Friday, 25 September 2009

Mansion Tax

Right, so I have to listen to an MP with 7 houses defend a mansion tax, what the hell is an mp doing with 7 houses! I guess he never ripped off the tax payer eh?

Tax system and how you do it...

Right I figured I would provide some details, to show how easy it is;

Up to 10000 pay no tax
Up to 20000 pay 10% - Thus you pay 1000 tax
Up to 30000 pay 20% - Thus you pay 4000 tax
Up to 40000 pay 20% - Thus you pay 6000 tax

Up to 50000 pay 20% - Thus you pay 8000 tax
Up to 100000 pay 25% Thus you pay 23500 tax
Up to 250000 pay 30% Thus you pay 72000 tax

So the point is you pay on the total above 10000, so any idiot could do the numbers.

Everything above 250K is 30%, easy.

Income tax has never been so easy, and hey, I think most people could live with it.