ATW QUOTE OF THE DAY
By Pete Moore On July 11th, 2012If you want to increase the incomes of the poor then just stop taxing them so bloody much.
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You’re going to love this:
http://www.bbc.co.uk/news/uk-northern-ireland-18792010
Worstall is right on the money. In the current tax year:
NMW (£6.08 x 40 x 52) = gross pay = £12,646
Employees nic 12% (starts at £7,592)= £606
Tax 20% (starts at £8,105) = £908
Total deductions = £1,514 = an effective tax rate of 12% which is higher than many of the city spivs and scammers pay, as we’ve learnt recently.
That logic might be valid if we paid our bills ‘by percentage’, but we don’t, we pay in cash.
One man’s small % is peanuts, to another man it is the price of a meal. I’m surprised that people still fall what must be one of the oldest political tricks in the book.
Peter, it is a lot higher than that. Add in council tax, petrol, cigarette and alcohol duty and VAT then it probably pushes that tax burden north of 40%.
Another ‘blast from the past’, – wasn’t VAT supposed to eventually replace the need for most of our direct taxation? That was started under Heath in 1973…that was when the top rate of personal tax was some 83%.