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Even if that were true, how is it relevant? The point being made is that many, or maybe most, people with high income do not have high wealth.
by boring_twenties 7y ago
Even if that were true, how is it relevant? The point being made is that many, or maybe most, people with high income do not have high wealth.
- lightgreen 7y agoIt was my response to the original statement that rich landowners do not pay taxes, but benefit from Crossrail, thus Crossrail is "rob from the poor to give to the rich". My objection to that statement is that rich people also pay taxes.
- isostatic 7y agoNowhere near as much - especially when it comes to accommodation. To pay a £1500pcm rent on a modest house in outer London while commuting to work, I would have to earn about £60k more than someone who owns it outright and lives off dividends with the same disposable income, and therefore I’d be paying £25k more in taxes. On top of that the owner would see their wealth increasing at a further £50k a year, which would require even more income to match. In the UK income is taxed at 30-75% (including NI, income tax, student loans, and child tax). Capital gains is 18%-28%.