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.

I agree with you.

I am in a well-paid job ( do not earn as well
As you however).
Before I say the doll

"I just don't understand the point of working".

If you don't understand the point of working then just stop working and see how you feel.

You will soon realise you're in a better position now and also able to set yourself up better for the future.

As someone on just above minimum wage, I have no sympathy for all those 100k plus people on mumsnet. It's a shame cause mumsnet seems to be a place for the wealthy.

It's the hard workers who will take the brunt

I am a high earner too and I think it is disgusting to conflate higher earnings with harder work. Ignorant too.

I am happy to accept a range of views about taxation but you don't need to lower yourself to debasing people who earn less than you to make your point

@taxguru I doubt that many pensioners voted for Starmer anyway.

I disagree. I live in a Labour area where many generations of people have voted Labour and wouldn't ever consider voting for anyone else. Many working class pensioners will have voted Labour.

Exactly. The "middle" have suffered enough tax rises and benefit reductions already over the past 20-25 years. The pips are squeaking and there's nothing left to take from them.

We need to encourage "the middle" to work and to work more. They're the ones with the skills the country needs. At the very least, they need leaving alone and not disadvantaging any more. Any more tax rises or benefit cuts and they'll work less and more will probably bugger off abroad or retire early.

If we can "tweak" the tax and benefit system to "make work pay" (sorry to take a Tory phrase, but it's true!), then the country as a whole will benefit. When people work more, they pay more taxes, work gets done, productivity increases, NHS waiting lists reduce, GP delays shorten, people will be able to find tradesmen for house extensions & home improvements etc. Get the money circulating to create growth.

Starmer will never be forgiven if he hits the "working middle" with tax rises or benefit cuts.

“It's the hard workers who will take the brunt. What's the point in working anymore!”

Give over. Salary says nothing about how hard someone works, people on £30k can be working just as hard as someone on £150k.

But that’s the role you chose? I personally think it’s fine you getting taxed more….you earn more 🤷‍♀️
for me I’m looking forward to October….I get my nhs pay rise 🎉

Interesting as whenever there is a struggler on benefits who has multiple kids the answer is always "she can't just shove them back" but it's a fair game to suggest this to high earner.

Op, I'm with you but this was very much expected.

Starmer is very clear:

"I promised that this government would serve people like you," he says.
"Apprentices, teachers, nurses, small business owners, firefighters, those serving our community and our country every day."

Politics latest: Starmer giving major speech in Downing Street ahead of parliament's return | Politics News | Sky News

This government won't serve anyone in private sector on above min wage, pensioner etc.

Op, try to see what you can do in terms of reducing your hours to save on childcare/ get below threshold to get free hours. Maybe having lower mortgage repayments would help.

I fully anticipate a lot of higher earners will reduce hours dramatically or retire early. This is not to say that high achievers and wealthy are already leaving UK in droves

Maybe wait until the budget is announced before you start panicking? There are a lot of rumours being set off by bots floating around.

So many people are just blindly accepting Labour's stance of "completely unknown £22 billion blackhole". Perhaps instead of criticising the OP focus on what the politicians are doing. How could they not know about the 22bn, what the fuck were they doing for all those years in opposition? How much of that 22bn is a result of them giving higher public sector wages? Why aren't they scrapping projects like HS2 (the business case is poor value for money)?

The stats for the country show most pensioners vote Tory. Of course, there will be areas where the opposite is true, but for the country as whole, my point is supported by the statistical evidence.

46% of over 70s voted Tory against 20% of over 70s voted Labour.

The hard workers - plenty of people work really hard on minimum wage. There is a massive whiff of entitlement in your post.

Yes. I'm in Scotland where taking on extra work really really doesn't pay (if I bill an extra £100 I take home £45). So why do the work at all really.

The reality is that people will do a lot less. If the tax burden gets any higher I may well look at going part time and limiting income to 99.9k. There are a lot of others who feel the same.

The biggest mistake Labour are about to ale where higher earners are concerned is if they reduce tax relief in pension contributions. That would remove the one significant benefit of earning over 100k.

I've already corrected above that those earning most likely DO work hard. They take the brunt too, so my point stands, after all, you can only tax people who work.

That said, depending on earnings, most somehow will not be in line of sight to pay even more.

There seems to be a blanket rule that those earning over six figures will fix the problem. Charge them more... and that's my point.

I agree.

Complaining you can't pay nursery fees for children you chose to have, and can't pay your mortgage on your expensive house that you chose to buy, is not the same as actually being poor. It's quite an entitled view and people in that position chose that lifestyle. Nursery fees have always been expensive and that's nothing new (and they also don't last forever).

I do have some sympathy for the 'strained middle' (and fall into that category myself), but not compared to those who are actually struggling. 29% of children in the UK are in poverty. 29%. In poverty. Think about that.

The country desperately needs a labour government and it's not their fault that the tories have left a bombshell.

I know, right? F###ing joke but oh so predictable!

All you will get here is an attack from the jealousy and resentment brigade.

The ignorance and blind will to believe whatever the government says is astonishing.

I agree with you.

I accept many other people work very hard but in less well paid jobs. I am not disputing this.

Society needs people to work in a range of jobs. Some of these jobs need
Different skills/education and rightly or wrongly are paid accordingly. We need people to
Be doctors and dentists; I list these as they demand many years of education and debt.
To incentivise people to do these
Jobs the reward has to be worth the effort.

As you point out, once you exceed 100k you lose childcare help. You don't qualify for child benefit either. Some will say this is fair as
You earn very well. It
May be fair or not but the fact remains that once you factor in these 'losses' you have to consider how your salary compares were you in a less well paid job.

Probably harder. The more you earn, the less 'hard' you work. You move to being paid for experience rather than the graft.

Isn’t this all a bit moot? I can’t see any suggestions there will be income tax rises.

Wah wah wah.

I agree op, It is unfair that you are on the same tax rate as someone earning £500k. Not sure what the answer is though. I earn £25k a year and that's including a weekend enhancement there's no way I can pay a higher tax rate, after NI, tax and pension along with travel costs I can't make ends meet now, so I guess the extra tax has to come from people who have spare money left over at the end of the month💁🏻

It's one thing when people think its a bit of VAT that is supposed to fix it all as per pre GE messaging

And actually getting people to pay, even journalists are in that group

Although of course poor pensioners who are an easy target, go from extra payments and WFA in last few years to neither as energy costs go up. It's amazing how skipped over that is by Labour