Tax analogy

@perspicacious Said
The minimum income tax bracket is already 22%. If our tax burden were calculated on our total wealth rather than our earnings, the total burden percentage wise would be less than that I guess!

Therefore the poor would be better off, the rich would pay more tax, but everyone would pay the same proportionally.

@perspicacious Said
The minimum income tax bracket is already 22%. If our tax burden were calculated on our total wealth rather than our earnings, the total burden percentage wise would be less than that I guess!

Therefore the poor would be better off, the rich would pay more tax, but everyone would pay the same proportionally.

@angelcake Said
minimum tax bracket was 10% then it went up to 20% because brown abolished the lower tax bracket and then moved the next bracket down my 2 pence.

taxing on total wealth won't work. If you have an expensive house that you've inherited and are taxed 50% of you total wealth then based on the earning if your on a low income you'll be practically starving.

@stumblinthrulife Said
Your system has a major hole.

You said that you would tax total wealth, in place of income. But you are still talking within the paradigm of income tax. The man earning $20,000 a year but not actually keeping it liquid would pay no tax under your scheme, except maybe retail taxes.

@stumblinthrulife Said
Your system has a major hole.

You said that you would tax total wealth, in place of income. But you are still talking within the paradigm of income tax. The man earning $20,000 a year but not actually keeping it liquid would pay no tax under your scheme, except maybe retail taxes.

@angelcake Said
ooo i interpreted that differently, i would say total wealth would be all possible forms of wealth, property, jewellary, etc etc

@angelcake Said
perhaps a more graduated scale would be fair but at the end of the day theres got to be a cutting off point.

@perspicacious Said
Not if there's a different system.

@treebee Said
the country would fall to bits if we all paid the same rate of income tax, we need your money!

@treebee Said
the country would fall to bits if we all paid the same rate of income tax, we need your money!

@perspicacious Said
We could never pay the same income tax.

We could pay proportionally the same if the entire burden were calculated differently!