176
Earned income taxed twice as heavily as capital gains for some in UK, study finds
(www.theguardian.com)
this post was submitted on 20 Aug 2023
176 points (98.9% liked)
UK Politics
3113 readers
304 users here now
General Discussion for politics in the UK.
Please don't post to both [email protected] and [email protected] .
Pick the most appropriate, and put it there.
Posts should be related to UK-centric politics, and should be either a link to a reputable news source for news, or a text post on this community.
Opinion pieces are also allowed, provided they are not misleading/misrepresented/drivel, and have proper sources.
If you think "reputable news source" needs some definition, by all means start a meta thread. (These things should be publicly discussed)
Posts should be manually submitted, not by bot. Link titles should not be editorialised.
Disappointing comments will generally be left to fester in ratio, outright horrible comments will be removed.
Message the mods if you feel something really should be removed, or if a user seems to have a pattern of awful comments.
[email protected] appears to have vanished! We can still see cached content from this link, but goodbye I guess! :'(
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
For some?! It's literally everyone, the CGT bands are 10% and 20%, for non-property
https://www.gov.uk/capital-gains-tax/rates
Equalisation of CGT and Income tax is a no brainer. The argument has always been that CGT (and things like entrepreneur relief) should exist because of the risks involved, but given that both allow offsetting against costs and losses (and income tax doesn't) it's always been a bullshit argument which exists purely to preserve wealth.
It's "for some" because if you're willing to earn an unliveable pittance, you aren't taxed very much if anything.
In principle though, you are right.
Taxing capital gains will only dampen the economy. Instead, use this lower tax to improve your financial situation.
What is the optimal rate then, Mr Laffer?
I don't think there should be taxes at all. Not in a current form.
Hang on, just getting my Libertarianism bingo card ready...
Ok, so are you a free man of the land or one of those who thinks we should be able to buy rocket launchers at Tesco?
Just don't ask them about the age of consent
Neither. Taxes should be nothing more than a subscription or an insurance. Taxes in the UK today are funneled straight into the pockets of Tory friends.
Yes, because everyone has money to invest. So they should just make more money on their money and stop being poor. Why hasn't a anyone ever thought of this. Just stop being poor.
Literally no one is forcing you to be poor, it's your own choice. And yes, everyone can save up a bit and invest. And it WILL snowball over your life. Don't be stupid.
Don't believe in taxes, being poor is a choice. Christ you're delusional.
Ahaha! Great argument!