To think getting less than 50% of your pay is crazy?

Depends on the pension - NHS one is definitely not a savings account espevually if the Telegraph has their way

The vast majority of people in the UK could only dream of earning £15,000 a month and many people earn that in a year. I doubt that many people would have much sympathy for someone who is only left with a meagre £7000 a month to live off after taxes, loan repayments etc.

You do contribute a lot to society in the work that you do. It must give you both a great sense of satisfaction.

Before I retired I paid tax at the 40% rate. To be honest, I never even thought about it. I was paid through PAYE and never really checked my payslips. I did used to receive the annual letter from the Government telling me how much tax I had paid and where it was spent. At that point I was a net contributor, paying more in tax than I used in services.

However, when I was younger, I was a working single parent with 3 children in education, receiving child tax credits so I was happy to pay more tax when my situation changed.

People start paying the 40% rate with a £50,000 salary. The OP on £180,000 has a 45% tax rate. I don't think that is too high.

Great stealth boast. Lovely.

I'm always suspicious when an OP posts and disappears.

Either they're disappointed in the lack of concern for their plight (£7K a month puts them in the top 3% of UK workers), or they're a troll. Either way, I don't care.

Except for the THOUSANDS put in their own pension, of course.

10% pension contribution has a big impact on a big salary slip… but also makes a hugely wealthy pensioner.

And the employers contribution will be significant too.

’Take home’ does not give the true picture here. Look at ‘take home plus pension savings’

You are working July-December for free every year. Totally wrong.

He absolutely pays the rates of income tax the OP is quoting. The only ‘loophole’ he uses is to put more money into his pension.

Yeah. What’s that all about then? What’s the reason for it? It’s weird

Another one of those threads where the OP drops a controversial post then fucks off, leaving everyone else bun fighting. It’s happening a lot lately.

It's a necessary evil to keep the country running but it is a pile of fucking shit. No other way to look at it frankly. No one likes having this money taken off them. It's all hard earned whether it's minimum wage or £1mil. I feeel like crying when my bonus is halved. It could make a real difference to my life.

Student loans are the killer. So missold. I think that there should be a PPI type class action claim. I've been paying for years and still owe more than I borrowed - including bonuses because of the extortionate interest rate.

And yet the sensible people pointed out that putting money into your own pension and paying off your own debt is not money taken off you 🙄

@gonnabeteoubleemma
Agree with you, I referenced your post to highlight the other poster's ignorance.

You're right but that would be a massive over reaction

And then another company/person would see the gap in the market, open a business and do the work

If you are earning £15k a month you are not actually worth that much compared to someone doing a useful job like a nurse or collecting recycling. So the tax is just a correction.

The student loan is part of the user pays philosophy brought in under Cameron. Today polluter pays would be more useful for the planet

This poster and others like her talk out of their other end!
Know nothing about taxation, band rates and it's just jealousy speaking.
Part of the anti private school brigade no doubt too.

America, you work hard and you prosper.

UK, you work hard and your taxes go onto funding people who think their measly taxes are running the country!

Hopefully, all the millionaires leave UK, that'll serve these greedy non contributors right.

You don't walk on pavements?

Must have been about £47k ish so it’s gone up! After I graduated I was only paying a few £ towards it and the last few years closer to £150 ish a month, so wasn’t expecting to have cleared it, but for it to have gone up that much whilst being paid is just a shitty system.

MORE tax? They already foot most of the UK tax bill!

How much did you owe when you started repaying, out of interest? Has the outstanding amount gone up or down?

They could just close their business/office and make loads of people redundant! Wooo!!

I was the first year of the £9k fees - on 3 years tuition, the bare minimum maintenance and a small masters loan I now owe £56k - and that’s with having paid every single month since I graduated my masters 6 years ago 😅

At the end of my career I earned this kind of money. Honestly I get what people are saying regarding it being debt repayments (student loans) and savings (pension funds) but the point fundamentally still stands. Yes, I think it is immortal for the state to appropriate more than 50% of someone’s earnings. I refer here to marginal earnings not overall because at the marginal rate it absolutely happens. Not debt repayment, not pension savings, just tax. When I left, I left in part because, for various complicated reasons, my marginal tax rate was 87%.

Yes I still took home a good amount. But at these kinds of levels one must understand you don’t get paid for nothing - there is the stress, workload, inconvenience and impact on personal life of these kinds of jobs which most people are not willing to trade. The tax levied is part of that calculation. In the end I decided I was no longer willing either. Taxed less I would have continued - for a while at least. This is the reality - government now gets 87% of zero - not really a win for anyone.

😂

Almost 60 per cent is lost to tax in our household.

We need a separate board for household earnings over £100k.

Had enough of jealous people giving their tuppence worh when they haven't got a clue what it means to work hard to get to a stage in life to earn that amount, and not burn out. Not that amount is really great compared to contemporaries in USA / Canada.

Not everyone is born to survive this life some of us are destined to live it.