151
Higher earners to be taxed more heavily in Scotland to protect public services
(www.theguardian.com)
this post was submitted on 20 Dec 2023
151 points (100.0% liked)
Scotland
686 readers
28 users here now
Fàilte gu Alba!
Mon in tae Scotland!
Welcome to Scotland!
Quick rules:
- dinnae be a cunt
- posts should relate tae Scotland
Have at it, and haste ye back
Related communities
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Your run of the mill wealthy person doesn't "earn high income" on paper. Expect a lot of people suddenly earning 69999 next tax cycle
That's just not how it works. It's income above that threshold that is taxed at the new rate. And Scotland have deviated for a year already and haven't seen any exoduses, only extra money
I think he’s talking about how rich people are valuable on paper but they’re typically not very liquid at any given time. Like how Musk or Bezos don’t actually have bank accounts with hundreds of billions of dollars in them; they just take out loans against their asset portfolio when they need something.
Unless this hits them hard in capital gains, you aren’t doing anything but taxing workers; and even then I don’t think these loans count as income.
EDIT: top earners get £75k? wut?
Top earners get 75k, because people earning more than that are rarely paid in a fixed wage.
They get stock options, stuff gets moved to an off-shore company, you start a company that pays you out a dividend under the threshold, any income paid out gets spread between partners, etc.
Until the Scottish government tackles large land owners, capital, and loopholes this is partly(!!!) performative. Something's better than nothing though.