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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.

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Am I being unreasonable?

AIBU

You have one vote. All votes are anonymous.

Blankscreen · 23/09/2022 13:41

I think the middle need help and surely the £50k 40% bracket needs to be raised.

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Quincythequince · 23/09/2022 13:42

shropshire11 · 23/09/2022 13:35

We used to have 98% marginal rates of tax in the 1970s. All this achieved was causing people to either a) leave the country, b) stop working above a certain threshold, c) use tax avoidance schemes.

Rinsing the rich feels good, but the highest-earning already underwrite the vast majority of the state's expenditure. If you keep increasing taxes, you actually reduce the amount you collect.

Yep!
The Laffer Curve.

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HangerLaneGyratorySystem · 23/09/2022 13:43

Blossomtoes · 23/09/2022 12:53

It’s utter madness. They’ll be punished at the ballot box.

I think they call that a triumph of hope over experience :(

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nonono1 · 23/09/2022 13:43

Seriously - WTAF?! Fucking fuming to be honest. The fracking ban lifted and now this. I never thought I’d say this but I wish they’d never got rid of Boris. Bring on the next election and get these idiots out.

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JamesBondOO7 · 23/09/2022 13:43

Blankscreen · 23/09/2022 13:41

I think the middle need help and surely the £50k 40% bracket needs to be raised.

Totally agree. It's always ie media and others banging on about those on benefits/low wages.

We were on "low wages" once and we did up to 50 hour weeks and brought up kids as we would never want to rent a social housing stock etc

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Quincythequince · 23/09/2022 13:43

Xiaoxiong · 23/09/2022 13:22

Because some of us with 6 figure salaries think it's a bad policy.

Exactly.
We are a high earning house and I thinks this is madness.

You’ve just demonstrated in one fell swoop though how you vote based on how you think others should feel about this (which is in your own best interests without a thought for anyone else).

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Luckydip1 · 23/09/2022 13:44

In Britain success seems to be frowned upon even resented as unfair. I think we should celebrate success and hard work and reward and admire people that go the extra mile and over achieve.

If you want everyone to have the same amount of money you have communism and we all know how that works out.

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lannistunut · 23/09/2022 13:46

This is a madcap budget, it makes no sense, it is going to cost a fortune in borrowing, it is such a blatant bung to their mates.

I see the markets have reacted with Hmm

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theemmadilemma · 23/09/2022 13:46

sst1234 · 23/09/2022 13:11

Tax take increased by £8billion when the 50% rate dropped to 45%.

You could either make hysterical, hyperbolic statements or look at the evidence. I’m sure most people here are in former camp.

No it didn't, but a good spin can write it up that way.

fullfact.org/economy/did-cutting-50p-rate-tax-raise-8-billion/

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Uptowntwirl · 23/09/2022 13:50

I wonder if all those celebrating the demise of Boris are as happy now?

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Uptowntwirl · 23/09/2022 13:51

Luckydip1 · 23/09/2022 13:44

In Britain success seems to be frowned upon even resented as unfair. I think we should celebrate success and hard work and reward and admire people that go the extra mile and over achieve.

If you want everyone to have the same amount of money you have communism and we all know how that works out.

So you think success is measured only by wealth?

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Queuesarasarah · 23/09/2022 13:51

Even my Tory relatives are outraged by this budget. It’s not what they voted for. I really don’t see how she can continue with no mandate.

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HoppingKangaroo · 23/09/2022 13:53

Luckydip1
In Britain success seems to be frowned upon even resented as unfair. I think we should celebrate success and hard work and reward and admire people that go the extra mile and over achieve. Those poor unwashed masses at the botton just don't work hard enough, like carers - those lazy b*** taking care of the sick and elderly should work harder 🙄

If you want everyone to have the same amount of money you have communism and we all know how that works out Apparently wanting to tax the rich more and help those at the bottom is communism now 🙄

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Queuesarasarah · 23/09/2022 13:53

Luckydip1 · 23/09/2022 13:44

In Britain success seems to be frowned upon even resented as unfair. I think we should celebrate success and hard work and reward and admire people that go the extra mile and over achieve.

