Tax benefits

York Press: Tax benefits Tax benefits

There has been much written in the national press recently about the “obscene” bonus payments being made to some employees of the Royal Bank of Scotland. A figure of £576 million was mentioned.

All the features in the papers seem to be against these payments.

But if the employees are paying income tax then the Government will get 50 per cent. So I say, pay them as much as the bank wishes, it may be the only way our Government will get some of its investment back.

The same can be applied to footballers who earn massive amounts. They will also be paying 50 per cent income tax.

Now you might say I am looking through rose-tinted spectacles, but if I am wrong please can someone put me right.

Stuart Wilson, Vesper Drive, Acomb, York.

Comments (4)

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12:33pm Tue 4 Mar 14

Zetkin says...

I have to take issue with aspects Mr Wilson's analysis.

He says "employees" as if it was the the eighteen year old counter staff at Halifax or HSBC or wherever else getting big bonuses. In fact most bank staff are receiving as bad a battering from austerity as the rest of us, in terms of real pay being cut year after year and so on.

People who get bonuses of millions rarely pay anything like 50% tax. It's well-documented that the super-rich actually pay far less tax than those of us who cannot employ the various legal, semi-legal, and illegal methods of not paying our dues.

Many of the banks were bailed out using public money, so far from the public purse benefiting from increased tax revenue, it's actually subsidising these bonus payments.
I have to take issue with aspects Mr Wilson's analysis. He says "employees" as if it was the the eighteen year old counter staff at Halifax or HSBC or wherever else getting big bonuses. In fact most bank staff are receiving as bad a battering from austerity as the rest of us, in terms of real pay being cut year after year and so on. People who get bonuses of millions rarely pay anything like 50% tax. It's well-documented that the super-rich actually pay far less tax than those of us who cannot employ the various legal, semi-legal, and illegal methods of not paying our dues. Many of the banks were bailed out using public money, so far from the public purse benefiting from increased tax revenue, it's actually subsidising these bonus payments. Zetkin
  • Score: 8

5:13pm Tue 4 Mar 14

E=MC^2 says...

Making the rich people richer doesn't make the rest of us richer.
The rich are responsible for speculative investments in land and property which only inflates prices for the rest of us trying to put a roof over our heads. Bonuses are un earned, the 2008 financial crisis made that abundantly clear. If you want to grow the economy and improve society distribute downwards, tax the banks and bankers so the pips squeak.
Making the rich people richer doesn't make the rest of us richer. The rich are responsible for speculative investments in land and property which only inflates prices for the rest of us trying to put a roof over our heads. Bonuses are un earned, the 2008 financial crisis made that abundantly clear. If you want to grow the economy and improve society distribute downwards, tax the banks and bankers so the pips squeak. E=MC^2
  • Score: 2

5:27am Wed 5 Mar 14

Magicman! says...

The people won't be paying 50% income tax if their bank is based overseas
The people won't be paying 50% income tax if their bank is based overseas Magicman!
  • Score: 2

2:47pm Wed 5 Mar 14

gwen4me says...

I think the time for insurrection draws nigh, I`d be insurrectious but I`m over sixty and its not so easy these days
I think the time for insurrection draws nigh, I`d be insurrectious but I`m over sixty and its not so easy these days gwen4me
  • Score: 0

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