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#76 |
eBook Enthusiast
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They are, however, offsettable against other capitals gains you may have made in the same year. Eg, if, in the same year that you were so unfortunate as to lose £5m on your Picasso, you were to make £6m profit from sales of assets in your property empire, you'd only pay capital gains tax on £1 (the £6m profit less the £5m loss).
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#77 | |
Chocolate Grasshopper ...
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yes, I gradually came to that conclusion, too - but the loss can only be put against a gain - if you only had a loss then tough !!!! - even despite the ability to "carry-forward" .... (oh for £5m in the first place ![]() |
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#78 |
Feral Underclass
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I've had a pretty good recession so far, and I'm not really in any hurry for it to end, it just annoys me when they pick on the most vulnerable members of society. The last time the Conservatives got in they killed off entire communities through their short sighted greed and self serving policies.
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#79 |
eBook Enthusiast
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No party politics here, please.
Thank you. |
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#80 |
Enthusiast
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#81 |
Guru
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The wealthy have many more ways to avoid income taxation than wage-earners do, so it isn't as "fair" in real life as it sounds in practice.
Also, an income tax must be graduated because a tax rate of, say, 10% hits lower income people harder, possibly forcing them to cut back on essentials, whereas wealthy people can absorb a 10% hit without giving up any "first fruits." So, their rate needs to be higher. A sales tax can be fairer if you exempt things like food and medicine (as California does with its state sales tax). If you cook at home, you pay no tax on that food; if you eat out at a cheap joint, you pay some tax; if you eat at a fancy restaurant, you pay a lot of tax. If you buy clothes at a yard sale, you pay no sales tax; if you buy a $20 shirt at Sears, you pay some tax; if you buy a $700 shirt on Rodeo Road in Beverly Hills, you pay a lot of tax. However one taxes them, print books and ebooks should be taxed alike. |
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#82 | |
Evangelist
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#83 | |
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#84 |
Feral Underclass
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It isn't just that that causes the problem. The poor are much more likely to spend any spare money they might have on local goods and services, so if you take money away from them the local economy will suffer.
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#85 |
Grand Sorcerer
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Eh? So the non-wealthy does not have this right to keep the money they earn then unless you defined fair in a strange way.
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#86 | |
The Introvert
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For example: If you eran 15K pa., the tax is 20%, so you pay 3K If you earn 40K pa., the tax is 30%, so you pay 12K If you earn 51K pa., the tax is 40%, so you pay 20K If you earn 100K pa., the tax is 50%, so you pay 50K However, if the percentage was the same 20% for everybody, then people who earn would not have to find ways to hide their income. It would look like that: If you eran 15K pa., the tax is 20%, so you pay 3K If you earn 40K pa., the tax is 20%, so you pay 8K If you earn 51K pa., the tax is 20%, so you pay 10K If you earn 100K pa., the tax is 20%, so you pay 20K Thus people who earn more would not be discriminated. Although, I belong to the first line in the list, I think it is unfair on people who earn more. There is a point when you don't want to earn more, because there is no point, the tax man will get everything. Then again...better them than us... |
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#87 | |
Not scared!
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There are thresholds, so you only pay the higher rate tax on any earnings above that threshold, e.g. If you earn 15K pa., the tax is 10%, so you pay 1.5K If you earn 40K pa., the tax is 10% on the first 20k and 15% on the rest so you pay 5k If you earn 100K pa., the tax is 10% on the first 20k and 15% on the next 20k and 40% on the rest so you pay 29k These aren't the actual thresholds in use in the UK, I think that they are 22%, 40% and 50% (40% kicks in at 40k and 50% at 100k I think, but don't quote me on it). This means that you don't get the situation where it's better to be paid 99k rather than 100k for example. |
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#88 | ||
Interested Bystander
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Quote:
If you eran 15K pa., the tax is 40%, so you pay 6K If you earn 40K pa., the tax is 40%, so you pay 16K If you earn 51K pa., the tax is 40%, so you pay 20K If you earn 100K pa., the tax is 40%, so you pay 40K Still sound fair? |
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#89 | |
Zealot
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Lots of them living on the Channel Islands, I hear... |
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#90 | |
The Introvert
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Guys, I am sorry if I confused you.
I have given random numbers. I don't know the actual ones. I just wanted to show the situation. Quote:
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