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Rachel Reeves rules out wealth tax if Labour wins next election
(www.theguardian.com)
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this post was submitted on 27 Aug 2023
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It's worse than that..
For lower rate tax payers, it starts at half the income tax rate (with no national insurance). So 10% instead of 32%. For residential property, 18% (with no NI) so 18% instead of 32%.
For higher rate income tax payers it's half the income tax rate (with no national insurance). So 20% instead of 52% (if NI wasn't also tilted in favour of high earners). For residential property, 28% (with no NI) so 28% instead of 52%.
But higher rate tax payers get a massive cut in NI too at not much above the higher rate income tax threshold, paying only 2% NI on earnings above the higher NI threshold, so on that portion of their earnings it is 20% (or 28%) instead of 42%.
Then the very rich get to play with massive loopholes, only paying tax if they feel like it. Which, mostly, they don't.