Stop Coddling the Super-Rich

[Cobretti2]

HappySqurriel said:

kowenicki said:
Warren is a bit old now and sometimes it shows...

But he is spot on here.

I earn very good money and I pay tax to reflect this... but here in the UK the people who earn many millions per year pay the same tax rate as me... how is that reasonable?

There should be a rate of tax for extremely high earners, yes it wont raise that much in the grand scheme of things but it is about sharing the pain isnt it? Capital gains tax is even worse here... it should be tiered now and the limit raised to aid the less well off investor trying to better their futures. Not that capital gains are much of a problem in the current climate!!

Why should there be a higher tax rate for those who earn more?

In the western world today after you earn enough to cover your needs the money people earn is spent to buy a variety of luxuries. Why should one individual pay higher taxes than another when they're both spending this excess money on luxuries?

there is such a place, it is called Australia. We also pay tax for interest earnt from money (which has already been taxed) aka penalisedbecause you aresmart to save your hard earned cash.

 

Tax rates 2010-11

Taxable income	Tax on this income
0 - $6,000	Nil
$6,001 - $37,000	15c for each $1 over $6,000
$37,001 - $80,000	$4,650 plus 30c for each $1 over $37,000
$80,001 - $180,000	$17,550 plus 37c for each $1 over $80,000
$180,001 and over	$54,550 plus 45c for each $1 over $180,000