdom

I feel no obligation to pay down my country's debts so personally I would be unhappy with any increase in the tax rates charged on income. As much as I would like to see the UK with very low debt levels I wouldn't happily sacrifice any more personal income to achieve this end, but whether I'm forced to or not is an entirely different matter of course.

Once again I'm blindly putting my faith on this matter into the hands of economics (so far that hasn't worked out to well, re gilts market/gov't borrowng and interest rates). If income tax was raised to pay off our massive national debt then many more would find it increasingly difficult to make ands meet which should make a political and economic impossibility. However it could ultimately boil down to public opinion. If the general public could be convinced that it was in their benefit to take on their share of the pain to ensure the country's future economic wellbeing then it would dampen down any opposition and make the process politically manageable.

Any thoughts on this issue?

Yes, what you gonna do about it?

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Im already there.

Cut my working week to 3 days max. Ceased renting a whole flat privately in London.

The other 2 days a week i was doing just went on rent, i then paid extra tax on that extra money even though it only disappeared in to some BTL ers pension fund. Total waste of time.

Got an accountant who offers investigation insurance, so it wont cost me £3k just to hold my own.

Im clean but it wont stop me being out a few grand after its finished if i didnt have the insurance.

All legal.

I'm out.

Im ready(ish) for the bastards. :angry:

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A brief history of income tax levels since 74:

http://en.wikipedia.org/wiki/Taxation_in_the_United_Kingdom

I feel no obligation to pay down my country's debts so personally I would be unhappy with any increase in the tax rates charged on income. As much as I would like to see the UK with very low debt levels I wouldn't happily sacrifice any more personal income to achieve this end, but whether I'm forced to or not is an entirely different matter of course.

Once again I'm blindly putting my faith on this matter into the hands of economics (so far that hasn't worked out to well, re gilts market/gov't borrowng and interest rates). If income tax was raised to pay off our massive national debt then many more would find it increasingly difficult to make ands meet which should make a political and economic impossibility. However it could ultimately boil down to public opinion. If the general public could be convinced that it was in their benefit to take on their share of the pain to ensure the country's future economic wellbeing then it would dampen down any opposition and make the process politically manageable.

Any thoughts on this issue?

I can't find the references but I recall reading a study that claimed that a 50% marginal tax rate is enough to persuade the high income earners to consider emigration leaving a pool of lower income earners having to pay more in taxes or face a cut in benefits.

The higher tax rates go, the more likely it becomes that the state will collpase under its own weight.

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Won't you just be transferring more of the burden onto your fellow man?

Nope, because he then packs it in as well.

Laffer curve - the state should have shrank decades ago, but they borrowed and inflated to keep going passed their natural tax limit. Now that's over......bankrupcy inevitable.

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Won't you just be transferring more of the burden onto your fellow man?

Me? I wont do it.

But plenty will.

And they wont give their fellow man a seconds thought!

If you think that any such thoughts or pangs of remorse will enter their minds .... I'll stop there!

Edited by Nick Dastardly

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Nope, because he then packs it in as well.

Laffer curve - the state should have shrank decades ago, but they borrowed and inflated to keep going passed their natural tax limit. Now that's over......bankrupcy inevitable.

Don't be ridiculous. They whole scam works because most people enjoy their enslavement. They'd be lost without it. Injin, you really don't understand people.

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So long as there is enough left from a wage packet after stoppages, nobody will do much except gripe.

What will happen when there are large numbers without a wage packet, is a different question.

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Don't be ridiculous. They whole scam works because most people enjoy their enslavement.

I for one, certainly enjoy the whipping.

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Guest DissipatedYouthIsValuable
A brief history of income tax levels since 74:

http://en.wikipedia.org/wiki/Taxation_in_the_United_Kingdom

I feel no obligation to pay down my country's debts so personally I would be unhappy with any increase in the tax rates charged on income. As much as I would like to see the UK with very low debt levels I wouldn't happily sacrifice any more personal income to achieve this end, but whether I'm forced to or not is an entirely different matter of course.

Once again I'm blindly putting my faith on this matter into the hands of economics (so far that hasn't worked out to well, re gilts market/gov't borrowng and interest rates). If income tax was raised to pay off our massive national debt then many more would find it increasingly difficult to make ands meet which should make a political and economic impossibility. However it could ultimately boil down to public opinion. If the general public could be convinced that it was in their benefit to take on their share of the pain to ensure the country's future economic wellbeing then it would dampen down any opposition and make the process politically manageable.

Any thoughts on this issue?

