TOM

If you’re a UK citizen, did you pay £17,000 in taxes last year? If you’re a family of 4, did you pay £64k of taxes as a household? If not, someone else did on your behalf. A tiny group of people (1%) pay about 30% of the income taxes. This tiny little group of Brits aren’t just our Dentists, Doctors, Professionals, Engineers, Pilots, Entertainers, Executives, Business Owners and Entrepreneurs, they are also the biggest tax slaves for everyone too. A person earning £150k is paying £60k in tax. A person earning £30k is paying £6.2k in taxes. The high earner is making 5x more and paying 10x more in tax. Given the government spends £17k per person - The higher earner generates a surplus of £43k in taxes while the lower earner requires £11k of someone else’s taxes to cover their portion of government spending. It takes an income of £60k to generate £17k of taxes. So, very few people in the economy are able to cover the costs of themselves, let alone their families too. A tiny number of people can cover their own costs and generate a surplus for society. When you hear people talking about how greedy the rich are, and how we need to make life harder for them, it’s worth considering that if they were to stop earning or to leave, the entire system would collapse. The issue we have in the UK is not enough rich people. We need to either develop them ourselves or import them from elsewhere. We absolutely can not afford to lose them. As we approach an election, be sceptical of any party who claims they can fund spending through higher taxes on the rich. We already have that! What we need is a party that has a plan to create more rich people or invite them from abroad. It’s never been easier for rich people and high earners to live and work anywhere - of course they’ll go wherever they are treated best. The UKs survival is directly linked to the number of high earners - best not to drive them away.