Cyclone Posted August 16, 2011 Share Posted August 16, 2011 We're not even really talking about entrepeneurs. We're talking about people paid salaries of more than 150k. That includes numerous civil servants, a large number of employee's in the financial sector, directors in many moderate or larger companies across the country, etc... Most of these people will be good at their job, good at business or at running a business, but probably aren't interested in starting their own company or inventing things. Link to comment Share on other sites More sharing options...
studentbob Posted August 16, 2011 Share Posted August 16, 2011 This is an interesting article, and particularly relevant to I1L2T3's argument I think http://www.open2.net/money/briefs_20060302_tax.html Since we're discussing exactly those people, the ones who work for a salary of 150k+ it would seem that his dreams of them avoiding tax are just that, dreams. It's like they've interviewed him! We're not even really talking about entrepeneurs. We're talking about people paid salaries of more than 150k. That includes numerous civil servants, a large number of employee's in the financial sector, directors in many moderate or larger companies across the country, etc... Most of these people will be good at their job, good at business or at running a business, but probably aren't interested in starting their own company or inventing things. So if the majority of people affected are salaried and have no easy ways of avoiding the tax, the argument for reducing the rate to encourage less avoidance is nonsensical. Loopholes for the super rich can still be closed but that is another matter and wouldn't affect those you are talking about. Link to comment Share on other sites More sharing options...
Cyclone Posted August 16, 2011 Share Posted August 16, 2011 Indeed.... Link to comment Share on other sites More sharing options...
barleycorn Posted August 16, 2011 Share Posted August 16, 2011 Tax break imminent for those on high earnings? Mr. Osborne has decided in his infinite wisdom that now would be a great time to cut income tax for the wealthiest people in the country. Whilst on Radio 4's Today programme, Mr Osborne 'hinted' that the 50p in the pound rate remained under review for those earning over £150,000 per annum. At this time when the man in the street is facing financial difficulty with price hikes on just about everything, while the wages of many are being frozen or cut and while the rich/poor divide widens further; is this a wise consideration at this time? What are the opinions of the forumers on this? Some background info. Eight pages of replies and still no one has posted the Laffer curve. Whether a tax cut for high earners will result in more or less tax revenue depends whereupon the curve we are at present. jb Link to comment Share on other sites More sharing options...
Cyclone Posted August 16, 2011 Share Posted August 16, 2011 Interesting, I've never heard of that before. Is it possible to modify the thought experiment to produce a curve based on tax rates that change depending on income though? The curve in the article is based on there being a flat rate of tax, which isn't the case. Link to comment Share on other sites More sharing options...
poppins Posted August 16, 2011 Share Posted August 16, 2011 Billionaire Warren Buffett wants the weathly like him, to pay more taxes , in the meantime why doesn't he put up a few million of his own to help out for the time being Link to comment Share on other sites More sharing options...
ricgem2002 Posted August 16, 2011 Share Posted August 16, 2011 This is an interesting article, and particularly relevant to I1L2T3's argument I think http://www.open2.net/money/briefs_20060302_tax.html Since we're discussing exactly those people, the ones who work for a salary of 150k+ it would seem that his dreams of them avoiding tax are just that, dreams. "If your income comes from employment, there is very little scope for avoidance. HM Revenue has it pretty well pinned down. Even if your employer might be prepared to go along with a complex scheme, they might find themselves having to pay your tax themselves, and this discourages them!") i wonder who put this in place ( and why paye employers are hardest hit )oh let me think some wealthy person who it dosent affect Link to comment Share on other sites More sharing options...
Cyclone Posted August 16, 2011 Share Posted August 16, 2011 Billionaire Warren Buffett wants the weathly like him, to pay more taxes , in the meantime why doesn't he put up a few million of his own to help out for the time being He has pledged to give away most of his fortune when he dies... Along with quite a few other philanthropists. Link to comment Share on other sites More sharing options...
Rupert_Baehr Posted August 16, 2011 Share Posted August 16, 2011 Billionaire Warren Buffett wants the weathly like him, to pay more taxes , in the meantime why doesn't he put up a few million of his own to help out for the time being A few million? Why are you ignoring the 37.4 BILLION dollars he gave to charity? Link to comment Share on other sites More sharing options...
Gordonb Posted August 16, 2011 Share Posted August 16, 2011 Nice to see DC is in todays papers still on about cutting child benefit from the high earners. Shame he doesn't go a bit further and cut it in future to a maximum of 2 kids. Link to comment Share on other sites More sharing options...
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