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Dagelijks archief: 23 november 2019
The Labour party is committed to raising billions by raising tax for earning over £80,000
Labour has pledged that people earnings over £80,000 will have to pay more income tax, raising £5.4bn to spend on other priorities such as the NHS. But independent tax experts warn that the well-off already pay a very large proportion of total income tax, with the top 1% of earners now accounting for more than a third of all income tax paid. Almost half the population don’t pay any income tax at all.
So who’s right? Are Britain’s high earners taxed too much, or too little? I carried out an exercise this week to compare how much the same well-paid workers in the US, Germany, the Netherlands and Ireland pay in tax in comparison with England and Wales (Scotland has slightly different tax rates). I decided to ignore France, because I’ve tried and failed in the past to make any sense of its profoundly complex personal tax system.