UK income tax from 40 > 50% next month
 

Next month it will be in effect, anyone earning more then £150K will have to pay 50% income tax instead of the current 40%. Any UK guys ready to move abroad?

What percentage does Jagger pay?


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taxes in most countries will rise, rich and poor alike, when you tax the rich even if you remove the tax on poor altogether they still get hit hard.

Tax havens will be raising their prices for citizenship to cash in on all those wishing to leave their country of birth. St. Kitts is about $400k but $350k of that you could theoretically get back as you have to buy govt approved real estate with it.

GIMME SHELTER .... Stones style

The Stones pay just 1.6% tax on royalties (concerts ?)

http://www.thisismoney.co.uk/tax/inc...&in_page_id=77


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Socialism blows.

How much does ABRAMOVICH pay ?

Holly shit! This is fucking daylight robbery! I would never agree to pay such a "tax?".

"The Rolling Stones have paid just 1.6% tax on their earnings of £242m over the past 20 years."

:1orglaugh:1orglaugh:1orglaugh

Who would you need to earn 150K or more? Just keep your cash in the company, or move it to a trust or something (I'm no tax expert, lol!).

We"re at 58.5% income tax over here :Oh crap

That's ridiculous, great short term solution but I'm suspecting it will back fire on them...

Gotta love socialism. You didn't think you'd be getting universal healthcare and education for free, did you?

Well, it is 50% on anything earned above 150k, not 50% on 150k :2 cents:

That blows.... :(

WOW thats huge

I'm British :) Its great there but much easier to live here in sunny Scottsdale. I have to spend a lot less to heat the pool.

Oh and that tax thing. Medical expenses balance it a bit though.

Western Europe is fucked up, but if the people don't care and don't do shit about it, serves them right.

It's not the income tax that sucks - its the sales tax at 17.5% and likely to go up to 19-20% after the election in May.

True, taxes and duties in Europe are sky rocketing high

Holland: 52% income tax on income above ?55K, 19% VAT rate (except on food 6%), fuel has 66% duties

jee, its getting worse over here!
im paying 20% and thats still a damn lot!

Foreign 'executives' in Spain only pay 18%

Everyone pays 19% in Slovakia, companies, individuals, no income limits.

The UK is about to pay for 13 years of Gordon Brown. And if you end up with a Labour and Liberal alliance Government it will be a bigger bill. Spending money you don't have is not always the way to wealth.

wow this is ridiculous

Aren't US taxes about 50% for good earners, too?

My main hope is that Gordon wins or we do get hung parliament. If this happens the pound will collapse for sure, and dollars and euros will be worth lots and lots. :)

Very true for us in this business. It will also leave Gordon to clear up the mess he created. If the Conservatives get a majority they will get the blame for clearing it up.

It is Labour or the Conservatives winning...not Gordon or David unless they are your actual MP. If Labour wins Brown will be out at the first possible opportunity. Which makes it all the more important to vote for the party vs the leader. If he manages to lead the party to a squeaker of a win they will push him out. It will give them five years to try to find somebody else to stand again.

:2 cents:

its the bailing out of the capitalist banks that has forced the tax increase, it has nothing to do with healthcare and education.

There's nothing capitalist about what banks do and why they needed the bailout. In a capitalist society, a real free market, banks wouldn't be able to do what they do and wouldn't get bailouts.

http://mises.org/hoppeintro.asp

investment banks are privately owned (although they are gambling with other peoples money), how can it not be capitalism?

i didn't say the bailout was capitalistic, the british government, and other governments around the world, had no choice but to bail out the banking sector. it couldn't be allowed to collapse, that would have been financial armageddon.

No top bracket is 35%






Free market is the word, not capitalism, in a real free market AIG and rest of the crooks on Wall St would have failed. While you want to call it "financial armageddon", I call it a market correction

Eg-fucking-zactly... I hate all the BS people spout about how the free market has failed and point to these things as "evidence"... We never had a free market people it's full of government regulation, bailouts, and back door deals facilitated by our own government...

People blame "greedy wall street" and execs when really the government is to blame. The fact that a business man or company is after money is a constant, it's unchanging. When the government steps in to regulate, every regulation can then be used as a club by companies and businesses to push their own agenda and punish their competition. Our own government is what creates these issues and to correct their mistakes they pass more regulation and more regulation and more regulation... and then they start bailing bad business out. Nobody is too big to fall, it doesn't work like that, that's media hype and the government looking for an excuse to hide behind for gaining a larger foothold into regulating and controlling everything they can. This doesn't even touch on how they fuck with the market via interest rates, tax breaks, and minimum wage...

At least you have free health care.

In the US the highest federal tax bracket for individuals is 35% on income more than $373,650. And we also have to pay state tax, social security, medicare, etc.. I think that ends up being about 45%.

U.S. Federal Income Tax Brackets

http://3.bp.blogspot.com/_7VCdlb0ogA...x+brackets.bmp

wow country wants all jez

The NHS is expensive. :2 cents:

In a free market system, banks wouldn't be able to run all the scams they are able to run in a mixed economy.

One of these scams is know as fractional reserve banking. Banks basically create money out of thin air. This causes inflation, the transfer of wealth from the hands of people who actually created/produced products (or services) to the hands of the people who created the money out of thin air (the banks) (known as the Cantillon effect),...

If you or I started doing that, that would be considered fraud and counterfeiting and we would be sent to jail. If banks do that in a mixed economy, they are 1) allowed to do that by the government, 2) aided by the government (the whole concept of legal tender*) and 3) protected by the government and central bank.

In a free market system, banks that commit fraud would lose their customers and go out of business. Customers would be forced to act more responsible with their money and banks wouldn't be able to continue doing business or grow if they acted fraudulently.


* "Legal tender or forced tender is an offered payment that, by law, cannot be refused in settlement of a debt, and have the debt remain in force."

So I wasn't that far away.

It has a lot to do with health care and education. For years the Labour party spent money they had to borrow. Then when the banks failed the debt became unmanageable. Bailing out the banks did not help though.

We're not even close.

Ouch... I'm sure ours will go up more in due time.

America has hit the 70% tax rate several times throughout history... even in the 90+% tax rate a few years not so long ago. I'm sure the UK has taken a beating a few times as well.

It's just the way things balance out. More wars, more spending, more of everything, has to be paid for either way. It's not one thing, it's everything.

http://en.wikipedia.org/wiki/Income_...he_Netherlands

* Part of the income from EUR 0 to EUR 17,878: 33.5 % of EUR 17,878 is EUR 5,989
* Part of the income from EUR 17,878 to EUR 32,127: 42 % of EUR 14,249 is EUR 5,984
* Part of the income from EUR 32,127 to EUR 54,776: 42 % of EUR 22,649 is EUR 9,512
* Above that: 52 %.

Correct. Some places like Kansas City you even owe a 1% tax to the city.

Total tax revenue as percentage of GDP

http://www.oecd.org/dataoecd/48/27/41498733.pdf