Friday, June 22, 2007

MUST READ: Only one in six of UK's richest men is paying any income tax

"The super-rich are using loopholes to avoid paying £2billion a year in income tax, official figures have revealed.

Only one in six of those earning more than £10million a year is paying tax on their earnings - with the rest using loopholes to dodge the burden.

The revelation will fuel anger over the private equity tycoons who are making vast fortunes while the gap between rich and poor widens."

Only one in six of UK's richest men is paying any income tax | the Daily Mail

Observe this closely, my friends. This is how a complicated tax system works. The rich can afford lawyers and accountants to use the complicated web of credits and write-offs to avoid paying taxes. Poor people cannot afford to do this. Conservatives whine about the rich paying "more than their fair share," pointing at the higher income tax rate for the wealthy. But, as you can see, this is not the case at all.

Remember this next time your political representative comes up with this great tax incentive to give a break to the underprivileged...simplicity best benefits the poor. Complications are the constructs of the upper classes. They have the smell and feel of helping the poor or middle class, but they don't. When laws and rules are few, and we don't have to hire expensive lawyers to know if we did anything wrong, we are the most free.

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