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.

Just heard on radio not likely to be income tax rises so you will be OK. Capital gains tax is being talked about but did you get upset when the tories put up te taxes largest increase we have ever seen? Also wanted to say just heard full speech by strarmer and thought ut was very good. I think uts good we have honesty

What difference does it make of someone reads the Daily Mail or anything else? It’s just a silly personal attack.

Someone who chooses not to work (although they would get 90% of their childcare paid if they are on us) is not in some special privileged position that is beyond criticism. It’s perfectly reasonable for taxpayers to feel unhappy that we pay in but get little in return.

Labour aren't raising income tax, so you wont pay.

Might be worth asking where all the billions supposedly saved during Austerity went?

this country is fucked & its all down to the Tories.

Agree!!

I agree with you OP, but you won't find much sympathy because you earn more than 95% of the population, so it is not an issue which affects many people.

But yes, UK taxes the hell out of PAYE high earners, and at the same time everyone hates you.

We are a high earning household and have relocated abroad (EU country) about 1.5 years ago. 15% tax rate here. We still pay a lot of tax in absolute terms, but of course, the ability to build up savings has increased massively, which wasn't possible in the UK.

Do you have the ability to push through and earn significantly more than £120k? If not, I would try to optimise your position by reducing hours / increasing pension contribution to get yourself out of that 62% tax bracket.

Can you go part time so your salary goes below £100k so you can access free /discounted childcare? Surely this makes more sense than paying 100% for 2 children in nursery etc? Even if you still work full time hours but take a part time salary, would you be better off?! Maybe ask for the extra days as annual leave? Maybe your work can come to an arrangement while your kids are in nursery?

@Flixon

I’m in the top tax bracket and am going to get spanked by capital gains tax rises. But I don’t mind because I can see that the country is devestated by Tory mismanagement and I’d quite like my friends and family to have the services they need.

Not every high earner objects to what is necessary. Just the selfish ones.

I'm on Maternity from a part time job. I worked full time til had first child then went back part Time. Once ds2 turns 2 will go back part time. Aim to go back full time when older one in school. I'm not shaming anyone- I just find threads like this to be shaming anyone who's on benefits and sees them as life long spongers instead of looking at the bigger picture.

So we all do that and the tax raised is reduced considerably?

90 a month is alot to me, I don't have that much money to spend on food some months after all bills paid. And no I don't have debts or any TV subscriptions.
I'm not trying to be antagonistic or have a pity party I'm just trying to demonstrate that being on benefits isn't this luxury lifestyle some seem to think. Its a fucking struggle and I wish I wasn't on them

I don't like paying taxes, I would be in the top tax bracket but there are certain tax planning accountants - you just need to have the right advice. I do pay taxes and probably more than the middle earner bracket - but i don't pay more tax than I have to. Everything I do is clean and above board mind, no cash - just careful planning.

Yes not sure how that works out well

Hi people who earn less than half the amount you do are also taxed at 45% but I can’t see you saying that isn’t fair.
Taxation should be progressive- the problem is that it is not progressive enough.
The last fourteen, indeed the last 45, years have seen an unprecedented redistribution of wealth- to the wealthy.

Evidently to you there really is ‘no such thing as society’

And it s a race to the bottom isn’t it? This is exactly what Labour wants… a load of drones with no ambition who stay in their box.

You have to be working to be eligible for the 85% on childcare UC offer. Mind you that doesn't fit the lazy,scrounger stereotype.

"Welfare child". WTF was I reading there?

"It's the hard workers that will take the brunt." Christ.

I’m on a minimum wage, work hard and work full time. Being paid more doesn’t mean you work harder.

Get your facts right. If you don't work, you aren't entitled to that help. Plus it is up to 85% not 90%.

Top tax payers already help people at the bottom? It’s effectively a 60% tax rate at the OPs wage, if you consider NI. If she earns 120k a year, she is paying 43k in tax a year. How is that not helping lower earners and society?

She might be? She didn't say she wasn't.

I hear you.

'Working hard' is subjective. Most (but not all before anyone comes at me) lower paid individuals are in physically taxing roles (by way of example, a cleaner that is on their feet for best part of 40hrs a week) whereas those on six figure salaries are in more mentally taxing roles (again a bit of a generalisation but based on truth). I have labourers in the family and yes its grim physically being out in the wind and rain all week but I know for a fact they clock off at 4pm everyday and don't come home ruminating on what they did or didn't do at work that do (basically doesn't take up that mental head space).

My role has the capacity to earn six figures in London (lawyer) but I'd be working 8.30am-9pm and probably at least part of the weekend. It's not "easy' or 'middle management stuff' where I sit twiddling my fingers. I'm advising senior stakeholders (think FTSE 100 companies) on issues that could cost them millions. It's complicated and it's stressful and quite often keeps me awake at night.

I guess my point is that just because someone earns more it doesn't mean their frustrations aren't valid or they struck lucky or they don't work as hard as those on minimum wage.

Hmm - go on? So this year I have paid over £40k in tax, I employ 12 staff all on well above fair pay for the business we are in, also pay performance related bonuses. So just explain what society is for me as I think I must be missing something.

OP - I do understand what you are saying, and it is entirely possible to be financially stretched on "high" earnings. I totally agree that the tax rates are unfair, and it is incorrect for you to pay the same rate as those who earn 5 x what you earn. So I'm on board with what you are saying. But, I agree with @RocketPanda - the black hole was not created by Labour - they are simply trying to deal with it.

Free dental care.... absolutely hilarious only it isn't.