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.

If you take home around £6k, which would be. about right in £120k, and pay £4k on childcare, things are going to be tight, depending on if you have a partner and their income.

My friend has twins, her partner has just been diagnosed with an autoimmune disorder and isn't well enough to work right now. After the £4k childcare bill, (no help as over she earns over £100k) they can't cover all of their other bills. They have an average home with average mortgage. It's shit. She is going to put extra into her pension to get the help with childcare but some arseholes say that's wrong.

There are windfall taxes already in place on energy companies.

They should, yes, but how? The ultra rich can afford to relocate. If one tax haven closes, they'll move to another. Even if not tax havens, different countries have very different tax regimes. Ireland became popular because of their low corporation tax rates. Lots of small "one man" firms are based (on paper) in the Isle of Man due to it being a low tax haven, very handy for the UK. Look at formula 1 driver Nigel Mansell who "moved" to the Isle of Man to reduce tax on his earnings after winning F1 races. Look at Tyson Fury who's said to be contemplating "moving" to the Isle of Man to avoid UK taxes on his millions of earnings. Both cases being easy to travel back and forth to the UK mainland!

How do you stop it? The UK would have to massively compensate the Isle of Man to persuade them to give up their tax haven status and introduce tax rates similar to the main land. Same with Jersey, Panama, Virgin Islands, Gibralta, etc and that's before we start on places like Dubai!

Don't forget we had to grant "Sweetheart" deals in the London Olympics to get tax exiled UK athletes to come and compete because they didn't want to get taxed in the UK due to the duration they'd be on our shores!

Their profits are outrageous when people are paying mire it needs stopping

My oh and I both pay the higher tax rate. I would rather see an increase in vat so we all pay a little extra.
Constant calling to tax higher earners on here.

You are delusional - go on give up work and claim benefits, you’ll be living on a lot less than now, will need to borrow from the state to pay your mortgage for a time limited period, so if you don’t go back into work you’ll then have to sell - giving you too much in savings to claim benefits thereby doing yourself out of an asset, won’t be contributing to your pension so will end up on a crap state pension freezing in the winter - but yeah you have it soooo hard. You just sound spoilt, selfish and frankly a bit dim.

Sorry - I'm on a professional NHS salary working full time plus around one day a week extra on weekend/night shifts at the mo to help cover our kids' various costs, my husband is a high earner (similar to your salary) working 5 days a week, 10am-6pm.

We have similar levels of post grad education. I work harder, and longer hours - he would agree. He takes home about 2.5K a month more than me, which would easily be enough to cover the extra you'd get for nursery costs. Either YABVVU, or willfully naive.

The taxes are already huge on that sector

Although stopping licences won't help with tax take or jobs

No one likes tax.... but it pays for roads, NHS, Dr's, Dentists, fire, police, councils, education etc etc. A number of countries where corruption is rife have a lot of cash dealing, backhanders etc. And these countries tend to have poor education and health, law and order, high crime rates etc. An awful lot worse than we have it.

At his press conference, KS said that there were options outside of tax and spend. He says his priority is to grow the economy. I'll be interested to see how the Oct budget supports that.

This old chestnut 🥱

My partner works incredibly hard, for a very rich and well known company.
They can get away with paying him peanuts in comparison to what he should be being paid, so they do.
As a result, we get a top up in welfare.
Why should we not have a very much wanted baby just because his employer is a tax evading arsehole of a company and don't pay fairly?
Why is it anybody's choice other than ours?

Spoiler alert, it's not.
But you go back to your copy of the Daily Mail and get nice and angry and ignorant over it all.
People like you will never change your opinion on it, and that's fine by me.
It won't stop my life decisions 🤷🏼‍♀️👋🏼

Yeah! Europe’s your oyster. So easy to give that a try.

oh wait. Brexit.

This

She could have chosen not to work at all, have 5 kids and let everyone else pay for them, just like my cousin who lives in an identical house to mine, except she’s not paying 1800 each month for her mortgage. Her benefits are not far from what I earn after tax in a graduate level, professional job.

We could have all made different choices.

OP is allowed to feel how she feels.

I would. I only pay £19 tax and don’t wish to pay more. Nor do I want to be away from my child more than I have to be.

But someone is subsidising that choice for you, either a higher paid partner or the tax payer through top up benefits and childcare support.

Could I suggest moving to Scotland, nursery prices are lower as are house prices. You could be contributing with 42% on your salary above £43K and 45% on your salary above £75k. It would be gladly received.

I would question why we think families who do not contribute to society have more of an entitlement to have a second, third, or fourth child than families who do contribute

So would I, @WanOvaryKenobi, but I wouldn't necessarily do it on here.
As others have identified, say half the things to non-contributors which are aimed at higher earners and you'll have your arse handed to you on a plate

For me the only real difference this time round is that, while Labour's usual pattern is to inherit a half decent economy and ruin it, the one they've taken on now was already trashed - and by the end, knowing they were going, the Tories weren't even trying to hide the corruption

She could have chosen not to work at all, have 5 kids and let everyone else pay for them, just like my cousin who lives in an identical house to mine, except she’s not paying 1800 each month for her mortgage.

And she won’t own that house ever, your mortgage will end with you owning a significant asset.

I can’t get worked up about it.
I don’t earn as much as you, but I’m in the 40% tax band. But I live well within my means. I’ve chosen to own my own car, I’ve chosen to have a cheaper house and chosen to only have one child. I don’t have expensive taste in clothes or eating out etc. but I am happy and I enjoy my life… the things I like doing just happen to be inexpensive.
So if they hike up income tax it probably won’t make much difference to me.

Also - I was listening to The Rest is Money on BBC Sounds, and they were talking about the possibility of council tax being replaced with a 0.5% annual tax on the value of your property - so a wealth tax, not a tax on income.

Could I suggest moving to Scotland, nursery prices are lower as are house prices. You could be contributing with 42% on your salary above £43K and 45% on your salary above £75k. It would be gladly received.

Not to mention paying NI between £43k and £50k giving an effective tax rate of 52% on those earnings.

This would be fecking horrendous especially for those who are asset rich and cash poor like farmers, old people etc. but hey lets just carry on bashing the retired and those that live in rural areas because well they dont vote Labour do they!

I know that the non dom status is going to be phased out. I wonder if this will help the situation.

Household with a single £100k+ income here. I'd rather pay more tax and it actually go into services that will improve the lives of the poorest in society, than pay more tax and it go in the pocket of some Tory soggy biscuit buddy.

I remember how well funded the schools and NHS were when I was young, I want to go back to that.