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.

How I would raise money:

CGT to be increased
Road pricing for trunk roads/city centres
Reform social care via an insurance system (think the Tories had proposed something like this) so it doesn’t bankrupt local authorities
Junk food and Deliveroo tax
Reduce tax thresholds so more people pay income tax and get rid of cliff edges.

As PP and many others have pointed out, once the average £100k worker gets anywhere near the threshold £105-125k, they deliberately pay into pension, so they qualify for the 30 hours a week childcare.

Which I have not done (yet). As many other commenters have highlighted, if we all did this then the economy would be worse off.

Oh give over. This comes across as snobbish at best.
a higher wage doesn’t mean a harder worker.
as someone on multiple times the national average wage, I definitely worked harder when I stacked shelves in Waitrose than I do now. And I could pay more tax.

the higher earners paying more tax means less holidays or luxury goods. For those on minimum wage it means choosing between starving and freezing in this cost of living crisis.
price gouging and hoarding wealth causes this inequality, not benefits. You’re angry at the wrong people. Have some humility

With a £4k childcare bill, how much more do you think someone earning £120k has to spare on top of what they're already paying in tax?

Not being funny but your £15000 extra in tax is small fry

if labour implemented a tax of 1% on all those with over 4million it'd raise £25bn

The monthly take home pay is approximately 6340.-
The national average is approximately 2440.-

A lot of people go to work and are just earning enough to pay for nursery for a few years. But they choose to stay in work because they know it's for a short time. Same for higher earners.

Fuck me if you can’t get by on 120k you must be terrible at budgeting. Maybe don’t live beyond your means. Maybe don’t have kids if you can’t afford them. We all pay taxes even the lazy amongst us that earn under 100k!

Kids will only be in nursery for a few years. Tbh I would massively begrudge paying for someone to get free childcare out of my tax so they could go out and earn £120k!! Quit your job if you think you’ll be better off. I guarantee you won’t be

Yeah I don’t think people should avoid tax in any way.

you don’t qualify because you’re a high earner, being a high earner doesn’t entitle you to a shit load more disposable income (as we’ve already ascertained, high income doesn’t equal harder work). You should be expected to manage your money the same as everyone else and if you need to spend on childcare, make sacrifices elsewhere. If you aren’t happy paying out for the childcare, cut your hours at work - of course you’d be earning less so it depends if that feels worth it to you? It’s a balancing act but you have a lot more money than most to play around with. Taxing higher earners does = a fairer society, even if it feels unfair to you that you have less money in your pocket.

Have you actually considered what real sacrifices you’ll have to make as a result of an increase in tax? Will you still be able to afford a roof over you head? To feed your family? Petrol in your car? Days out? Holidays?

People having tantrums because they have to pay a bit more in tax is so embarrassing for them. Grow up, we all work hard, we all deserve a basic standard of living.

people always look for a scapegoat in these situations - spoiler alert, it’s not ‘benefit scroungers’, it’s the disgustingly rich that hoard away their money. I will happily take and increase in taxes if it goes some way to fixing our society as a whole (and I’m on band 5 nhs pay🤣)

Over-taxation stifles the economy by crushing growth and reducing productivity. There is no point in working more if it doesn’t translate into disposable income. There is no point in taking a risk by creating or growing a business if the opportunity to make returns is suffocated. At present, a lot of people are on their knees with increased mortgage rates and insurance, low tax thresholds meaning that ordinary jobs command higher rate tax bands and arbitrary cut-offs for payments like child benefit, state funded childcare and winter fuel allowance.

We already have one of the highest levels of business rates taxation in Europe (increased to 25% from 19% earlier this year, so that it is now higher than high tax countries like Denmark and Sweden). We’re not in the EEA. We don’t give people an inflation off-set for capital gains, so investment in the U.K. is taxed as if inflation doesn’t exist, resulting in the risk of a loss in real-terms. And we live in an ever more globally mobile world, where people can take their jobs, income and wealth elsewhere, leaving the Exchequer with a lower overall tax take.

Totally agree 100%
Thankyou.

Yeah, I have to say OP I can sympathise with the frustration you feel but you've not done yourself any favours with this sentence. At best it's clumsily worded, at worst it's a glimpse into your true feelings but it's pretty disgusting to relate hard work to high earnings.

Yeah. That means that the lower earners need to contribute more. The higher tax payers are paying comparable sums. It’s the majority who aren’t paying or working enough. We have a majority population of state dependents. In Sweden, the majority actually work and pay tax - don’t sit on minimum wage jobs expecting everyone else to fund their family. Less me, me, me is what we need. From people not pulling their weight.

We spend less on healthcare than comparable countries.

This just shows how the well paid try to game the system (shame on you) because benefits top up child care, rent etc. if you are well paid you should pay for these things yourself. If you're so pissed off give up your job and live on benefits. You won't be eligible as you made yourself unemployed. Don't forget the savings cap.

wages are topped up by benefit because housing costs are too high and wages are too low.

Most people want their wages to be sufficient.

There's this whole system that bypasses the individual where rent is paid to a landlord via the state. And landlords charge huge rents for substandard property, don't maintain and use section 21 Willy nilly. Even without rent employers pay too little.

Fix this. There will be no incentive to work unless it is possible to live on earned income.

You even have posters saying they will cut hours - do you not imagine the same incentive to work and keep what is earned (and not need it topped up by benefits) is present in the lower paid?

Do you have any evidence for this claim, or is this just a gratuitous comment at the level of "The way these gay rights are going they'll be making it compulsory next hur hur hur"?

I said “I expect”. Hur hur hur.

How can they contribute more when many depend on UC?

Well if people work less to avoid tax maybe I will work less, receive more UC and spend more time with my kids. 🤷

Too many people in the UK are happy to lounge about being reliant on UC. Maybe they should’ve taken the advice given to tax payers on here - don’t have children if they can’t afford them themselves and need someone else to fund their lifestyle.

Too many people happy to do the absolute minimum and sit on minimum wage jobs. 0 aspiration. Not that I blame them as any sign of doing well - you’re taxed to death to fund everyone else’s life choices.

I am joking obviously.

Even jobs like TA's need topping up with UC. Hardly lounging about. Very hardworking actually. As is that nurse that also claims UC.

She doesn't say she works. Only her partner works.

That's fine if her partner earns enough to support a family - but he doesn't - hence why she's so proud of having a welfare baby.

Being a stay at home parent is a privilege. I shouldn't have to go back to work to pay 50% tax so that someone else can be subsidised for a life that they themselves cannot afford and do not work for.

Being a stay at home parent is a privilege. I shouldn't have to go back to work to pay 50% tax so that someone else can be subsidised for a life that they themselves cannot afford and do not work for.

So very true.

A TA is a choice to work in a job that requires minimal qualifications and is part time. The nurse who won’t be on UC unless they had a child. So by following the logic of posters on here…if op and people like her can’t afford their own childcare - then the nurse can’t either. Therefore they shouldn’t be having children they can’t afford. That is how it appears to work. Or does that only apply to people who are self sufficient? UC claimants can do what they like as others are paying?