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.

You are coming across as very unpleasant in this post. I’ve reported it.

That’s right, he doesn’t, his company remains registered and taxed in the UK.

My parents were like you and I always wish they’d had lower paid/less demanding jobs and actually spent TIME with us, rather than being busy working and us being palmed off to au pairs and childminders. I choose to work in a low stress job so I have time for hobbies and seeing friends. Oh and I saved up for my own house deposit.

Not everything is about money and having more stuff.

@Luckydip1 how do you measure who is the brightest?
Let alone who is hardest working?

The irony of you posing that…

Do we not want the best and brightest people contributing to the betterment of society rather than lining the pockets of banks or corporations?

Strange a poster earlier in this thread who was not me was saying that he had a business in Ireland, because apparently it is easier to invest in the EU if you are based in the EU. They must have been mistaken.

No one seems to realise how hard the average person works in China compared to us. We have all become so slack. We all need to start putting the hours in and improving our productivity.

Ok, so I get that you think parents should be ashamed if they're struggling to feed their children. Are you OK in that circumstance for the children's needs not to be met because it's the fault of their (in your eyes) feckless parents? Or do you think the state should step in and help for the sake of the children.

I'm glad that you believe that the state should support people who are not of sound mind and body in whatever way they need. On that point, we can agree. Why do you think that isn't happening at the moment, and what do you think we should do to address it?

& Leilu what nonsense you spout 'settled science'.

They've shot themselves in the foot.
Roll on the next general election.

Are you measuring how hard they work, by the hours they spend at work or some other metric?

news.sky.com/story/tax-change-calculator-see-how-much-you-will-save-12703831

So it looks like she’ll benefit by a few thousands a year, which is pretty good.

So how are you planning to increase your productivity?

You’re reporting BlibbleFlibble? And yet you’re the very same person who asked me ‘is this sort of ignorance normal for you’ ? 🤔

In the US they really admire people who are successful but in the UK everyone complains about how unfair it is. As a nation we will never get back to our previous levels of success if we continue like this.

@Luckydip1 I apologise for my sarcasm. My point is that if the markets thought this plan was good for the UK - if they thought it was likely to result in a better future - they would not be clobbering us as a result of today’s announcements. The only criterion of the markets is ‘Will it work?’ And they have pretty clearly decided that the answer is No.

Short term thinking may suggest you will keep more money to pass on to your children. If, in consequence of Liz Truss and her minions, a government in the near future passes a Wealth Tax, raises the inheritance tax, raises the income tax, etc, everyone who benefits in the short term from today’s announcement could end up much worse off. And what if the NHS implodes? Yes we have insurance but it is not the full answer. To replace a hip, yes. To replace a heart, no.

These arguments of course completely fail to address the ethics of the situation, which seem to cut no mustard with a sizeable swathe of PPs here.

@Luckydip1 How do you measure success?

@Luckydip1 I worked in America for years and some of my family have settled there. It is a complicated country.

Given that our domestic fuel prices are linked to global markets traded in dollars, is it possible that the drop in the pound, plus increase in interest rates for anyone with debts will wipe out most of the benefits of the tax cuts?

@poetryandwine We are competing as a nation with other countries around the world. We have hardly any natural resources and our main export is services of various kinds. We cannot indulge in this endless talk about morals and fairness. Life is not fair and we will really be finished if we continue the way we have been. Look at the Chinese, they are incredibly competitive and hard working, we need to start behaving in a similar way.

I’d like to know this as well @Luckydip1 - surely you have to measure success differently in every job? You can’t do a one-size-fits-all success measure for every job.

Excellent point, @jgw1 . I heard this mentioned on the news this evening, also.

At the end of the day the brightest people generally earn the most because they want to provide the most they can for their families.

@Luckydip1 How are you measuring how hard working the Chinese are?