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West Ham owner says non-dom crackdown is driving wealthy from the UK
(www.theguardian.com)
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this post was submitted on 04 Oct 2024
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UK Politics
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General Discussion for politics in the UK.
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agree, but a reminder that the top 1% pay 30% of the taxes the treasury receives.
But we'll just take the next 1% and make them pay 31% of the taxes. Problem solved! /s
If they have numb non dom then they don't pay tax. Which is surely the point.
Do the top 1% have more or less than 30% of the total wealth?
Far less. In the UK half of all wealth is owned by the top 10% but there is very little concentration in the top 1% compared with the USA and other nations like Italy, Russia and China. Also, the degree of wealth inequality has mostly remained consistent for the last 10-15 years.
Another factor to consider is that for the top 10% (which in the UK you are in if you earn more than £52,000) hold around 50% of their wealth in pensions (which are taxed) and around 32% in properties on average.
Have a look at ONS data to back up what I’ve said. https://www.ons.gov.uk/visualisations/dvc1727/Fig2/datadownload.xlsx
I still do believe that there is a better balance to be found with tax and wealth, but I’m less convinced that the answer is solely based on going after a 0.1% of wealthy.