In praise of entrepreneurship and hard work, and people who pay their fair share
September 21, 2010 17 Comments
In the latest episode of The Seven Days show Iain Dale and discussed what the phrase “your fair share” meant when relating to paying tax and the often used phrase that the “rich” should pay their fair share.
I used the example that if the rate of tax you paid was the same for the first pound you earned as the last pound and if you were at a 40% rate, someone earning £100,000 would be contributing £40,000 to the Exchequer. By the same rules if you earned say £20,000 and the tax rate was 20% you would be contributing £4,000.
Simplistic and not wholly accurate figures yes, but to me it shows that if you use the phrase, “your fair share” then people who are seen as high earners actually pay their fair share and then some.
Then that of course brings me onto the subject of my podcasting partner Mr Dale. I have known Iain since 1997. In that time he has always seemed to be doing about 5 different things at once. Only this week he has started what for some would be a full time job, having a permanent gig on a radio station, combined with running a successful blog, combined with running a publishing company which in itself employs several people, combined with appearing regular on regular media outlets. Some would say that he now has a portfolio career. I would suggest that he works extremely hard and don’t know how he finds enough hours in the day. This isn’t an Iain Dale love in. He has his faults. He supports West Ham for gods sake. But I would find it hard pressed to find evidence from even his worst detractor which would question his work ethic. I have no idea what he earns. I hop he is handsomely rewarded. But if he is, then he already pays his fair share in tax.
There are many people up and down the country like Iain. They work many hours, and equally important, they who take personal risks. They may have mortgaged their house to back their business. They may have had to put work befor personal relationships. They may be responsible for employing many people who themselves contribute money to the economy. They are the people who the recovery will be built on.
And do you know what. They already pay their fair share.