Britain's economic security put at risk by growing reliance on taxing the rich, OBR warns

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Britain's economic security is being put at risk by the growing reliance on taxing the wealthiest, the official financial watchdog has warned.

The Office for Budget Responsibility revealed that over the past decade the proportion of income tax paid by the top 1 per cent has risen from 24.4 per cent to 27.7 per cent.

It said that Britain's "reliance" on a small number of people paying so much of the nation's tax means that the economy is now more "vulnerable" to financial shocks than it was before the recession a decade ago.

The report also raises concerns that the bulk of revenues from stamp duty are now coming from the wealthy after a series of tax rises by David Cameron's Government.

The watchdog says that Britain's economy could face significant damage if wealthy people, who are are "highly mobile", choose to move to other countries with lower tax rates.


http://www.telegraph.co.uk/news/2017/07/13/britains-economic-security-put-risk-growing-reliance-taxing/

Raggamuffin wrote:

Thorin wrote:

Raggamuffin wrote:

So you really meant to say that those on a low income shouldn't be taxed. Still, at least you have admitted that you made a mistake.

Is that what you think?

Well if you don't admit it, that makes you an idiot because you thought that pensioners don't have to pay tax.

LOL
You know someone is totally wrong when both me and raggs are making the same point.

Liability is based on income, not employment/retirement,
eligibility is based on being a citizen and/or operating economically within a country

PLUS Thorin still hasn't said WHO should pay? if the 1% don't

veya_victaous wrote:

Raggamuffin wrote:

Well if you don't admit it, that makes you an idiot because you thought that pensioners don't have to pay tax.

LOL
You know someone is totally wrong when both me and raggs are making the same point.

Liability is based on income, not employment/retirement,
eligibility is based on being a citizen and/or operating economically within a country

PLUS Thorin still hasn't said WHO should pay? if the 1% don't          

Making things up again I have not said.

At no point would there be a case that nobody would pay the 1%, unless nobody earned enough to pay within that bracket

I asked you yesterday what I did actually say about inequality within the 1%?

You again ran away

Thorin it's simple reality of economics
your gov't services cost 10x dollars if you give a group a 1x cut in tax, you have to make it up elsewhere or cut services
SO explain what your solution is?

just saying "oh it is a problem"? while ignoring the reason they are paying a higher portion of tax is because there is a growing number in the bottom not paying tax because they do not earn enough. A.k.a what I said originally, the issue is not the 1% paying, the issue is that the other end can't afford to pay at all)

veya_victaous wrote:Thorin it's simple reality of economics
your gov't services cost 10x dollars if you give a group a 1x cut in tax, you have to make it up elsewhere or cut services
SO explain what your solution is?

just saying "oh it is a problem"? while ignoring the reason they are paying a higher portion of tax  is because there is a growing number in the bottom not paying tax because they do not earn enough. A.k.a what I said originally, the issue is not the 1% paying, the issue is that the other end can't afford to pay at all)

Not even the point I am making or anything I have said, yet again.

Again showing you are not even reading what is being said

Again my point was on the inequality within the 1%, between those who are the 0.1%

Labour had 13 years to raise the tax rate of top earners... but only did it a couple of months before the 2010 election when they got booted out of govt... the result of this increased tax rate actually caused a reduction in money received in tax!!!

And this was after numerous stealth tax rises on the majority of people, and after years of labour allowing big corporations to pay fuck all...!!!


If you believe anything labour say then you are a complete idiot!!!