UK's wealthiest paying "virtually no income tax"

The most interesting part for me is that this is NOT tax evasion, and that it is within the rules of tax law. I haven't been following the Occupy as closely as many people here, but I can see why people are seeing the ethics of 'hard work' and 'responsibility' from the lower classes that the UK government has been pushing since the London riots as the answer to all social problems as total bullshit, and that I probably would be rioting and protesting too if I worked for a pittance while watching the profits of my work go to a few at the top.

 

The wealthy in The US gain huge deductions for property tax paid and for mortgage interest.

Those huge homes are just write-off factories.

Why a Kitchen re-model featuring stainless steel appliances and stone counter top should earn a tax write-off is beyond me.

 

Do a google search of Henry George and land valuation tax. Unpopular with the big end of town because you cannot hide land.

 

the richer you get the more secrets you get :sad:

 

You're a bright fellow, I'm sure you already knew that Cameron was full of fucking shit. This is definitely another confirmation though.

 

I'm sure I would have too, if I lived in the UK and had the misfortune to be exposed to him every day. Everything I read and see coming from he just makes me wrinkle my forehead in confusion, asking myself if we're on the same planet.

 

I dont really understand negativity when talking about that top 1% giving money to charity. Calling them greedy for giving money to charity? It would be a far more effiicient use of that money compared to giving it to the government, which by the time it has gone through 1000 bureaucrats gets wiltered down to far less.

Same with investment, having the interest on a loan thats used for investment as a tax deduction is the standard everywhere. If it wasnt that way nothing would really get done, or built.

When it comes down to it, it is better for the little people if that 30% of the top 1%'s income goes straight into charity, construction, investment, businesses etc rather than the government dicking around with it

 

Well let me try and help you understand. The 1% uses the power of attraction, part of the teaching goes like this.... Giving because you have more then enough reinforces the fact and you will receive much much more. Also doesn't look bad in the public eye either

 

That, and they get to write it off on their taxes, so guess who just gave all that money they so graciously donated to charity...

 

The most interesting part for me is that this is NOT tax evasion, and that it is within the rules of tax law.

 

Well... Who writes the laws?

 

The highest tax-payers...is that what you're getting at?

 

Maybe it's different in the UK, but in the US those that write the tax laws are those that can utilize the loopholes they include in said tax laws... Thus paying less taxes, percentage wise, than the middle class that can't utilize those loopholes.

 

This a typical case of "reverse socialism".

Socialism for the rich and the elites and austerity for masses.

A nation is judged in how it treats it's less well off in society.

 

I like this quote from FDR: "The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have little."

 

.

 

funny i just watched panorama on tax...


http://www.bbc.co.uk/iplayer/episode/b01hzg7y/Panorama_The_Truth_About_Tax/

 

This is a typical case of "reverse socialism".

Socialism for the rich and the elites and austerity for masses.

A nation is judged in how it treats it's less well off in society.