Submitted on Friday 9th March 2012
Published on Monday 12th March 2012
Current status: Closed
Closed: Tuesday 12th March 2013
Signatures: 2
Tagged with
income tax ~ Individuals ~ Money ~ Tax ~ UK
Cap income tax at £100,000 to vastly increase tax revenue
I would like the government to put a cap on income tax, whereby the maximum any individual would pay on their earnings would be £100,000 per annum. £100,000 is enough for anyone to contribute, and many people who now hide their wealth overseas or use tax loopholes would willingly contribute this amount. Bringing in such a cap would result in a huge number of individuals already in the country and from overseas declaring their incomes, thereby generating vast sums for the government, who could then raise the tax-free allowance for everybody. This would benefit the lower paid earners. I believe that millionaires the world over would be queuing up to deposit their money in the UK and pay the £100,000.
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