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Earned income taxed twice as heavily as capital gains for some in UK, study finds
(www.theguardian.com)
this post was submitted on 20 Aug 2023
167 points (98.8% liked)
UK Politics
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For some?! It's literally everyone, the CGT bands are 10% and 20%, for non-property
https://www.gov.uk/capital-gains-tax/rates
Equalisation of CGT and Income tax is a no brainer. The argument has always been that CGT (and things like entrepreneur relief) should exist because of the risks involved, but given that both allow offsetting against costs and losses (and income tax doesn't) it's always been a bullshit argument which exists purely to preserve wealth.
It's "for some" because if you're willing to earn an unliveable pittance, you aren't taxed very much if anything.
In principle though, you are right.
Taxing capital gains will only dampen the economy. Instead, use this lower tax to improve your financial situation.
What is the optimal rate then, Mr Laffer?
I don't think there should be taxes at all. Not in a current form.
Hang on, just getting my Libertarianism bingo card ready...
Ok, so are you a free man of the land or one of those who thinks we should be able to buy rocket launchers at Tesco?
Just don't ask them about the age of consent
Neither. Taxes should be nothing more than a subscription or an insurance. Taxes in the UK today are funneled straight into the pockets of Tory friends.
Yes, because everyone has money to invest. So they should just make more money on their money and stop being poor. Why hasn't a anyone ever thought of this. Just stop being poor.
Literally no one is forcing you to be poor, it's your own choice. And yes, everyone can save up a bit and invest. And it WILL snowball over your life. Don't be stupid.
Don't believe in taxes, being poor is a choice. Christ you're delusional.
Ahaha! Great argument!