Paying for Coronavirus - why isn't the Government talking about taxing the rich more?

[Chicchicchicchiclana]

Obvious answer is, the Government is a Tory Government so it goes against all their principles.

But why not tax the super rich another 5p in the pound? And the medium rich another 2 or 3p?

Or how about asking people who are supremely wealthy and have masses in savings and property and pensions and trust funds for their children volunteer to live on £2000 a month for a year and donate the rest of it into a pot?

Really ... why not?

They’ll just move abroad. The rich are mobile.

Everywhere "abroad" is affected by coronavirus. I would hope some of the super-rich could see the benefit of staying in their home country and contributing what they can easily afford to the home country pot.

In a global financial crisis, isn't it better to pay your way if you are excessively blessed?

The top 10% of earners already pay 59% of the entire income tax, top 1% of earners pay 28%.

Nope. See the results of labours punative taxation in the 1970’s & compare to Monaco’s no income tax.

You don’t give any incentive to the proles by heavily taxing them when they achieve.

The world and his wife would come here if we said right we’re lowering income tax but you have to live here 9 months per year.

Oh op, you've made my night, I could do with a laugh

Why don't the tories want to tax the rich more?!?!?!

Yes but that's not enough at a desperate time like this?

Because they are Tories, and their party is bankrolled by big business and the rich, and voted for overwhelmingly by older people who own assets.

I don’t bite the hand thatfeeds me, so why would I expect the Tories to do so?

Who are the rich op?

This again? Keep taxing and there is absolutely no incentive for people to train for ++ years and work as surgeons, scientists etc

The rich are people who like to travel the world and stay in hotels like The Savoy, for example. And shop in Harrods. And have a box at the Royal Opera House (obvs these are UK references only). So if they want to carry on doing that in future, why can't they contribute to keeping the staff in those institutions going?

The rich cannot live in a bubble without the people who are going to lose everything due to CV-19.

It won't raise enough money. There are about 400000 additional rate taxpayers and about 4 million higher rate taxpayers. Government calculations suggest that raising the normal 20% tax rate by 1% would raise £4.7bn, a raise from 40% to 41% would raise about 1bn and a raise in the additional rate would raise about £100m.

The idea that everyone lives in £2000 per month is farcical. I know a number of sea in London with mortgages of more than £2000 per month.

There may be wealth taxes, which will piss off the Tory voting pensioners, or more and more borrowing.

@Chicchicchicchiclana

The rich are people who like to travel the world and stay in hotels like The Savoy, for example. And shop in Harrods. And have a box at the Royal Opera House (obvs these are UK references only). So if they want to carry on doing that in future, why can't they contribute to keeping the staff in those institutions going?

The rich cannot live in a bubble without the people who are going to lose everything due to CV-19.

Those people don't pay tax at all in the UK except on property purchases and Vat. Stamp duty may well rise in April, but VAT increases would hit the poorest hardest so aren't to be wished for.

No party promising to increase taxes is ever elected in the UK. No matter how worthy the planned beneficariy, NHS, education etc, people say they want it but they don't vote to pay for it.

The current so-called government will have left long before paying for the pandemic support will be required.

They need to stop using FTSE 250 companies for public services as well!

The rich don't like parting with their money. 'Only the little people pay taxes'.

No idea what "sea in London means" but ultra rich people do not have mortgages.

I already pay about £1000 per week in tax. If you want me to pay more than that, then I want more of a say on what it is spent on.

There are some very rich but i dont know how you tax them. Billionnaires are supposed to be doing very well right now but i think their money is probably all over the world doing its own thing.
I dont think 'the rich' tend to be on PAYE.

Because if you are talking about simply raising the levels of income tax/PAYE, the amount this would raise is peanuts. It feels like something that should raise a lot, but it really isn't -in fact income tax as a whole only raises 27% of all tax raised in the UK, at some £200 billion (total tax raised being around £800bn). Raising an extra 5p in the pound or some from the top 1% (who already pay 29% of all income tax raised) would raised something like £10 bn. I know that sounds a lot but it's a drop in the ocean in terms of raising revenue - less than 1% of current tax receipts overall.

You also need to bear in mind that many of the super rich simply don't pay income tax anyway, as they have complex tax affairs that don't rely on them getting a simple salary.

@Chicchicchicchiclana

No idea what "sea in London means" but ultra rich people do not have mortgages.

I'm so terribly sorry my autocorrect was confusing. It should have been drs.

Btw - the expected deficit this year is around 400bn so 2x the total annual income tax take.

@Chicchicchicchiclana

Obvious answer is, the Government is a Tory Government so it goes against all their principles.

But why not tax the super rich another 5p in the pound? And the medium rich another 2 or 3p?

Or how about asking people who are supremely wealthy and have masses in savings and property and pensions and trust funds for their children volunteer to live on £2000 a month for a year and donate the rest of it into a pot?

Really ... why not?

Taxing the super rich never works. They just move abroad or use tax saving investments.

How about the poor stop smoking?

We are labour voters and in favour of fair taxation. This year our household income has gone down a lot but we are still in work and can still manage. We've had to forego any holidays or home improvements or new clothes and tighten our belts re. general spending. But we can still eat and heat our house and pay our mortgage (after a mortgage holiday).

So if we are prepared to pay a bit more (joint income £90,000 in good times, more like £60,000 this year) why can't other people who are hundreds or thousands of times better off than us?

Have you MET the government?