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!

I understand. I went from 5 days a week to 4 because of the amount of tax meant that the extra day off a week was worth more to me than the money.

Then when I lost my job, the Jobseeker’s Allowance that I recieved was an absolute pittance (after working for almost 30 years), but I know people who have hardly ever worked or paid a penny in tax getting a lot more money in UC

Yep and just wait until the autumn, it’s only going to get worse.
But, this is MN, where anyone who is a higher rarely tax payer is “privileged” but no one ever feels they are “privileged” to claim benefits, that, on here, is a “right”.
It’s turkeys voting for Christmas.

We are both higher rate tax payers, don't qualify for child benefit, can't get an NHS dentist so have to pay, can never get a drs appt when we need one, the kids haven't had qualified science teachers in their state schools and basicslly taught themselves, roads are shit, public transport is shit, bins never get collected and the list goes on. It does start to piss you off.

I don’t have an issue with high taxes if the corresponding services are good.

But there is a not insignificant amount of people gaming the system.

Do you have a pension? What percentage are you putting into that?

How much do you earn together?

Surely if you're saving 400 a month you could go on holiday at some point?! A surprising amount of people spend 30-50% of their disposable income on holidays.

Many developers earn a good salary!!

Not really, but me and DH were both born in NHS hospitals, educated by the state, and lived in council houses. He earns way more than me, but I do get taxed a decent amount. The only time I was genuinely pissed off about paying my taxes was when I was earning 20k (ish) at a pub. I do feel we need to up the tax free threshold from 12k, but no now we have money I am not pissed about paying tax.

Yes. I’m thinking of giving up working for the first time ever. I’m an additional rate taxpayer, as is DH. I don’t feel like we get enough back. I’d rather be at home paying nothing.

Yep in Scotland we are taxed to 69p per £ in order to pay extra top ups for those who’ve never worked. I wouldn’t mind if the tax went on improving public services, but it’s instead spend on freebies to the workshy in order to keep them voting SNP- which they do.

’We’ don’t want all these public services though… the people ‘on bennies’ do… it’s all completely lopsided. The people paying for them benefit from them the least. It’s totally unsustainable.

@NevergonnagiveHughup

Reading mumsnet it’s like people want the services but don’t want to pay. I can’t figure how that works.

Higher rate tax payers are paying though & not getting the services. That's one of the issues.

Highest tax in comparison to where?

Not to our neighbours in Europe, compared to the America which has the highest wealth concentration of any developed nation , and weirdly also the lowest taxes.

There isn't a violin small enough

I mean, I don’t want to burst any bubbles but…
we’re going to be taxed more in autumn…

Perhaps. But it’s still well over today’s average income (£37k). Which means that there are many people who would dearly love to earn enough to be higher rate tax payers.

A surprising amount of people spend 30-50% of their disposable income on holidays.

That will be skewed by older people though as younger people won't have that much disposable after housing & potential childcare costs.

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.

I suggest you give up your job and try living on benefits for a few years then. Do have fun and check out where the local food bank is. You will probably need it before long.

OP, take your ambition (and your tax liability) away from the UK.

The lefties envy and despise you in equal measure, and this Labour lot will come for more of your hard-earned next October.

@KateBAnd3 wage stagnation is real but that doesn't mean we keep pulling more & more people into the higher band.

What you mean is: 'thank you for contributing so much to society'.

I retired 3 years ago just before the cost of living crisis hit and I was managing reasonably well but now I am really struggling and having to dip into my savings to pay my bills. I too pay tax as they combine my state pension with my (small ) NHS pension and guess what ? I pay income tax on them as I should. I now have to ration my heating, my water bill is up by 25% . council tax takes 12% of my income. I used to go out with friends once a week and it was great to get out and socalilse but we have cut this down to once a month as nobody can afford it. Food so costly now even though I menu plan and cook from scratch. I am of course much older than you so I don't relate to the ambition bit but while I fully take on board I am a useless greedy despised Boomer and an "millionaire" OAP life has not panned out as I hoped it would. Never had the option of being a SAHM as I was a single one and had to work or we would have starved. We all have to compromise in this life and what I do is look at the many things I have to be thankful for. This helps reframe my take on life and makes me appreciate what I do have rather than hanker after what I feel I may lack

I run my own business and had the biggest VAT bill I’ve had probably since I started 10 years ago. And I was pleased - because it’s a sign of the growth & success of my company.

I’m not looking for sympathy but I’d expect you to understand that taxing people so heavily that they cba to work is an issue for our overall tax take.

Because overall we are a low tax economy and I dont think higher earners pay 'too much tax'. Proportionately we are not taxed highly compared to lower earners, the figures support this, we are not taxed 'to the brink' and its ridiculous to say so.

I couldnt get the services I have access to for the amount I pay in tax. Even if those services are not as good as they should be.

I do think the lowest tax threshold should be higher though to bring more people into paying tax.