The 50% and 30% tax rates?

[Liberty-101]

The idea is put forward every now and then, a 50% tax on incomes over 100 000.

Some say this would provide for a more progressive tax system and get more money for the government.

In theUK the Liberals are proposing this and saying it would fund a wide range of services.

I thought it was a good idea but some have siad there are not enough people in the country making that amount and those we are are smart enough to avoid it.

Thoughts on if it would work here?

Also didn't FG sugest a 30% tax band between the 20 and 40? Why have the present govt not done this whats wrong with the idea?

[qtman]

Also didn't FG sugest a 30% tax band between the 20 and 40? Why have the present govt not done this whats wrong with the idea?

That sounds like a FG 'policy' alright (populist, totally inequitable, utterly irresponsible)

[geraghd]

That sounds like a FG 'policy' alright (populist, totally inequitable, utterly irresponsible)

Go on....

[XRoot]

I prefer the flat tax idea. I'm going to rake up that argument again...

[idefix]

The fact that its a FG policy means the government won't implement it, interesting theory. :wink:

[qtman]

That sounds like a FG 'policy' alright (populist, totally inequitable, utterly irresponsible)

Go on....

Populist: its a tax cut for people for people who don't need a tax cut

Totally inequitable: its a tax cut for people for people who don't need a tax cut

Utterly irresponsible: its a tax cut for people for people who don't need a tax cut

[Liberty-101]

How is it a tax cut?

[smiffy]

How is it a tax cut?

Because many people in that bracket pay at a higher rate than 30%.

[geraghd]

Everyone needs a tax cut. Why do you hate people who have money?
The inequite in the tax system is caused by people are are earning very little on the 20% rate and suddenly when they earn a little more they are put on the higher rate at 42%.
The idea would not be to raise or reduce taxes but to creat a more fair system by introducing a third middle band.
Jesus, you make it sound like anyone earning a small bit of cash is suddenly evil and should be penalised because other people are poor even though anyone who just gets onto the 40% rate is earning pittance in this day.

[qtman]

How is it a tax cut?

Because many people in that bracket pay at a higher rate than 30%.

Its also a tax increase for people who need a tax cut.