To ask how much you think income tax will rise by?

[Wonderofwimbledon]

We’re absolutely financially at our limit… I’m so incredibly stressed. An income tax rise will break us and we won’t be able to afford it. We won’t have money to eat.

What do you think it’ll be? I just want to curl up and cry- we can’t take anymore increases our bills , mortgage everything has increased we have no spare money at all

I think there is an opportunity to earn more in private sector but there is hardly any protection for ill health or a sick family member. Pension provision is minimal.

I think it’s really hard to see where the new tax is going, I font think anyone is seeing an improvement in lifestyle or infrastructure.

i think as time goes on we will see more resentment.

So teachers, nurses, lorry drivers?

So according to my calculations if the tax band gets moved down to 46k and 2p is put on income tax I’ll have £129 less a month in my take home pay. Thats a massive drop when it’s all a bit of a struggle currently.

I’m supporting a child through uni who gets £4300 a year to live off which is meant to include her rent, bills, eating, etc. so I’m having to find 1k a month to give to her!

my pay hasn’t kept up with inflation for many years.

Hopefully they’ll leave lowest income people alone.

Come to Scotland guys. Our higher rate is 42% and starts at £43,662. Then 45% from £75k. It’s ludicrous.

In fact if England just went to Scotland’s income tax system they’d probably fill all black holes immediately.

Well I hope we’d get free university then too!

2p on all bands is what my financial advisor said yesterday

Ugh we will be absolutely done. It’s not from lack of planning. Our salary’s haven’t increased to match inflation and the cost of living has taken away any spare cash - no luxuries no holidays. Unsure what our options are anymore.

Definitely time to get rid of the public sector pensions. They’re bankrupting us and if salaries have to go up to match the private sector that’s a positive thing. It would probably be fairly cost neutral in the short term, but would attract much more switching between public and private sector. Getting more people who have had private sector careers into the public sector would inject a bit of commercialism.

That’s Labour for you.. penalising success rather than celebrating it.

If they increase income tax but leave the triple lock intact it’s game over for Labour.

I think it will be 2-3% increase in income tax, changes to partnership tax structures, NIC increase, pay per mile on electric cars, some sort of additional tax on people who rent out a property, ISA allowance reduction, pension salary sacrifice reduction, annual property tax, setting the framework for council tax increase, reduction in tax free drawn down from pension, IHT increase, possible tweaking of higher rate tax band to kick in over ‘working people’ level (?!?) and lowering the VAT threshold for sole traders.

How are people meant to absorb this ? This is my worry- I don’t have a magic money tree. We both are professionals and work hard- have planned our life and budget and we can’t ju pop money from thin air. I imagine there’s a lot of people like us. We never eat out, buy takeWays, go into town shopping. All the things that were once normal - when the cost of living increased been cut right back. How will businesses survive if normal people keep cutting back just to live a basic non luxurious life?

What the hell are you on about? this Labour Party is a million miles away from socialists or Corbyn

Wealth and the absolute wealthiest should be taxed. Council tax bands. Second homes.

I hope not, that’s so much

What are you on about?

That’s political suicide

I really don’t know. I think they’ve stopped thinking of us as people.

My best guess is 2p on income tax but reduce NI by 2p so there’s no impact on working people. Only capital gains and pensioners would pay an extra 2p.

Then they will get rid of higher & additional tax relief on pension contributions. Increase (double?) council tax bills for G and H properties and consult on introducing a property tax. Gambling taxes introduced. Pay per mile on EV. Reduce threshold for inheritance tax.

I have just had a quick look and if my calculations are correct and the threshold drops to £45,000 and tax goes up 2p we will be in serious trouble. We are just about OK now but our savings are almost non existent and we are one big car bill or a new boiler away from panic. We have already decided that the only way we could afford for DD to go to university is by remortgaging in 4 years when the time comes.

I agree that that if the country worked and there were not so many more people in much worse situations it would be easier to reconcile in my head. I would feel much happier about being totally shafted if I could get an NHS dentist or a Drs appointment for me or mental health support for my DC.

We're really paying for the Tory mismanagement of the economy.

Truss's unfunded tax cuts that caused massive rise in interest rates

Brexit

Essentially they took a massive dump on the UK economy and are now standing on the sidelines pointing at the big pile of shit and complaining about it

Tellingly OP hasn't replied to any of our comments regarding her benefits quip. Do you want to tell us how you would manage on UC?

I love your username 😅 best one I’ve seen!

but on a more serious note- that’s the same as us and our position. I’ve looked at where we can cut. Alll I can think is to move to a much cheaper area and try and substantially reduce our mortgage to absorb some but then we’ll have stamp duty so it’ll cost in the long run.

we own our old cars so we can’t reduce finance or anything. We eat homemade meals and hand clothes down. I can’t work out ways to save as I only have my hair cut twice a year and DH does our kids. We’ve stripped right back- in an apparently wealthy country where we , on paper have ok salary’s and professional jobs yet we are on the absolute breadline . Makes no sense at all

The last budget has created a big problem and the debt servicing

As big as Brexit? As big as Truss's fuck up?

Doubtful

Labour have inherited an absolute shit show.