Tax the rich plans

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Tax the rich plans

Post by GD on Mon 14 Feb 2011, 4:27 pm

High wage earners in Jersey could pay more income tax under new proposals. Deputy Geoff Southern says people earning £100,000-plus should pay 30%.

The St Helier Deputy believes extra tax revenue is needed to solve the island's long-term problem in generating sufficient revenue to meet the needs of the island.

Deputy Southern is suggesting two new scales of income tax. For people earning between £70,000 and £99,999, he's suggesting a rate of 22.5% in 2012, rising to 25% in 2013. For people earning £100,000-plus he's suggesting a rate of 25% for 2012 rising to 30% in 2013.

Deputy Southern is also calling on Treasury Minister Philip Ozouf to review the terms of consent for wealthy immigrants. (from CTV)






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Re: Tax the rich plans

Post by Thistle on Mon 14 Feb 2011, 4:58 pm

at least jersey has the sense to do this...maybe something our states should be looking at to xx
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Re: Tax the rich plans

Post by The Gimp on Tue 15 Feb 2011, 5:45 pm

shouldnt it read " the hardest workers to pay more tax "

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Re: Tax the rich plans

Post by Spirit on Tue 15 Feb 2011, 6:20 pm

Suppose that every day, ten men go out for beer and the bill for all ten comes to £100...

If they paid their bill the way we pay our taxes, it would go something like this...

The first four men (the poorest) would pay nothing.
The fifth would pay £1.
The sixth would pay £3.
The seventh would pay £7..
The eighth would pay £12.
The ninth would pay £18.
The tenth man (the richest) would pay £59.

So, that's what they decided to do..

The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner changed tack.

"Since you are all such good customers," he said, "I'm going to reduce the cost of your daily beer by £20". Drinks for the ten men would now cost just £80.

The group still wanted to pay their bill the way we pay our taxes.

So the first four men were unaffected.

They would still drink for free. But what about the other six men? The paying customers?

How could they divide the £20 windfall so that everyone would get his fair share?

They realized that £20 divided by six is £3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer.

So, the bar owner suggested that it would be fair to reduce each man's bill by a higher percentage the poorer he was, to follow the principle of the tax system they had been using, and he proceeded to work out the amounts he suggested that each should now pay.

And so the fifth man, like the first four, now paid nothing (100% saving).

The sixth now paid £2 instead of £3 (33% saving).

The seventh now paid £5 instead of £7 (28% saving).

The eighth now paid £9 instead of £12 (25% saving).

The ninth now paid £14 instead of £18 (22% saving).

The tenth now paid £49 instead of £59 (16% saving).

Each of the six was better off than before. And the first four continued to drink for free. But, once outside the bar, the men began to compare their savings.

"I only got a pound out of the £20 saving," declared the sixth man.

He pointed to the tenth man, “but he got £10!"

"Yeah, that's right," exclaimed the fifth man. "I only saved a pound too. It's unfair that he got ten times more benefit than me!"

"That's true!" shouted the seventh man. "Why should he get £10 back, when I got only £2? The wealthy get all the breaks!"

"Wait a minute," yelled the first four men in unison, "we didn't get anything at all. This new tax system exploits the poor!"

The nine men surrounded the tenth and beat him up.

The next night the tenth man didn't show up for drinks, so the nine sat down and had their beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and government ministers, is how our tax system works.

The people who already pay the highest taxes will naturally get the most benefit from a tax reduction.

Tax them too much, attack them for being wealthy, and they just may not show up anymore.

In fact, they might start drinking overseas, where the atmosphere is somewhat friendlier.

David R. Kamerschen, Ph.D.
Professor of Economics.

For those who understand, no explanation is needed.
For those who do not understand, no explanation is possible.


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Re: Tax the rich plans

Post by Fast Robert on Wed 16 Feb 2011, 1:19 pm

but it doesn't explain anything to do with taxation. Only buying things. tax does a whole load more than that.

nor does it take into account a whole bunch of corrective measures that any decent social democracy would implement.

In short; it's blox
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Re: Tax the rich plans

Post by Fast Robert on Wed 16 Feb 2011, 1:28 pm

http://www.digitalspy.co.uk/forums/showthread.php?t=1400306

the revised version is funny.

Also: David R. Kamerschen, Ph.D.
Professor of Economics.

didn't write it.
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Re: Tax the rich plans

Post by Spirit on Wed 16 Feb 2011, 1:47 pm

Did anyone think that he had?

FR, your points are covered in the last two sentences.


"The further the spiritual evolution of mankind advances, the more certain it seems to me that the path to genuine religiosity does not lie through the fear of life, and the fear of death, and blind faith, but through striving after rational knowledge."
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Re: Tax the rich plans

Post by Fast Robert on Wed 16 Feb 2011, 2:48 pm

phew
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