Am I the only one who thinks scrimping and saving can go and get fucked for bare essentials

[Freedomfromunfairbills]

All the advice about cost of living seems to be ways you can scrimp and save to possible cobble together enough money to stay alive on bare necessities such as food, water, etc. Am I the only one thinking fuck this we just should not accept this when many of the companies jacking up their prices are making record profits. Even if it’s technically possible why on earth should I give up new clothes, gadgets, TV, holidays abroad, ect all to fund the obscene riches of the one percent. Instead of this advice on how to possibly meet these we actually need to say on mass no we are not surfs under the feudal system and we refuse to become a peasant class enough is enough. We should demand the government steps on and nationalises these companies and demand immediate taxes on the ultra rich to fund it all. I’ve always been fairly right wing and conservative but surely this is simply some kind of feudalism that will reduce many of us to little more than peasants and ruin the quality of life for many. Aibu?

Your husband earns over £650k per year?

The quintiles are all in the ONS data I linked to above.

The tax thresholds are out there for all to see. 20 > 40 > 45. There are some hidden ones for example, 100-120k is 60% tax as you lose personal allowance. So if you were to get a 20k bonus you’d see about 6. 14k out of that goes straight on deductions. You may not feel sorry for those people but low taxation it is not, they are certainly doing the heavy lifting.

Then after that you’ll be losing you pension tax relief. So if people actually want to look at how the tax burden significantly redistributes wealth it’s all out there and has already been posted on this thread.

Never has income redistribution been so good

Im reasonably certain that this isn’t true.

Where are you getting that figure from? To be in the top 1% of adults in the UK requires an income of £120,000.

What data are you basing that on? I don’t know if it’s right or wrong, but presumably you have some figures behind your reasonable certainty?

You obviously can’t read then, the wild figures you’ve quoted show that. It is actual proven fact (ONS)

Top 1% of wealth is £688k, not income. I was wrong.

I can’t believe that is true, it seems very low.

So they might, though thats debatable, once you get past PAYE

However, they are also the ones with the most disposable income.

Average CEO FTSE100 pay is around £4m p.a.

More realistically, average director pay is 100k

Average adult social carer gets £10.50 ph.

When you are old and infirm, who will you value?

It’s disappointing how many people are outraged / upset about issues like this without knowing the numbers.

That wealth figure includes property, so that’s not as large as it seems either.

@Jki Actually your not wrong, 120k (min) might put you in 1% nationally, but you'd need another 558k to make in London, where the vast majority of the 1% live.

It’s not debatable, I linked to the data above.Did you not read it?

You’ve made up both of those figures, haven’t you? The top 1% earnings in London is more like £300,000, and less than half of the top 1% of earners live in London.

This is interesting

To be in the top 1% of income tax payers in the UK (i.e. to be among the 310,000 individuals with the highest income), a taxable income of at least £160,000 is required. £236,000 is required to be in the top 0.5% and nearly £650,000 to be in the top 0.1%. 43% of adults pay no income tax and to be in the top 1% of all adults (or the top 540,000 people), a pre-tax income of at least £120,000 is required

fuck’s sake, I’ve been validated. Thank you. @AndreaC74

I am very Londoncentric* so that’s why my understanding is skewed.

*this isn’t a good thing

No, source is the IFS... i sometimes make genuine mistakes but i never make stuff up.

The top 1% of income tax payers are disproportionately male, middle-aged and
London-based. A man aged 45–54 in London could be in the top 1% nationally
while still needing a further £550,000 to be in the top 1% for his gender, age
and region

330k in London is nothing, i worked in the city in the 90s (unfortunately not in shares or fx) and plenty earned far more.

Jeez even my flat mates BF was making 150k in construction in Soho (he paid very little tax), we are talking almost 30 years ago.

No, you can’t be validated by someone posting different figures entirely, and getting those wrong too.

Im talking about people's personal experiences, not the ONS information

If someone is saying they are within this % or that band but we cant do x and y etc, they its helpful to set out, well I earn 150k, take home x, but have a mortgage of x, child care of x blah blah blah

Otherwise its utterly impossible to work out

Then I am validated in my wrongness.

That’s top 1% of income tax payers, not the top 1% of earners. You yourself quoted the big difference between those two groups up above.

These differences matter, you can’t make a claim for one group then justify it by data on a different one.

More than 40% of earners pay no income tax, you can’t drop the lowest earners and then use only the average of the remaining 55% who are higher earners.

Trying to divert the original national data to the far less relevant London data makes no sense either.

But the tax bands are published. If you have the distribution of incomes and the tax bands then you have everything that you need.

Asking people to provide their own income will do nothing more than divert the thread.

Suppose I said that our household income was £750,000, and that we paid £300,000 in tax and NI, that adds nothing to saying that we are additional rate payers and pay 40% total in tax and NI.

Again Im not asking about thresholds etc. Im asking about peoples personal circumstances

But why? It adds nothing. What difference would it possibly make to the point whether I said we earn £300,000 and pay 38% or £2m and pay 46%?

Why the would anyone post that on a thread where the papers like to lurk. You’ve literally been given the thresholds for tax. That’s what this is about the tax burden. Examples have literally been posted for you.