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.

It is certainly interesting that the spongers who presented the budget today have no interest in the success of our nation. On that we can certainly agree.

tbh I’m looking at this from a collective angle than personal one. Which is why I want more views. I hope there is some benefit as it’s all looking a bit hairy atm

Hopefully will settle and go in the direction you say

What do you mean by the "success of our nation"?

Personally, I don't buy into the argument that reducing taxes will lead to growth and thereby make us collectively richer, but even if it did, I would not consider it a success for our nation if the needs of the poor and vulnerable were still unmet.

They'll need to do well. They have a massive loan to pay back. A loan taken out, not to invest in their education, health or services.

A loan that Liz Truss took out to make the top 2% richer.

Why is it ironic? It was a perfectly sensible question.

Thank you @poetryandwine 😊

Today did nothing for anyone earning under the tax threshold or anyone who is on benefits, the people who need help the most, the Consumer Price Index is running at 10.1%, you can bet that benefits & state pensions won't be uprated by that amount in April even though this is the indicator figure that is used for benefits & pensions uprating.

@jgw1 there is a reason we only have short stints of the Labour Party. It's like giving your purse to your mad uncle who had a gambling problem.

Successful? You mean wealthy. Plenty of people have successful lives without earning six figure salaries,

Its nor reverse snobbery, It s acknowledging that a more equal society makes rich and poor happier.

@Luckydip1 I am extremely concerned with the success of our nation. Furthermore I cannot recall a single post on this thread from anyone who is not concerned.

People hold a variety of opinions as to what that means. To suggest that those who disagree with you do not care about the fate of the nation shows at best sloppy thinking.

It is interesting that people don't seem to be concerned with the success of our nation and they are more interested in fairness and equality even if we are collectively poorer as a result.

Absolutely. And as others have pointed out, if the high earners were as offensive about the lower earners as they've been on this thread, there'd be outrage.

The same is true about private school kids who, according to most MNers, are arrogant little shits, have no independent thought so can't cope with university and, if they get good grades, didn't deserve or earn them. You can't win as the insulting stereotypes are only acceptable if they flow in one direction.

It shuts down any respectful exchange of differing views which is a shame.

luckydip1 you cannot seriously still be arguing that it's labour who are fiscally irresponsible? Have you watched the news today?

😂😂😂😂😂😂

After today? That’s priceless.

And as others have pointed out, if the high earners were as offensive about the lower earners as they've been on this thread, there'd be outrage.

Have you actually read the thread? There have been some shockingly offensive comments about lower earners.

@Luckydip1 did you miss todays budget?

@Luckydip1 oh and today’s budget isn’t like giving your purse to your mad uncle? 🤔🤔

I fail to see how anyone could believe that our nation is succeeding when we have people who cannot afford to put food on the table or heat their homes.

That could only be regarded as successful if that was what you were actually trying to achieve. Is that what you're aiming for?

Today was about growth and making the country more attractive for foreign investment and talent. It was positive, proactive and bold.

I really don't understand why so many of you are so determined to do down this country. That is the job of the Prime Minister.

That'll be why the markets have reacted so positively, then?

Have you actually read the thread? There have been some shockingly offensive comments about lower earners.

I have, yes. The vast majority of offensive comments have been made about the high earners, a couple of whom pointed out how offensive the flip side of that generalisation could be.

I've been called selfish and sociopathic for saying that I feel we paid enough tax. Feel free to quote any of my posts in this thread where I've made similarly personal insults.

Is that you, Liz? Honestly - today’s budget was absolute bloody baloney. It will seriously mess up the economy. Yes it was bold but will it create growth and make the country more attractive for foreign investment and talent? Erm….

I am a high earner, and where I live my marginal tax rate is 54%. That tax rate doesn’t bother me one bit. My DCs are in a great state school, we have a phenomenal GP, whenever we’ve needed referrals to specialists (paediatrician, urologist, etc.), the wait lists are only a few weeks, not months. I recognize my insane level of monetary privilege and I think it’s only right that I pay a significant marginal tax rate. What I read on here about the UK just blows my mind. YANBU.

@Luckydip1 Foreign investment is hugely important. That is why my fuel bills that I pay to the French government have doubled in the past year, so that the French people do not have to pay much more for their fuel.
That is why I pay so much for train tickets to the Italian government, so Italians can have cheaper travel.
Do you need me to continue?

I hope those supporters of today’s announcement, don’t worry about their pension funds - it is worth a lot less as a result of today’s actions.