A little more than just vibes, I think. There is plentiful evidence that the true marginal tax rates on incomes for the very rich are low, and lower than for salaried income. My point, I think, still stands: your 'brainworm' contention needs to be justified against total income, not just salaries.
But we can see the capital gains and stamp duty returns from wealth people. And they are high! Rich people really do pay a lot of tax and much of the ‘evidence’ you cite is just people misunderstanding the tax system and the important economic differences between taxing assets vs income.
I'm sure they do pay a lot. But do they pay a lot in proportion to their income? And you can argue assets vs income: it is about the amount of money people take home to spend at the end of the month / year. If I take home more, I should pay (at least) the same proportion of tax as others.
The top 10% get about 25% of gross income and pay 62% of income taxes. So they pay about twice as large a share of their income as the other 90% on average.
This gross income. Do you mean gross salaried income? Or all monies flowing into a rich person's bank account?
Gross income means pre tax income.
Including income from non-salaried sources?
Yes.
My wealthiest friend is a billionaire. I suspect his income is less than mine
Lmao. Absolutely not. Why don’t you ask him how much tax he pays and report back.
His gross tax bill might well be very big. But the tax on the proportion of money he takes home might well be lower. That said, I appreciate that the narrative here is less clear than in the US, where billionaires routinely pay less tax - Trump paid $750 total income tax in 2016.
It’s almost impossible for that to be true in the uk relative to the median earner. The point of wealth is that it’s generates income. You can do some things that allow you to defer that income tax but any money you spend will have been heavily taxed.
I think you’re underestimating the skill of tax lawyers. Anyway let us know more about falling inequality
Draw up any indicative balance sheet and it’s very hard to have less than 2-3% income on your wealth implying 20-30m of taxable income at a 50% rate.
I suspect he wouldn’t like that but as an ex hedge fund manager you do get to meet wealthy individuals. You’re probably right though - his income is probably more than mine. But my point is that real wealth never shows much taxable income. Perhaps you don’t understand that
Doesn’t include wealth. Not having a mortgage to pay helps in the post tax calculations