UK Tax cut for the wealthiest (page 3)

Anony Mous

Taxes are bad, any reduction of them is good for the economy. All tax breaks are tax breaks for the rich, the poor do not pay taxes.

Even if you go for a flat tax rate or want to eliminate all taxes, the rich will always have their taxes reduced by more. If I could afford a Ferrari, I will pay $250k * 10% in taxes. If I am poor, I will buy a piece of shit and pay $2500 * 10%. If someone eliminated sales taxes, the media would still say: hey the rich guy got their taxes reduced by $25000, and you only got $250, get the pitchforks.

In the US, approximately 80% of the Federal Revenue is paid by people making over 250k, 90% of it is paid by people making over $1M.

Reagan cut marginal taxes from 73% to 28%, the US saw the greatest economic recovery followed by the greatest income growth (20%/year) until Clinton destroyed the dotcom era with taxes, regulation and interest rate shenanigans.

Thatcher cut marginal taxes from 80% to 60% and although not as great as the US, it did start an economic recovery that lasted until Tony Blair “redistributive economy” hiked taxes by an estimated GBP2000/person/year (even at the low end) which doubled interest and inflation rates.

Simon

Everyone should contribute to society and pay a proportion in tax. If you don't contribute, you don't value things. We now have a whole segment of the population that thinks they can smash and destroy whatever they want with zero consequences. When things come out of your pocket, it changes the equation.

All taxes should be a simple percentage, then we could abolish the tax regime itself which costs a fortune to run. Also the "hidden" tax of the cost of doing your tax returns.

Give the government less money and they have less chance of pissing it away on nonsense.

Simon

The bitter, jealous and feeble minded only see "rich man pay less" because they are simplistic and can't do math. it's partly why they are poor.

It's hard for any tax cut to not give more to the rich because the taxes accumulate so whatever level gets a cut applies to those and all levels above.

The rich pay all levels so naturally get all cuts.

Continuing along the path of reducing the number of people who pay any tax is unsustainable and has a devastating negative affect on society as a whole.

The welfare state should be temporary and an absolute safety net, not a lifestyle. There should never be generations of people in families that don't work.

Taxation isn't the way to solve income inequality. It simply creates an ever more complex system that will always benefit the wealthy who can afford to hire people (and who have the added incentive) to find the loopholes.

TonusOH

I recall reading about a concept called a "diagonal tax," which is a clumsy name, but an interesting option. Exempt all income up to a certain amount, then tax anything above that at a flat rate. It doesn't solve the issue of representation, but it simplifies things without placing a burden on the poorest people.

I understand that in some countries, taxes are simpler and assessed by the government via a straightforward calculation. The tax code in the USA is very complex, and any attempts to simplify it run afoul of the lobby for tax prep companies (which are often arms of large finance firms), which make a lot of money by navigating the complex mess of taxes for citizens. It'd be great to have a simplified tax system. What we have now is so complex that you can go to great pains to do your taxes correctly and still run afoul of the law. And the government, through the IRS, can be brutal in its treatment of citizens who underpay by even small amounts.

The same IRS, mind you, which is now the beneficiary of additional billions in government funds intended to increase its size by some 87,000 workers...

Anony Mous

I do believe you can run a government without any or minimal taxation, one system that has been proposed is to only levy a minimal total property tax.

That guarantees that the only thing the government would be interested in is protecting the value of real property, people aren’t hoarding property because it would cost too much money, businesses would optimize for space and thus it would become affordable for anyone to buy and own property. People would be forced to make long term decisions, in the realm of policy and anywhere else.

The government shouldn’t be in charge of welfare or any other services, leave that to individual organizations such as charities and insurance.

Nathan Natas

Simon says, "The bitter, jealous and feeble minded only see "rich man pay less" because they are simplistic and can't do math. it's partly why they are poor."

AMEN, BROTHER! I would only say that innumeracy is a BIG part of why people stay poor. I started out poor (welfare family in NYC and Ky), broken home (thanks to The Tower) and a semi-literate mother who thought that education wasn't important. Fortunately I took ECON 101 as an elective in High School.

I worked hard, saved money, invested and today I am worth more than a Big Mac (at McDonald's).

I have two idiot brothers that still attend Watchtower indoctrinations. One live alone in government housing, the other gives his time and his mind to the cult. He's an "elder" maybe soon one of the new "circuit servants" (positions will be filling soon, get your résumés in soon!

FedUpJW

If I could afford a Ferrari, I will pay $250k * 10% in taxes. If I am poor, I will buy a piece of shit and pay $2500 * 10%.

Such a simple way of putting it. I cannot understand why people just don't get it. IMO the most fair tax would be a flat sales tax, with food and medical care exempt entirely. Why? Because any tax on income is a tax on productivity. Work hard, pay a tax on your labor. Live a conservative life and save some money or invest? You are penalized for that! A tax on spending is a tax that is entirely in the control of the people who pay it. Those who scream that it is unfair to the poor do not seem to realize that a "poor" person isn't going to be buying that Ferrari, or the huge yacht. When the "poor" person goes and buys his $800.00 smart phone instead of a necessity then let them pay a tax for it. Just my two cents worth. Most will not agree and that is just fine.

Simon

I would only say that innumeracy is a BIG part of why people stay poor.

And that's why the school system is so bad at teaching financial literacy (along with everything else).

It's easy for the political class the teachers unions support to manipulate those poor people by pointing at "rich man bad" in order to keep power and control.

So the poor dumb end up voting for the people who made sure they were poor and dumb in the first place, so the cycle can be perpetuated.

bigmac

Nathan Natas:

I am worth more than a Big Mac (at McDonald's).

OY you--shaddup.

Rivergang

All tax breaks are tax breaks for the rich, the poor do not pay taxes.

You don't mention anything about those on middle-incomes?

UK Tax cut for the wealthiest

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