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.

Poor you and your huge salary
not

Exactly and thank you for being honest!!! Who doesn't experience stress while at work - no matter what you job - but we all suck it up for ourselves - our families and for our future...... if we all decided that stress and anxiety at work was too much there'd be 100 people working in the UK! And what makes me even sadder as people like this are setting bad examples to future generations - to get off their ass and work and breeding a level of entitlement I've never seen before!

Are you seriously looking for sympathy? Suck it up…. You are lucky to be on that salary, it doesn’t mean you work harder than anyone else…. If you don’t like it, reduce your earnings then you won’t pay so much tax…..

Hugs OP, its like being penalised for working hard and getting to where we are. Yes it is a privilege but we didn't just happen to reach here, it took a lot of grit, long hours, choices and determination.

Yes but the people we need to break thru generational poverty are those who are not - it takes two generations to move up a social class - and that cannot be done without education. My Grand Father lived I'm poverty (and there were no benefits in those days - you worked of you got nothing) as did my Mum when she was young - I'm the first of my family to go to Uni and now I am a higher rate tax payer and there is nothing special about me - I wasn't top of my class - I had no silver spoon in my mouth ever - but I had ambition - to want to get on - to want to be an achiever - and as one poster said there was a huge shame in my era of being unemployed and taking hand outs - and I have worked 60 / 70 / 80 hour weeks and sometimes still do - so yes I am sick and tired of being milked by this system. And if taxes were lower I'd stay - I like the UK - but I'm actively planning to leave and would advise my kids to also. So the UK will lose all my tax revenues instead of leaving me alone - given how much I already pay and how I get nothing out of the welfare system or public state system...... I and thousands like me are net contributors to this society and we are largely happy to be - but enough is enough.....

Labour for you. Subsidising the bone idle

This.

I do feel for you because you have styled your lifestyle on your earnings, which was the right thing to do (accepting sometimes people face changing circumstances which cannot be helped) and to have to taken from you by no fault of your own when all you are trying to do is to push hard to have better for you and your family, it is frustrating at best and leaves you wondering why you bother.

I personally think the whole income tax threshold situation needs to be further tiered.

However, it was unwise and untrue of you OP to suggest salary is linked to hard work as we all know that’s not true in a lot of cases. But I do agree with another poster that some people have also made difficult life choices to be earning the money they have and that some jobs are paid on experience and sacrifice.

Let’s not forget both parties have left deficits in their times. I also agree with others that the fact that Labour didn’t expect this was farcical, The Tories didn’t lie that there was financial issues…

However, Labour has notoriously always been the party of wanting to ‘spread the wealth’ and the party who wants us all on a level playing field. That only works when everyone is pulling in the same direction and the truth of the matter is that you will never get a situation where everyone is doing so, because we have to accept some people can’t and some people won’t. Interestingly unemployment has gone up since Labour were elected.

There is a reason why I don’t push to earn more that moves me into the 45% pay bracket! I don’t see the point in working harder and more hours for half to be given away when I could lighten my load by having someone else to do the work alongside me. Should they not support small business and look to tax more, I will quite happily sell up, pay off my mortgage and earn a whole heap less, but have even less stress in my life, but I am lucky to be someone that can do that if I choose as I have very few commitments outside of a mortgage. So, yes, I totally understand why some people are leaving the country and retiring early.

As a family we also have the issue of generational wealth where we were taught to graft to push and to grind. But if they are going to take that off us too what’s the point after watching our dad die young having not enjoyed any of what he hoped to pass on. It’s just jit worth putting yourself in an early grave over trying too hard anymore.

The simple equation is that they’ve got to make it make sense and that means it has to be worthwhile to continue to work and strive forward so that as many people are pulling together as possible…

I think this will be a one and done term though for Labour once again. I truly believe that the only reason they ended up in is because Reform did so well as most of the Torie voters got fed up with their left of centre viewpoint, even the Tories acknowledged this when they lost!

All the subsidising of the idle has occured over 14years of the Tories.

@DoodleDoo37 Everything you have complained about happened under the tories.

Labour haven't really enacted anything atm just settled some strikes that should have been sorted months ago, as they did the nurses etc i not no one complained about that!

