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!

If you think you’d be better off not working, or taking on a lower paid role, you can do that. You’re not obligated to carry on in something just because you trained in it.

Unless you’re a doctor. In that case please don’t leave us OP we need you 😆

It very much depends on where you live. The house that was valued at 22k in '86 in my area would only get £150k at most in "move in" condition. (An identical house round the corner from me sold for that.)

Even so, the wages haven't quite kept up. I think that teaching wages in Scotland are higher than those in England, but most teachers here are caught by the higher tax bands. The higher rate of 42% starts at £43,663. The rate below that is the intermediate rate of 21%.

I didn’t post that but wondering how high you think the population could be

Unfortunately not.

Where are you?

why are you answer the question with a question? I know you didn’t post it, you quoted my post 🤷‍♀️

how much space do we need, 70% is for farmers and 8% is built upon

what is meant that there isn’t enough space?

Plenty of people do. That is the point of the thread.

Why should someone earning a high salary be admired? Come on, be honest, no-one has ambitions to earn a lot of money with the thought of how much they will be contributing to society via their tax contributions. They want to make a lot of money for themselves, end of, and I don't see what is so admirable about that. I couldn't care a flying fig what anyone earns, but I'm not going to admire someone simply because of their salary. There are a lot of low earners who do far more for society.

So no answer on how many can live here. I don’t know what they meant. Ask them.

I didn’t post that but wondering how high you think the population could be

It depends what people think is feasible.

To maintain the current ratio of 3 workers to 1 pensioner we need approx 1m immigrants a year. Thats not feasible imo and would not be popular.

However the demographics are staggering

"the number of people aged 50 and over in England has increased by nearly 7 million-a 47% rise. The number of those aged 65 and over has grown by more than 3.5 million, a 52% increase, and now stands at over 10 million,"

so it's either cuts or tax rises or both. What else is there?

Interesting. Although there’s a pledge for no tax rises.

Sorry, not quite sure which part you are referring to when you say people do. Sorry!

I'm a higher level tax payer. I never even think about the amount of tax I pay, I don't get the psychology of people who do. We are very fortunate, we should pay our taxes. You have the option not to fixate on the amount of tax you or anyone else pays

It's not just pensioners is it though? The significant increase in those expecting long term state provided benefits is exponential is it not?

24 MILLION people do not pay any income tax.

Perhaps that is a good place to start.

That's over a third of the population that are taking more from society than putting in.

A third.

I did

You realise that that is a lot to save per month right? For most people. We are both experienced professionals and have zero savings, haven’t been abroad for ten years also and that was a city break.

Out of those 24 million people not paying income tax, how many are receiving an old age pension from the state?

Completely agree with this!

I wonder if the government were to cease this pension contribution scheme to save tax (and potentially keep or gain benefits) how much more intake they might have to use, and you never know, even be able to increase tax free allowances or something that would benefit all taxpayers.

Another thing that annoys me. Need. Pensioners do they really need the WFA. Do disabled people all NEED pip. Judging people’s need. But you never hear this at the top end do you? Now then employee - do you really need that bonus? Do you really need that pay rise? Can you really not manage on your 100k plus salary and pay your due tax without NEEDING to avoid tax by putting it aside for your pension? Does your pension pot really need that boost…. Sorry I realise I’ve gone off topic but I find the whole way of thinking thought provoking!

I feel you OP. I am super ambitious, but honestly, there is a middle area where you are taxed too much and it barely covers a basic expenses and you’ve got to earn way over £100k for the taxed amount to not affect your day to day.

It’s not about complaining about tax, the real complaint is why those of us that work and want to work and want to thrive for the best arnt being supported by having wages that pay for our basics and leave us with the disposable income we deserve.

Going abroad looks more attractive by the minute.

Nah, I like paying tax. I don't work just for money and my own betterment, I work for fulfilment and to benefit the country/community.

We need to find more ways to get tax revenue into the public budget. The stadard of common goods and public services is quite poor, being out and about in any city, you're surrounded by an environment and people that come across impoverished, the gov doesn't even have money to feed our children decent food and healthcare. Private enterprise has zero interest in improving any of that, so if my 50k a year or whatever is going to make even the tiniest difference, I'm happy with that.

What am I going to use the money for, buy more clothes, a bigger house and jet off on fancier holidays? Make sure my household has advantages over others? To what end? I can afford to contribute to society without a detriment to myself, so I'm happy to do that.

Obviously PAYE is small fish in terms of gov revenue but it's better than nothing.

I'd rather not have families with children living in poverty and having a shocking start to life because nobody, corporations or individuals, wants to contribute.

Welcome to MN @Peasontoastt

Are you going to come back to your thread?

@Lioncub2020 it’s not as simple as economically productive and a giver, or on benefits and a taker. The government hand out benefits in many forms. If you are a homeowner then you’ve probably (depending on location potentially hugely) benefited from government intervention in the market to keep prices inflated. In doing so that directly takes from others who as a consequence often end up paying high rents while unable to own a home. Many people whose homes have gone up hugely in price probably ironically see themselves as givers to some of the very people they have actually taken from. I am sure there are many other examples too in the complex workings of the everyday economy. It isn’t as easy to label the givers and takers as people think.

@CaptainFuture well an ageing population means more pensioners which has ramifications for government spending due to increased healthcare etc.

I don't know who you are referring to, the economically inactive?