How rich are you?

By | 13th July 2007 - 11:55 am

The new Liberal Democrat tax plans (which benefit the environment and the vast majority of families, at the expense of those households with incomes over around £68,000) has resulted in the usual predictable burst of comments from people saying, “ooh, but being on £68,000 isn’t being rich”.

Here’s a handy way of putting that into perspective: www.globalrichlist.com (though of course you need to turn that household figure into a per person figure).

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7 Comments

  • Kevin O'Connor 13th Jul '07 - 1:58pm

    Interesting as globalrichlist.com is and very useful for making people understand the context of international development debates, I struggle to see how it is relevant here.

    The criticism being raised is that we have said that the tax increases are only for the very rich, and then said they would be for households over £68,000. Some people will naturally question whether, in the context of the UK tax system, 68k constitutes ‘super-rich’. A fair question, I would say.

    I don’t see how changing the context to the global rich list does anything to help get perspective on this issue. If anything I think it is a little disingenuous.

  • Peter 13th Jul '07 - 4:56pm

    To be pednatic it puts you in the highest income decile. Many people who are richer than you (own more) will have a lower income (realy rich people don’t work, and organise their assets in such a way that they pay little in income tax.

    But it isn’t a zero sum game: the move reduces marginal tax rates for low earners and thus improves incentives to work. This is good for everyone.

  • Stuart 13th Jul '07 - 10:44pm

    I’m in the richest 0.86%, and my partner is in the richest 0.74%… yet even together we cannot afford to buy a home!!!

  • jim 13th Jul '07 - 11:18pm

    If the Lib Dems think that £68k is super rich it just shows how out of touch they are,surely they realise by now that a ‘soak the rich’ tax policy belongs to another century?

  • jockox3 14th Jul '07 - 3:05am

    Stuart, as Tim points out, you’ll be even less likely to be able to afford to buy a home when the reduction in national level income tax is eaten up mostly by the Local Income Tax AND house prices rise by at least another half salary multiple.

    Axe the Tax,
    Ditch the LIT,
    LVT can be a hit!

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