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Should the highest rate of income tax be raised to 50% Watch

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    The income tax rate for top earners are too low in my opinion. At one point during the 1970's, the top rate of income tax was 97%.
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    It's too high in my opinion, it used to be 10%.

    Also it wasn't 97% in the 70s, it was 83% with a 15% surcharge on "investment income" and funnily enough the country experienced a brain drain and the tax didn't raise much money. I'll also present to you this chart (link in "this")

    I'm sure you can spot a trend in there.
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    The govt already takes enough from the rich. It doesn't need any more.
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    The Government takes enough money, they just* need to use it better. A phenomenal amount is lost through waste.


    *I say 'just' like it's easy... Clearly, it isn't.
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      NO. It needs to be 25%. Taking money from hardworking individuals is not the answer. How about we encourage actually force those who sit on the sofa and eat away the the money of HARDWORKING individuals. Laziness should be a crime.

      Any socialists and deluded commies thinking of challenging me - shut up and wake up.
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      (Original post by Jammy Duel)
      It's too high in my opinion, it used to be 10%.

      Also it wasn't 97% in the 70s, it was 83% with a 15% surcharge on "investment income" and funnily enough the country experienced a brain drain and the tax didn't raise much money. I'll also present to you this chart (link in "this"

      I'm sure you can spot a trend in there.
      10p income tax should be for low earners. Not for the rich. The rich can afford it.
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      (Original post by years101)
      NO. It needs to be 25%. Taking money from hardworking individuals is not the answer. How about we encourage actually force those who sit on the sofa and eat away the the money of HARDWORKING individuals. Laziness should be a crime.

      Any socialists and deluded commies thinking of challenging me - shut up and wake up.
      The only reason why people are lazy is because Thatcher caused 3 million to be unemployed. It caused people to become dependant on welfare.
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      I think its unfair to make the rich pay for so much when they probably have private health insurance, send their kids to private school, dont claim any government funding and just in general dont use much public services. Instead we should just make sure they dont dodge what they're paying and encourage them to invest to create more opportunities and wealth.
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      (Original post by RedManc)
      The income tax rate for top earners are too low in my opinion. At one point during the 1970's, the top rate of income tax was 97%.
      And what was the economic situation in the 1970's?
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      (Original post by Josb)
      And what was the economic situation in the 1970's?
      The economic difficulties were caused by the huge increase in oil prices. This is because the West supported Israel in that war between Israel and the Arabs. The whole of the western world experienced high inflation. If you are blaming it on Labour, remember the Conservative Prime Minister Edward Heath was struggling with the same problem.

      The 1970's were brilliant for the working classes. Absolutely dreadful, for the middle classes and upper classes. Jobs were secure, people had council house. The only people worse off were property owners, this was because of high interest rates and inflation. Three day week was good for children. The working classes wages has never reached the same heights as it did in 1976.
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      I think 25% should be the maximum tax, although I support some other changes in the System to support this, I mean look at the foreign aid we are giving out, we need to insure our wellbeing and prosperity over others.
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      (Original post by RedManc)
      The only reason why people are lazy is because Thatcher caused 3 million to be unemployed. It caused people to become dependant on welfare.
      Thatcher was a hero, she did what needed to be done by privatizing more and shutting down coal mines, she saved Britain and even though some demonize her she was what Britain needed. radical change to ensure Britains survival.
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      (Original post by AperfectBalance)
      Thatcher was a hero, she did what needed to be done by privatizing more and shutting down coal mines, she saved Britain and even though some demonize her she was what Britain needed. radical change to ensure Britains survival.
      She is a hero for middle class greedy pigs. She done the working class no favours. She created the welfare culture
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      (Original post by RedManc)
      10p income tax should be for low earners. Not for the rich. The rich can afford it.
      The poor can also afford it
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      (Original post by RedManc)
      The economic difficulties were caused by the huge increase in oil prices. This is because the West supported Israel in that war between Israel and the Arabs. The whole of the western world experienced high inflation. If you are blaming it on Labour, remember the Conservative Prime Minister Edward Heath was struggling with the same problem.

      The 1970's were brilliant for the working classes. Absolutely dreadful, for the middle classes and upper classes. Jobs were secure, people had council house. The only people worse off were property owners, this was because of high interest rates and inflation. Three day week was good for children. The working classes wages has never reached the same heights as it did in 1976.
      The economic difficulties were not only due to oil prices, as it had already started before. The British economy suffered from the international competition. The punitive taxation on business was not helpful.

      Unemployment, deficits and debt were out of control; the Government had to request a loan from the IMF in 1976.
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      (Original post by Jammy Duel)
      The poor can also afford it
      Exactly. The 10p income tax band should be for the poor, because they can afford it.
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      (Original post by Josb)
      The economic difficulties were not only due to oil prices, as it had already started before. The British economy suffered from the international competition. The punitive taxation on business was not helpful.

      Unemployment, deficits and debt were out of control; the Government had to request a loan from the IMF in 1976.
      The economists got it wrong Britain did not need the IMF bank loan
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      (Original post by RedManc)
      The economic difficulties were caused by the huge increase in oil prices. This is because the West supported Israel in that war between Israel and the Arabs. The whole of the western world experienced high inflation. If you are blaming it on Labour, remember the Conservative Prime Minister Edward Heath was struggling with the same problem.

      The 1970's were brilliant for the working classes. Absolutely dreadful, for the middle classes and upper classes. Jobs were secure, people had council house. The only people worse off were property owners, this was because of high interest rates and inflation. Three day week was good for children. The working classes wages has never reached the same heights as it did in 1976.
      Double digit inflation and double digit unemployment also occurred , you fail to show the errors of the labour government and Keynesian economics at that time.
      Heath pretty much used the same policies as labour , heath used Keynesian economics


      Oh yes the 1970's were great for the poor even though over 10% of them were unemployed ad inflation was sky high!
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      (Original post by fleky6910)
      Double digit inflation and double digit unemployment also occurred , you fail to show the errors of the labour government and Keynesian economics at that time.
      Heath pretty much used the same policies as labour , heath used Keynesian economics


      Oh yes the 1970's were great for the poor even though over 10% of them were unemployed ad inflation was sky high!
      It was still a better decade then the 80's
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      (Original post by RedManc)
      It was still a better decade then the 80's
      Arguable , thatcher had to clean up your mess. The only way to reduce inflation was to raise interest rates and this obviously led to a rise in unemployment but it was necessary. The rise in unemployment however didn't get as high as labours and inflation was stabled so Im sorry but your wrong there! Read the graph, thatcher reduced unemployment over her term and then John Major dealt with the 90's recession excellently. Also the debt in the 80's fell alot!
     
     
     
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