Submitted by Enes Emre Babur on Tuesday 15th November 2022
Published on Monday 21st November 2022
Current status: Closed
Closed: Sunday 21st May 2023
Signatures: 487
Relevant Departments
Tagged with
Abolished ~ Government ~ income tax ~ income tax rate ~ Lost ~ paying ~ Range ~ Ratings ~ Stopped ~ Tax ~ tax rate ~ tax rates ~ The Government ~ Up ~ work ~ You
Abolish the income tax personal allowance taper for people earning over £100k
Due to personal allowance tapering, those earning between £100,000 and £125,140 end up effectively paying a marginal income tax rate of 60%. We believe paying more tax on earnings than what one takes home is unfair and this taper should be eliminated
Tapering personal allowance means that for every £100 of income between £100,000 and £125,140, you only get to take £40 home – £40 is deducted on earnings over £100,000, while another £20 is lost by the tapering of the personal allowance. This amounts to a 60% tax rate on earnings within this range.
As a result, the Government receives more in tax revenue than the worker who does the actual work to earn a living, which we believe is unfair and should be stopped.
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3.12.123.41 Thu, 21 Nov 2024 18:42:31 +0000
