UK Taxes
TAXES
Just saw on TV... Taxes last year in the UK:
Total raised by HMG - £549 bn
These raised: Income Tax - 152 bn National Insurance - 97 bn VAT - 86 bn Corporation - Tax 43 bn Council Tax - 36 bn
Income Tax was initially temporary for only the wealthy paying 10% of their earnings - for the Napoleonic wars, 1799. Most is raised via Income Tax.
National Insurance does not pay exclusively for Health & pensions any longer. It is just tax for general use and goes into the same tax koffers as the rest.
Thatcher in 1988 - top rates was slashed for the rich. The only budget speech where the Commons sitting suspended because of unruly behavior.
Only 1% of the population earn over £100,000 per ann. 0.6% of pop earn less than £10,000 per ann. Top 10% of earners pay 90% of the tax. Richest 1% pay 27% of the tax.
BUT! the rich tend to avoid taxes, while PAYE cannot dodge tax. This makes the figures untrue. Many of the rich complicate their affairs to avoid paying tax and pay less than average earners. Taxes are voluntary for the rich as they can easily avoid tax - operate from off-shore.
ex Tory finance man Lawson, says their is an economic rationale for a "property tax", but political suicide. Well he is Tory. People do not like to pay tax on something they have already bought says David Laws of the LibDems. This was the nearest they came to LVT.
"People do not like to pay tax on something they have already bought". LVT is reclaiming economic growth created community activity. Not mentioned. I expected the LibDem man to be better than that, but I suppose he never edited the TV programme.
