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Old 04-26-2009, 07:59 AM   #1
AVANTI R5
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Newsflash: the United Kingdom has just raised their top tax rate from 40 to 50 percent. That’s before (after?) the country’s 17.5 percent VAT on virtually everything a resident buys—save petrol, alcohol, cigarettes and other items covered by “sin taxes,” which are WAY higher. And council tax. And the rest. Which includes the tax on new car purchases. For company director types, that little item was calculated at 35 percent for the first £80K. After that, nada. But now, it’s 35 percent on the whole schmeer: the complete purchase price. The Times reports that “The move left some luxury-car makers fuming, in particular Bentley, which is owned by Volkswagen but has its factory in Crewe.”
Stuart McCullough, sales and marketing director, said: “The government has talked about the importance of high-skill manufacturing to the postrecession UK economy. Changes to company-car tax, capital allowances and fuel duty will hit higher-value vehicles worst of all and two-thirds of these cars are British in name and manufacture.
“It is frustrating that we asked the government for support but the Treasury has instead made it even tougher. We would urge them to reconsider some of these measures, especially the changes to company-car-tax upper limits.”
The new tax regime inflames old divisions, as this quote re: a potential exodus of top earners [from the first article] proves.
Let them go. Let them leave.
The same people who’ve never experienced £100,000 a year will still be here.
The teachers, the firemen, the nurses, even many doctors don’t get to that rate.
In fact, if all the wealthy leave, we’ll even have more houses back from the buy-to-let greed of late.
Good.
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Old 04-26-2009, 10:56 AM   #2
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Well, I guess I won't be outfitting my Notting Hill house with a second Aston.
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Old 04-26-2009, 11:16 AM   #3
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50% tax? **** the UK.
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Old 04-26-2009, 11:31 AM   #4
rypt
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50% tax? **** the UK.
50% tax on any earnings ABOVE £150k (so you know, if you say earn 200k then you pay 50% tax on 50k of that)

If you are earning £150,000 a year I'm pretty sure you are living comfortably anyway
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Old 04-26-2009, 12:17 PM   #5
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Originally Posted by rypt View Post
50% tax on any earnings ABOVE £150k (so you know, if you say earn 200k then you pay 50% tax on 50k of that)

If you are earning £150,000 a year I'm pretty sure you are living comfortably anyway
I'm well aware of how taxes work. But a 50% tax is ridiculous.
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Old 04-26-2009, 02:08 PM   #6
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I'm well aware of how taxes work. But a 50% tax is ridiculous.
Agreed! It is just as bad or worse here in the US. We just do a much better job clouding the rate.

Social Security takes 15% before income taxes are factored at all. Add income tax, state taxes, sales taxes, tariffs, corporate taxes (which are passed on to the consumer), property taxes, etc and there you go, monstrous rate.

With all that oppressive taxation we have an unimaginable deficit? Makes you wonder really.
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Old 04-26-2009, 02:23 PM   #7
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Originally Posted by ThinkGlobal View Post
Agreed! It is just as bad or worse here in the US. We just do a much better job clouding the rate.

Social Security takes 15% before income taxes are factored at all. Add income tax, state taxes, sales taxes, tariffs, corporate taxes (which are passed on to the consumer), property taxes, etc and there you go, monstrous rate.

With all that oppressive taxation we have an unimaginable deficit? Makes you wonder really.
You have to add most of that **** to their 50% tax rate too though. Craziness.
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