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77% Say – “Tax the Wealthy!”

A recent survey of the UK public gave us some interesting insights, with the average man and woman making their thoughts clear…”tax the wealthy!”

In the survey, which took place on the streets around our nation, the public were asked if they thought a return to the 50% income tax rate for people earning over £150,000 a year was something they would like to happen.

Well, 77% said “yes,” which just goes to show you that not everybody is in favour of less tax for all.

Many believe that by taxing higher earners 50% of their wages, it would go a long way in balancing the books and helping the government get their finances in order.

I agree that many in the government need to do more to sort out the financial state of this country, especially with Brexit just around the corner, but is more tax really the way to do this? In my opinion, no.

It was only recently of course that Philip Hammond announced his plans about more tax for the self employed in his budget speech, only to then back track a few days later after public outrage.

I think there is people out there who should be taxed more, such as those Billionaires who get out of paying tax altogether while relaxing on their luxury yachts, but I don’t think that hard working people who just happen to earn more should be punished.

Many people seem to believe that there is some kind of balancing act when it comes to tax, and that if those who are wealthier are taxed more, then workers on lower wages will pay less. This isn’t the way it works though.

The problem is quite simple…the government are not very good at using the tax they get. The solution is not to tax more, it is to better manage what is already going through the system.

Taxing 50% to workers who earn £150,000 a year or more isn’t going to make any difference at all, and although it makes a good headline it doesn’t really change anything.

I don’t think we are going to hearing about any tax changes for the wealthy in the near future, as I reckon the Chancellor is going to stay away from that subject for a while.

If you are a contractor who earns £150,000 or more a year, then my best advice is to invest in a contractor accountant.

Don’t listen to the general public and their surveys and think you are obliged to pay more tax for the good of the nation. No way. Instead, get a contractor accountant and see what they can do for you.

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