Cocoa How have the mighty fallen OT. 715On Wed, 19 Jul 2006 20:43:45 +0100, "Mary Fisher" So is mine. My father in law went into "Jimmy's" with a broken femur as a result of a fall. The NHS ambulance crew...
On Wed, 09 Aug 2006 12:51:39 +0100, The Reid
ISTR my old dad who never earned enough money to pay income tax, on hearing on the radio that some guy was paid some fantastic amount saying :
"Well he hasn't earned it has he"
Hmmm. I also STR a time when income tax was charged at two levels, or rather there was a standard rate, but earned income attracted "Earned income relief".
Nowadays even after 10 years of a Socialist government it's the opposite. Unearned income (such as capital gains on shares) has a seperate annual allowance of it's own which far and away exceeds the basic allowances on earned income. Those in a position to do so can so organise their affairs as to take their income partly as capital gain.
I do, if it was a flat rate of 20% those on a million would pay £200k, theose on £10k would pay £2k. That's paying according to means if ever I saw it.
I could settle for that, if it was linear, flat rate. No higher rate, no super tax. Work 30% longer get 30% more income after tax. Seems fair to me.
OTOH I'd also like to see tax on investments brought treated the same way, and brought into the same set of allowances as income tax, and I'd also like to see the tax account roll forward continuously so that if you made a big loss one year it could be set against future income-profits, just as businesses do now.
DG
