[MTP Reggie]

50% tax rate 'failing to boost revenues’
The amount of income tax paid fell sharply last month in the first formal indication that the new 50p higher rate is not raising the expected amount of revenue.
telegraph.co.uk

<More Here>

The Treasury received £10.35 billion in income tax payments from those paying by self-assessment last month, a drop of £509 million compared with January 2011. Most other taxes produced higher revenues over the same period. Senior sources said that the first official figures indicated that there had been “manoeuvring” by well-off Britons to avoid the new higher rate. The figures will add to pressure on the Coalition to drop the levy amid fears it is forcing entrepreneurs to relocate abroad.

The self-assessment returns from January, when most income tax is paid by the better-off, have been eagerly awaited by the Treasury and government ministers as they provide the first evidence of the success, or failure, of the 50p rate. It is the first year following the introduction of the 50p rate which had been expected to boost tax revenues from self-assessment by more than £1billion.

Although the official statistics do not disclose how much money was paid at the 50p rate of tax, the figures indicate that it is falling short of the money the levy was expected to raise. A Treasury source said the relatively poor revenues from self-assessment returns was partly down to highly-paid individuals arranging their affairs to avoid paying the 50p rate.

“It’s true that SA revenues are a bit disappointing — it’s still early, but it looks like there’s been quite a lot of forestalling and other manoeuvring to avoid the top rate,” said the source.

(snip)

<More Here>

This post has been edited by MTP Reggie: 22 February 2012 - 09:39 AM

[MTP Reggie]

article, on 22 February 2012 - 09:38 AM, said:

50% tax rate 'failing to boost revenues’

[xtremeright]

MTP Reggie, on 22 February 2012 - 09:59 AM, said:

[vectorsrule]

Quote

A Treasury source said the relatively poor revenues from self-assessment returns was partly down to highly-paid individuals arranging their affairs to avoid paying the 50p rate.

Really, they didn't mindless just work harder so they can hand even more money to the Government?

[natural_selection]

I need a RightNation liberal to explain to me why the same thing wouldn't happen here when Obama tries to soak the rich.

[Wyn]

natural_selection, on 22 February 2012 - 12:14 PM, said:

I need a RightNation liberal to explain to me why the same thing wouldn't happen here when Obama tries to soak the rich.

It's obvious that the article is very wrong. Probably written by Rush Limbaugh and Dick Cheney. We've been told many times the path to solvency is to soak the rich.

[mjperry51]

We're lacking nuance. . . .

[Gertie Keddle]

But I thought "the rich" were just dying to hand over more money in taxes.

[stick]

Clowns, everyone know that raising taxes always means more revenue taken in for goverment.

Why would they call it "raising" taxes if it didn't "raise" taxes? DUH!

This post has been edited by stick: 22 February 2012 - 01:04 PM

[Wyn]

stick, on 22 February 2012 - 01:03 PM, said:

Clowns, everyone know that raising taxes always means more revenue taken in for goverment.

Why would they call it "raising" taxes if it didn't "raise" taxes? DUH!

???WHA???

All economist agree!!

[satellite66]

natural_selection, on 22 February 2012 - 12:14 PM, said:

I need a RightNation liberal to explain to me why the same thing wouldn't happen here when Obama tries to soak the rich.

If you have to ask that then you don't grasp the awesomeness of Obama. Why he is historic!!!

[Weaseljd]

natural_selection, on 22 February 2012 - 12:14 PM, said:

I need a RightNation liberal to explain to me why the same thing wouldn't happen here when Obama tries to soak the rich.

Ooh, ooh, I can answer this one. because the economy as a whole is down, people are making less money, so overall tax revewnues are lower than what they should be - HOWEVER - had the higher rate NOT been in place, the government would have collected even LESS money than they did, so the higher rate actually increased what was collected - just not as much as projected since the projection did not take into account the economy being worse than they thought thanks to Bush (yes - even in the UK) when they enacted this tax.

Its all Bush's fault.

[Noclevermoniker]

Derpin British rightwingers!

[JerryL]

vectorsrule, on 22 February 2012 - 12:10 PM, said:

Really, they didn't mindless just work harder so they can hand even more money to the Government?

I have been told by a resident economic expert on many occasions that this simply does not happen. How can this be? People who earn money actually actively try to keep that money? People looking at the cost of earning that next dollar or pound and deciding whether or not it worth the effort based on how much of it they are allowed to keep? Madness, I say. All mainstream economists agree that this cannot happen.

[MTP Reggie]

JerryL, on 22 February 2012 - 07:36 PM, said:

I have been told by a resident economic expert on many occasions that this simply does not happen. How can this be? People who earn money actually actively try to keep that money? People looking at the cost of earning that next dollar or pound and deciding whether or not it worth the effort based on how much of it they are allowed to keep? Madness, I say. All mainstream economists agree that this cannot happen.

