October budget going to be painful

[increasinglyconcerned]

Here we go..... I knew it. Labour were promising not to hike our taxes in the election campaign and here we are.... apparently they discovered £22 billion black hole in his first weeks in the role and it's not his fault.

Let me guess, those of us who earn six figures and already pay 45% will pay EVEN more and take home even less. It's the hard workers who will take the brunt. What's the point in working anymore!

I earn a little over £120k and I'm taxed the same as those earrings £500k.

Before people jump in saying they don't feel sorry for me, I work full time to support my family, as of January I will have 2 DCs in nursery, plus my mortgage and get ZERO free hours childcare, whilst they keep promising free childcare but I just pay more for everyone else to benefit.

I cannot afford to pay more taxes to fix this country and especially when so many people are getting a free ride and not paying their way, ranging from millionaires with tax havens to those claiming benefits dishonestly.

Agreed, it's frustrating that the "I want" crowd are not interested in putting any work in themselves.

In a desert island situation, the member of the group who never helps, or contributes, and complains all the time ends up getting kicked out and hated by the group. Society is no different.

OP, MN is entirely the wrong place to ask this as it's on the whole vehemently anti jealous of high earners.

I agree with you fwiw.

So yes, I pay tax. But then I save and invest everything I can each year. If I fill my ISA this year, then I can put £20k away, and I won't be taxed on any earnings. Even if I get a modest 5pc return over 20 years, then I will end up with £54,253. So I will have gained £34,253 in interest, all tax-free. I'm happy to not have to pay any tax on this but why shouldn't I?

I love threads like these.

Whenever a middle class person complains about how shit it is to try really hard in your career and feel like you are struggling there's always a million comments of "have fewer children", "buy a smaller house", etc but if you ever suggest that MAYBE people on benefits shouldn't have children they can't afford you get called a Tory.

Fascinating.

I love threads like these.

Whenever a middle class person complains about how shit it is to try really hard in your career and feel like you are struggling there's always a million comments of "have fewer children", "buy a smaller house", etc but if you ever suggest that MAYBE people on benefits shouldn't have children they can't afford you get called a Tory.

Fascinating.

I understand the situation is complex. I also understand that there is zero chance that Russia has any intention to invade Finland. I also understand that there was an agreement that countries bordering Russian would not join NATO.

We have no business conducting a proxy war against a country with nuclear powers. The war would have been over a week after it started if the West hadn't intervened with military support and instead had offered diplomatic support.

My point stands. This thread is about the UK budget and filling a '22 billion' hole that apparently exists. Stopping funding to Ukraine would probably save us that over a few years.

I’ll be quietly quitting in a few years. More and more people are. Depending on where my children end up I might or might not stay in the UK.

after a certain point people resent having their money taken. Perhaps we shouldn’t, perhaps we should be grateful to contribute to those less well off but I’m not. With higher rate of tax plus NI and removal of tax allowance pretty much everything I earn is taxed at just under 50%. Then I’m taxed when I spend it and taxed when I save it.

could I “afford” to pay more, ie: still be able to feed my kids, yes. But I have a rare and apparently valuable skill set. I work 70 hours a week with lots of travel which takes me away from my family and home. At some point that stops being worth it if I don’t even keep half of what I earn.

Maybe we should wait until the budget has happened? It seems a waste of energy to get worked up over something that may not happen.

Yes, a gradual system is far better than cliff edges etc. Now we're all computerised, there's no reason to keep "round figures", say the 20% - 40% leap. All payroll is computerised, so you could go 10/20/30/40/50 very easily, if not increments of 5%.

This is a graph of marginal tax/benefit loss rates I did a few years ago. Not up to date, but demonstrates our stupid tax system.

