To reduce hours when labour win election

[Parttimeplay]

I fall into the “60%” tax bracket. With the upcoming elections and knowing the government always hammer the middle ground….woudlnt it make more sense for me to cut my hours for a more relaxed life, eligibility for childcare, reduced tax?

The simple fact is - no-one should be worse off for working more. Reality is - at certain points you are. The cliff edges and penalties are so bad at some points - you are worse off for earning more. There is plenty around which can tell you about this if you don’t understand the complexities of the tax system.

The Tories have made this much worse. However, we are now at a tipping point - like it or not - there is a small minority funding the state. This small minority are actively discouraged to work more and pay more tax because of the system. That’s not a progressive tax system. It’s a fucking mess.

Now the populist issues like VAT and removal of personal allowance make these pinch points worse. So people reduce hours, change behaviour, drop the cleaner, etc. The ramifications are huge. The VAT policy is just like the big red bus and the NHS slogan. It’s bollocks and hasn’t been costed. It is indeed likely to cost the treasury more than it will gain.

Blair for his faults - understood the importance of a functioning society and supporting those that need it. He also understood that you need productive adults in the workforce and the highest earners to work - to pay for it. That is why he was so successful. Starmer doesn’t follow his views.

#firstworldproblems

I hear you OP. I’m so fed up of the race to the bottom, judgemental crap on here.
As for the idea people should stop educating their children privately because it’s selfish……exactly how would state schools either cope or magically fix the system if private school parents did this is a complete unknown because it’s just another under-baked dog whistle policy that people are lapping up.
Rather like if all people using the ‘unfair’ private health system suddenly stopped and relied on the broken nhs instead, it would be chaos. People using these private systems are already relieving a burden on state systems as well as paying the highest tax amounts towards people who seem increasingly bitter towards them for being successful. Having grown up in poverty and clawed my way up to a decent income, I feel justified in having an opinion on this.

Honestly, you sound spiteful @Parttimeplay.

You will find the majority of people haven’t achieved their ‘dream’ family home when they still have children of nursery school age. Luckily for you with your earning power ( & associated borrowing power) you will be able to move up the ladder, especially when you stop shelling out nursery fees and don’t have to stump up private school fees! Many many people are not in that situation despite working hard. I think the saying now is ‘check your privilege!’

Whinging about a prospective future Government to blame your unhappiness with your situation on is ridiculous!

Woe is me? So I should pay 5x more than the average tax payer and not see any benefit?

So you want to pay the same tax as someone earning £35k?

I pay several times more than the average tax payer.
On account of me not being very stupid, I can see that means I have benefitted hugely from the everything the nation has provided me with.

If u cant afford nursery fees u def won’t cope with a high quality private school and all the hob knobing so yr child doesn’t stick out like a sore thumb. Sounds like u think u deserve more, but haven’t progressed in yr career, Mayb addressing the reasons for u not doing so.

All of this.

This.

You could always try what people on a tenth of your wage are told when they ask for help working out a budget and "just get a better job".

Haha I do work in finance. The middle of the pack earns in that bracket. So do most of our friends. But appreciate it’s relative.

It’s literally the middle (50th percentile). You’re nowhere near the middle.

I work in IT for a bank.

What's required in terms of qualifications and experience to move into finance positions?

Not much it seems when you think the 99th percentile is in the middle.

This. I am in same boat and wondering if it’s time to rethink my work hours because Labour want to change the thresholds at which higher rate tax comes in, this means that I will be paying an extra 5% tax on a big chunk of my earnings plus I also pay school fees which will cost me additional 20% vat which will be extra £4k per year from my net pay. I don’t think Labour have considered holistically how these changes will effect middle earners at all and what it might mean if they decide to reduce hours or stop working altogether or if patents take their kids out of private schools and put them into state schools, which is bound to happen for some.

Me too, completely agree

Loss of personal allowance at £100k was a labour policy not a conservative one, under labour a 50% tax rate was introduced that was dropped to 45% under the conservatives.

100k was a lot much higher relative salary when labour introduced it. The Tories have not raised the threshold.

I think you are being a bit OTT.

Firstly most of the problems you have mentioned are Tory driven. House prices and childcare costs are what they are for complex reasons, not helped at all by Tory Governing.

Secondly, basing a decision now on something that might not happen is daft. Wait and see.

Thirdly, nursery costs are a short term situation, not forever so you are clearly well enough off to manage for that period.

Fourthly, use a state school or pay luxury tax on something that is a luxury. If you can afford private education you have nothing to moan about. Wind your neck in (we used to use private - not sour grapes) there are people genuinely struggling.

Fifthly they have said they won’t raise taxes on income. My hope is that they tax wealth. That would go some way to address the appalling inequality in this country.

GET A GRIP!! By all means cut down on your hours for a better work life balance but don’t blame it on some ‘what if’ just to make a very thinly veiled political statement.

"My hope is that they tax wealth."

Is my mortgaged home 'wealth'? If I pay off the mortgage, do i start having to pay a tax on the asset?

If the tax is 3% and the mortgage 2%, would I be better off just getting an interest only mortgage to avoid the wealth tax?

What about my pension. Does that count as wealth? If so, should i just sack it off and rely upon the state pension?

Do you think that taxing 'wealth' might result in unforeseen consequences that completely break the economy?

The problem with this is that it conpletely ignores the effects of the pandemic as far as I can see which was a huge financial outlay to fund the furlough schemes etc.
This data is also a ‘blog’ has not been fact checked and I’ve never heard of it before.

Poppy cock, Blair created the immigration nightmare by opening our borders, and I voted Labour then and lived to regret it I was not better off under Labour at all the economy crashed 2007/2008 investment companies went bankrupt due to lack of financial regulation which took the country into a deep recession. High unemployment, high borrowing and high levels of repossessions. Labour borrowed huge amounts and left a huge deficit for the next government to fix. Dream on.

Spot on bit nobody on here will appreciate this at all because they all want to dream that Labour has a magic wand when actually their policies will have the effect to push those that contribute most out of the workplace or the country, let immigration stretch all of our overstretched services even more and allow people who haven’t contributed a penny to the uk to milk it for all it’s worth. I have no idea who I am voting for on July 4th but I know it won’t be Labour.

It is pulled down majorly by lower hours from people on UC. There is not a single job at the large company I work at that pays less than £30k, that is a fresh out of uni level.

How on earth could anyone tax wealth.
That would include all assets. Jewellery, homes, art, everything.
Will They come around to our houses and price everything.

Theres already inheritance tax.
Any party that attempts a yearly tax on wealth will surely see a mass exodus

So, one of the reasons that for the massive inequality and the unaffordable housing and high rents in this country is because those with the most buy the most. So the wealthy buy the property, take in rent for doing very little, earn way more and then buy more. It becomes a money making cycle. They avoid tax by setting up companies and holding companies that are based overseas so they pay very little tax and make tons of money. This reduces the housing stick and prices the average buyer out. So the ordinary working person has to pay so much rent they can’t save a deposit and means they are stuck renting for the rest of their life. Taxing income won’t tackle this. It hits ordinary working people too hard.