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Don’t the 1% pay 30% of total tax revenue?
No
They don’t
That’s a myth I’ll deal with soon
I wonder, is some point about ‘fair share’ being made here? If so, it isn’t at all clear.
I’m not sure what the point is here, because it seems to miss one vital statistic – what is the top 1%;s share of wealth ? If it is below 24%of total wealth then it would indicate they’re being taxed fairly. If much below 24% then you might argue a bit harshly. If above 24% then the reverse follows.
the official HMRC figures, which you can get here http://www.hmrc.gov.uk/stats/income_tax/table2-4.pdf say that 24.2% of tax is paid by the top 1% of taxpayers. would be interested in RM’s analysis of this data
When you say “24.2% of tax is paid by the top 1% of tax payers” it leaves out a word and creates the wrong impression. I’ve seen this posted on newspaper comment threads by people who obviously believe the rich pay their share.
The figures refer to income tax, not all tax.
National Insurance nets a huge sum and it is a relatively flat tax depending on being employed or self employed. As I understand it VAT often takes a greater percentage of a poor person’s income, even though ‘necessities’ are often zero rated. The rich have more choice as to whether they spend or not. I don’t know the figures but I would assume that this lowers the percentage of the total tax paid by the 1%.
If we had economic justice the 1% wouldn’t exist.
carol – not sure I follow what you mean? are you arguing for communism? Unless you standardised everyones income then someone will always be the top 1%/5% whatever even if they only earned £50k per year
A throwaway line – not thinking.