Cyprus-Forum.com

[erolz66]

There is nothing patriotic about paying more tax than you need to - that is just stupidity...

I presume you are such a patriot you make a voluntary donation over and above what the government asks for every month...?

Who said anything about paying more than you need ? What is patriotic or democratic about just fucking of and leaving the country if the country democratically decides that you need to pay more tax than you want to pay or you were paying previously ?

Paying more than you need? Man, I try to avoid paying what I need!

All legally of course....

But paying 98% is just utter lunacy!

I mean seriously, why didn't he stay home and watch netflix?

I do not know how to explain this any simpler. If my father had stopped working his income AFTER tax would have dropped from multi 100,000s of pounds sterling per year to ZERO. The idea that because on earning in excess of whatever it was back then, say £300,000, were taxed so highly therefore he should just stop working entirely and have an income go from £300k + pa to zero pa, is the 'economics' of an idiot.

Sorry but that is simply absurd to me.

If I was on a tax bracket where I am working and giving away 98% of my money to the tax man, then I would go to my employer and for much less hours to go on a lower bracket.

Aint no way I will be wasting my time as a slave keeping only 2% of what I earn.

My father was the employer not the employee. You the employee think HE was the 'wage slave' ?

[Paphitis]

Avoiding tax legally is just a smart thing to do.

Now this is a smart thing to do. Norway again.

https://www.theguardian.com/money/blog/ ... -the-field

Sorry, but no that isn't a very good thing at all.

You keep that shit in Norway thanks.

Unless you are a public company on the stock exchanges, your taxes are a private financial affair between each individual, trust, or company, or combination of all 3 and the Government.

Gosh you people are just bat shit crazy!

[Lordo]

new promise from the tory party. kill two birds with one stone.

"Nuisance" council tenants should be forced to live in tents and pick vegetables, a Conservative parliamentary candidate has said. "

now this will work very well.

https://www.bbc.co.uk/news/election-2019-50474572

[erolz66]

Avoiding tax legally is just a smart thing to do.

Now this is a smart thing to do. Norway again.

https://www.theguardian.com/money/blog/ ... -the-field

Sorry, but no that isn't a very good thing at all.

You keep that shit in Norway thanks.

Unless you are a public company on the stock exchanges, your taxes are a private financial affair between each individual, trust, or company, or combination of all 3 and the Government.

Gosh you people are just bat shit crazy!

Got much to hide then have you ?

[Maximus]

According to my understanding.

Taxation on earned income was never as high as 98%. This was on invested income and only for some years.

The highest it ever got to on earned income in the UK was 83%. Still stupidly high. this was the top tax rate bracket for very high earners.

Erolz is right though, you cant just stop working because the top tier tax bracket is extremely high and think this is a good idea. Only a smaller proportion of your overall income is taxed at this high rate. Not the entire amount.

With that being said, it does put a solid ceiling on your earning potential and it is understandable why someone would seek a lower tax environment..

[Paphitis]

Avoiding tax legally is just a smart thing to do.

Now this is a smart thing to do. Norway again.

https://www.theguardian.com/money/blog/ ... -the-field

Sorry, but no that isn't a very good thing at all.

You keep that shit in Norway thanks.

Unless you are a public company on the stock exchanges, your taxes are a private financial affair between each individual, trust, or company, or combination of all 3 and the Government.

Gosh you people are just bat shit crazy!

Got much to hide then have you ?

No nothing to hide from the Government.

[Paphitis]

According to my understanding.

Taxation on earned income was never as high as 98%. This was on invested income and only for some years.

The highest it ever got to on earned income in the UK was 83%. Still stupidly high. this was the top tax rate bracket for very high earners.

Erolz is right though, you cant just stop working because the top tier tax bracket is extremely high and think this is a good idea. Only a smaller proportion of your overall income is taxed at this high rate. Not the entire amount.

With that being said, it does put a solid ceiling on your earning potential and it is understandable why someone would seek a lower tax environment..

Solid ceiling alright as employers will turn around and not pay as high because it's all tax anyway and employees will turn around and ask for less hours or go permanent part time.

That is what I would do. I would go part time and concentrate on other business activities to make my own income.

Also, just imagine charging an investor 98% on their investment. What would you do? Personally, what I would do is send the money and have it invested in another country.

So easy these days to invest in the stock markets of the USA, UK or EU countries or buy a rental somewhere else.

These high tax rates are a hindrance to the economy, and the Government pays for it in the end.

There are always loopholes for the rich and these loopholes are very legal. For instance, an Australian Government has radically driven up Land Tax rates thus ripping off investors on a cumulative tiered system. SOLUTION: gift a property each to each child (first properties are exempt from tax) and sign a mortgage between your kids and parents that the children owe 100% of the capital value to the parents so the parents have a caveat over the properties and have the interest capitalized so the kids eventually owe you more than the property is worth. Another Solution: buy property in different States and also overseas. So the Capital just flees.

So when they get married and end up in divorce, parents dispossess the property as well.

You got to watch out for these things.

[Maximus]

yeah but if you work less here and do something else elsewhere, it will still add to your income. Which will be taxed too.

You pay tax on your gross income. it doesn't matter where it comes from.

Taxing 98% of investment income is basically discouraging investments in the country.

In my opinion. The more money someone has in their pocket, the more freedom they have.

Governments dont want you to be free. They want you to work to support 'the system'. To earn just enough to cover the necessities with some left over for a few luxuries. And to keep you on the treadmill being productive.

With that being said. I think tax is a necessity otherwise we wouldn't benefit from certain services.

[Paphitis]

yeah but if you work less here and do something else elsewhere, it will still add to your income. Which will be taxed too.

You pay tax on your gross income. it doesn't matter where it comes from.

Taxing 98% of investment income is basically discouraging investments in the country.

In my opinion. The more money someone has in their pocket, the more freedom they have.

Governments dont want you to be free. They want you to work to support 'the system'. To earn just enough to cover the necessities with some left over for a few luxuries. And to keep you on the treadmill being productive.

With that being said. I think tax is a necessity otherwise we wouldn't benefit from certain services.

Not necessarily.

When you do something else under a Pty Ltd, the business only pays 26% tax rate (about to be reduced to 22% in Australia) compared to a top marginal rate of 45% when working.

Plus, the business has family share holders too, so I can distribute income to the children up to the tax free threshold and also my my wife as well.

Overall, massive reduction in tax.

I'm not getting out of bed to pay 98% or 83%. I'd rather watch Netflix all day.

[erolz66]

With that being said, it does put a solid ceiling on your earning potential and it is understandable why someone would seek a lower tax environment..

Would you consider such people who left their country because they did not like the tax levels set by government chosen by the will of the people, patriots ? democrats ?