http://www.telegraph.co.uk/finance/...9/50p-tax-rate-failing-to-boost-revenues.html The Treasury received £10.35 billion in income tax payments from those paying by self-assessment last month, a drop of £509 million compared with January 2011. Most other taxes produced higher revenues over the same period. Senior sources said that the first official figures indicated that there had been “manoeuvring” by well-off Britons to avoid the new higher rate. The figures will add to pressure on the Coalition to drop the levy amid fears it is forcing entrepreneurs to relocate abroad. The self-assessment returns from January, when most income tax is paid by the better-off, have been eagerly awaited by the Treasury and government ministers as they provide the first evidence of the success, or failure, of the 50p rate. It is the first year following the introduction of the 50p rate which had been expected to boost tax revenues from self-assessment by more than £1billion. (more at the link)
That's the exact same thing wealthy tax payers do here, of course. But "tax the rich" is such a vote getter for the class warfare promulgating left that they will sacrifice higher tax revenue (I mean, hell, we can always print more money and make blame the deficit on Bush) for political sound bites.
As they say in racing, There's no replacement for displacement (size of the engine). We need more taxpayers, not taxes.
British rich people are every bit as unpatriotic, dishonest, and selfish as American rich people. That was your point, wasn't it?
So what you're saying is, they are the most patriotic they've ever been in america? changing subjects, what is your opinion on the proposed corporate tax changes from the obama administration. IE closing a majority of loopholes and lowering the nominal rate to 25% for manufacturing and 28% for all others.
If you measure the % of all $$$ paid, then they are the most patriotic. If you're rich enough, you will create a corporation to shelter your income and assets. Nice tax break for the rich, don't you think? If their accountants are smart, they'll claim to be manufacturing corporations. Anyhow, I'm in favor of cutting tax rates, but govt. has to cut spending by a lot or we're in big trouble no matter what.
As for me, generally I agree with lowering tax rates and eliminating loop holes and creative accounting.
I heard that companies spend a lot of money trying to game the system. So many there will be less waste there too. Sorry accountants!
The best trick is your corporation orders 12,000 Chevy volts in exchange for a $0 tax bill on $billions in profit.
If we had a fair tax even "illegal" immigrants would be paying taxes, and it would be so simple to understand. The tax code should be simplified, and the base should be broadened, I agree.
Keep up, westnob. Here: http://gas2.org/2012/02/20/ge-forcing-employees-into-chevy-volts/ and here: http://www.forbes.com/sites/beltway...dent-obama-at-the-altar-of-industrial-policy/
I guess I have to spell it out... GE PAID $0 in taxes. They're propping up Obama's political investment in GM by foisting Volts on its employees. Quid pro quo. Maybe if GE CEO Imelt wasn't so tied to the administration, they'd be looking to make GE pay significant ($billions) in taxes. At 35%, GE should pay $5B in taxes. The 12,000 volts costs GE 1/10th that and they get the use of the vehicles, deduct the lease payments from their profits (tax break), and they'd be buying 12,000 of some vehicles anyway. GE donated $500M to Obama's 2008 campaign and $2.4M to Democrats. Tax the rich! Damn those individuals making 7 figures! But lay off GE, they're the golden goose.
They were the 17th largest donor to Obama's Presidential election at $529,855. http://www.opensecrets.org/pres08/contrib.php?cid=N00009638 University of California $1,648,685 Goldman Sachs $1,013,091 Harvard University $878,164 Microsoft Corp $852,167 Google Inc $814,540 JPMorgan Chase & Co $808,799 Citigroup Inc $736,771 Time Warner $624,618 Sidley Austin LLP $600,298 Stanford University $595,716 National Amusements Inc $563,798 WilmerHale LLP $550,668 Columbia University $547,852 Skadden, Arps et al $543,539 UBS AG $532,674 IBM Corp $532,372 General Electric $529,855 US Government $513,308 Morgan Stanley $512,232 Latham & Watkins $503,29
