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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To believe that if Labour wins we wont be hit with 98% taxes?

231 replies

DistinguishedSocialCommentator · 19/04/2024 15:01

And the other day one of the Labour lot let slip taxing pensioner more than others

A bit of Labour what they say and do - the 98% tax

You an Google the 98% tax if you dont want to read the link

AIBU not to trust the Labour lot just like I dont trust the Tories

https://www.adamjwalker.co.uk/business/are-you-ready-for-labours-tax-bombs/

Are you ready for Labour’s Tax bombs? | Adam J Walker & Associates Ltd

When I started work in 1979 , the top rate of tax was 98%: 83% income tax plus a 15% surcharge on investment income. If you don’t believe me then Google it! I wasn’t earning enough in those early days to pay this tax rate myself but my boss was and he...

https://www.adamjwalker.co.uk/business/are-you-ready-for-labours-tax-bombs

OP posts:
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8
DameKatyDenisesClagnuts · 20/04/2024 12:01

The OP also lives within walking distance of central London according to another thread they were on this week

makeanddo · 20/04/2024 11:54

As soon as Labour get in they will say 'oh dear it's much worse than we thought....'

And then the increases will start - if you're a homeowner, employed they are after more money from you. The pool of people paying in is getting smaller, they will be careful squeezing business as they want to be seen to be on the side of business.

I won't vote for the current shit show but imo for hard working homeowners it's going to be awful under Labour.

pointythings · 20/04/2024 11:38

Going by a previous thread, OP is in the Australia.

Churchview · 20/04/2024 10:03

Just out of interest OP, where are you based? Are you in the England?

Churchview · 20/04/2024 10:02

DistinguishedSocialCommentator · 20/04/2024 09:59

Thank you

You did not need tens of thousands to leave but just a few thousand as they paid a large proportion of the England's taxes and this had a massive impact on the tax income so it was abolished, labour was booted out

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Yes, let's focus on the England's taxes.
It's this level of intellectual and informed discourse that has me returning to Mumsnet time after time.

Churchview · 20/04/2024 10:00

If we're talking about brain drain then we might want to look at the impact of Brexit before we start looking at the the small number of people who would be in a 98% tax band.

Original poster
DistinguishedSocialCommentator · 20/04/2024 09:59

GETTINGLIKEMYMOTHER · 20/04/2024 09:52

Speaking as one old enough to remember 98p in the £ - quite a lot did leave the U.K. - it was known as the Brain Drain.

Show quote history

Thank you

You did not need tens of thousands to leave but just a few thousand as they paid a large proportion of the England's taxes and this had a massive impact on the tax income so it was abolished, labour was booted out

OP posts:
GETTINGLIKEMYMOTHER · 20/04/2024 09:52

BMW6 · 19/04/2024 17:08

I remember those rates - I joined HMRC in 1975 - but very, very few people paid at that highest rate. Certainly none of the half million or so taxpayers that my office dealt with.

I think a few left the UK to avoid it - IIRC Sean Connery was one of them?

I can't see any Government bringing back those rates - statistics have shown you get most tax revenues from the kind of rates we have now.

Speaking as one old enough to remember 98p in the £ - quite a lot did leave the U.K. - it was known as the Brain Drain.

Coasters4Life · 20/04/2024 09:51

Don't be silly. Yanbu for your title but yabu for the op post.

Churchview · 20/04/2024 09:49

If you're agreeing with that post @DistinguishedSocialCommentator then I have to conclude that a) you're not really interested in politics and b) my previous impression that you are only here to post badly worded nonsense was correct.

Original poster
DistinguishedSocialCommentator · 20/04/2024 09:38

boobot1 · 20/04/2024 08:58

I think they are just as bad as the tories, maybe even worse. Politics in the UK and America is scary, theres no one worth voting for!

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Agreed

Labour bangs on about helping the working class as they put it and better terms for those renting etc. However the mask slips and slips a lot when they want to tax the "rich£ even more along with "pensioners" - so not "pensioners"
but "codgers" as stated by one of their ministers advisors

What does that tell you?

OP posts:
SerendipityJane · 20/04/2024 09:29

BIossomtoes · 20/04/2024 09:25

Allegedly. They used to once, not any more.

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Maybe.

But the deduction is people who want lower taxes want less civilisation, and people who want no taxes want anarchy.

(Extremists really don't like it when you use their tactics against them).

BIossomtoes · 20/04/2024 09:25

SerendipityJane · 20/04/2024 09:10

I pay my taxes. They buy me civilisation.

Allegedly. They used to once, not any more.

SerendipityJane · 20/04/2024 09:10

I pay my taxes. They buy me civilisation.

Morph22010 · 20/04/2024 09:09

leamington66 · 19/04/2024 17:22

From the HMRC website
Your Personal Allowance goes down by £1 for every £2 that your adjusted net income is above £100,000. This means your allowance is zero if your income is £125,140 or above.
So you will be taxed at 40% on this income and lose £12.5K of tax free income for earning £25K. The marginal tax rate on income between £100K and £125K is significantly higher than 40% as a result.

