Why the richest should contribute most.

There seems to be some consternation amongst the top earners in the UK that they would be asked by a future Labour government to pay 5% more on their earnings above £150k. This actually affects 1% of all UK earners.

Just as a matter of interest: to impose this extra 5% on earnings over £100k would affect the top 2%.

The facts about earnings distribution in the UK show that 85% of those getting a wage or salary earn less than £40k pa which equates in most cases to about £570 per week after tax.

The argument against higher tax rates for the very top earners seems to be that it punishes those who are successful, and that it would discourage wealth creators from living in the UK.

But it is not just the top 1% or 2% who create wealth. We all do in varying amounts. Everybody who works, creates some value in some way, and all those paying income tax at any level, or VAT on purchases contribute to government receipts.

All provision of infrastructure and technological advance of any kind is through funding coming either from private profits or government expenditure.

All education is supplied through the same methods of funding.

It is my contention that the higher up the tree you are in terms of earnings, the more you are benefiting from the efforts of all those below you, because the use value of existing economic/cultural/social capital enables optimization of your earnings.

If you are already earning £150k this equates in most cases to about £1,740 per week after tax.

Would it be too much to ask in this case that for every additional £10,000 per annum you earned, you paid an additional £9.61 per week in tax. You know, put a bit extra back in, just to take the pressure off the other 99% a bit in recognition of the "leg-up" they are giving you.