Page 9 | To believe that if Labour wins we wont be hit with 98% taxes?

DistinguishedSocialCommentator · 2024-04-19T14:01:29+00:00

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

frankentall · 19/04/2024 18:03

Gordon Brown's end to pensions tax dividends is massively exagerated as a cause of private pension contractions - but they forget all the pension scandals that led to a much more rigorous regime in general rather than the previous wild west.

whiteroseredrose · 19/04/2024 17:59

They might.

DH keeps going on about how Gordon Brown raised private pensions as soon as Labour got in. Not on their manifesto apparently.

MidnightPatrol · 19/04/2024 17:54

leamington66 · 19/04/2024 17:52

Got it, Not sure I can get it to 100% but it is very significant. I struggle when people present the marginal rate as 40% when it is much much higher.

I think you have lost the Child Benefit at a lower level of income.

60% of all income tax is paid by 10% of tax payers. 33% by the top 1%.

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Well, technically it could be a lot higher than 100% due to the cliff-edge removal of the childcare subsidies.

If you earn £101k and have two kids in childcare you will be significantly worse off than someone earning £99k with two kids in childcare (obviously people doctor their earnings to account for this - but still, stupid).

leamington66 · 19/04/2024 17:52

MidnightPatrol · 19/04/2024 17:48

At £100k:

Tax + NI (42%)
Loss of personal allowance (basically another 20%)
Loss of childcare support (Several thousand pounds)

I think I earn £0 between £100-118k at present.

All under a Conservative government.

Edited

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Got it, Not sure I can get it to 100% but it is very significant. I struggle when people present the marginal rate as 40% when it is much much higher.

I think you have lost the Child Benefit at a lower level of income.

60% of all income tax is paid by 10% of tax payers. 33% by the top 1%.

MidnightPatrol · 19/04/2024 17:48

leamington66 · 19/04/2024 17:45

How did you work that out?

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At £100k:

Tax + NI (42%)
Loss of personal allowance (basically another 20%)
Loss of childcare support (Several thousand pounds)

I think I earn £0 between £100-118k at present.

All under a Conservative government.

leamington66 · 19/04/2024 17:45

MidnightPatrol · 19/04/2024 17:42

TBF I am already paying a 100%+ tax rate on quite a large part of my income under a Conservative government, so excuse me for not worrying about Labour’s tax regime!

How did you work that out?

Uricon2 · 19/04/2024 17:44

OP, my old grandmother had a saying. "Empty vessels make the most sound".

MidnightPatrol · 19/04/2024 17:43

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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Plus student loan payments

Plus the loss of childcare support

I think we have the second highest tax rate on earth at present, due to the £100k limit.

MidnightPatrol · 19/04/2024 17:42

TBF I am already paying a 100%+ tax rate on quite a large part of my income under a Conservative government, so excuse me for not worrying about Labour’s tax regime!

LauderSyme · 19/04/2024 17:42

I would like to respond but your OP is garbled and barely comprehensible.

blacksax · 19/04/2024 17:40

frankentall · 19/04/2024 17:13

Is OP some form of primitive and broken AI?

TwitGPT?

leamington66 · 19/04/2024 17:40

BIossomtoes · 19/04/2024 17:37

Yes, but that’s now. Future governments can change the tax structure, it’s not set in stone for ever by some law of physics. 🙄

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I didn't say it was. I responded to the statement on current tax rates to explain why it was wrong as it did not include the loss of the Personal Allowance. A simple statement of the current facts.
I am sure the tax rates will change in the future.

IClaudine · 19/04/2024 17:40

OP you should change your name to Dan. Desperate Dan.

BIossomtoes · 19/04/2024 17:37

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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Yes, but that’s now. Future governments can change the tax structure, it’s not set in stone for ever by some law of physics. 🙄

leamington66 · 19/04/2024 17:22

BIossomtoes · 19/04/2024 17:18

It doesn’t have to be.

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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.

Personal Allowances: adjusted net income

How to work out your adjusted net income and the circumstances when it can affect your tax liability.

https://www.gov.uk/adjusted-net-income#what-is-adjusted-net-income

RhubarbAndGingerCheesecake · 19/04/2024 17:21

BIossomtoes · 19/04/2024 17:13

We won’t be spending on the stuff the Tories love - Rwanda’s gravy train will be derailed for a start.

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Well of course there won't be pet project under Labour that waste money.

Fact we have an aging population and cash starved services will just magically disappear -it will all go back to the 90s.

I live in Wales 20 years of welsh labour governances it all great here - few financial scandals Welsh government had were probably fault of Tory's some how anyway.

EffortlesslyInelegant · 19/04/2024 17:21

Ah - the daily dose of cerebrally challenged word vomit from our very own human version of The National Enquirer.

Time, I think, to hit the bottle.

BIossomtoes · 19/04/2024 17:18

leamington66 · 19/04/2024 17:16

Not quite right as the tax free amount is taken away once you get past a certain point making the marginal rate significantly more than 50%.

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It doesn’t have to be.

leamington66 · 19/04/2024 17:16

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.

Not quite right as the tax free amount is taken away once you get past a certain point making the marginal rate significantly more than 50%.

BIossomtoes · 19/04/2024 17:13

RhubarbAndGingerCheesecake · 19/04/2024 17:11

Improving cash starved services will need cash boost which comes from borrowing or taxes - both at high levels under Tory's - so whoever gets in taxes will likely have to go up but 98% sound like scaremongering.

We won’t be spending on the stuff the Tories love - Rwanda’s gravy train will be derailed for a start.

frankentall · 19/04/2024 17:13

Is OP some form of primitive and broken AI?

RhubarbAndGingerCheesecake · 19/04/2024 17:11

Improving cash starved services will need cash boost which comes from borrowing or taxes - both at high levels under Tory's - so whoever gets in taxes will likely have to go up but 98% sound like scaremongering.

frankentall · 19/04/2024 17:11

To believe that if Labour wins we wont be hit with 98% taxes?
That's correct, we won't be.
The rest of your post makes zero sense like most of your postings.
YABU

BIossomtoes · 19/04/2024 17:08

At it again I see @DistinguishedSocialCommentator. You really do post some ridiculous nonsense.

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.