Anyone else lost a bit of ambition now they’ve been taxed to the brink?

[Peasontoastt]

I used to be extremely ambitious and was really eager to reach some sort of financial security. As a consequence, I’m in what’s considered a highly paid career, I work hard and it took me many years to train.

Just as I paid off my student loan (which took many years), I then had a baby and returned to work to be stuck with the childcare dilemma. I struggled through that phase and have come out the other side but being taxed so much, no child benefit, still paying for nursery even though dd has ‘free’ hours now. It’s likely that savings are going to be bashed next, so what’s the point in even putting anything aside when there’s likely going to be a 4K cap on ISAs.

I used to feel so ambitious and of course I know money isn’t everything, not by a long shot. But having worked my way up the ladder and with huge responsibilities only to feel penalised financially for doing so…what is the point? Yes I have more financial security than someone claiming benefits but equally, I am not being flippant when I say a few years of resting and being at home and being frugal is starting to seem so much more attractive. Has anyone else started feeling this way? I feel taken the piss out of by every financial angle!

It’s a crumbling country with less and less people prepared to work and more and more people relying on welfare. Lord knows what we’ll look like in the next couple of decades.

Here's the spade.

Is that you Nigel?

May as well bring back the workhouse then.

There just isn’t enough space.

less than 10% of England is built upon, its even less in Scotland

whats do you mean there isn't enough space?

Yes!!!! Completely agree with this. The social contract has broken down - everyone knows what they are entitled to but few people take the responsibility for funding it.

Yawn. You’re still going to be way better off at the end of every month than the vast majority of working people. I find it hard to muster much sympathy.

Er no peoiple can get a job without needing a workhouse. They just need to put their doom scrolling down for a bit and hunt. We have a surplus of jobs over people that want to do them - that why we need to keep bringing in migrants. I would reduce the migrants, cut the benefits then the brits will put down their phones and fill the gap It is not that difficult to understand.

I agree OP.

I’ll have two in nursery next year and I think my effective tax rate between £100-140k will be… 100%.

I’m all for fairness in society and progressive taxation… but what am I supposed to do with a 100% tax rate over £40k of income.

Yes but the point is my VAT is higher because my revenues are higher

So that's the only other option. Won't work as you don't see why you should as the last 4 generations of your family haven't so rather than get a job, even at minium wage... you'd rather take your family to a work house?

This has got to be satire 🤣🤣

Sleepless nights and stress…I hear you 😞

You have straight away presumed I don't work.

I also have read it is actually very rare for three consecutive generations to have not worked let alone four.

Why are you advocating bringing back workhouses then?

I was being tongue in cheek as that poster was basically advocating the removal of the benefits system.

😆 really? What about all these multi generational areas of socio-economic deprivation with lack of positive financial activity?

What population do you think we can sustain?

I earn six figures and no, I haven’t lost any ambition because of tax 🙄. I am however quite tired of working so much and the thought of having to work for decades to come to afford the mortgage is quite depressing.

Not really
It's been this way for ages. Its not great but I'd rather that than move abroad.

Absolutely this.

What is meant by there isn’t enough space?

I’ve been both a SAHM and a working mum and I just don’t think the two are comparable- being a working mum is far, far more taxing than being SAHM. I’m sorry to disagree but in my experience being a SAHM is definitely more restful than juggling children and career.

let him go......this country is finished

I do get bonuses. Everything over and above £100k has to go into a pension both salary and bonus, otherwise I am just paying 67% tax at the margin. If my salary keeps increasing, I’ll go down to 3.5 days. It’s punative. Yesterday there was a thread about £100k being high income but not “rich”: if I were single, I could well believe it.