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.

None are happy? How on earth can you possibly speak for all of them? Have you been elected as some kind of spokesperson for all of the top rate tax payers in the UK?

As it happens, I know plenty of top rate tax payers who don't think it's unfair at all that they contribute according to their means. On the contrary, they recognise how lucky they are and are happy to do what they can. And none of them are planning to go anywhere.

It's a myth that they're all of the brink of leaving the country - a nonsense that the selfish ones amongst them like to perpetuate in the hope that they will be able to keep a bit more money to themselves. Perhaps a few will go but I think it's just empty threats in most cases. I've heard it all before.

Yes, I get this.

Bur how many people, as a percentage of high earners, is this applicable too.

I am now curious about this?

Because the bankers, and finance people - who everyone loves to villify are PAYE.

Who are these other rich tax avoiders?

Exactly.
The reverse snobbery in this thread is very predictable. A lot of hatred actually. High earners are selfish? because they don't actually want to give half of their salary in tax even though a lot of the time they don't actually USE the systems they are being taxed for (those using private healthcare/schools/care homes etc).
High earners could probably come up with a lot of the usual stereotypes about where their tax money is going, but its apparently fine to pile on the high earner with the crap in this thread about them not valuing lower earning members of society/ being selfish / evading tax through other means / taking advantage of the lower earners to build their companies etc.

Nobody has said that lower earners don't work hard etc. That is the predictable argument that happens every time one of these threads is started.
It doesn't mean that high earners should be begrudged their salary and the massive amounts of tax they pay.

They might murmur the right noises to you when pushed, but trust me when they are with one of their own, they will be complaining alright, and talking about relocations to Paris, New York etc. We all do.

Would you want to pay HALF of your salary to the government every single month? Nope. I didn't think so.

Because we are taxing the highest earners too much. This is making the tax rates fairer. 47% is too much.

Can you imagine paying half of your salary for services you never ever use? It has been a long time coming, this overhaul, and just in the nick of time for some.

The problem with the Tories is that voters have no idea what or who they're going to get. Vote for Cameron's policies get Theresa May's policies. Vote for Theresa May's policies, get Boris Johnson's policies. Vote for Boris Johnson's policies, get Liz Truss's policies.

The Conservative Party is a chaotic mess and this reflected in the state of our economy, in the state of our currency, our infrastructure and services. The UK is becoming more and more unstable by the day.

@Macaroni46 typical jobsworth public sector worker resenting truly successful and much brighter people in the private sector. I'm sure if you were any good you would have jumped at the chance of better paid job in the private sector but never had the opportunity, I wonder why.

@Luckydip1 I am curious to know what is your definition of success as it seems only to be linked to financial wealth. Do you not think that people who have reached the top of their chosen jobs or professions that happen to be lower paid are successful? If the whole country decided only to work in the high paid professions, would that work for you?

I agree with this completely.

You dare generalise anyone who may receive benefits (and I don’t) and there is massive outrage.

But all higher earners are greedy, selfish, cut-throat wankers.

It’s galling.

@BasicDad I had not seen your second comment when I originally posted. Thanks for pointing it out.

To @Luckydip1 and all the others who think this mini-budget is the true expression of the Conservative spirit: you guys are the ones who believe in The Market, and now The Market has spoken. It is f*cking appalled, the pound is crashing - currently at a 37 yr low - and our borrowing rates are rising. A number of Tory MPs are not bothering to hide their disgust. They are the ones pointing out the differences between this approach and that of Truss’s hero Margaret Thatcher.

With respect more intelligent and riven people tend to go for better paid jobs so they are able to provide more for their family and children in particular.

Are we really still using the term wealth creators? There is no such thing. It’s like saying Victorian factory owners got rich all by themselves. It doesn’t happen. A vast part of our economy is made up of small and medium sized businesses, the owners of which are rarely extremely wealthy. They are never described as ‘wealth creators’. They are S to M sized business owners and there is little in this budget for them given the shit storm that was Brexit/ Covid and energy price rise.

I'm fortunate enough (and have studied and work hard in tech area) to be in that bracket. I'm also a conservative voter, and have never voted Labour. Right now, in my view it just doesn't seem right to cut the top rate. I do completely understand the need to simulate growth, but in my area there is zero in the plans that will help.

I work for a smaller but successful tech company. We're losing business as a result of Brexit, and the future after current contracts is very very bleak indeed. Our internal market is about 20% of revenue. Most of our company will not be here 2 years from now, including me, as a decline in EU contacts. Our "special" agreement with the US never materialised, and was wishful thinking on the best of days.

While some of the measures might stimulate internal UK businesses, it's missing the big picture. That can only be addressed by better access to EU markets, and in the longer term by addressing the deficiencies in our training in technology and science areas. This is especially problematic in that we don't have the same access to EU-based workers.

Socially, cutting the tax rate just does not seem fair or functional. End of rant, from a conservative English voter.

I pity you. Imagine having such a narrow world view that you believe everyone MUST be as selfish as you are.

You can speak for yourself, but you certainly cannot speak for everyone. Off you go to Paris if you like... you might be disappointed to find that their top rate of tax is 45% though.

No one enjoys paying tax but it’s something that needs to be done.

It would make much more sense to raise the level at which you start paying tax.

When you’re looking at the highest earners, the difference between 40% and 45% tax isn’t going to make a significant difference to their standard of living.

At least you get a policy you can understand from the conservatives. Labour appear to not have any at all, and are similarly fracturing.

It is fair to say we are, as a country, certainly in transition.

Too much for what?

On what basis is it too much?

Because you don't like it?

People forget that though.

Imagine if all those who used private schools, hospitals, care settings etc decide to rightfully use the state run services they are paying for?

Some people are really too blinded and quite frankly bitter and jealous of other people’s money.

And I don’t agree with today’s cuts btw and we are a wealthy household who has paid hundreds of thousands of pounds worth of tax in the last decade alone.

YABVU. The aim of todays not budget was to make us all wish for the stable, logical, peaceful rational days when Boris "big dog" Johnson was Prime Minister.

The spongers want the rich to be taxed at 75% to fund their purposeless and unrewarding lives living off the state. That path would just lead this country to ruin.

They’re desperately trying to stop the Post-Brexit flood of money and companies from The City. It’s a shame they didn’t think of it before deciding to hold a fucking referendum.

They held the referendum because they couldn't believe the voters would be stupid enough to vote for Brexit, Remember DC was a remainer.

You may be able to understand their policies but trying to keep up with their U turns makes you dizzy. Of course they do recognise a good Labour policy when they see one and immediately steal it - they didn’t think up the utility bill freeze, they just nicked it.

’Can you imagine paying half of your salary for services you never ever use?’

No. Luckily that’s not how tax works.