If we stop then Ukraine gets took but you don't know putins intentions and you are believing putin propaganda. Ukraine hadn't joined nato so why did putin invade? Putin took crimea in 2014 we should have stopped them but we didn't help Ukraine and you have absolutely no.idea that outin doesn't want other countries because he does he wants ussr again

Sincere question.Why are you on minimum wage? Do you have the same education , experience etc as this 100k mumsnetters if so what are you doing wrong? I cannot abide people thinking we all should be at the same level. That’s the reality of life. We are not all on the same level. If someone for example got multiple college degrees or did some years long apprenticeship to learn a trade etc and are earning more than I , why would I be salty? This way of thinking really makes me want to laugh when it’s not funny.

Maybe they are taking the piss as that's what said to poorer people isn't it.

Minimum wage earners generally do not work harder than highly paid workers. This is absolute BS!

I have worked in a range of jobs throughout my life and can emphatically state that working in a shop and on a reception was infinitely easier and less stressful than being a higher level manager. In the minimum wage jobs, I worked less hours, wasn't expected to be on call all the time and had very little accountability and responsibility. I didn't manage multi million pound budgets and didn't have to use a range of advanced skills to get things done that others couldn't. In the minimum wage jobs I nearly always could escalate issues to someone more senior.

I accept there is some variance in minimum wage jobs and highly paid jobs, but I have worked a pretty good number in factories, offices and other settings so have a pretty good idea what many are like. I'm sick of the incorrect narrative that well paid workers have it easier when it is invariably harder. Even in my NMW job, people were very reluctant to take promotions as they preferred having an easier life without the extra responsibility. They literally told me this so I'm not guessing or being inflammatory.

Yep
Two major multinationals will be closing uk offices near me. They offered their staff chance to relocate to more tax friendly offices last year when it became obvious that labour would win and so many said yes that they have now decided to close office completely and just leave the few that didn’t or could t relocate to wfh.

I am disabled I have carers who should be laid a dam site more than what they get so stop being condescending. It's not just about education it's about jobs to. We don't value the right people

They won't like it when hospital waiting lists lengthen more, or they can't get a GP appointment for a couple of months, because the doctors are all working part time, have retired, or emigrated.

You can't look at things in isolation. For the country as a whole, to grow the economy which benefits everyone, we need more people working, more part timers working more, fewer people retiring early, fewer people emigrating. That won't happen with a punitive tax system.

Given less than 5% of households have income over £100,000 if they aren't going to pay more to fund the country who is?

This is bad for everyone in terms of tax take

So clearly no one on this thread can agree on anything, but at least we will all be equally unhappy come budget day since we all want the impossible.

Anyway, rather than attack anyone else's points here's some ideas:

5p tax on all takeaway items, crisps and drinks bottles/cans, vapes - ring fenced for street cleaning. Look at the side of the road, it's always these items.

1% extra sales tax on all online purchases to give the high street a better chance of competing.

£5 charge for all doctors appointments unless under 18.

Be interested to hear other's ideas as long as they aren't 'tax the rich' or 'reduce benefits' as those chats don't seem to get anywhere.

And they wonder why there is a productivity issue in this country With lots of people in their 50's not working. I wonder why????

Because it is an incentive to save so once you get to needing it you will be costing society less? I believe..

As if anyone on here would turn down a 100k salary if offered one 🙄

Tax cruise ships more. Lots of ethical and economic reasons for this.

Encourage UK tourism more so that we spend more of our holiday money in the UK.

Tax the crap out of Temu etc and their plastic and poor quality rubbish.

I genuinely don’t think people understand the global world we are in now. I don’t know one company in the tech/finance sector that doesn’t offer this. Many have already started to go. Others have been told the offer on the table is there if you want it. Better tax, often much higher salaries and insurances paid.

Countries open their doors because they want your skill set and your higher earning taxes. Many countries encourage higher earners because they want the tax. We don’t. We despise them, piss them off, abuse them until they leave. Hence why so many people now take. Those same people constantly wanting to take someone else’s earned money.

In a decent job with a good skill set, in a global company. You’ll already have been hearing about relocation opportunities before Labour got in. No job change required.

I may turn it down if it meant working weekends and bank holidays🙂