I'm not happy with what Labour have said they'll do, esp on the EU and water pollution or Ofgem/WFA - BUT i will see what happens in the budget first.

Poor you

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

Evidence for this increasing since Lab have been in? or did you just make up this post?

So what would your proposal be? How do we get out of this hole?
How do we fund our public services for the good of everyone?
Could you actually manage on benefits?

Things you need to think about.

Just like in the US just because you earn more doesn't mean you work harder. Generally the hardest working people, physically and time wise, are the ones who are getting paid the least.

What an annoying post.
I earn so much that have to pay so much tax!
Labour, despite being newly elected, are somehow responsible for this, along with their suspected even higher taxing intentions!
I work hard but there are all these lower paid people paying less tax plus these wastrels claiming benefits without lifting a finger!
Well, this may be news to you but many working people receive benefits because they earn so little they cannot keep body and soul together if they don't.
There is such a thing as society and we are in it together. Through my tax, I pay for eg schools even though we don't use them. Others pay for roads, breast feeding sessions at the local health centre, libraries, all kinds of services they don't use. It's a social compact which is based on some highest principles allied with those behind the setting up of the NHS. We look after each other.

And those wanting to be given houses, benefits, have the 2 child cap removed and think schools should provide breakfast snd lunch could have worked harder, had fewer children and got a better job?

But it sets a precedent that striking works to get what you want....

LOL!!
Virtually no one these days gets given social housing to rent. Or if they do trust me it is on estates where you would not want to live.
We need benefits for some jobs, or we need to raise the minimum wage. We need people to be TAs, carers, HCAs, cleaners, retail staff, etc. We can't just abolish those jobs.

Then you cut your cloth accordingly.

I don't have an issue with childcare support for people to work etc but I do have an issue with a talented highly paid person, paying more and more when it is well known that many people take out the system without a seconds though for where the money comes from. It's wrong. You get out of life whst you out in.

@WanOvaryKenobi
Re people in under occupied homes.... you have heard of the bedroom tax right or did that one pass you by?

I agree except for one thing if I understood it ok (the autocorrect got you on some words).

I think you said that people who need to get out of poverty are people who don’t work. I will argue that there are plenty of people who work hard. Really hard. And they are poor with no ladder hope. Some of them have a good education but for many reasons just didn’t get the opportunity.

also. Good on you to go elsewhere and have a better retirement. Many did go to Spain I believe, at least some years ago.

I am not a high earner and if I was young I would leave the UK. It is too run down. I want the 1992 UK back.

why not quit working and get that "free ride" then. see how great it really is in reality. how about being an unpaid carer with a disabled husband, that's DEFINITELY the easy life. AND you get to jump through hoops on a regular basis to prove that his condition hasn't magically gone away.

@CrowleyKitten you are both part of the 9 million economically inactive that some posters are saying should just get a job. They really do think some people are just lying around being lazy. I am a part-time carer and I know how hard it is.

I hear you. I'd be upset in Ur position too. But I'd drop my hours and have more time with my kids and get free nursery hours if I was in your position. You got to look at which way wind is blowing and adjust sail accordingly if it's going to upset you. Just my thoughts. Xxx

I think everyone sighs a lot when they see tax defections OP but everyone finds it tough and on that sort of salary I can't see you getting loads of sympathy. Of course it's worth working. I'm a single parent on 42k and I sat freezing my arse off all last winter making hot water bottles for me and the kids. And yet magically I know it's still worth working.

Taxes are low, you've just gotten so used to it you think they're high. Someone earning the equivalent of £25k today in 1970 was paying 41% basic rate tax, somone on £100k was closer to 79%, in 1980 it was 30% and 60%, today it's 20% and 40%/45%.

But I must say, it's quite a feat that your poverty stricken mum was able to send you to private school, almost as impressive as your ability to have never used a road, sewer, hospital, garage, shop, bus or building. I mean that's the only way you could get "nothing out the state system".

The only thing worse than a silver spoon elitist is someone who has experienced hardship and wants to pull the ladder up behind them now they're doing alright. But enjoy your low tax, low cost, well funded utopia wherever that may be.