... 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.

Yep, you're spot on there. that's what I was thinking too.

My DH is a high earner. Never voted Tory in his life. He has always been happy to pay high level tax. He will be furious about this change.

I hope the op does donate it

But overall I agree it’s crazy to do this just for the backlash

YANBU.

I am also appalled as we completed on a house 2 days ago and paid 3k more in Stamp duty than I would have today.

So don't you think it would have made more sense to do something to help people like you rather than the rich?

YANBU.
We won't benefit other than the 1% cut next April - presuming this government/parliament lasts that long...
There's probably going to be a hung parliament after the next election - but I suspect the Tories know the coffers are empty and don't want the gig/want to stitch up the opposition parties.

I'm so cross with this!!!! I really thought they might raise the higher rate tax seeing as it's been donkey's years since it has been set. To, you know, actually help the middle class for once.

Yes, i have just given myself a slap for being so silly

I've actually realised that DH will still be paying high rate tax as we live in Scotland and the rate is to remain 46% here.

OP "Instead, I would have thought the threshold for the lower limits need to be upped"

agree. I suspect many red wall converts thought they would do this. Raising the threshold by 5k would do wonders and everyone could benefit.

We'll benefit from this and it disgusts me. Neither of us are Tory voters and neither of us would ever vote tory. I'd be happy to pay more tax for better public services.

Well, that’s your view. I think it’s immoral that the highest earners have to work for five months of the year just to pay their taxes before they start earning a penny for themselves and their family.

Were you this upset when the top earners were paying even less for all those years that Labour were in power, and if not, why not?

Also the SDLT cut is insanity. Will just ensure overinflated prices and further pressure on supply. I hate this government so much.

It's disgusting op.

If it means some rich people stay in the UK and pay tax, then that's for the good isn't it.

Far too many higher earners, especially "slebs" such as top athletes, pop stars, authors, TV personalities, actors, etc., move abroad to low tax countries/tax havens and then the UK get nothing from them.

40% of something is better than 45% of nothing!

It is mostly a fallacy that high earners move because of "high" tax (try denmark - where 50% is the lowest!). In fact i remember paying about 45% in Germany when earning around 30k a year.

It takes years to get to that sort of money and during that time people put down roots and develop relationships. That rate of tax is just part and parcel of living.

I reckon if high-earners are going to move from the uk, it will be more from the decline in infrastructure and the general environment. I have lived in two different countries since the tories got in. Every trip back compares so badly with these other places. I remember one trip in particular to my old uni town. The ground was matted with rubbish to the extent that I thought there was a bin strike, but no. It was normal. The air of general decay was horrible and really saddening.

This is the sort of thing that causes high earners to move, if they do. They may live in lovely enclaves, but they do need to venture out and go through the shitty bits and see the poorer citizens occasionally. And high earners are usually intelligent enough to link tax to quality of living conditions.

I'm pretty clueless about economics but I'd imagine 'the rich' are very few in number and 'the poor' are vast in number.

I don't support tax cuts but I don't imagine the cost of this niche tax will be anything like it would be for cutting taxes at lower levels?

Excellent points here. I agree, the general infrastructure decline and worsening inequality will actually drive high earners and investors away. And those are the political decisions being made here.

Remember NI plummets when you get above the basic tax rate level so the difference in tax + NI is only around 10%.

When I had a higher paid job in finance I also got a 20% non-contributory pension contribution. In my current job I pay 5.5% so my deductions are only 4.5% less.

What do you expect? Tory toffs keeping looking after their rich mates.

Good riddance to cunts who don't want to pay their share. Fuck to them.

The whole lot is appalling. This only saves the very richest and big businesses money. I’m curious to know why scrap the cap the cap on bankers bonuses when ‘the cap doesn’t make a difference to overall remuneration’ as Kwarteng himself said. Why on Earth make a headline out of something that sounds awful and will obviously be unpopular . I think it’s because they know we are all going to hell in a handcart and they want to throw their mates a few bones before it happens.

45% tax is a huge amount of earnings to be taken away from someone, I’m not sure anyone deserves to have nearly half of their income taken away, especially considering public services are so shit atm.

The people who don’t agree with it are free to donate the money that would have been taken in tax to a charity instead. The money would probably do much more good that way, and those that do feel they need to keep as much of their own earned money as they can will be free to do so.

Peopel who earn a high wage deserve to be considered by their government too. The way some on here talk it’s as if the government is only supposed to exist to service those on low or no wages.

I think they are trying to push us into a recession to try and tackle the cost of living. People seem to forget the cost of living is a global issue that governments can't solve themselves. Turkeys rate of inflation is something ridiculous like 50%

Strange idea. They're returning to the situation under Blair and Brown, who I believe weren't Tories.

And the legions of higher-rate tax payers who are apalled at this can simply pay the extra to HMRC - there is a facility for voluntary payments. Surely there won't be a whole slew of posts explaining why each particular poster can't/won't do this ...

@ClocksGoingBackwards it isn't 45% taken off all earnings. It's 45% on everything over £150k, which is a pretty massive wage. So pardon me if my violin is a bit too small for you.