So if you earn more, invest your money, maybe own a business that employees people, giving them a decent above average wage so they can support their family without worries. Have a some nice things, you purchased as a reward for yourself, as you’ve worked really hard making critical decisions.not only for yourself but your employees, you should be taxed more?
EDIT: So instead of investing that money into your business and employees, setting up charity donation deductions, to help the homeless and those in need. Support for other community services through donations . That money should be going to the government and not to the charities and other local outreach programs, we should give that money to the government as tax and let them decide if a charity is worth their time or not.
Thats literally the point of income tax, those who earn the most pay the most. Every house hold that makes up that same 1% is worth a minimum of £3.6 million (for contrast, the poorest 10% of households are each worth an average of £15k), so yeah, I think they can afford to share.
Anyone who is rich enough to be wealth taxed will just leave, if you cannot create your own wealth then people will either not bother or leave, either way you remove the wealth of a nation that way. And make it poor. Regardless of whether you think being rich it morally right or not.
As it should be. In fact, it should be moreso. The wealth these top deciles have is ludicrous. They can pay all that and STILL live in luxury.
Wealth they have is wealth we don’t. Wealth they have is overwhelmingly disproportionate to how hard they work. The distribution of money is a zero-sum game.
If you’ve enough cash to be in the top 1%, you’ll not be having an ‘income’ in the same way as you and I.
You might own a $billion company but your income from such venture would probably be $1 and won’t be taxed.
Of course, you’ll have your other billions in off-shore accounts, trust funds and the like which won’t be taxed.
What would be wrong with a wealth tax with a high threshold? I fully agree that higher earners should pay a larger share of income tax. However, I also think it’s even more fair to tax people’s inherited and unearned wealth higher than people’s earnings through work.
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So if you earn more, invest your money, maybe own a business that employees people, giving them a decent above average wage so they can support their family without worries. Have a some nice things, you purchased as a reward for yourself, as you’ve worked really hard making critical decisions.not only for yourself but your employees, you should be taxed more?
EDIT: So instead of investing that money into your business and employees, setting up charity donation deductions, to help the homeless and those in need. Support for other community services through donations . That money should be going to the government and not to the charities and other local outreach programs, we should give that money to the government as tax and let them decide if a charity is worth their time or not.
Thats literally the point of income tax, those who earn the most pay the most. Every house hold that makes up that same 1% is worth a minimum of £3.6 million (for contrast, the poorest 10% of households are each worth an average of £15k), so yeah, I think they can afford to share.
https://www.theguardian.com/money/2022/jan/07/richest-uk-households-worth-at-least-36m-each
Anyone who is rich enough to be wealth taxed will just leave, if you cannot create your own wealth then people will either not bother or leave, either way you remove the wealth of a nation that way. And make it poor. Regardless of whether you think being rich it morally right or not.
As it should be. In fact, it should be moreso. The wealth these top deciles have is ludicrous. They can pay all that and STILL live in luxury.
Wealth they have is wealth we don’t. Wealth they have is overwhelmingly disproportionate to how hard they work. The distribution of money is a zero-sum game.
If you’ve enough cash to be in the top 1%, you’ll not be having an ‘income’ in the same way as you and I.
You might own a $billion company but your income from such venture would probably be $1 and won’t be taxed.
Of course, you’ll have your other billions in off-shore accounts, trust funds and the like which won’t be taxed.
What would be wrong with a wealth tax with a high threshold? I fully agree that higher earners should pay a larger share of income tax. However, I also think it’s even more fair to tax people’s inherited and unearned wealth higher than people’s earnings through work.