Threads

See more results

Topics

Usernames

Mumsnet Logo
Please
or
to access all these features

Income tax - top 45% rate scrapped! Bonkers!

1000 replies

HoppingKangaroo · 23/09/2022 12:29

The 45% top rate of tax (which currently applies on earnings above £150,000) will be scrapped entirely. How will this help the economy? It will just add to the government debt and it just helps out the very weathly.
Why not have more help for the poorest in the country and not have tax cuts for the very wealthy.

OP posts:
Report
Please
or
to access all these features

Am I being unreasonable?

AIBU

You have one vote. All votes are anonymous.

Blossomtoes · 24/09/2022 15:08

Luckydip1 · 24/09/2022 14:34

@Blossomtoes I hope you are not projecting your lack of ambition onto your children...

How does wanting to pay enough tax to fund high quality public services equate to lack of ambition? My ambition was enough to get me to a board level job with the commensurate salary, I was happy to pay my tax. My son’s the hardest worker I know so obviously I managed to pass that on.

You seem to think ambition and success must be accompanied by greed. This might blow your mind but that’s not the case.

Please
or
to access all these features

justasking111 · 24/09/2022 15:08

sst1234 · 24/09/2022 15:02

It’s a Great British trait to never imagine your children being in a position where they might do well enough in life to benefit from this stuff. Because it’s apparently treason against the ‘working class’ values.

I'm really glad for two of my children married with young families it will go on energy, increased food bills and fuel. If you're childless, work from home you may be ahead otherwise it's a buffer against inflation

Please
or
to access all these features

BearGryllsDad · 24/09/2022 15:07

Basically this level of inequality is bad for everyone, rich and poor. Who wants to live in such a radically unequal society. Its detrimental to everyone.

Please
or
to access all these features

Luckydip1 · 24/09/2022 15:05

@Hoppinggreen you should point out to your DC that if she goes for a better paid job she will be able to provide a better home, education and future for her children.

Please
or
to access all these features

YeOldeTrout · 24/09/2022 15:04

some of the hardest working people are the lowest paid

They were the hero key workers in 2020. But now...

Google thinks most Chinese workers have a 5 day week, just like in West. About the productivity numbers in China, does it matter that 23% of China's workforce is agricultural, compared to only about 0.5% of UK workforce being agriculture-related? I don't trust many official numbers out of China, though.

Income tax - top 45% rate scrapped! Bonkers!
Please
or
to access all these features

jgw1 · 24/09/2022 15:04

DuncinToffee · 24/09/2022 14:49

Luckydip hasn't explained what they mean with 'hardworking'

As far as I can tell they mean the number of hours worked and the amount earnt.
Neither of which are very good measure of worth, success or anything else.

Please
or
to access all these features

sst1234 · 24/09/2022 15:02

Luckydip1 · 24/09/2022 13:19

I'm amazed at the responses to this tax change. We should all be saying great when my children get a job and do well they will be able to keep more of the money they earn.

It’s a Great British trait to never imagine your children being in a position where they might do well enough in life to benefit from this stuff. Because it’s apparently treason against the ‘working class’ values.

Please
or
to access all these features

DuncinToffee · 24/09/2022 14:59

And how do you measure 'smart/intelligent'?

IQ test, education ?

Please
or
to access all these features

Hoppinggreen · 24/09/2022 14:57

Luckydip1 · 24/09/2022 14:34

@Blossomtoes I hope you are not projecting your lack of ambition onto your children...

What about DC who want to work in areas that aren’t traditionally well paid.
We are high earners and DD was Privately educated and has excellent GCSEs and is predicted very good A levels.
She has plenty of ambition and is working hard at college and in her spare time to get onto the course she wants for the career she wants BUT it’s not an area that will make her rich. She doesn’t want to be rich, she wants to do a certain thing.
Ambition isn’t just measured in £

Please
or
to access all these features

Luckydip1 · 24/09/2022 14:51

@basilmint I said hardworking and smart/intelligent not just hardworking.

Please
or
to access all these features

Lassie76 · 24/09/2022 14:50

"Hard work does not always equal high salary."


Agreed.
But every high earner I know works approx 16 hour days, has no holidays, works every single day, has massively high stressed jobs and sacrifices just about everything for their career, and have stress levels through the roof because they are managing high profile projects and hundreds of staff.

It's not all "high salaried people get an easy time" as is pictured on this thread. Some people work their arses off for their salary, and good luck to them.

Please
or
to access all these features

Notonthestairs · 24/09/2022 14:50

I don't think it as simple are some make out.

"Using anonymised data from personal tax returns, we show that in 2015-16 the average rate of tax paid by people who received one million pounds in taxable income and gains was just 35 per cent: the same as someone earning £100,000. But one in four of these paid 45 per cent – close to the top rate – whilst another quarter paid less than 30 per cent overall. One in ten paid just 11 per cent—the same as someone earning £15,000. The rich, it seems, are not all in it together."

www.lse.ac.uk/research/research-for-the-world/economics/how-much-tax-do-the-rich-really-pay

Please
or
to access all these features

DuncinToffee · 24/09/2022 14:49

Luckydip hasn't explained what they mean with 'hardworking'

Please
or
to access all these features

basilmint · 24/09/2022 14:47

I am baffled that people like luckydip think that high salaries equate only to hard work. I would suggest some of the hardest working people are the lowest paid whi sometimes have to take in two jobs just to survive. Our school cook starts work at 7.30am to run the breakfast club. She then works straight through until 2 cooking and serving lunches. She then works 5-10 and a weekend shift in a supermarket.

