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Unearned income surcharge

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    Unearned income surcharge

    Seriously, it's a good idea. Why should people who make money without working for it get away with paying less tax than those who work.

    So: if it's not salary or wages, an extra 15% at least. Personally I'd cut NICs and boos unearned income surcharge even more.

    #2
    So that would include dividends then would it?

    Comment


      #3
      Originally posted by PRC1964 View Post
      So that would include dividends then would it?
      Yes of course. If it is earned income, declare it as such. If it isn't earned, be prepared not to keep as much of it.

      Comment


        #4
        Originally posted by expat View Post
        Seriously, it's a good idea. Why should people who make money without working for it get away with paying less tax than those who work.

        So: if it's not salary or wages, an extra 15% at least. Personally I'd cut NICs and boos unearned income surcharge even more.



        That's the Labour answer. Instead of not wasting the exhorbitant taxes they get, just raise more taxes. Explain what you mean by unearned income that is currently untaxed, because as far as I am concerned, money that people invest is money that they have earned and already paid tax on. Then they get done for capital gains tax, inheritance tax, dividends tax, stamp duty, and tax on their pension etc.

        Personally, I think that after 30-40 years of working and paying tax, people are entitled to retire, and not into poverty. Unfortunately not many in the private sector have a pension of any note and this means further burdens on other taxpayers.

        Comment


          #5
          Exit taxes will probably be necessary, to safeguard the Government's right to its income stream. Don't worry, it's being looked at.

          Comment


            #6
            Originally posted by Cyberman View Post
            That's the Labour answer. Instead of not wasting the exhorbitant taxes they get, just raise more taxes. Explain what you mean by unearned income that is currently untaxed, because as far as I am concerned, money that people invest is money that they have earned and already paid tax on. Then they get done for capital gains tax, inheritance tax, dividends tax, stamp duty, and tax on their pension etc.

            Personally, I think that after 30-40 years of working and paying tax, people are entitled to retire, and not into poverty. Unfortunately not many in the private sector have a pension of any note and this means further burdens on other taxpayers.
            hence more taxation necessary. That way everyone is looked after. Only the government can do this.

            Comment


              #7
              Originally posted by Cyberman View Post
              That's the Labour answer. Instead of not wasting the exhorbitant taxes they get, just raise more taxes. Explain what you mean by unearned income that is currently untaxed, because as far as I am concerned, money that people invest is money that they have earned and already paid tax on.
              Of course it is. But any profit they make on it, like interest or dividends, has not already been taxed.

              Put in 1000.00 of taxed money, you pay no more tax on that. Get out 1050.00: 50.00 of that is unearned income, not yet taxed.

              Comment


                #8
                Originally posted by expat View Post
                hence more taxation necessary. That way everyone is looked after. Only the government can do this.



                You obviously have no clue about creating incentive to work and self-reliance. No wonder we have so many benefit scroungers.

                You still haven't answered my question. What is this unearned income that is not taxed ?

                Comment


                  #9
                  Originally posted by expat View Post
                  Of course it is. But any profit they make on it, like interest or dividends, has not already been taxed.
                  OK, so if they're being taxed for making a profit through investing their money, would you give them a rebate if their investment failed?

                  Comment


                    #10
                    Originally posted by expat View Post
                    Yes of course. If it is earned income, declare it as such. If it isn't earned, be prepared not to keep as much of it.
                    I'm intrigued - you're always coming back to this and, if I understood you correctly the other day, you actually do this already i.e. everything you get you treat as salary.

                    I don't get the principled aspect of it - what is the issue with 'unearned' income that would warrant extra tax. Even leaving aside our tax skullduggery, wouldn't this incentivise people chasing quick (volatile) capital gains rather than getting an income from an investment?

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