50% top tax rate for the UK...

[AL P]

There is no way you can simply cut spending if you are a socialist country, the leeches will revolt...guess what that means. The top tax rate of 150K pounds is equivalent to about $225K here in the states. You have to realize that the cost of living in the UK is much higher though, a friend of mine recently paid over $1000 psf for a flat that is 1880s vintage. So $225K isn't going to go as far as you would think. These people are being taxed to death.

http://www.breitbart.com/article.php?id=CNG.91afc63abb93d5e6768f1eb67b4c502 2.a91&show_article=1

Govt hikes top income tax rate to 50%

Britain will increase its top rate of income tax to a higher than expected ...

British Economy Will Shrink This Year at Fastest Rate Since 1945

The government will increase its top rate of income tax to a higher than expected 50 percent from next year, Chancellor Alistair Darling said on Wednesday as he delivered the government's annual budget.
The tax band had originally been due to rise to 45 percent from 40 percent in April 2011 as Britain seeks to claw back lost tax revenue caused by a deep recession.

The 50-percent rate will apply to any income above 150,000 pounds.

"In November, I announced a new rate of income tax of 45 percent on incomes above 150,000 pounds -- the top one percent of taxpayers," Darling said in his budget speech.

"In order to help pay for additional support for people now, I have decided that the new rate will be 50 percent and will come in from next April -- a year earlier."

[Sgt Beavis]

Damn. They make Obama look like Ronald Reagan.

[tazz007]

Have you added up what you pay lately?

Gas tax
sig. tax
property tax
income tax
sales tax
auto taxes and fees
and on and on and on.

Have you added up all the new taxes the the Obama is proposing?

And the best one of all........ The new fart tax! Yes you will be taxed on your carbon foot print. And the latest study. Fat people leave a much greater carbon foot print than skinny people by one ton of excess carbon. So step up to the scales for Uncle Sam!

Just exactly how is the gov. going to use our money to stop global warming? Are they going to stop sun spots, stop the natural heating and cooling of the earth? Are they going to pass out mufflers to the farmers to shove up a cows ass to stop this green house gas? Yes I was the one on WBAP this morning.

No, there going to use it in a general fund. Just like your social security they pissed away!

[mikeb]

We're headed the same way come 2011. Right about when the economy should be turning around. Dumbasses don't realize that when you tax the shit out of something people buy less of it, or simply choose to make less to avoid the taxes. Remember the grand plan to tax the shit out of yachts? Soak the rich, right? It didn't work.

[JP135]

Damn. They make Obama look like Ronald Reagan.

Give him time; he'll catch up.

[Yale]

150,000 pounds is the top tier in England, because the folks with real money have it all tied up in Swiss holding corporations, or else they've flat emigrated there on paper. Connery? Jackie Stuart? Swiss now.

[5starstanger]

This is why I laugh when people like Moore preach all these great nations have free healthcare. Even in his stupid Cuba movie, he askes how is it all payed for?
His humorous answer is "oh yea, they are taxed up to their eyeballs." Which goes against everything else in his movie. LOL
Media doesn't report what these citizens pay their govt. Just what they get.

[TexasDevilDog]

Sir Michael Caine said: 'The Government has taken tax up to 50 per cent and if it goes to 51 I will be back in America. http://www.dailymail.co.uk/news/article-1173792/Stars-warn-exodus-Britain-50p-tax-rate-Treasury-admits-69-wealthy-evade-it.html#comments

Tax revolt could be good for UK. They have a higher percent of loafers than we do.

[GhostTX]

So...I wonder how much a "regular" Brit person has to earn to have both the 150,000 Brit and the "regular" have the same take home pay?

[88Kaufmann]

The 50-percent rate will apply to any income above 150,000 pounds.

Coming soon to a wallet near you...
(allowing for the dollar conversion of course)

[jakesford]

There is a big difference between the top tax rate, and the effective rate at which you actually paying tax. The top marginal rate in the US was in the 90% range for many years and well above 50% for a large majority of the past century. (Income levels at which the tax rate is applied and inflation play a major role)

Out of the purposed tax regulation, the changes in oil & gas are going to be the biggest hit. I doubt they will get passed though considering the amount of money and lobbying in that industry.

[sc281_99-0135]

This seems appropriate.

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