Unfortunately the Scottish employment rate fell by 1,000 to just below 2.6m, 75.4 per cent of people aged between 16 and 64 compared to the UK's 76.1 per cent, and the Scottish Government's growing tax burden -- be it workplace parking, tourism, higher income tax rate
, private schools or land transaction -- will not help narrow the gap.
(This assumes a family with two kids claimed the maximum value of the income-splitting and child fitness tax credits, none of the other now-eliminated tax credits, and was not exposed to the higher income tax rate
of 33 per cent.)
The unions suggest making up for reduced tax revenue through property and profit taxes, higher income tax rate
, or an additional tax bracket.
Early retirees who work part-time, for example, may want to withdraw funds first from their Roth IRA account because their income now is presumably higher than it will be when they aren't working at all and subject to a higher income tax rate
The bill would also raise from P500,000 to P10 million the trigger for the higher income tax rate
and reduce the corporate tax rate from 32 percent to 25 percent.
Reimposing a higher income tax rate
on the wealthiest should be an early priority for an Ed Miliband Labour Government.
The bottom-line performance reflects a higher income tax rate
of 37.9%, up from 35% in the prior-year period--on a pretax basis, earnings grew nearly 10%.
Also, heirs will receive a full step-up in basis upon the death of the surviving spouse, which is even more important now in a higher income tax rate
O'Day, D-West Boylston, who has sought to raise income taxes for the past two years to provide more funds for education and needy families, said a higher income tax rate
with exemptions that protect lower income earners from steep hikes, is less regressive than the sales tax.
There were a number of positives: * A reduction in corporation tax rate to 24% from April 2012 (originally expected 25%) and further reduction to 23% then 22% in subsequent two years; * a reduction in higher income tax rate
from 50% to 45% from April 2013 - the most concrete signal yet that the 50% rate is indeed a temporary necessity; * for those who have spent their working lives building their business and are now looking to save for retirement, no further tinkering with pensions reliefs; and * a particular win for those companies who can use the enterprise management incentive (EMI) - an increase in the limit per individual to pounds 250,000 (subject to EU state aid approval) and a proposed extension of entrepreneurs' relief to shares acquired through EMI.
The big tax change looming on the horizon for those who earn more than pounds 150,000 per annum is the new higher income tax rate
of 50%, announced by the Chancellor Alistair Darling in the 2009 Budget.
On the revenue side, the value-added tax (VAT) rate was increased in July 2005 and a new higher income tax rate
(coming in at a very high income level by Portuguese standards) has been created.