To believe that if Labour wins we wont be hit with 98% taxes?

[DistinguishedSocialCommentator]

And the other day one of the Labour lot let slip taxing pensioner more than others

A bit of Labour what they say and do - the 98% tax

You an Google the 98% tax if you dont want to read the link

AIBU not to trust the Labour lot just like I dont trust the Tories

https://www.adamjwalker.co.uk/business/are-you-ready-for-labours-tax-bombs/

How did you work that out?

At £100k:

• Tax + NI (42%)
• Loss of personal allowance (basically another 20%)
• Loss of childcare support (Several thousand pounds)

I think I earn £0 between £100-118k at present.

All under a Conservative government.

Got it, Not sure I can get it to 100% but it is very significant. I struggle when people present the marginal rate as 40% when it is much much higher.

I think you have lost the Child Benefit at a lower level of income.

60% of all income tax is paid by 10% of tax payers. 33% by the top 1%.

Well, technically it could be a lot higher than 100% due to the cliff-edge removal of the childcare subsidies.

If you earn £101k and have two kids in childcare you will be significantly worse off than someone earning £99k with two kids in childcare (obviously people doctor their earnings to account for this - but still, stupid).

They might.

DH keeps going on about how Gordon Brown raised private pensions as soon as Labour got in. Not on their manifesto apparently.

Gordon Brown's end to pensions tax dividends is massively exagerated as a cause of private pension contractions - but they forget all the pension scandals that led to a much more rigorous regime in general rather than the previous wild west.

That's funny. The pension scandal of 1991 is the cause of the end of final salary scheme pensions rather than the taxing of dividends of the shares owned by the schemes in 1997.

To put it in perspective in 1997 UK Pension funds owned half of all UK equities, now it is 4%. The end of the Final Salary Schemes affected millions of workers and the loss of the investment in British companies harmed many more.

I'm astounded that your vote counts the same as someone with a functional brain. What a broken system.

Ohh it's them, okay.

The loss of pension dividend credit wasn't the sole cause even though Brown haters love to pretend it was.

Becoming more convinced by the day that the OP is Liz Truss

Eeee, you're such a daftie OP 😂😂😂

In a world of overheated madness this is one of the few things that actually makes sense

Because he thinks all disabled people are workshy and/ or worthless.
He also seems to think that people get signed off sick, to cope on SSP, on a whim. SSP is £109 per week. So yeah, sure, people get signed off a full time wage to get £109. It's the same mindset that Tory MPs think that we buy cheap T Shirts from Primark then throw them away after 1 wear. They really think that.
I truly despair.

OP aren't the Royals doing anything trivial today that you can gush endlessly about?

evidence?

I think we have the second highest tax rate on earth at present, due to the £100k limit.

And that has happened whilst under a Conservative government, who have had 14 years to do something about it, had they wanted to. The reality is everyone is paying a lot of tax, income tax is only one form of tax the Government collects from the population.

It’s not even close to true. The UK doesn’t get into the top 15 countries.

You can whip yourself into hysterics thinking Labour are going to tax people at 98% but under this current Tory government, the tax burden is currently the highest it’s ever been since WW2 so maybe worry about that instead.

TBH @DistinguishedSocialCommentator could tell me that rain is wet and I'd go outside to check at this point.

Nope, fourth according to Wikipedia. And the Finnish one in number 3 is an outlier in it being so niche.

https://en.m.wikipedia.org/wiki/List_of_countries_by_tax_rates

Organise by personal tax, highest marginal rate. And this doesn’t include the loss of childcare subsidies - just the rate over £100k.

What an absolute thicko deluxe.

The thing is, if we are the 4th highest taxed country in the world, who is above us? Im guessing its out of Finland, Sweden, Denmark and Norway? Those countries have top notch services and infrastructure. Their populations don't mind paying high taxes so much because they can see the tangible benefit of their taxes being used for their benefit. What do we have? Public services cut to the bone, sewage flowing into the sea, creaking infrastructure, non working poorly resourced public services. Where is the money going? I think we can take a guess when we look at the House of Lords...

@DramaLlamaBangBang it’s marginal tax rate.

So other countries pay more on average.

And - in countries like Sweden they don’t have an enormous tax free allowance - so lower paid people are taxed more, but receive more benefits.

My information came from this. Ivory Coast apparently has the highest tax rates.

https://nomadcapitalist.com/finance/countries-with-the-highest-tax-rates/