IFS warns just 40% of George Osbourne's cuts have been made so far | Mail Online:
Let's look at the case of Singapore.
Total personal income tax: $7.56 billion (from here).
Estimate of citizen dividend for each citizen: $9,000 (from here)
Singapore citizen population: 3.2 million.
Total citizen dividend income taxed away: $30 billion.
The confiscated citizen dividend is 4 times the total personal income tax!
Who feels this heavy burden the most? The poor, of course, who has little other income.
"Top 1% of earners already pay almost 30% of all income tax."This is another common myth. Once you take into account the 100% tax on citizen dividend, the picture can be quite the reverse.
Let's look at the case of Singapore.
Total personal income tax: $7.56 billion (from here).
Estimate of citizen dividend for each citizen: $9,000 (from here)
Singapore citizen population: 3.2 million.
Total citizen dividend income taxed away: $30 billion.
The confiscated citizen dividend is 4 times the total personal income tax!
Who feels this heavy burden the most? The poor, of course, who has little other income.
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