Rishi pays tax at 22% and NI.

[GPTec1]

This really, £5m in earnings, tax 1m, rate at 22% and no National insurance.

Not bad is it? yet all we get from the 'right is "the wealthy pay enough already"

Do they?

I bet all those on/or have been striking in NHS, education, rail would love an overall rate of 22%.

Should we all pay tax at 22% ? regardless of earnings?

Why? This is how conversations go…. They develop and evolve.

But if I’m only allowed to comment on Rishi Sunak’s tax returns, I will say:

• it confirms what we already knew
• it raises more questions about his blind trust and just how blind it is

is that allowed?

Believeitornot
And that is why we need a proper conversation about inequality

Hypocrisy seems to be the buzzword:
https://www.dailymail.co.uk/news/article-11887999/Keir-Starmer-accused-hypocrisy-deal-allowing-avoid-tax-pension.html
https://www.bbc.co.uk/news/uk-politics-65037136
https://www.irishnews.com/news/uknews/2023/03/22/news/starmer_accused_of_hypocrisy_over_opposition_to_relaxation_of_pension_tax_rules-3153026/

@Believeitornot would you prefer it if everyone earned the same amount after tax?

not sure I get your point on VAT

Have you run a business? Time is money.

VAT returns are just par for the course. Do them once a quarter, set up your accounting system to properly record VAT and job done.

No, and I wonder why you leap to that conclusion. The world is not black and white.

@Believeitornot I thought you wanted to stamp out inequality, so you are ok with some people earning more than others are you!

Exactly.

He's only paying taxes because his MP income is miniscule compared to his capital gains. This is called having lots of assets and wealth. It's not illegal.

Taxes at 22%*

Are you telling a successful wealthy man not to make his wealth work for him. That's absurd and he's just doing what everyone else would do.

I’m guessing you don’t understand that there’s a sliding scale of inequality?

And you don’t understand that when you have people earning obscene amounts of money (for doing very little), that comes at the cost of having people earning little for doing an obscene amount of work?

Because, as I’m guessing you do not appreciate, there is not an infinite supply of money - we have to share the resources and that should be shared in a better way than it is now.

There are different scales and we have drifted towards an extreme one and it isn’t working. Ways to fix that are:

• tax and redistribute
• redistribute by encouraging better wage negotiations for those on more ordinary wages

Im guessing you like the idea of having billionaires and nurses on universal credit, because it’ll trickle down at some point? Right?

Actually, we don’t.

As far as i can see (with exceptions for specific investment in enterprise, new start ups etc) wide ranging investment income should be taxed at exactly the same rate as PAYE, esp as he chose not to invest in the UK.

Yes investment carries risk but no one made him invest 10s of millions in the USA

On a wider issue, ISA's used as tax wrappers, allow the individual to avoid paying any tax on investment income.

Good to see @Clavinova trying to draw compariosn with Sunaks tax rate with Starmers employment contract in which KS had no say in, laughable.

redistribute by encouraging better wage negotiations for those on more ordinary wages

The best suggestion yet. Punishing people for earning more never works and disincentivises people. We need people who create wealth to employ workers. The problem is wages, always has been. We, tax payers, effectively subsidise low wages. We are so far off what the minimum wage should be it makes me want to cry.

I work in the community and although I see its deprivation first hand - I can also say that most people I meet approve of Rishi and will still vote conservative.

A lot of people won't care how much be earns or how much tax he pays because they don't understand tax, paye, dividends and NI...

😕 sigh.

@Believeitornot ok, so you think the better off should be taxed more and the lower paid should be paid more?

This is an interesting article

https://www.lse.ac.uk/research/research-for-the-world/economics/how-much-tax-do-the-rich-really-pay

I think wealth should be taxed more and I think that those paid lower wages should be paid more, yes. Knock on effect is that you may reduce wages right at the top end, but cry me a river.

It is better to have more people a little bit richer than a tiny number of people with a shit ton of money, so much so they don’t need to spend it. And end up putting it offshore. That’s a waste for our economy.

Id be interested to hear your views. Interesting that you’ve not really got any solutions.

And let’s not forget. Rishi Sunak made his wealth off the back of the financial instruments that broke the banks in 2008.

GPTec1
Starmers employment contract in which KS had no say in

Seems very unlikely he had 'no say' at the time -
The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013
https://www.legislation.gov.uk/uksi/2013/2588/contents/made

@Believeitornot I don't need solutions, I'm happy with what the PM is doing what with having to deal with the context of Brexit, Covid and inflation. On the CGT side, this is all about how much people should be rewarded for risking/ investing their capital.

Either way, it was a decision Cameron took on the position of DPP, its irrelevant on this thread, i think there is already one on KS pension arrangements.

Fair enough!

I am not as you may have gathered.

He wouldn’t have written that legislation…. It was specific to the role - I mean do you write your employment contract?