Originally Posted by
AlexF
40% tax bracket means you pay 40% on anything you earn ABOVE a certain amount.
It doesn't back track and mean that ALL your pay is now taxed at 40%
I think I may already know that one some how have you seen one of my bills lol
you probably won't remember but in the 70's it was 40% of the lot they also had a 90% tax bracket and that was 90% of th elot above a certain threshold
so everyone made sure they weren't 1p over the thresholds .It was very much like the stamp duty thresholds but the precentages were subatantially higher