Good version hereJanuary 10, 2017 Tim WorstallMusic21 Comments More to the point, they look as if they’re having fun. More than one of those little shit eating grins there. previousErm, hello?nextThe Czechs do value their free speech 21 thoughts on “Good version here” abacab January 10, 2017 at 1:10 pm Off-topic – Corbyn’s wealth cap. Fascinating twatter thread here: https://twitter.com/DPJHodges/status/818734553019904001 Clearly lefties don’t understand how marginal taxation rates work. Plus, lots of “it’s not 100% tax, it’s just you won’t be allowed to earn over the limit”. OK, so what mechanism to you propose to enforce this other than a 100% tax rate? Cos otherwise employers will say “OK, I paid him 2M. Your move. Whatcha gonna do about it?”. You going to imprison company directors for paying over the limit? Now, next question: how much income tax is paid over 1M income? Cos if there’s some kind of enforcable limit that’s not a 100% tax, all that’s going bye-byes. Well, not quite, it’ll sit in the company and attract 20-odd-% corporation tax instead of 66-ish income tax/NI like it currently does. And who does this benefit exactly? Nobody… Matthew L January 10, 2017 at 1:21 pm Abacab: Did you see the Guardian’s “panel discussion” on the subject? I don’t think I’ve ever seen such a self congratulatory mutual fellation. Flatcap Army January 10, 2017 at 1:35 pm Murphy and Danny Blanchflower are squabbling about. Delicious. https://twitter.com/D_Blanchflower/status/818791491103555585 abacab January 10, 2017 at 1:36 pm @Matthew L – no, no I didn’t. I think I have gained something by missing it though. But seriously, MATHS. It’s not complicated. abacab January 10, 2017 at 1:51 pm In fact, these are questions we can answer. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/523873/Table_2.5.xlsx There are 15k UK taxpayers making 1M or more. Those in the 1-2M bracket (10k) pay on average 540k tax, tot. 5.4B. Those in the 2+M bracket (5k) pay on average 1.82M tax. Tot. 9.1 billion. So these taxpayers pay, total 14.5 billion in tax. At 1M, taking a full 40k pension deduction, tax paid is 418,000, so we can deduct 15,000×418,000 = 6.27B. So the amount of tax (not including employer’s NI, of course), paid over 1M is 2.83 billion. Upon which we can schlapp 14% employer’s NI and 2% employee’s, (goes back to table to get the right figures) = 16% of 20.7 billion, or another 3.3 billion. So total revenue to the treasury of income over 1M is 6.13 billion quid. OK, dividends, avoidance, whatever. But this is on HMRC’s income data, so presumably accounts for that anyway. The Meissen Bison January 10, 2017 at 1:55 pm I suppose there’s not much point my saying that a Hammond B3 really doesn’t need monkeying around with ring modulation? abacab January 10, 2017 at 2:11 pm Funny thing is, the lefties like to rag on bankers etc, but such a punitive tax / cap would most visibly affect top-notch footballers and successful luvvies/musicians. Thereby hitting a sore nerve not only amongst the working classes, but also the Islington set. monoi January 10, 2017 at 3:13 pm Funny because the French tried a 75% tax for income above 1m euros. It was so successful it lasted 2 years before being removed. Corbyn does not have to go far to see an actual example. Socialists never learn which just confirms that they are twats. abacab January 10, 2017 at 3:13 pm That HMRC excel sheet is the gift that keeps on giving. The 15,000 earners over 1M, i.e. 0.05% of taxpayers, pay 8.5% of all income tax. I guess they’re pretty crap at that avoidance stuff then, cos people tell me that the rich don’t pay any tax at all… abacab January 10, 2017 at 3:21 pm If we look at the 5k who earn over 2M, we end up with the top 0.017% of taxpayers paying 5.2% of all income tax. These people are really not very good at not paying any income tax, are they? Henry Crun January 10, 2017 at 3:28 pm Blanchflower vs Murphy – both of them wrong about everything all the time. Chris Miller January 10, 2017 at 3:48 pm The Murphatollah was on WatO this lunchtime, name-checking Danny and doing Radio 4’s credibility (wazzat? ed.) no good at all. Bloke in North Dorset January 10, 2017 at 4:24 pm Whilst we’re off topic, from Guido a challenge to Murphy’s status as the least self aware person on the internet: Adam Boulton: “Are you still a fascist?” Max Mosley: “No, I’m a member of the Labour Party.” jgh January 10, 2017 at 4:28 pm Is it an earnings cap or a pay cap, they keep veeering between the two. If it’s an earnings cap how on earth are they going to stop people buying your product? “Terry Pratchett is already a millionaire, it is now illegal to buy any of his books”? “Hey, Mr Electrician, you’re only allowed to install 4 cookers a week!” “Oi, Mr Greengrocer, you’re only allowed to sell three cabbages per week”. If it’s a pay cap what happens to the earnings that are above the pay cap? Are the confiscated by the government? (How ***DARE*** people want to buy your products!!! Stop being so sucessful, dammIt!!!) Or are people forced to put the surplus aside in savings? But then that increases their wealth! Evil evil wealth! abacab January 10, 2017 at 4:29 pm @BiND: The whole thing from the 20’s/early 30’s about people flitting easily between the communists, social democrats, and fascists/nazis has been completely memory-holed. Tractor Gent January 10, 2017 at 4:41 pm Back on topic, I found that on YouTube some months ago. IMHO it’s every bit as good as the Deep Purple original. Witchie January 10, 2017 at 6:16 pm A million is a pretty good salary. I have a better idea, very easy to enforce. No-one employed by the state directly to earn more than £250k. That includes the BBC, and all charities & quangos that receive more than half their income from the state. GlenDorran January 10, 2017 at 7:57 pm Joe Bonamassa is absurdly talented – check out the videos of him opening for BB King at age 12. By all accounts a good guy as well who just loves playing guitar, and will play with anyone. The recent interview with him where he shows off his collection of vintage guitars and amps shows he is a geek at heart. I’m not a huge fan of his own music but I really like him. abacab January 10, 2017 at 8:19 pm On topic – it’s a shame the music and video are from different takes…. abacab January 10, 2017 at 9:18 pm Off topic again – that twerp Verhofstadt was on the radio here in CH this evening – “see what we can do to move towards a united states of Europe”. Funny how he’d say that in German but I’m not sure if he’s said it in English. Now, remind me when the Remain campaign explained that that was the aim of the EU? Oh wait, they didn’t… Cynic January 11, 2017 at 11:37 am Well spotted BiND. That’s pretty funny. Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.