If you want everyone to have the same amount of money you have communism and we all know how that works out.

I have no problem with success or wealth. I have a massive problem with poverty. Wealth gap is the issue here not wealth. If you think it’s fine to have people starving whilst others are billionaires then I have a problem with you. If you think that what separates the wealthy from the poor is talent and hard work then you are naïve in the extreme.

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noblegiraffe · 23/09/2022 13:54

sst1234 · 23/09/2022 13:11

Tax take increased by £8billion when the 50% rate dropped to 45%.

You could either make hysterical, hyperbolic statements or look at the evidence. I’m sure most people here are in former camp.

Ah great, @sst1234 you appear to know how this is meant to work.

Can you explain how long it will take for these huge tax cuts to produce higher amounts of tax?

And when we could expect increased spending on public services as result?

I started this thread but people didn’t seem to know.

www.mumsnet.com/talk/_chat/4639778-cutting-taxes-to-fund-public-services

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forinborin · 23/09/2022 13:55

Deguster · 23/09/2022 13:10

@cigiwi I think the distinction is that you are referring to 1 in 50 of the proportion of the population that pays income tax (obv a huge proportion don't).

My figure was total number of 45% taxpayers (about 600,000 apparently) divided by total population (66m).

That is still approx 1%, not 0.01% as you said.

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Luckydip1 · 23/09/2022 13:56

There has never been a better time to look for a job, lowest unemployment for generations but you have to want to work and not sponge off the state like so many people in this country whilst at the same time moaning about the rich.

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Blossomtoes · 23/09/2022 13:56

HangerLaneGyratorySystem · 23/09/2022 13:43

I think they call that a triumph of hope over experience :(

Au contraire. No government lasts for ever and I’ve lived long enough to see some booted out for a lot less than this.

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Whammyyammy · 23/09/2022 13:57

Uptowntwirl · 23/09/2022 13:50

I wonder if all those celebrating the demise of Boris are as happy now?

Totally. I didn't mind Boris, and Liz has just made our household income go up.
Be careful what you wish for .

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Leilu · 23/09/2022 13:58

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.

The poorest already get a lot of help. Like a lot of other additional rate taxpayers I think that after over a decade of having nearly half of my earnings taken off me and redistributed that it’s about time that the burden was reduced.

This change is a fair one.

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Whammyyammy · 23/09/2022 13:59

Luckydip1 · 23/09/2022 13:56

There has never been a better time to look for a job, lowest unemployment for generations but you have to want to work and not sponge off the state like so many people in this country whilst at the same time moaning about the rich.

But it's easier to complain about what people have earned for themselves, rather than get off your backside and do the same yourself.

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MrsBennetsPoorNerves · 23/09/2022 14:00

Luckydip1 · 23/09/2022 13:44

In Britain success seems to be frowned upon even resented as unfair. I think we should celebrate success and hard work and reward and admire people that go the extra mile and over achieve.

If you want everyone to have the same amount of money you have communism and we all know how that works out.

Surely you know that communism isn't the only alternative. There are plenty of countries with higher taxes than the UK which also have higher growth rates.

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Corb · 23/09/2022 14:00

This is a good thing! How else am I expected to pay for my child’s skiing trip. Private school fees are costing a fortune!

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Leilu · 23/09/2022 14:00

FlorettaB · 23/09/2022 12:49

It’s utterly blatant isn’t it. Scrapping the cap on bankers’ bonuses, abolishing the top tax rate, cutting corporation tax. It’s a budget for the richest of the rich.

Given how much the top earners pay in though I think that’s justifiable.

There was never a decent justification for the cap on bonuses; the state has no business restricting what a company can pay its employees.

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lannistunut · 23/09/2022 14:01

Leilu · 23/09/2022 13:58

The poorest already get a lot of help. Like a lot of other additional rate taxpayers I think that after over a decade of having nearly half of my earnings taken off me and redistributed that it’s about time that the burden was reduced.

This change is a fair one.

Yes but you are a member of a tiny minority, this is a mad budget in terms of getting re-elected.

No disrespect but electorally you are not very important - the expectation is you almost all vote Tory anyway, so you are not worth fighting over.

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