This whole tax thing is yet another fantasy framed by some sort of morality and pretend mathematics.

At one stage I presume the tax take was actually used to directly fund collectivist services.

Then we moved to using the tax take to pay the interest obligations on money borrowed to fund collectivist services, by begging a few old bankers to allow us to let them create us a few digits with interest obligations.

The whole thing's a nonsense, as are the fake dualities of public/private sector and political wings.

Edited by DissipatedYouthIsValuable

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Won't you just be transferring more of the burden onto your fellow man?

And your point is . . .? Are you offering to take more yourself? Are you trying to shame people into paying more? Are you nuts?

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And your point is . . .? Are you offering to take more yourself? Are you trying to shame people into paying more? Are you nuts?

I thought I merely posed a question.

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Don't be ridiculous. They whole scam works because most people enjoy their enslavement. They'd be lost without it. Injin, you really don't understand people.

Physics > psychology.

The bulk of people wanted communism to work, they wanted facism to work - they even voted for that stuff because of their psychological issues. Doesn't make a gnats chuff of difference.

Doesn't work. Can't work.

I'd actually love it if it did, then I could knock off bothering about the truth of things and get a nice public sector job (my original plan three lifetimes ago.)

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The migrant locusts that permeated banking and finance are already voting with their feet.

They "only wanted to contribute and help the UK economy", ******** they were here for the wages and the lowish taxation at the upper end, easy money working in the banking scam, well they are toddling off now.

As for the rest of the population - persistently high emigration (if they can sell their overpriced housing in time before sterling collapses) and a large section of the population wondering how they would be treated if they had behaved like the finance sector and following suit - many will have learned a lesson - fraud and dishonesty pays.

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This whole tax thing is yet another fantasy framed by some sort of morality and pretend mathematics.

At one stage I presume the tax take was actually used to directly fund collectivist services.

Then we moved to using the tax take to pay the interest obligations on money borrowed to fund collectivist services, by begging a few old bankers to allow us to let them create us a few digits with interest obligations.

The whole thing's a nonsense, as are the fake dualities of public/private sector and political wings.

So would you like more income tax or less?

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I'll be checking out of UK Plc. at start of Jan 2010 when the 50% tax is introduced. Add in NI payments and the Govt devaluation of the pound then there's no incentive for me to keep working for a UK company and be paid in pounds.

My next contract will be in euros. Or I'm even thinking of finding a nice permanent job that will allow me to spend lots more time with the family. When you take into account family tax credits etc given to permies in France plus the holidays, I'd be nearly as well off as I currently am but for half the hassle. At least in the French system I'd have the impression I'd be getting something back for paying my taxes. eg. decent health care. Here in the UK, in spite of paying 1000's a month in NI, the local GP won't even let me register with them. :angry:

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I'll be checking out of UK Plc. at start of Jan 2010 when the 50% tax is introduced. Add in NI payments and the Govt devaluation of the pound then there's no incentive for me to keep working for a UK company and be paid in pounds.

My next contract will be in euros. Or I'm even thinking of finding a nice permanent job that will allow me to spend lots more time with the family. When you take into account family tax credits etc given to permies in France plus the holidays, I'd be nearly as well off as I currently am but for half the hassle. At least in the French system I'd have the impression I'd be getting something back for paying my taxes. eg. decent health care. Here in the UK, in spite of paying 1000's a month in NI, the local GP won't even let me register with them. :angry:

Pah, you cheese eating surrender monkey.

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I've gradually cut my hours over the past year and they've finally agreed to let me work 16 hours per week. Should be paying just a few quid a month in tax.

The downside is having to live a frugal life.....TFH'ists only!

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The bulk of people wanted communism to work, they wanted facism to work - ... Doesn't work. Can't work.

I'd actually love it if it did, then I could knock off bothering about the truth of things and get a nice public sector job (my original plan three lifetimes ago.)

I now have a picture of Injin regenerating Doctor Who style from mild-mannered council clerk to raging HPCer :lol:

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I can't find the references but I recall reading a study that claimed that a 50% marginal tax rate is enough to persuade the high income earners to consider emigration leaving a pool of lower income earners having to pay more in taxes or face a cut in benefits.

The higher tax rates go, the more likely it becomes that the state will collpase under its own weight.

The other point is that for every £1,000,000 earner you force out with a 50% tax rate (on income above £150,000), you need 40 people earning £250,000 to make up the difference.

£1,000,000 @ 40% = £400,000.

£250,000 - £150,000 @ 10% = £10,000.

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