Income tax - top 45% rate scrapped! Bonkers!

[HoppingKangaroo]

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.

I’d prefer people just say it. I mean efforts to reduce tax in the wealthy isn’t new, and I agree paying half not nothing. The rush of posts outraged but benefitting must be from a tiny minority.

@the80sweregreat yes same with us we both work but our disposable income isn't great ds got minimal loan really and he took a year out to work and get him trough as well so he is a grafter , loans he will have to pay back
What is actually seems is the goverment only really want rich kids to go to uni whose parents can subsidise
Student accomodation alone is £7600 this year that wipes out pretty much almost the top loan , plus books , food etc
Even a part time job which are limited makes it hard
My point is students have been forgotten in all this yet they will have the same cost of living
Some jobs require a degree so its not a choice either

But why 1% for the majority and then the additional 5% (average £10,000 tax cut) for the very highest earners?

The problem is so many people just post ‘tax the rich/ the rich can afford it’ etc without understanding how much the rich already pay.

Not all wealth needs to be considered for distribution, clearly. But that’s now how people post.

They are trashing the economy, as they have been doing for years. But they hope people will still think they're a 'safe pair of hands' if they say it often enough and that the electorate won't look at the markets, or the food banks, or the wealth disparity etc, etc.

Yep. Not everyone is a selfish twat.

This is so true!

International forecasters are discussing whether the £ could go below the $

The rush of posts outraged but benefitting must be from a tiny minority.

Why do you think they're a tiny minority? Do you think that wealthier people generally tend to be selfish?

Former US Treasury Secretary Larry Summers tells Bloomberg: “It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market.”

The world seems to think we’ve gone mad. Who’s going to want to invest here when this kind of comment’s being made?

The pound is sinking fast. Absolute disaster all round by the sounds of it

Doesn't quite fit the narrative - Rich = Selfish bad guys.

I work with a lot of financial data, people do not realise how the distribution of taxes is scewed.

From VAT, to stamp duty, income tax, corp tax, IHT - a small % of people, carry a lot of the tax burden.

Yep, indeed they do.

From VAT, to stamp duty, income tax, corp tax, IHT - a small % of people, carry a lot of the tax burden.

Those poor dears. 😢

The top 1% of earners can earn that amount by surpressing the wages of the 99% and funnelling wage growth at the top, if you think the top 1% are more useful or work harder than your average nurse, teacher or most doctors I have news for you.

The top 1% get their wages off the backs of the working and middle class.

I think it would have been a far better idea to increase the point where people start paying 40% tax, but the squeezed middle never get fuck all so no real surprises. Well done Tories for making the rich even richer though and pretending that wealth trickles down. Tell that to the people on zero hour contracts.

Why do you think they're a tiny minority? Do you think that wealthier people generally tend to be selfish?

Not wanting to contribute more tax is not selfish when you're already working five months of the year to pay your income tax. Along with the other multiple forms of tax.

Personally I'd like to see better use of the public money so it's used more effectively to help people in poverty, including a review the NHS v continental European healthcare systems and large infrastructure projects such as HS2. But that's a discussion for another day.

It's also still a decent contribution at 40% plus NI. I honestly think if people were in that group, there's not many that would want to pay more tax. And if you do, I'm sure there are many ways to donate your money to the public purse.

Ignoring the implied immorality of them having the wealth on which to pay tax, they pay huge amounts of it.

You don’t t have to like it - but those are the facts.

A small percentage carry a heavy burden.

We know that.

Why do you think people don't realise it? Maybe they do realise it, but they think that it's fair and just because the wealthiest can afford to pay?

If the wealthy were being taxed to the extent that they were living on the breadline themselves, then you might have a point, but that is very far from the reality.

You can keep quoting this BS for as long as you like but you are not offering an alternative?

Its the post 2010 Tories who have driven us down this route of low wages for the many, hence pay less overall tax but proportionately more.

Even under Thatcher, i'd get a decent pay rise around inflation, similar under Blair, hence lower high rates of tax.

Now we have public services not worthy of the name and still you moan about the rich paying too much, if you want them to pay less, then the poor have to pay more.

Instead worry more about the Gilt market, we are heading toward unsustainable debt, where Truss wont be able to borrow her way out of disaster.

No-one disputes the rich pay more tax. They are just questioning the wisdom of them paying less. And so are the markets.

So all earned wealth should be redistributed then MrsBennets

Is that what you’re saying?

Yes to this, hopefully those on here will do

Not wanting to contribute more tax is not selfish when you're already working five months of the year to pay your income tax.

I disagree. If you earn enough to pay the top rate of tax, you can afford to contribute, and I think it is selfish to not want to do what you can. We'll have to agree to differ on that one.

I pay a shitload of tax personally, and consider myself extremely fortunate to be in the position to do so. Yes, I work bloody hard to earn what I do, and I carry a lot of stress with it, but I don't believe that I necessarily work harder than many other people who earn much less than me in other roles. I'm lucky to have the skills that I have that enable me to earn at this level. It doesn't make me a better person.

The absolute sociopathic mindset it takes to have the gall to say you work 5 months of the year for nothing to pay your tax. Disgusting. People are relying on food banks and people on overbloated 6 figure salaries have twisted their extreme privilege into such a grotesque narrative. It makes my blood boil.