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!

And I think that’s a great attitude and I’d agree with you if I could be sure it would be spent prudently and on worthy causes. That isn’t a guarantee.

Could have sent them to state from the start then you would have benefited from it. 🤷

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

But that's what people are upset about. People will be content with high tax if the burden is more equal & the services improve.

No doubt got you hand out for other peoples cash though eh?

What servcies are we not getting?

I lived and worked overseas for 17 years. When we left my DH earned 30k in his first overseas job, and me much less. 17 years later our salaries overseas sky rocketed and we paid 12% in one, and 15% tax in the other. The only other tax I remember was road tax. VAT was 7% and 5%. You didn’t need a car as public transport was on time and very frequent and cheap as chips.

DH and I had a great quality of life over there and saved a lot of money.

The UK is a very high tax country. On top of income tax you have NI, road tax, council tax, 20% VAT 😮 and basically if it moves, it’s taxed. You don’t realise it till you’ve lived somewhere else.

High taxes, high stress, high bills, long commutes on a crap network and poor services. It’s a shit show.

The most first world of all first world issues. Lot of people work hard for their careers and will never be high earners because they’re in vital jobs that serve the public. Nurses, teachers, AHPs, social workers to name a few. People in high flying careers are not more worthy because they’ve chosen a financially lucrative career over a public serving one. But these people in those serving careers need to be paid a liveable wage and the only way to do that is to tax the rich. Sorry.

You do know saving £400 a month is well above avearage? Even having savings is not as widespread as you might think.

And if you can save £400/month you can go on holiday. Just not a 5 grand one

It really shouldn’t be the case. I hope the GE lie bites if so.

Because overall we are a low tax economy and I dont think higher earners pay 'too much tax'.

higher earners on PAYE are taxed in line with other European countries though @soupyspoon? How much more should they be taxed?

@peanutbuttertoasty - of course, by 'bennies' I'm guessing you mean some local vernacular rather than benzedrine, also called 'bennies'.

The main thing that will get people off 'bennies' is a wide distribution of meaningful employment. We used to make actual things that people use, manufacturing, and made some very good stuff too.

Many people just want to be paid to make good stuff again and not be forced into 'service' industries which produce very little and rely on cheap shit imported from abroad made by slave labour to 'subsidize' that economy.

I too wouldn’t begrudge paying tax if it weren’t being absolutely spaffed up the wall and handed to grifters.

The most first world of all first world issues. Lot of people work hard for their careers and will never be high earners because they’re in vital jobs that serve the public. Nurses, teachers, AHPs, social workers to name a few.

nurses & teachers are getting pulled into the higher tax bracket...

My accountant tries this HMRC motivational bollocks with me (as an absorber). Doesn't work.

I'd much rather be reinvesting that money in growth.

Yeah much better to sit on the sofa and get other people to fund your ethical choices

Most of those on your list will be in the higher tax rate bracket, particularly in London and particularly where they are locums.

I get what you mean. I’m currently on £45k and have just had a job interview for a £56k a year role. If I get the new role then I’ll be a higher rate tax payer so it won’t be as big a salary rise as I’d hoped for 😢 Then, if Rachel Reeves has her way, I’ll lose even more in Autumn. It’s a horrible situation for everyone really.

When you say make stuff what are you thinking exactly? A factory line, people want that?

Thing is we say we are a low tax economy - but not when you factor in other things- when we lived in Denmark child care was cheap, no NI , no council tax and an awful lot was covered off for your higher tax dollar,

@Peasontoastt ok my dear, assume much I think. Best you stay on your high horse feeling the masses swirl beneath you as your tax bill will be increasing soon.

Or off you trot to other climes.

Low-tax economy compared to whom? Continental Europe? Those high-tax, high-benefit models are declining rapidly—and things are only likely to get worse.

I’ve zero issue with paying public servants. But let’s not be naive all taxes collected are not spent paying for services such as nursing.

I'm an older person and there is no way I could afford that, older people are as varied a demographic as any other. Yes, more of us are home owners and I have repeatedly said on here that I think the current housing situation for younger people is horrific. I have not been on holiday for a few years as I have to save up.

But we're all so so.happy to do so...wee Nic Nock said we were too. We're the lucky ones getting to work... imagine spending your day getting up when you wanted, doing what you wanted, having your life choices paid for by others.... heartfelt tragedy....😭😭

Quality of life in this country has gone down the pan.

Over 35 per cent of the population pay no tax at all.

Let that sink in before having a go at the OP with all the sanctimonious shit.