I was accused by one of RN's rocket_surgeons of essentially stealing and not contributing my fair share because I make six figures but my effective federal income tax rate tends to hover between 5-8% due to deductions, investments and tax shelters. They can raise taxes all they want. But as long as the tax code is thousands and thousands of pages, I will continue to find ways to shelter MY income from the federal government and the worthless_POSs that suck it dry.


eTa:

And as long as politicians of all flavors continue to make tax rules for themselves and their friends, I will continue to be able to use those rules for MY benefit. Screw the worthless_POSs that think they are entitled.

This post has been edited by MTP Reggie: 22 February 2012 - 07:49 PM

[JerryL]

MTP Reggie, on 22 February 2012 - 07:43 PM, said:

I was accused by one of RN's rocket_surgeons of essentially stealing and not contributing my fair share because I make six figures but my effective federal income tax rate tends to hover between 5-8% due to deductions, investments and tax shelters. They can raise taxes all they want. But as long as the tax code is thousands and thousands of pages, I will continue to find ways to shelter MY income from the federal government and the worthless_POSs that suck it dry.


eTa:

And as long as politicians of all flavors continue to make tax rules for themselves and their friends, I will continue to be able to use those rules for MY benefit. Screw the worthless_POSs that think they are entitled.

No argument there. I also work hard enough to be in the 6 figure range. My federal burden is less than 10% because it is legal for me to do so. I pay a bit more in accounting and tax preparation fees, but I take advantage of all the loopholes the leftards put in place for themselves that I can. AND, I STILL pay more than the average American in taxes.

No matter what idiot economic neophyte libtards say, people WILL act in their own interests. That is one of the beautiful aspects of an actual free market. Millions of individuals free to act in their own best interests tend to raise the standard for all and result in maximum productivity. That productivity and prosperity enable those that succeed to have more disposable income to contribute to charities of their choice that actually make an efficient difference for no political gain. Funny that.

[MTP Reggie]

JerryL, on 22 February 2012 - 08:19 PM, said:

No argument there. I also work hard enough to be in the 6 figure range. My federal burden is less than 10% because it is legal for me to do so. I pay a bit more in accounting and tax preparation fees, but I take advantage of all the loopholes the leftards put in place for themselves that I can. AND, I STILL pay more than the average American in taxes.

No matter what idiot economic neophyte libtards say, people WILL act in their own interests. That is one of the beautiful aspects of an actual free market. Millions of individuals free to act in their own best interests tend to raise the standard for all and result in maximum productivity. That productivity and prosperity enable those that succeed to have more disposable income to contribute to charities of their choice that actually make an efficient difference for no political gain. Funny that.

Despite all of the worthless_liberals sucking the government dry. However, I still think we're past the tipping point. I think our government and subsequently our economic system will collapse before the decade is over. I don't think our politicians have the balls to make the drastic changes to fix things. See Greece the past few weeks. And in the next year or so, see Spain, Portugal, and a few other European <censored>holes.

This post has been edited by MTP Reggie: 22 February 2012 - 08:26 PM

[JerryL]

MTP Reggie, on 22 February 2012 - 08:24 PM, said:

Despite all of the worthless_liberals sucking the government dry. However, I still think we're past the tipping point. I think our government and subsequently our economic system will collapse before the decade is over. I don't think our politicians have the balls to make the drastic changes to fix things. See Greece the past few weeks. And in the next year or so, see Spain, Portugal, and a few other European <censored>holes.

No argument here. We are neck deep in <censored>. What galls me the most is that the libtards have pushed us to become ever more like the European welfare states that are now failing. The ones you list are critical, but the UK and France aren't far behind. Non "mainstream" economists have said for years that this will be the outcome, but big government Keynesian lapdogs are the ones that those that want to maintain power listen to. The fact that they listen guarantees those same idiot economists employment. The proverbial self-licking icecream cone.

Socialism is an insidious disease that eats away slowly at society. All it takes is deniers, like those we see here at RN, believing that socialistic policies do not lead to socialism, to continue the slow slide to moral and fiscal bankruptcy.

The road to Hell is paved with "good intentions." I am so pissed that our country has come to this.

[MTP Reggie]

JerryL, on 22 February 2012 - 08:38 PM, said:

I am so pissed that our country has come to this.

I am more disgusted than anything else. I literally grimace whenever I see an "obama 2008" or "obama 2012" bumper sticker. I consider any person who voted for him or who will vote for him to be an individual in the group of stupidest_people on the planet. The best advice I can give is this:


Plan for the worst. Expect the best.

[leftcoast, right winger]

Yeah, spending more than you take in has always worked really well.Take California for example.The liberals' solution? Raise taxes even higher.
How long before the producers say "Screw it!" and stop producing?
Who is John Galt?