Instead on focusing on the absolute income tax contribution, in our research we have developed a novel and holistic index which tracks the ratio of the effective income tax rate per income group divided by the percentage of total personal wealth (alternatively, one may use the percentage of national income) owned by the same income group.
Under this metric, we show that the bottom 99% pays in relative terms at least 10 times (1,000%) more tax than the top 1%.
From the social justice perspective the “money tree” will blossom when the richest 1% will pay a higher and fairer income tax rate.
Professor John Hatgioannides
Faculty of Finance, Cass Business School, City, University of London
Someone even vaguely to do with economics wants to look at the relationship between income tax and wealth? Srsly?
Note that his result simply does not hold at all when we use income tax against income.
What is it about Islington Technical College?