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xmoneyx
21 Mar 12 11:42
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Date Joined: 12 Jul 11
| Topic/replies: 57,007 | Blogger: xmoneyx's blog
if your rich--please leave thread
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Report Java March 21, 2012 10:51 AM GMT
Jealous of the 50% boys getting a cut eh?
Report xmoneyx March 21, 2012 10:59 AM GMT
its the off shore tax havens
Report Java March 21, 2012 11:01 AM GMT
What's that got to do with the budget?  Will the Tories be encouraging more widespread use of the offshoring of wealth?
Report xmoneyx March 21, 2012 11:22 AM GMT
companies off-shore --property---avoiding stamp duty
Report xmoneyx March 21, 2012 11:36 AM GMT
why did gordon brown drop 10p tax on lowest paid instead of raising threshold?
Report Money Still Tied Up March 22, 2012 4:40 PM GMT
My profit margin on BF this year is 0.12%. If you increase the commission, or increase the PC, my activity here is going to be much reduced or stop. Likewise with my business income.

I've got lots of money tied up in my company that has to be taxed as income when I take it out. I can take however much I like each year. I'm 35. If I take it out £10000/year for the next 100+ years I'll pay little tax. If I take it out at £30k/year I'll be paying normal rates of tax. I'd like to take it all out tomorrow and start another company. I'm not going to do that with a 60% marginal rate of tax.

My marginal tax with the 50p rate is:

I take £100 out of my company as income, £13.80 goes as employers NI, leaving £86.20. Then there is 2% Employee NI & 50% tax, which leaves 48% of £86.20, which is £41.37. Marginal rate of tax: 58.63%.

At the new 45% rate, my marginal rate is 2% Employee NI & 45% tax on the £86.30, which is £45.68. Marginal rate of tax: 54.32%.

The marginal rate of tax just determines how fast I'm going to draw down money from my company. It's better for everyone if I could take it all now, start a new company and employ some new people, but I'm going to do the right thing to maximize my overall income, and paying 60% marginal rates of tax on a lump sum won't do that.
Report Mister E March 22, 2012 4:44 PM GMT
Will the Tories be encouraging more widespread use of the offshoring of wealth?

George said "It was morally repugnant".

That has told them then.
Report Money Still Tied Up March 22, 2012 5:07 PM GMT
What is morally repugnant is when the government reduces the amount of money it demands from your £1m of income (on threat of imprisonment) from £590k to £540k, the media describe it as "giving £50k to the rich paid for by cuts from the pensioners and the poor".
Report blackburn1 March 22, 2012 5:10 PM GMT
Don't blame the media blame the bloke who could be our next PM.

That's where we're at
Report Java March 22, 2012 5:16 PM GMT
Correct MSTU.  And you get posters like Bentley Boy writing as if the poor are coughing up 50k out of their own earned income to give to the rich.
Report Money Still Tied Up March 22, 2012 5:22 PM GMT
You can't blame the socialists, their entire election platform is: "We're going to take money from the people who don't vote for us, and give it to the people who do."

The media don't have to follow the socialist's framing of the issue though.
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