I had a call from my accountant the other day apparently I could buy £300 of intimate meals, all my meals during the week and £300 of gift vouchers tax free, and am not. I also on 5th April become a Bronze card holder for British Airways. I am a racehorse owner without a mortgage or rent. Yes for someone who averages £25 grand a year for 15 years I am truly wealthy. Quite how a family of 4 survive with rent to pay on that is a question.
Being self employed via my own company I could charge even more tax free and even when I take income I have 12000 of lower earnings limit and 5000 more tax free after that in dividend earnings. Is this fair? Is it ridiculous I can turn down an above average paying corporate job for 52 weeks a year and offer to go 4 days a week, fly to work, travel 1st class on trains, own a 5% share in a horse and rent a gaff for the week and still be better off than families on the same income in a smaller house than I own working down the street?
Luckily I am British and as a 50+ diabetic get free prescriptions and merely have to put up with my doctor being sniffy every few months. Anyway as the morons of the Republican Party try to replace the Affordable Care Act with something similar I can thank my lucky stars which country I live in and the ludicrous tax concession to the self employed who are often no more entrepreneurs than the head of Glaxo.
My point here is that I can see no reason for reduced taxes on the wealthy and especially inherited [unearned] wealth – the problem is not people with wealth having to cut back to John Lewis from Fortnum’s and Harrods. They partly lead to zombie capitalism and rising land prices among other things. Land prices are among the reasons that UK people are noncompetitive in some industries, unhappy and poor despite high levels of employment feel under pressure and threatened.
This model does not work and is leading us to a dangerous area.