> paying 71% income tax
Do you have a citation for this? I'm interested in how this figure was extracted from where it came.
I think they're confused/disingenuous and talking about the _marginal_ tax rate at 100k.
There's a segment of a few thousand pounds where your marginal tax rate skyrockets because you lose your tax free allowance at that income level.
It's stupid, annoying and has some minor economic effects, but it's very different from a 71% income tax rate.
alt Hacker News
I think they're confused/disingenuous and talking about the _marginal_ tax rate at 100k.
There's a segment of a few thousand pounds where your marginal tax rate skyrockets because you lose your tax free allowance at that income level.
It's stupid, annoying and has some minor economic effects, but it's very different from a 71% income tax rate.