Comments on: How rich are you? http://www.libdemvoice.org/how-rich-are-you-1004.html Our place to talk - an independent website for supporters of the Liberal Democrat party in the UK. Sat, 11 Feb 2012 22:30:10 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: jockox3 http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23178 jockox3 Sat, 14 Jul 2007 02:05:55 +0000 http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23178 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! 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!

]]> By: jim http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23156 jim Fri, 13 Jul 2007 22:18:25 +0000 http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23156 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? 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?

]]> By: Stuart http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23147 Stuart Fri, 13 Jul 2007 21:44:30 +0000 http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23147 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!!! 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!!!

]]> By: tim leunig http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23130 tim leunig Fri, 13 Jul 2007 19:39:38 +0000 http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23130 Rather than use the global rich list, we can use the IFS "Where do you fit in" calculator. A single person with no kids on £68k is in the top 1% A two-equal-earner couple with no kids on £68k is in the top 4% A two-equal-earner couple 2 kids on 68k in in the top 16% A one-earner couple with 3 teenage kids on 68k is in the top 32% You can find out more from http://www.ifs.org.uk/wheredoyoufitin/ It is unlikely that the package will have any significant incentive effects either way. The main tax that gets abolished in council tax, which has no strong work incentive effects. The obvious new incentive effect is on house prices. We would expect them to increase (by around 8x the level of council tax, so around £15k), as happened when rates were replaced by the poll tax. Rather than use the global rich list, we can use the IFS “Where do you fit in” calculator.

A single person with no kids on £68k is in the top 1%

A two-equal-earner couple with no kids on £68k is in the top 4%

A two-equal-earner couple 2 kids on 68k in in the top 16%

A one-earner couple with 3 teenage kids on 68k is in the top 32%

You can find out more from http://www.ifs.org.uk/wheredoyoufitin/

It is unlikely that the package will have any significant incentive effects either way. The main tax that gets abolished in council tax, which has no strong work incentive effects.

The obvious new incentive effect is on house prices. We would expect them to increase (by around 8x the level of council tax, so around £15k), as happened when rates were replaced by the poll tax.

]]> By: Peter http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23096 Peter Fri, 13 Jul 2007 15:56:30 +0000 http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23096 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. 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.

]]> By: Stephen Tall http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23068 Stephen Tall Fri, 13 Jul 2007 13:13:33 +0000 http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23068 Surely the point is that an income of £68k+ puts you in the top 10% in the UK? That might not make you super-rich, but it does make you richer than nine-tenths of the rest of the country... Surely the point is that an income of £68k+ puts you in the top 10% in the UK? That might not make you super-rich, but it does make you richer than nine-tenths of the rest of the country…

]]> By: Kevin O'Connor http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23062 Kevin O'Connor Fri, 13 Jul 2007 12:58:28 +0000 http://www.libdemvoice.org/how-rich-are-you-1004.html#comment-23062 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. 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.

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