Nathan45 wrote: ↑Fri Jul 05, 2024 1:22 am
Yeah you take your 3% tax and sh.....
Wait.
3%...?
Seriously?
3% of GDP is spent on Defence.
Income tax is split: the first £12.5k earnt in the year is tax free, then from £12.6k- £40k has 20% tax, then from £40-100k has 40% tax, then after that it gets complicated.
As well as that, there’s National Insurance which is about 8% up to £967/ wk and then 2% of anything over that. All cumulative with income tax.
Then there’s council tax (local authority), which for me this year is £2,408.
On top of that, 20% Value Added Tax (sales tax) is applied to most products sold- product is advertised with the tax included, by the way, so it’s fully transparent. Utilities will include VAT, but council tax doesn’t attract it.
So all of that means that the typical tax bill is a shade over 50% of earnings. Out of that comes all government spending including Defence and the NHS.
I should add, most of this tax is taken at source, most British workers will never need to submit a tax return.