US President Barack Obama is planning a higher minimum tax rate on the richest Americans to ensure they are taxed at the same rate as the less wealthy.
http://www.bbc.co.uk/news/world-us-canada-14962769
Showing posts with label income tax. Show all posts
Showing posts with label income tax. Show all posts
Monday, 19 September 2011
Monday, 12 September 2011
Some of the rich say they would pay more income tax
http://www.bbc.co.uk/news/business-14859254
In a piece in the New York Times newspaper, the billionaire investor and philanthropist said the rich should do more to help plug the deficit.
He called for a tax rise for those earning more than $1m (£600,000), and a higher rate for those on over $10m.
Wednesday, 7 September 2011
Income tax rates under old Labour in the '70s
In 1974 the top-rate of income tax increased to its highest rate since the war, 83%. This applied to incomes over £20,000 (£155,247 as of 2011),[2], and combined with a 15% surcharge on 'un-earned' income (investments and dividends) could add to a 98% marginal rate of personal income tax. In 1974, as many as 750,000 people were liable to pay the top-rate of income tax.[4] Margaret Thatcher, who favoured indirect taxation, reduced personal income tax rates during the 1980s.[5] In the first budget after her election victory in 1979, the top rate was reduced from 83% to 60% and the basic rate from 33% to 30%.[6] The basic rate was also cut for three successive budgets - to 29% in the 1986 budget, 27% in 1987 and to 25% in 1988.[7] The top rate of income tax was cut to 40% in the 1988 budget.
Economists warn that 50% income tax rate harms economy
Twenty high-profile economists have urged the government to drop the top 50p tax rate, which they say is doing "lasting damage" to the UK economy.
http://www.bbc.co.uk/news/business-14810323
Tuesday, 19 October 2010
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