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.

And there has always been benefits. Parish relief or the workhouse. Benefits were incredibly low though.

Bottom line is, after 34 pages, Labour wont achieve much growth, the Tories would have tried and they failed, so there is little different Labour will do differently, given there is going to be no reset in EU relations, beyond some nice words & if he slashes immigration, then they'll be even less growth.
Starmers speech in Germany reminded me of David Davis and his nonsense about "they need us, as they want to sell us BMWs"

Labour wont even re join ERASMUS+ so its "Fuck the young" from Labour too :(

So the gist of the IFS and Dan Neidle podcast today was that in the end, average earners need to pay more income tax if we’re serious about good public services and that a lot of the non direct tax options are complex and require bigger reforms - hard to rush in for this budget. Added to that a reminder that higher earners are more heavily taxed in the UK than in other European democracies such as France etc - worth a listen.

I have been listening to the Germany stuff do you really think it will be that superficial?

Idk what it will be or if it will be very good but your take is more negative than mine, and I'm not keen on Labour, well this time anyway I have voted for them at various times

The Scandinavian system works because all pay and all benefit. Whereas, I feel that in the UK higher taxes aren’t popular because many feel that they pay but others benefit.

So 2x nursery places would be about £4k per month. Unless it’s gone up since my little one was in nursery 6 years ago. Add mortgage to that and household expenses, I’m not sure how OP is supposed to have saved.

That’s harsh. I think she’s just saying that she can’t afford to pay anymore tax. She’s not begrudging helping people at the bottom. Do you really think the Government is going to use this money to help those at the bottom? They are already cutting fuel allowances for pensioners.

Scandinavian countries tend to have stricter rules over welfare though. For example, you can't claim unemployment benefits if you haven't paid in, claimants pay tax on government handouts, healthcare is not completely free etc

The UK system is overly generous in a lot of ways, and it's simply not affordable.

Pride in herself?

The higher earners who get to 100k are already highly taxed compared to European counterparts. That’s factual and the data is out there. This is when all taxes and hidden taxes are considered such as removal of the PA. It is everyone else who isn’t highly taxed. Your middle/average and low earners. 20% base is low. The PA is high.

Public services won’t get better over taxing and already over taxed tiny minority who pay the majority - into reducing productivity or leaving. There needs to be a much wider increase in the general tax base.

Simple economics. The IFS will tell you exactly this.

That's a significantly better system

Are they far right? I’d have thought Nigel would more easily fall into that category. I don’t think we’ve seen all of what he will become yet.

Just listening to those that know how the EU work, trade is an EU matter, ECJ has made that clear, same with say musicians movement, Horizon involvement already signed off by Sunak, so thats the science ticked, Student visas wont be relaxed as Starmer has said immigration must be cut.

Yes defence but we already work on that because of Ukraine.

The barriers to trade are at an EU level not per country.

Starmer could rejoin Erasmus but wont, is that cost or immigration figures? or, as i suspect, not wanting to upset the pro brexit press.

All of this is old hat, cake n eat it stuff.

Exactly @Aduvetday i’m so tired of the lack of facts from politicians - x is the same, full of nonsense about wealth taxes and going after billionaires instead.

the IFS says Spain’s wealth tax has been a failure as a big source of revenue as - shocking news - the super rich can easily escape tax.

"It is frustrating when you work hard and end up giving so much to the tax man"

You're not giving it to the tax man. You're giving it to try to rescue the services destroyed by years of Tory mismanagement.

It’s a pretty poor government that allows public sector strikes to go on for months. If they’d negotiated in the first place the strikes wouldn’t have happened.

To add into the mix, people earning over 100k pay a much higher marginal rate of tax than 40% on anything over 100k, as they lose £1 of their personal allowance (first £12750 tax free) for every £2 over the limit.

This progresses until when you earn over £125500 you have no personal allowance at all. With National Insurance it’s close to 60% already on anything over £100k.

@iwishihadknownmore

if you don't follow news - enjoy:

U.K. has 'far more millionaires than it deserves' as 500,000 to flee to Italy and Spain | Fortune Europe

That’s what so many people don’t understand. The resentment comes from earning £1 but only seeing 40p of it in wages.

Whereas others see £1 in full up to the personal allowance and then 80p thereafter up until the next threshold.

Ask yourselves how you fancy working for 40p for every £1 you earn and you might view it all differently.

My only comment is you don’t work harder than someone on half your wage. Or a quarter. We need to drop this idea that only high earners work hard. It’s nonsense.

I very much doubt it will be going towards services.

Thats fine Labour because I, and others like me on £100k+ will just dine out less, buy less goods, make our own lunches and not buy them. Screw your economy. Lets see how fast it grows then.

It is worse than that if you have student loans. You pay 60% income tax, 2% NI and 9% student loan repayment.

Keeping just 29p from the next £1 you earn isn’t much of an incentive to work more.

Or you earn £1 and see 0p of it, if you have children in childcare. Possibly on tens of thousands of pounds of income.

The no.1 conversation topic among parents I know is the 100% tax rate they find themselves paying when they have children.

Never mentioned by the government or the press.

And if you have a postgraduate loan on top of that it’s an extra 6%, so you’d keep 23p.

At least on that salary the student loans wouldn’t take quite so long to pay off!