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At what point do you become rich?
Image © Steffan Rousseau - PA Archive
Anyone earning more than £50,000 should brace themselves for higher taxes, according to Nick Clegg.
The deputy prime minister believes these top 10% of earners - around three million workers - must pay a proportionately higher level of tax than they currently do.
Among the options being considered are ending tax relief on pension contributions for higher-rate taxpayers, further hiking capital gains tax and an 'accessions tax' to replace inheritance tax.
All in the definition
Support for taxing the rich is as close to universal as you're likely to get in the world of finance. You earn more, therefore you should pay more.
It's a pretty simple philosophy - and one that's hard to argue against. However, one aspect that's often overlooked is at what point someone should be considered rich. When do we go from simply being comfortable to being wealthy?
How much would you need to earn before you considered yourself rich?
Thanks for being one of the first people to vote. Results will be available soon. Check for results
- £40,000 - £45,000
- £45,001 - £50,000
- £50,001 - £55,000
- £55,001 - £60,000
- £60,001 - £65,000
- £65,001 - £70,000
- £70,001 - £75,000
- £75,001 - £80,000
- £80,001 - £85,000
- £85,001 - £90,000
- £90,001 - £95,000
- £95,001 - £100,000
It's a highly debatable issue, of course, and one that probably doesn't have a definitive answer. One key reason for this is that the goal posts are always moving.
With inflation constantly driving up prices, a salary that would have landed you squarely in the 'rich' bracket 10 years ago might simply be considered above average by today's standards.
We published an article earlier this month that claimed someone earning £45,000 should not be considered wealthy. It provoked a lot of debate, with people making valid arguments for both side.
Let us know your view
So how much would you need to earn in today's climate to consider yourself 'officially' rich? We'd love to get your view, so please do vote in our poll and share your thoughts in the comments section below.
Disclaimer: we recognise that there are many more factors that affect your wealth than just salary (are you a parent? Do you live with a partner who works as well, etc.), so we realise that this is by no means definitive. Nonetheless, it does provide an interesting insight into what we consider to be wealthy - and how our views compare to others.
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50k is Clegg taking the ****? That just about a living wage now when you consider the price of mortgages, domestic fuel, transport and or vehicle costs, the price of food and childcare fees. Oh and I forgot to mention that you have to pay 9k a year to get a degree now too!
What a ****, why should people who have worked hard to earn 50k have to pay more tax? That will just limit peoples ambition by punishing the successful to support the idle and incompetent.
Lets stop giving money to other countries.
Lets stop bailing out other economies.
Lets stop letting people live here for free.
Lets stop making people better off not working.
Also why do they insist in giving hundreds of millions of our hard earned money to certain '3rd world' countries when a lot of these are '3rd world' because of their greedy leadership. I am all for charity but how about letting us decide for ourselves if we wish to donate rather than choosing for them selves and then closing public services to compensate.
At what point do you become rich?
Never, if you Vote for Clegg and Cable.
nick clegg ..2nd in command of the country .. god help us all . What a namby pamby wishy washy twit .
Nick Clegg ............2nd in command of the uk ... good help us, how do these twits get into power?
the more you earn the more you pay anyway. once you get to a certain level you are in the 40% bracket , thats this country all over punish someone for being successful and working hard tax him/her to death, the bigger the house you have the more council tax you pay yet you have a street light and a couple of bins , same as someone down the road paying way less, this government wants to concentrate on all the spongers that dont work but get that much in benefits they have 3 holiday abroad a year and laugh in the face of the workers, if on benefits you should only servive as a exisistance , no spare cash for fags and booze and be able to run a car
NOW GO AND SORT THE THINGS THAT MATTER AND STOP GIVING OUR CASH AWAY
leave the workers alone who pay enough even when they spend hard earned ca**** taxed to the hilt
Clegg your in a position because of how the voting went , a false position you and the other idiots of your party , just stick to being a muted puppet
I'm not earning anywhere near 40k but my view is there should be one tax band. If everyone gets the 10k free allowance then pays 30% on everything else they earn then surly the more you earn the more tax you would pay. We don't need a complicated inefficient tax system. If it was this straightforward with most of the tax loopholes closed except maybe charity related ones, surley the cost to collect and administer tax would decrease and revenue would rise. Scrub NI just have the one tax deducted via PAYE. Obviously I dont know what the exact tax would be its my thought on the matter.
Clegg is merely targeting the hard working rather than the rich. The guy's an imbecile who would never hold such high office if Cameron didn't need his party's support.