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Do millionaires pay enough tax?

by Marrick on April 23, 2012

The imageOffice for National Statistics have issued some "facts". Their spin is that "while some multi-millionaires pay less tax than the rest of us, it seems most cough up their share."

Official government figures show that 72% of those who earned £10m-plus in 010/11 paid tax at a rate of 40%. 12% paid tax at 30%-plus; 8% paid at 20%-plus; 3% paid at least 10% and just 6% paid tax at less than 10%.

Looking at it from another perspective: over a quarter of those earning over £10million don##Q##t pay enough tax.

These are, of course, interesting figures but they do not reveal what those earning £1m to £10m pay in tax, which seems to me to be the key area of interest.

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