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it works out that the marginal rate is 60% above £100k once you start to lose the personal allowance, so it’s 60% tax on each £ between £100,000 and £112,570, then above that it drops down to 45% for each extra £

BIossomtoes · 20/04/2024 09:03

burnttoad · 20/04/2024 08:50

But frankly many of us don't think any part of income should be taxed at 98%

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Oh I don’t know - anything above £1 million a year’s fair game isn’t it?

boobot1 · 20/04/2024 08:58

DistinguishedSocialCommentator · 19/04/2024 15:01

And the other day one of the Labour lot let slip taxing pensioner more than others

A bit of Labour what they say and do - the 98% tax

You an Google the 98% tax if you dont want to read the link

AIBU not to trust the Labour lot just like I dont trust the Tories

https://www.adamjwalker.co.uk/business/are-you-ready-for-labours-tax-bombs/

I think they are just as bad as the tories, maybe even worse. Politics in the UK and America is scary, theres no one worth voting for!

burnttoad · 20/04/2024 08:50

determinedtomakethiswork · 19/04/2024 16:45

You do realise that taxation is on a sliding scale don't you? So the first £12,500 is tax-free then the next bit is 20% going up to 45% and then up to 50% for anything you earn over about £125,000. That isn't 50% of everything you earn, just everything you earn over that amount.

If you really think that any government is going to recommend taxing everybody 98% of their wages then I think you're too stupid to vote quite frankly.

But frankly many of us don't think any part of income should be taxed at 98%

pointythings · 20/04/2024 08:44

Zonder · 20/04/2024 08:34

Odd post. I'm sure you know that no MPs earn less than the average wage since their pay is public knowledge.

Is that a weird way of labelling labour MPs champagne socialists or something? Because of course all lefties MUST remain poor to be credible.

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Well quite. Everyone knows how much MPs earn.

The idea that you can't be wealthy and be left wing is just ridiculous - what matters is what you do with that wealth.

As for money from Cloud Cuckoo Land - the Tories certainly magicked up a money tree when they needed to, and they want to abolish NI without saying how they're going to pay for that.

OP seems to constantly post things along the line of 'Here's something bad Labour/the left are doing, but I'm not a Tory, I'm not a Tory, I'm not a Tory' then followed by a load of badly worded anti Labour vitriol.

We're not buying it, OP.

Zonder · 20/04/2024 08:34

DistinguishedSocialCommentator · 19/04/2024 23:25

You conveniently forget the the Labour party and some of them are still comprehensively against our nuclear deterrent. What does that tell you about the dysfunctional Lab lot

Ask yourself this about the working class lab MP's - what proportion of them earn less than the average wage

How many of them live in council property?

How many of them are worth less than a million

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Odd post. I'm sure you know that no MPs earn less than the average wage since their pay is public knowledge.

Is that a weird way of labelling labour MPs champagne socialists or something? Because of course all lefties MUST remain poor to be credible.

MidnightPatrol · 20/04/2024 08:29

DistinguishedSocialCommentator · 19/04/2024 23:25

You conveniently forget the the Labour party and some of them are still comprehensively against our nuclear deterrent. What does that tell you about the dysfunctional Lab lot

Ask yourself this about the working class lab MP's - what proportion of them earn less than the average wage

How many of them live in council property?

How many of them are worth less than a million

Show quote history

I have no idea what any of these questions are supposed to infer...?

Original poster
DistinguishedSocialCommentator · 19/04/2024 23:25

blacksax · 19/04/2024 23:08

With all due respect... Confused

We need a nuclear deterrent, and SOMEBODY has got to do something to 'massively improve' the NHS, police, transport infrastructure and whatever else, or this country is completely fucked.

I don't care where the money comes from, but it's got to come from somewhere, and they can't very well take it from people who haven't got it.

Show quote history

You conveniently forget the the Labour party and some of them are still comprehensively against our nuclear deterrent. What does that tell you about the dysfunctional Lab lot

Ask yourself this about the working class lab MP's - what proportion of them earn less than the average wage

How many of them live in council property?

How many of them are worth less than a million

OP posts:
bombastix · 19/04/2024 23:14

The Conservatives have now employed Chicken little it seems

blacksax · 19/04/2024 23:08

DistinguishedSocialCommentator · 19/04/2024 21:00

Credit where credit is due

Labour plan to keep our nuclear deterrent, a good U turn but the cost is billions
Lab intends to massively improve the NHS, education, police forces, roads, public transport and more. The money's going to come from 😂😂

Yes, that is right, the money is going to come from, cloud cuckoo land and millions have already fallen for that

With all due respect... Confused

We need a nuclear deterrent, and SOMEBODY has got to do something to 'massively improve' the NHS, police, transport infrastructure and whatever else, or this country is completely fucked.

I don't care where the money comes from, but it's got to come from somewhere, and they can't very well take it from people who haven't got it.

Churchview · 19/04/2024 21:57

Lab intends to massively improve the NHS, education, police forces, roads, public transport and more.

Well that's what they did last time and we all benefited from that.

Currently the money all goes to the Tories mates - so I'm up for a change.