Abolish the 60% income tax rate

The effective income tax rate for earnings of £100,000 - £115,000 is 60%, as the tax free allowance drops away. So the tax rate goes from 40% for earnings under £100,000, up to 60%, and then back down to 40% for earnings between £115,000 and £150,000. Truly bizarre.

This tax rate is a clear disincentive for those earning around £100,000 (mainly those seen as "wealth creators"). So much so that the vast majority will surely act to avoid this rate (e.g. By paying into their pensions). This is dragging liquidity away from the market and therefore adversely affecting everyone in the country.

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Currently ranked 35,229 out of 103,925 petitions ever created.

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Created By

Brian Shaw

Created On

Friday 20 January 2012

Closing Date

Wednesday 23 January 2013

Tagged With