Submitted on Monday 27th June 2022
Rejected on Tuesday 5th July 2022
Current status: Rejected
Rejection code: no-action (see below for details)
Abolish the 60% marginal rate of income tax
The effective income tax rate for earnings of £100,000 - £125,000 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 £125,000 and £150,000.
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 act to avoid this rate. This is dragging liquidity away from the market and therefore adversely affecting everyone in the country.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
Petitions need to call on the Government or Parliament to take a specific action.
We understand that you are concerned about marginal rates of income tax for people earning £100,000-125,000 a year, but it's not clear if you want the Government to remove rules that reduce the personal allowance for people who earn over £100,000, or just change how this work.
You could start a new petition explaining clearly what you would like the Government or Parliament to do.
We have published the following petition, which you might like to sign:
Raise the tax personal allowance reduction threshold from £100,000 to £150,000: petition.parliament.uk/petitions/618660
18.119.163.69 Sat, 16 Nov 2024 12:28:33 +0000