I also know tech workers who work from home, never log on before 9, are logged off by 5.30/6 and have time to take the dogs for a walk or go jogging in the middle if the day. They earn many times more than my previous example doing fewer hours.

Hard work does not always equal high salary.

Please
or
to access all these features

ThinkAboutItTomorrow · 24/09/2022 14:46

Luckydip1 · 24/09/2022 14:35

You have to draw the line somewhere, 40% is more than enough tax for anyone.

Sweden, Japan, Denmark and Austria all have higher rates over 50%.

And they are generally much happier than those countries with lower higher rate taxes. Equality makes people happier.

Please
or
to access all these features

Luckydip1 · 24/09/2022 14:40

@Lassie76 finally someone here who gets it

Please
or
to access all these features

Lassie76 · 24/09/2022 14:39

HRTQueen · 24/09/2022 13:28

It’s a kick in the teeth I shall be around £40 a month better off. Friends on high salaries around £330 better off. That’s nothing to them but could be life changing for so many

it’s so fucking unfair makes me want to cry

there is one positive this isn’t led by populist ideas that wins voters over

Why is it unfair? Why is it fair that they have to give almost HALF their salaries straight back to the tax man?
They are already paying massive amounts of tax.

Why should they not see a bit more of what they actually earn instead of working almost half the year before even making a penny for themselves? How is that fair?
Some people get high salaries. There's nothing unfair about it.
And those on high salaries are most likely paying the state for services they don't even use a lot of the time, is they have private health cover, private schools for their children, private care homes for their parents etc. Why should they pay for that?

They also lost their tax free earning, any benefits etc which I'm sure a lot of lower earners get.

Please
or
to access all these features

ThinkAboutItTomorrow · 24/09/2022 14:38

I also hope that if my kids do earn £150k+ a year I have brought them up to see taxes as a positive, important to ensure a flourishing and well supported society.

Please
or
to access all these features

Luckydip1 · 24/09/2022 14:35

You have to draw the line somewhere, 40% is more than enough tax for anyone.

Please
or
to access all these features

Luckydip1 · 24/09/2022 14:34

@Blossomtoes I hope you are not projecting your lack of ambition onto your children...

Please
or
to access all these features

Blossomtoes · 24/09/2022 13:59

Luckydip1 · 24/09/2022 13:19

I'm amazed at the responses to this tax change. We should all be saying great when my children get a job and do well they will be able to keep more of the money they earn.

Very few of our children will reach the dizzy heights of £150k. What I want for future generations is a well functioning education system, high quality healthcare, affordable housing and decent working conditions. They’re better off paying the tax that pays for those things.

Please
or
to access all these features

beguilingeyes · 24/09/2022 13:50

And they won't be able to have a holiday because the pound will be worth about 10p.
Their mortgage rate will be through the roof and they won't be able to get a doctor's appointment but hey, they'll have a few more pounds at the beginning of the month at least.
Don't we buy our energy in $ or € also so ever higher prices.

Please
or
to access all these features

jgw1 · 24/09/2022 13:45

ThinkAboutItTomorrow · 24/09/2022 13:38

No, I'm thinking 'shit, prices going up even more because investors are panicking and ditching sterling. My kids will have to pay much higher taxes to pay off all the debt.'

Cunningly they may not have to pay higher taxes to pay off the debts, but instead will have to pay higher fuel bills, thus making the more hard of thinking, think that it is not the governments fault.

Please
or
to access all these features

ThinkAboutItTomorrow · 24/09/2022 13:38

Luckydip1 · 24/09/2022 13:19

I'm amazed at the responses to this tax change. We should all be saying great when my children get a job and do well they will be able to keep more of the money they earn.

No, I'm thinking 'shit, prices going up even more because investors are panicking and ditching sterling. My kids will have to pay much higher taxes to pay off all the debt.'

Please
or
to access all these features

walkingonsunshinekat · 24/09/2022 13:31

Luckydip1 · 24/09/2022 13:19

I'm amazed at the responses to this tax change. We should all be saying great when my children get a job and do well they will be able to keep more of the money they earn.

In all seriousness, we can't all be astronauts or bankers, business owners or even chancellors.

The tax change will benefit only the very wealthy, the majority of whom will put it toward another holiday or another investment.

There is also the cost to UK PLC, interest on Govt debt has gone from 0.5% 2 years ago to 4% now, that means more BoE interest rate increases, so higher mortgages and lower pension investment increases (most are invested in gilts and bonds)

Borrowing to cut taxes for the very wealthy is economically stupid.

Please
or
to access all these features
Please create an account

To comment on this thread you need to create a Mumsnet account.

This thread is not accepting new messages.

Sign up to continue reading

Mumsnet's better when you're logged in. You can customise your experience and access way more features like messaging, watch and hide threads, voting and much more.

Already signed up?