![]() ![]() They might argue the extra tax is not fair. Remember that before the pandemic, the top one per cent had more wealth than the bottom 69 per cent. On an income of £5 million however, that family’s base costs have long been taken care of, and the disposable income is vast, so a one per cent tax on the income is neither here or there. ![]() A one per cent tax on a family earning £30,000 bites into their disposal income as they probably don’t have any. Indeed, the University of Greenwich estimated that a one per cent tax of the wealthiest households in the UK would be sufficient to pay for high quality universal care, the NHS and much more. Tax is there to ensure we have a civilised society which isn’t just funded by the poor and middle class. Indeed, it actually booked a credit for tax under the scheme in 2021.Īside from that project, there is also a study which shows that countries are on course to lose over $5 trillion in tax over the next 10 years to both wealthy individuals and corporations that use tax havens. In the West, the numbers swing, with the onus applying to individuals, while many corporates and private individuals do not pay tax at the same rate as everyone else.Īmazon’s main UK division benefits from a ‘super-deduction scheme’ introduced by Rishi Sunak as chancellor, that allowed them to pay no tax on £222 million of pre-tax profits last year. Many of these countries do not have large defence costs and so can function very well indeed on their income. There are many countries like the UAE which do not charge income tax, instead charging either corporations, tourists, revenue on the production of oil and other such products. Today, it’s mainstream in many countries but not all. It was stopped and started again a few times but made permanent in 1842. ![]() At a rate of less than one per cent, it was to pay for the Napoleonic wars. Hands on his banister, William Pitt the Younger (that’s a mouthful) introduced income tax to the UK in 1799. What is wrong and narks most, is how the taxes are used, oh, and all those corporations and high net worth individuals who don’t pay tax. ![]() Taxes are not the problem, as shown in a survey demonstrating that over two thirds of us would pay more tax to ensure a fully functioning NHS. Career Basics C.IT was ‘death by taxes’ last week, and a nod of the head to all the secondary charges we never had before (city car parking, hospital car park charges, council tax et al). PART I PLANNING BASICS Chapter 1 Introduction to PFP Chapter 2 Time Value of Money Chapter 3 Beginning the Planning Process PART II ONGOING HOUSEHOLD PLANNING Chapter 4 Household Finance Chapter 5 Financial Statements Analysis Chapter 6 Cash Flow Planning Chapter 7 Debt PART III PORTFOLIO MANAGEMENT Chapter 8 Non Financial Investments Chapter 9 Financial Investments Chapter 10 Risk Management PART IV SPECIALIZED PLANNING Chapter 11 Other Insurance Chapter 12 Retirement Planning Chapter 13 Educational Planning PART V TAX AND ESTATE PLANNING Chapter 14 Tax Planning Chapter 15 Estate Planning PART VI PLANNING ESSENTIALS Chapter 16 Stocks, Bonds and Mutual Funds Chapter 17 Background Topics PART VII Integrated Decision Making Chapter 18 Capital Needs Analysis Chapter 19 Behavioral Financial Planning Chapter 20 Completing the Process PART VIII FURTHER SPECIALIZED TOPICSĪ. ![]()
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