How did Colbert put it? Reality has a well known conservative bias.
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Reality impedes left wing fantasy of high tax rates increasing revenue
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Reality impedes left wing fantasy of high tax rates increasing revenue
"You say that it is your custom to burn widows. Very well. We also have a custom: when men burn a woman alive, we tie a rope around their necks and we hang them. Build your funeral pyre; beside it, my carpenters will build a gallows. You may follow your custom. And then we will follow ours."--General Sir Charles James NapierTags: None
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Did they increase the tax rate for investment income? In that case people would want to report their capital gains before the higher rate comes into effect and you'd see a spike in the number of people reporting a million pounds in "income". I guess this was a political stunt by the Conservatives so they could say "see? we'd love to tax the rich more but our hands are tied" and they avoid increasing what the rich have to pay in the long run.
This is from the comments on the article:
Couple of points here... For a baseline, you can look at the 2004-5 tax year when there were 6,000 in the million pound tax bracket (data available on wikipedia under "income in the uk" article). In 2009-10 it did jump up to 16,000, because they had passed the law implementing the higher bracket and everyone knew the tax bracket was going up, so they took all the income they could to avoid the change. The next year (2010-11), there were 6,000 in that bracket, as everyone had pulled a lot of that tax years wealth into personal income the year before. If you actually read closely, then you see that in the 2011-12 year, it started to equalize to 10,000... Honestly, its very unlikely many people moved to a different country, rather its a temporary accounting blip that moved some of one years income into another year. And yes, when they lower it back to 45% the incomes will probably jump back up as they have been holding their breath and spending money they had already taken as personal assets waiting for it to go back down. None of this would really have been valid until it had been in effect a few years and people just got used to it. All of the analysis in this article then is an oversimplification and you could just as easily have written the headline "millionaire incomes rise 40% in 6 years despite 2 years of new tax bracket taking effect and giant recession" and that would be true because from 2005 to 2012 the number making over a million went from 6k to 10k. Also, what this article doesn't really explain is that much of the income that wasn't turned into personal income in one of the years still got taxed as corporate income or reinvested. Finally, Just as a little funny aside, here's the headline from 2011... which proclaims a banner year for millionaireshttp://www.dailyma... (millionaires in this case by personal assets not yearly income) because many of these guys had taken a fat paycheck the year before that was now being counted as personal assets. So which was it, a banner year or an unmitigated disaster? Honestly, I agree that a personal tax rate of 45% is better for the UK than one of 50%, but the actual story is never as simple as a 5 paragraph partisan article makes it seem (and that goes in both directions).
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Originally posted by Zevico View PostHow did Colbert put it? Reality has a well known conservative bias.“I give you a new commandment, that you love one another. Just as I have loved you, you also should love one another. By this everyone will know that you are my disciples, if you have love for one another.”
- John 13:34-35 (NRSV)
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Why am I not surprised Zevico got that one wrong?Try http://wordforge.net/index.php for discussion and debate.
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My reply said exactly what everyone else has said since, but more succinctly."The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "
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Originally posted by Imran Siddiqui View PostNot quite.Last edited by Zevico; November 30, 2012, 05:22."You say that it is your custom to burn widows. Very well. We also have a custom: when men burn a woman alive, we tie a rope around their necks and we hang them. Build your funeral pyre; beside it, my carpenters will build a gallows. You may follow your custom. And then we will follow ours."--General Sir Charles James Napier
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I forgot Imran moved to the leftAny views I may express here are personal and certainly do not in any way reflect the views of my employer. Tis the rising of the moon..
Look, I just don't anymore, okay?
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Left blank.Last edited by Zevico; November 30, 2012, 05:50."You say that it is your custom to burn widows. Very well. We also have a custom: when men burn a woman alive, we tie a rope around their necks and we hang them. Build your funeral pyre; beside it, my carpenters will build a gallows. You may follow your custom. And then we will follow ours."--General Sir Charles James Napier
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Originally posted by Hauldren Collider View PostNope."The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "
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