What % of tax revenues should the rich (top 5%) pay?

[Kantor]

iBlah said:

Kantor said:

Ideally, I would set it out something like this:

First $10,000 - Tax Free

Next $40,000 - 10%

Next $50,000 - 20%

Anything above - 30%

Britain's sytem is currently ridiculous.

how does Britain's system work? My cousin earns around $75,000 and he's taxed 43% or something like that.

It doesn't >_>

Rate	Dividend income	Savings income	Other income (inc employment)	Band (above any personal allowance)
Lower rate	N/A	10%	N/A	£0 - £2440 applies only if total income falls in this band
Basic rate	10%	20%	20%	£0 - £37,400
Higher rate	32.5%	40%	40%	over £37,400
Additional rate	N/A	50%	50%	over £150,000

The personal allowance is roughly £6,500, but it varies from person to person.

The higher rate comes in far too early. I would change the higher rate to 30% and really only introduce it on "luxury" income - perhaps £80,000. The additional rate really doesn't need to exist.

Anyway, your cousin should be earning around £48,000, if he earns $75,000..

That's £9130 tax.

19.125% tax. No idea where he got 43% from - to be paying that, he would need to be earning well over £150,000 per year.

On top of that comes National Insurance (11%) and Council Tax (miniscule), but it still shouldn't go above 30%.