anonguest Posted February 17, 2015 Share Posted February 17, 2015 Seeing the other thread about Osborne and tax just got me wondering. Purely hypothetically....... Assuming that the general division and allocation of Income Tax remains the same (i.e the same 'progressive' three bands, for lowest, middle and highest earners) and that the majority of tax is paid by the 'middle class'......and that ALL OTHER TAXES (including NI) were abolished overnight with the total current government revenue to be covered solely by income tax..... Just how high would income tax have to be? Anyone know? Quote Link to comment Share on other sites More sharing options...
RIP Posted February 17, 2015 Share Posted February 17, 2015 Sorry to be pedantic but do you want the just revenue covered or the SPENDING (including not just current stuff but allowing for future pensions, paying down govt debt, PFI, student loans, FLS, HTB, blah blah all the stuff we know and love)? If the latter, tax rate probably be 101% of your earnings ;-) Quote Link to comment Share on other sites More sharing options...
Goat Posted February 17, 2015 Share Posted February 17, 2015 These are the proportions for 2008/09, I doubt they've changed significantly: Income tax = 29% so realistically higher rate would need to be ITRO 130%, basic rate maybe 75%. In reality I'd say our income tax receipts are pretty much maxed out anyway. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted February 17, 2015 Share Posted February 17, 2015 (edited) These are the proportions for 2008/09, I doubt they've changed significantly: Income tax = 29% so realistically higher rate would need to be ITRO 130%, basic rate maybe 75%. In reality I'd say our income tax receipts are pretty much maxed out anyway. I'd say they've changed significantly. Income tax/national insurance down nearly 20% overall as a share of total taxation (48% >40%) despite people crowing about how much tax they pay. Corporation tax down by about a third from 9% to 6% despite big business crowing about how much tax they pay. But if it suits your agenda, you keep posting 2008-09 figures from wiki rather than 2014-15 budget projections. Edited February 17, 2015 by 8 year itch Quote Link to comment Share on other sites More sharing options...
vin rouge Posted February 17, 2015 Share Posted February 17, 2015 I can't see parking fines, speeding fines or parking receipts on the list. Quote Link to comment Share on other sites More sharing options...
renting til I die Posted February 17, 2015 Share Posted February 17, 2015 I can't see parking fines, speeding fines or parking receipts on the list. However they make you feel, fines are not taxes. Quote Link to comment Share on other sites More sharing options...
Goat Posted February 17, 2015 Share Posted February 17, 2015 I'd say they've changed significantly. Income tax/national insurance down nearly 20% overall as a share of total taxation (48% >40%) despite people crowing about how much tax they pay. Corporation tax down by about a third from 9% to 6% despite big business crowing about how much tax they pay. But if it suits your agenda, you keep posting 2008-09 figures from wiki rather than 2014-15 budget projections. 2008/09 just happened to be the first chart I saw, I'm surprised the proportions have changed so much. Presumably a lot of this represents the effects of the recession, since 2008/09 predates the 45/50% tax bands and the higher rate threshold has come down from £37,400 (2009/10) to £31,865. I'm not sure how posting earlier figures "suits my agenda" since the later figures are in fact worse and would imply a higher rate tax charge of 160% with basic rate at 80%. Quote Link to comment Share on other sites More sharing options...
anonguest Posted February 18, 2015 Author Share Posted February 18, 2015 However they make you feel, fines are not taxes. Well....at a local level (e.g parking fines) some are now in effetc taxes - as councils/local authorities now actually assume in advance how much revenue they will make from parking fines in advance, as part of their overall budget making process (i.e they have become de facto dependent on the revenue from them). IF not a single parking ticket were issued, from today for the next 12 months, in my local London borough through some miraculous conversion of local motorists to sainthood then the council would be in a real pickle financially. Quote Link to comment Share on other sites More sharing options...
renting til I die Posted February 18, 2015 Share Posted February 18, 2015 Well....at a local level (e.g parking fines) some are now in effetc taxes - as councils/local authorities now actually assume in advance how much revenue they will make from parking fines in advance, as part of their overall budget making process (i.e they have become de facto dependent on the revenue from them). IF not a single parking ticket were issued, from today for the next 12 months, in my local London borough through some miraculous conversion of local motorists to sainthood then the council would be in a real pickle financially. I agree that this is true but the poor financial management of the local authorities still doesn't make a fine, a tax. I must adhere to this motorists sainthood you speak off, as haven't had a parking or speeding ticket for many years, BTW I'm selling my car (so, no more taxes, I mean fines, for me! or road tax for that matter), anyone want to buy a low mileage 2007 Ford Fiesta! Quote Link to comment Share on other sites More sharing options...
John51 Posted February 19, 2015 Share Posted February 19, 2015 Didn't expect to see stamp duties almost twice as much as tobacco duties. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted February 19, 2015 Share Posted February 19, 2015 Council tax 5%, Earned income, 44%. Guess we know which is sacrosanct. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.