I see people complain that tax cuts only help the rich, forgetting that this means the middle/working class keeps more money and get products for less

They also seem to forget that the rich don't pay tax anyway, the middle class pay for most of it. Whenever you tax a corporation, they will just cover that by increasing the cost of their products. The middle and working class then have to pay for this more expensive product with an income even less and they will also be taxed more.
Rather than deciding who we need to steal money from, I think there should be some sort of financial education and independence courses in school. With things like how to leverage debt, how to grow you own food, and how to not pay taxes. Oh, but then if we can create our own wealth, we won't be dependent on socialism.

This page is a permanent link to the reply below and its nested replies. See all post replies »

DDonde · 31-35, M

No, middle class would keep the same amount of money. Rich people getting to keep more money does fuck all for the rest of society.

lynncelestial · 31-35, F

@DDonde How would the middle class keep the same amount of money, if the doctors earning £120,000 suddenly don't have 60% of their income taxed?

DDonde · 31-35, M

@lynncelestial I'm not following..? Also I'm not British so I don't know what your income tax situation is over there

OggggO · 36-40, M

@lynncelestial

if the doctors earning £120,000 suddenly don't have 60% of their income taxed

Good news, they already don't!

lynncelestial · 31-35, F

@OggggO They do in my country, genius.

lynncelestial · 31-35, F

@DDonde at the income I described, in my country it is 60%. I know my country's tax code and run several companies and hedgefunds, it is quite incredible to see all these varying messages about how I don't understand even the basics of money, by people who have never invested in their lives xD It's quite odd, because they are automatically mocking whilst being in no place too, yet when I was starting out, any successful people were very happy to give me financial advise, no mocking. I note this mocking only comes from people who haven't done anything with money.

OggggO · 36-40, M

@lynncelestial If you're going to lie, try not to tell one so easily disproved.
https://www.gov.uk/income-tax-rates

lynncelestial · 31-35, F

@OggggO Right, but surely you have an understanding of taxes beyond googling a screenshot of the tax rate?
We have a tax allowance of £12,570. If you have an income of over £100,000 then you lose £1 of your personal allowance for every £2 you make over £100,000. When you consider things like bonuses, overtime, this hidden tax quickly builds up to 20% on top of your 40% tax rate.

OggggO · 36-40, M

@lynncelestial Just admit that you lied and got caught, it will save us both a lot of time.

lynncelestial · 31-35, F

@OggggO ...Please learn a bit about money. What I just told you was common sense, if you claim to know even the first thing about taxes. Are you self employed?

OggggO · 36-40, M

@lynncelestial Please learn about about math and tax brackets.

lynncelestial · 31-35, F

@OggggO I literally just pointed out how the personal allowance effects tax. How is it you forgot to mention that and instead could do nothing more than copypaste the tax rates?

OggggO · 36-40, M

@lynncelestial Because you bullshitted up nonsense and didn't even bother to back it with any kind of proof. Meanwhile, doing actual math, someone earning £150,000/year would pay 20% on their first £50,270 and 40% on the rest, for a grand total of £49,946 in tax or just under 33% of their income. Some 60%.

lynncelestial · 31-35, F

@OggggO If you really think you know better, go and start your own business venture or sod off back to your shitty job.

OggggO · 36-40, M

@lynncelestial You really don't like getting proven a liar, huh?

lynncelestial · 31-35, F

@OggggO I can't say I'm a fan of anons pretending to prove I'm a "liar" haha. I mean, if trying to one up someone on the internet makes you feel better go for it.