... to be appalled by this point in today's 'mini budget'

[SafferUpNorth]

Abolishing the upper income tax bracket of 45% which applies to incomes of £150,000+...

I mean WTF? WHY? Do these people need help? Why blow a hole in the country's tax revenue to help high earners??? I know the answer, of course... because it's the Tories. But goddammit, this is so blatantly favouring the wealthy at a time of crisis, it's absurd.

... Instead, I would have thought the threshold for the lower limits need to be upped to reflect the cost of living. Keep more money in ordinary working people's pockets, not just the wealthy.

I also have to add that, in fact, my DH is one of those who'll benefit. Honestly, we do NOT need the 5% saving, though of course it's nice. It's quite embarrassing knowing we will have more net income coming our way at a time when people are barely able to feed their kids and the NHS is on its knees for lack of income.

Plus, we are not ones for buying flashy cars, clothes and luxury items (the sort of spending this tax cut is intended to stimulate, I suppose).

I completely agree OP - and am also in the position where we will benefit from this. It is INSANE

Disgusting. We will benefit from it. We don't NEED to benefit from it.

Ok give your 5% to charity then if you feel that strongly about it.

I'm a basic rate tax payer, I'm too busy trying to sort my own bills out to worry about rich people having more cash to spend.

Entirely pointless. If they wanted to benefit that bracket they could have rased the limits instead and benefitted everyone.

it isn't a huge impact on tax revenue - but those same people where they feel overtaxed, are leaving the UK to work in better tax environments (almost anywhere!) keeping them here keeps their businesses here and that leads to more wealth generation / more taxes for the government...

Even in 'communist' russia - they realised that to generate wealth, you had to allow entrepreneurs to run businesses and to do so because they saw the opportunity to get rich. Where you cap too agressively people start to see a point at which they don't need to work any harder as they don't gain enough extra, so they back off and that is bad for the economy.

Its shocking.

I just don’t understand it sorry. The difference in tax lost/gained is like half a month of work. For those on benefits that’s the equivalent to half a year of income in some cases to give some context.

I know the calculation above has little bearing as you can’t just transfer one to the other (mainly due to the disparity in number of high earners vs those on benefits).

But more the meaning of that money. No offence but I can’t see high earners doing anything extra with their 5 or so k except potentially an extra holiday, throw a bit more in the stock market or savings.

Even 1000 or so more to the pockets of less well off would go straight into local shops - bread, milk, maybe a bakery treat or a day out.

It’s a disgrace. Better off with boris.

I agree with you that it’s not the right approach and I’m disappointed they’ve gone down this route.

No need to be embarrassed though, just give the extra money to charity?

And to those saying businesses blah blah. No personal high income tax does not impact business growth in the way they imagine. Most business owners use dividends. Changes in those thresholds would impact more if that’s the area trying to target.

Employers NI also. As the cost of hiring someone at x amount costs more to the business.

The Vat threshold does have a much higher impact on micro businesses and everyday people self starting.

Entrepeneurs tax relief means people can start and sell businesses releasing retained earnings when they sell.

This is not a target on business owners. If it was there’s a million more cost effective ways. This is truss and co personally maximising their salaries.

give your 5% to charity then if you feel that strongly about it.
The PP is missing the point. Giving money to charity isn't going to solve anything. And it's not jealously as I heard a Tory MP say!
The point is if public services are crying out for more funding, children are not getting the support they need. But instead of providing more support to those who need it. This Government decided to increase national debt to make rich people richer and with their new rules on UC poor people poorer. It's immoral.

It's very telling that they didn't raise the personal
allowance instead so more people would benefit.

Completely agree. Plus lifting cup on banked bonuses. WTF???!
It’s unbelievable that they are trying to sell all these as measures to tackle living crisis.

Sorry for the autocorrect , I’ve meant bankers’ bonuses

... And you have never considered the possibility that rich people being given more cash might affect your ability to sort out your own bills? No connection?

I know some of you Tories were at the back of the queue when thinking caps were being issued. But still, it's interesting to see this in practice. For those who wonder how they get away with it: this is how.

This is bull. Wealthy people are not leaving the UK because of the 45% tax rate on their income over £150,000. It’s pocket change at that level.

I think the Tories have concluded they're not going to win the next election so are bringing in all these unsavoury policies now, whilst they still can.

@BrendaHope

Good call.

@BrendaHope - I’ve already seen tweets saying they are purposefully running the country into the ground (again) to leave Labour to pick up the pieces ala 1997. They need a new party trick.

What's the next step: bring back workhouses?

What black hole? Or do you just to be hyperbolic.

Tories gonna Tory.

It’s funny how many people are acting shocked at this sorts of policies, cutting benefits but then cutting tax for high incomes during a time of huge inflation.
The tories won with a pretty big majority, where are the people who are happy with this? They just exist since they actively voted for it!

I also have to add that, in fact, my DH is one of those who'll benefit. Honestly, we do NOT need the 5% saving, though of course it's nice.

Just out of interest-are you a Tory supporter? Have you changed your mind politically recently?

Its shameful, but then this lot have no shame.

No, never been a Tory, never will be. Not all higher earners are Tories, you know.

I thought it was your DH who was the high earner.