Lord Sugar’s rant about Jeremy Corbyn’s tax plans got him schooled – the only 9 replies you need
As well as being the figurehead of The Apprentice and a peer of the realm, Lord Alan Sugar is a billionaire with a successful business history, including owning Amstrad, which was part of the home-computing revolution. On Monday, he responded to a tweet about the higher rate of tax with this comment.
you are right and that is ok. but a person who earns over £100k under @jeremycorbyn might end up with just 30K i.e. 70% tax . No incentive to work or prosper, no future managers no future company successes. = no employment of others https://t.co/GIk4OaQ3rE
— Lord Sugar (@Lord_Sugar) April 22, 2019
Of course, the businessman had got his sums wrong, and Twitter quickly let him know.
1.
Nonsense: any notional 70% tax on earnings over 100k would be just that – levied on income above 100k. Surprised that someone so finance-savvy has got this wrong https://t.co/Pu6CraynXc
— Aditya Chakrabortty (@chakrabortty) April 22, 2019
2.
Looks like you've been paying too much tax all your life https://t.co/Z6EAfDK3Hz
— Mr Ethical (@nw_nicholas) April 22, 2019
3.
I thought this was how income tax worked, too. Until I was about 12 years old.
What’s Lord Sugar’s excuse for not understanding that tax rates apply *only* to what you earn above each threshold, not to every penny. https://t.co/fjYohRapnW— CarolineJMolloy (@carolinejmolloy) April 23, 2019
4.
Dear @HMRCgovuk amazingly, it appears @Lord_Sugar hasn't got a clue what the tax rates are or how tax is calculated. Feel free to charge him whatever you like, he'll never know. https://t.co/QcGaHSlrqR
— Mojito Thomas #JC4PM2019 (@Trickyjabs) April 23, 2019
5.
One of these must explain Alan's inability to grasp marginal tax rates: he is catastrophically dim, a liar, or about to realise his accountant has been embezzling from him for years. Which is it? https://t.co/lXYumsiNuK
— James B (@piercepenniless) April 22, 2019
6.
A) Labour's policy is 50% tax on income above £100k, so this wouldn't happen.
B) Thatcher set top rate tax at 60%, and nobody is calling Corbyn Thatcherite.
C) You KNOW tax doesn't work that way, and if you don't you shouldn't be handing out opinions on taxation. https://t.co/f89U3ydhtO
— Russ (@RussInCheshire) April 22, 2019
7.
https://twitter.com/Phil_O_Keefe/status/1120356798521802753
8.
The worst person at their job in the history of the world.
Alan Sugar's maths teacher. https://t.co/G3xJdCZeAU— James Doleman (@jamesdoleman) April 22, 2019
9.
https://twitter.com/Satiresocialist/status/1120419516390019073
Football reporter, James Benge, had an excellent suggestion.
Explaining to Alan Sugar how income tax works should absolutely be a task on the next series of the Apprentice https://t.co/9zNTF8OtAY
— James Benge (@jamesbenge) April 22, 2019
We’d definitely watch that.
H/T: Indy100
