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Post by Ravensword on Oct 3, 2015 20:59:03 GMT -6
How about a power plant that runs on baby tears? Sure, as long as you remember to use up everything in your freezer before the Death Panels reach the plant and cause a blackout. Those baby tear plants are exempt from the Death Panels b/c energy independence. I haven't decided which rate to vote for. Personally, I think a progressive tax is better than a flat tax. Simply put, that's where people w/ progressively higher incomes are taxed at progressively higher rates. It's what we currently have, but there has to be a limit. Most research shows that prohibitive tax rates simply push the highest earners to use loop holes or move their money off shore, become non domiciled etc. What we have is £ 10,600 of income free of tax, universally applied > £ £31,785 20% rate, less the personal tax allowance of £10,600 < £31,786 to £150,000 40% Standard Personal Allowance applies so tax is applied to income over £42,385 Over £150,000 45% Personal allowance applies. This is temporary and will be reduced to 40% again. Ah, of course. Rich people always whine and whinge about having to pay their fair share of taxes despite the fact that they still have way more disposable income than anyone in the lower brackets. I would suggest that these people put down Atlas Shrugged and pay their damn taxes. Obviously, w/ a progressive tax, you have to close loopholes as they appear. Easier said than done, I know. There needs to be some more brackets there. A person that makes just over £42,385 should probably be around 30%. Over £150,000 at 40% seems fair, but I would think that there would be a need to a few more tax brackets after that, b/c why should a person that makes millions a year pay the same tax rate as someone who makes just over £150,000? In any case, you can expect greedy people to hire tax preparers to find as many loopholes as possible within the tax code as well as moving money to tax havens, as you said. |
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