Absolutely rinsed in this budget - almost £1k a year worse off.

[Mushroo]

Honestly in despair at this government. On a very high level calc, we are so much worse off!

We both pay a lot into pensions, so the NI change is about £700 a year worse off.

We have an EV car, so based on our 4k a year mileage, it’s about £120 a year. (Although how it will be enforced I have no idea).

Stagnating tax thresholds, probably about £100 a year between us.

Council tax F house (4 bed end terrace, not a mansion, needs renovating). So risk of revaluation after having paid a fortune in stamp duty. We didn’t get first time buyer stamp duty relief because we bought about 2 years too early, and we moved before Covid so no relief there either. So overall we’ve paid about £30k in stamp duty already over our lifetime.

Weve already had the private school hit (which is a separate debate and we’ve accepted that) but wow, we are just being kicked on all sides.

We are classic ‘middle earners’ - earn about £70k each, but have mahoosive mortgage and pay over £2k a month in nursery fees already.

Every measure just seems to have a negative effect on our lifestyle, which is ‘comfortable’ but increasingly squeezed.

I have to say I wish we all didn't descend into insults , being sneery and criticising everyone's job/career.

I think we are all entitled to keep as much as our income as possible

A family with a gross income of £140k are well, well above the national average. My husband and I earn way less than you and I would happily pay more tax at your salary bracket in the knowledge that I was much more fortunate than the vast majority of the population. Nursery fees are only temporary by the way. Who do you think should be paying more tax?

People who are genuinely wealthy, people with more money than they could possibly spend in many lifetimes, like Rishi Sunak, those are the ones who should pay. Ordinary people who’ve worked hard to build a comfortable life, pay their bills, support their kids, maybe take a holiday once in a while. They’re the ones who end up squeezed, asked to sacrifice more so that someone else who hasn’t contributed in any meaningful way can take a slice of their earnings.
We’ve reached a point where people genuinely say, “Why bother with a promotion? Any extra money will just disappear in taxes, and I’ll be working harder for nothing.” Meanwhile, certain groups receive government payouts without accountability, and billionaires and corporations contribute a fraction of what they should. If that’s the system, then something is very clearly broken.

The problem is the stupid over complex tax and benefit traps that cause undesired behaviour and loopholes.

Simplify tax and benefits to remove them

• the UC withdrawal rate
• the CB withdrawal rate
• the 100k cliff edge

I don't think many higher earner would begrudge a couple of extra pennies on income tax if it rewarded work and we had good services, but these tax traps are infuriating and just make it literally not worth earning more for millions of people.

And each year it gets worse as inflation drags more people into the traps and actually means disposable income reduces.

In all seriousness. I actually like and admire Rishi Sunak and his family for all the success they've had in life.

I think the tax rates in this country are high enough as it is. The largest tax evasion comes from small businesses actually.

Because he married a wife with a filthy rich family?

He has his own money from his career in the private sector. His wife's family own and run a major Indian tech company who employ lots of people in India. Providing employment and income

Problem is there really aren’t actually enough of those people to make a massive difference and they are usually savvy enough to have various off shore arrangements /companies to negate tax - it’s not as if they are all working and paying PAYE . Brexit was one of the reasons a lot of very rich ( including media owners) liked the idea because they have enough cash to still be able to get in most country’s or an ability to just move around a lot ( so those issues didn’t matter to them) and the EU were bringing in much more scrutiny on the very wealthy and where they paid tax ( or not) .

Yes, he successfully chose to be born to millionaire parents and successfully married into a billionaire family

“I’d happily pay more tax if I was in your tax bracket” is meaningless when you’re not. Once you are, all your bills go up - and so does the amount of tax you pay, except that goes up much faster than anything else. I grew up in a council house, DM was on benefits for a while, I actually got a free university education, and I’m more than happy to pay a reasonable, proportionate share. But the marginal rate of 62% is outrageous, and I can’t always avoid it. (Variable bonus/income).

There is a petition to rid the cabinet of Reeves at www.sackreeves.com btw. I don’t think her position is tenable in view of the OBR revelations. But I’m also slightly scared of which sixth form debating society moron will be wheeled into number 11. (Please not Lammy..)

His father was a GP, his mother a pharmacist. Neither were millionaires just people who worked hard.

He made his money in finance (Goldman Sachs and Hedge Funds). His wealth comes mainly from his wife.

His family worked hard. So did his wife's side. Rishi Sunak respects the work of his parents and his in-laws.

His parents were millionaires before he was born. Both came from wealthy colonial families in east Africa. When they moved to the UK they immediately bought a six bedroom house in an expensive area, and sent all three of their kids to the most elite private schools from primary age through to Winchester (£50k per year per child). They did not do that on a humble GP and pharmacist salary. They had family money.

Good on them regardless.

How do your bills go up when you're in a different tax bracket? Did British Gas add a surcharge? Vodafone add a extra tax charge? Such nonsense

There really is some absolute baloney being bandied about on here, not sure if it’s genuine or agitators. The fact remains she’s tinkered at the edges with allowances and loopholes most of which affect those comfortably enough off to be saving an awful lot every year or salary sacrificing ( I certainly couldn’t do that and earn pretty well) , not put bands up , but this was already known and neither did the Tory’s, and nope they haven’t put actual income tax up - personally I would have done and I maybe would have upped the middle tier by £5k - if anything it was a rather dull and neutral budget - it’s like last year they doubled employers allowance for NI , so anyone employing 2 or 3 people either doesn’t pay it or pays very little , ( I know because it affected me) did I see a positive thing like that mentioned anywhere ‘nah’ !! They are taking measures to get fuel bills down -is this mentioned? Nah -

im a Lib Dem voter but the amount of doom and gloom posted I feel is from people who aren’t exactly on the breadline

I meant that we all tend to live in accordance with our means. If I’d stayed in my 2-bed flat that I purchased at 25, when earning a third of my current salary, I’d probably “feel” wealthier. Instead, I’m in a 4-bed with a mortgage, supporting an older relative with very limited means, and have to fund basic care and services from my net salary because the NHS and LA are happy to neglect my disabled child.

Broad shoulders or not, there is plenty of rank unfairness in the tax system - not least the 62% marginal rate that I mentioned.

Why? Aren’t we supposed to be in it all together?

I absolutely agree with this. Some of the comments on here are awful and seem to be rooted in nothing more than envy. The higher paid are the ones who contribute more and if they weren’t around there wouldn’t be a welfare system or one that is severely stripped down. All life’s ills seems to be placed at the foot of the taxpayer when in fact they are the ones who come to the rescue when the welfare state is needed.

And?

Wouldn't it be better for higher taxes so that your elderly relative and disabled child had better support?

So OP is right after all.

She is paying more tax because Rachel Reeves lied to parliament and the country. I guess lying on her CV was just a little taste for what we get with her incompetence.

You are the haves with a joint income of £140K and chose to buy a band F house and you chose private schools.

I’m a single parent earning £65K with a band C house but I am still what I would consider lucky and with a decent income and don’t have to worry about how on earth I’m going to feed my kids, unlike the parents who have to claim benefits. 40% of Universal Credit claimants are working.

If I have to pay more tax so that children living in poverty are helped by removing the two child benefit cap then so be it. If public services finally get more funding then so be it.

YABU.

The point was that someone said Sunak should be admired for his financial success. He hardly pulled himself up by his bootstraps out of the gutter. He was born into wealth and married into obscene wealth. I’m not sure why that is admirable rather than lucky.

60% aren't working then?