Table updated April 2010.
In the context of nothing in particular, here's a summary of effective tax rates (including Employee's and Employer's National Insurance and Tax Credit withdrawal) on the three main groups of working-age taxpayers (by income level) for the main types of income*:
Conclusion: a flat rate of tax would particularly benefit lower earners, especially if combined with a much higher tax-free personal allowance; £9,125 seems a good place to start - see point (b) here. Provided the flat rate were 41% or less, it wouldn't hurt basic rate employees (which is the most important and largest group by source of income).
* I didn't bother with interest income - as RPI inflation and typical bank interest rates are both about 5%, the tax/tax credit withdrawal is in most cases > 100% of the real income. Rental income assumes that the 10% wear and tear allowance is claimed and no other expenses. Dividend income assumes that the paying company has already paid 30% corporation tax.
Labour news: Sue Gray and budget update
6 hours ago
5 comments:
I suppose that the Citizens'Income idea is OK as long as those who pay no tax get no vote.
gifs work too. Did you use powerpoint?
D, there are currently 5 million people on benefits, who'd all get the CI.
The important point - that many overlook - is that a CI would also be paid to e.g. carers from better off households, stay-at-home parents and non-working spouses (with working spouses), students from better off families etc.
There are about 2 or 3 million of such people. So it's more likely to be better-off people (who tend to vote centre-right) who'd benefit from the CI, NOT existing benefit claimants, who, if they can be bothered to vote at all would normally vote Labour of BNP. And who would receive less in CI that they currently do (else the CI would be unaffordable).
CI is a centre-right idea.
RM, to cut a long story short ...
1. I have a Mac Mini
2. I create table in Neo-office quasi-Excel.
3. I cop[y and past table into Neo-office quasi-Word.
4. I save quasi-Word document as HTML.
5. This process generates as a by-product a 'gif' file, which is the one you need (the HTML is of no further value here)
Works for charts and tables that you generate in Neo-office quasi-Excel.
Okay!
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