Author Topic: (U.K.) Govt hikes top income tax rate to 50%; AFP  (Read 1766 times)

Offline swanson

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(U.K.) Govt hikes top income tax rate to 50%; AFP
« on: April 22, 2009, 11:39:32 AM »
The tax man is on the March...

Expect it here as well.

swanson

Govt hikes top income tax rate to 50%   

http://www.breitbart.com/article.php?id=CNG.91afc63abb93d5e6768f1eb67b4c5022.a91&show_article=1

Apr 22 09:50 AM US/Eastern

The government will increase its top rate of income tax to a higher than expected 50 percent from next year, Chancellor Alistair Darling said on Wednesday as he delivered the government's annual budget.

The tax band had originally been due to rise to 45 percent from 40 percent in April 2011 as Britain seeks to claw back lost tax revenue caused by a deep recession.

The 50-percent rate will apply to any income above 150,000 pounds.

"In November, I announced a new rate of income tax of 45 percent on incomes above 150,000 pounds -- the top one percent of taxpayers," Darling said in his budget speech.

"In order to help pay for additional support for people now, I have decided that the new rate will be 50 percent and will come in from next April -- a year earlier."

Tommy Jefferson

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Re: (U.K.) Govt hikes top income tax rate to 50%; AFP
« Reply #1 on: April 22, 2009, 02:58:28 PM »
Expect it here as well.

If you sum up all the taxes Americans pay for government, it adds up to about 60%.  Try it.  Add up all your...

- Federal income tax
- State income tax
- Municipal income tax
- State property taxes
- Local school taxes
- Local property taxes
- State sales tax
- Local sales tax
- Hotel taxes, tobacco tax, alcohol taxes
- Fees for driver's license, car tag, car inspection, title transfers, building permits, et al.

It adds up for the average American to over 60%.

Try

Tommy Jefferson

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Re: (U.K.) Govt hikes top income tax rate to 50%; AFP
« Reply #2 on: April 22, 2009, 03:52:41 PM »
Our Founding Fathers were willing to go to war and die to fight off a tax rate of 12%

What a bunch of pathetic slaves Americans have become.




Offline swanson

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Re: (U.K.) Govt hikes top income tax rate to 50%; AFP
« Reply #3 on: April 22, 2009, 04:12:20 PM »
Quote
It adds up for the average American to over 60%.

+1,

Thanks for that...

Now I feel dirty and in need of a shower.

swanson

Offline Stein

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Re: (U.K.) Govt hikes top income tax rate to 50%; AFP
« Reply #4 on: April 23, 2009, 11:20:46 AM »
There is no way I pay anywhere near 60%.  I can get there by doing the reverse math and taking my gross income and subtracting stuff like our housing cost (minus tax), food, utilities (minus tax), services and savings.  At most, I am paying 20%, probably even less than that.  I have an annual budget in Excel so it is pretty easy for me to calculate that excluding sales tax, I pay 14% for everything else you mentioned.  Sales tax isn't levied on food items and I do a bunch of online shopping to further minimize that bill.

Most people spend about 25-40% of their gross income on housing alone which would leave them with zero money for food or anything else if they were paying 60% in tax. 

Also keep in mind the UK has all the same other taxes we do.  It isn't like income tax is the only thing they pay.

This is the most disturbing part for me:

Quote
Britain seeks to claw back lost tax revenue caused by a deep recession.

"Claw back?"  How can a government claw back something that is not theirs?  The citizens are the ones that should be clawing back their hard earned money.

Watch for Obama to use this number to justify raising our numbers.  It will be just like watching sports salaries soar, each country sets new highs based upon what the rest of the world is doing.

Offline theaccidentalsurvivor

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Re: (U.K.) Govt hikes top income tax rate to 50%; AFP
« Reply #5 on: April 23, 2009, 11:24:02 AM »
I know one way to lower your tax burden TJ..... more to a state with no income tax..... Texas for example!

there is a reason why in I believe 2008 that something close to 70% of all jobs created in the US were created here in Texas. (I'll look for citation, cuz I know the citation Nazi's will want it)  :P

http://texasonthego.com/index.php/editorials/201-entrepreneurs-90-daysn-on-you-marks-get-set-go.html

okay here it is.
« Last Edit: April 23, 2009, 11:27:27 AM by theaccidentalsurvivor »

Tommy Jefferson

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Re: (U.K.) Govt hikes top income tax rate to 50%; AFP
« Reply #6 on: April 27, 2009, 08:36:43 AM »
Everyone does not pay 60% in taxes, but the average person does.

Also, I forgot to include all the cost of taxes that get handed down to you from businesses.  Businesses don't actually pay taxes.  They simply pass the cost on to their customers who pay them.

Offline Jimbo

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Re: (U.K.) Govt hikes top income tax rate to 50%; AFP
« Reply #7 on: May 05, 2009, 01:01:18 PM »
"Our Founding Fathers were willing to go to war and die to fight off a tax rate of 12%

What a bunch of pathetic slaves Americans have become."

 For those of us who have serfs as ancestors, they kept MORE of what they produced than we do of what we earn >:(