Do the rich pay their way?

The information below is projected from 2009 historical data to the 2012 position – they are approximate figures only (Revenues calculations not mine as we don’t have access to the most current data) and Universal Social Charge (USC) is not included in these figures. If USC was included, the likely result would be to increase further the proportion of tax and USC paid by the highest earners because their rates are higher as would be the quantum of tax received. Individuals are sorted by reference to their gross income from all sources upon which income tax is levied.

Of individuals liable to income tax:

the top earning  1 per cent of total  numbers account for 21 per cent of total tax the top earning 10 per cent of total numbers account for 60 per cent of total tax the top earning 50 per cent of total numbers account for 97 per cent of total tax

Another way to look at this is that the top 1% pay just over 20% of tax collected, the next 9% pay the next 40% …

Read More