National insurance change

[Violashift]

What will it mean for someone on

100k
50k
25k
10k

Does anyone know how to work it out?

Here

It's good news for our children as both pay higher rate taxes and one of them earns in excess of 130k so every little helps

Having said that this will stoke inflation and hit the hardest those on lower incomes, benefits as prices in shops etc will go up

They must have some great new ideas for funding social care

Thank you

Does this affect the lower bracket? I'e they raised the threshold to pay it by?

I don't understand how it's £93 for £20000 but over £1000 for £100,000. How is that fair? £100,000 is 5 x larger than twenty grand but those higher earners are saving over 10 x more on tax cuts? Why are higher earners getting bigger savings. They already earn so much more.

The person earning £100k pays 18x as much tax as the person earning £20k

Simple maths. Tax is a percentage of your earnings. The more you earn, the more you pay, so same thing happens when there's a reduction

Trust me the higher rate taxpayers pay a lot of tax and ni=tax

Acouple of years ago our son staggered me when he told me he had no tax allowance as he had breached the 125k gross per annum. on his 160k gross I think he pays around 65k in taxes ie tax +NI.

Once he has paid off the several hundred thousand left on his mortgage he intends to pay a lot more than the current 4% into a pension that reduces tax but gov is reducing that option as well.

our son worked hard started off working on computers, then repairs them then paying for courses and traing and paid to take exams etc and within a few years he started earing close to 100k then in recent years a lot more than that - so people from ordianry backgrounds do pay a lot of tax

Ok. Oof. Listen in terms of my own personal gain it’s great but to state your dc earn 130k and To follow that up with every little helps in this economic climate is a little crass tbh. at that salary I’m not sure that that bit extra makes a sizeable difference to his life. And I say this as someone who is in the extremely fortunate position that the extra amount is nice but not essential.

its also just a not so subtle way of trying to encourage more Tory voters amongst the relatively comfortable middle class rather than addressing the actual significant economic hardships that those on lower income brackets are facing.

The reason that higher earners benefit more, is that you get an allowance (band) before NI is paid, so the NI paid is not a straight % of total income, but the allowance has a much smaller impact for higher earners,

its also just a not so subtle way of trying to encourage more Tory voters amongst the relatively comfortable middle class rather than addressing the actual significant economic hardships that those on lower income brackets are facing

Fortunately for those of us who are desperate for a change of government there are more of the latter. Raab said electing Truss was the Tory party’s suicide note - let’s hope he’s right.

Does anyone know if the threshold will be reverting back to what it was too?

Yeah, I’m wondering what they are.

I'd like to know what they are too @MinnyMous and @AceofPentacles