The wealthiest families should pay the Coronovirus bill

[WellDoneBridge]

Aibu to think this is VERY unfair the household incomes of £100k plus should be tax EVEN further?!

Ffs... Anneliese Dodds. What a joke!!!!

And OP, your comment about aiming higher.

This is another one I don't get - have you thought it through?

What if everyone aims high? Which is presumably what you think should happen.

Who will empty our bins?
Who will serve and cook our meals?
Who will staff our shops?
Who will clean our houses and offices and hospitals?
Who will do our essential admin?
Who will be a necessary TA in outr schools?
Who will look after our elderly?
Who will drive our delivery vans?
Who will work the phones in the call centres we rely on for utilities?

If we all have £50K jobs who will do all the NMW jobs? Immigrants?

The country relies on (I don't know what percentage) lots and lots of people doing these low paid jobs. There aren't enough jobs paying £50K to go around!

So we don't want everyone aiming high! The system would fall to pieces.
These NMW jobs are essential, as we've found out recently.

Therefore people should be able to subsist at a reasonable standard if they do them.

You're not very bright are you?

We will ALL be paying for this for years to come. I have more sympathy for low earners.

Have you got a link to the 100k thing? I can only find reference to "wealthiest families" but no definition of what that means (although I'd expect a household income in the top 10% to be classed a wealthy, and that would be a household income before tax of well under 100k)my data only goes to 2018

Ordinary people who happen to earn over £100k on PAYE aren't tax dodgers. I wouldn't be happy for them to increase the top rate for individuals to say 60% over £180,000 or £200,000.

I think Corporations like Amazon, Google etc should be made to pay their fair share (not excessive amounts), rather than the government allowing the structuring loopholes so that they end up paying a fraction of what they should. They already make millions, a few off that from each company towards taxes isn't going to make much difference to them, but will benefit all.

@Hermano Well said

The thing is who do you think should pay? I mean regressive taxation isn’t going to work is it? You can’t get blood out of a stone.

I earn a bit over 100k and I’ll admit I often don’t feel well off but that’s because I live in an expensive part of the country, support a SAHP and have a big mortgage. All my own choices.

Frankly if I can hold onto my job and weather the next few years and keep my house I’ll be ecstatic. Paying more tax is not a problem.

Urgh! Why do they think that because you earn £50,000 a year each you're 'wealthy'

You can compare your income to others here:
www.ifs.org.uk/tools_and_resources/where_do_you_fit_in

If you put in household income of £100,000, assume council tax of 3 grand a year, assume 2 kids under 13, the you will have more income than 55.4 million people in the UK (86%). In many people's eyes that does make you wealthy.

I think Corporations like Amazon, Google etc should be made to pay their fair share (not excessive amounts)

Will this be easier to get them to do now we are not in the EU?

I earn £50k, am a single parent with a small widow's pension of about £1500 per year. I would say I am comfortably off, I don't have to economise on food, clothes, and so on. My son is out of work due to Covid and I can easily support him too. I would also happily pay more in tax if needed. I think the difference is that DH and I started married life in poverty and my career didn't start until I was nearly 30. We had bought our house by then with a small mortgage and gradual salary increases due to promotion meant we struggled less. We had about 3 months of what I would call true comfort just before DH's ill health forced him to give up work and I became the sole earner, and even though its just me now, finances are finally not a worry. I remember being low paid and worrying how I was going to feed us all and put money on the electric, so I find it difficult to understand how anyone else on a similar income or higher than me finds it a stretch.

I think Corporations like Amazon, Google etc should be made to pay their fair share (not excessive amounts)
And all they will do is pass the extra costs on to UK consumers.

Is this supposed to affect households on 100k? Or everyone on 50k plus? What abot households with one parent on 50k for example?

It must be per household. I am a single parent, not quite a higher rate taxpayer but would be if promoted. I clearly don't have as much household income as two people on 28k or whatever each!

@AlexandPea

Your Maths is wrong. You do not pay a flat rate of tax on your entire income. Up to 100k you get a tax free allowance of 12500. After 100k it is reduced by a pound for every £2 you earn.

Then you pay 20% up to £50,000( if you earn 200K you pay 20% on your first 50k)

Then from 50K to 150K you pay 40% on that.

Any money earned over 150K you pay 45% tax.

So on 200K you pay £72500 in tax.

What do you mean by 'aim high'? .

I am perfectly happy with my choices in life, I live in a beautiful part of the country that has very reasonably priced housing, we have paid off our mortgage, I choose to work part time hours in a job that I love that gives me huge satisfaction and I have plenty of time to support my elderly parents and volunteer (yes, in a Food Bank ).

My lifestyle makes me happy - I don't want to 'aim higher' - for what? And if I need to pay more tax in the future (on my salary which is barely more than NMW) I will happily to do so as I know that I am still much better off than many people.

I think it would be helpful if there was more of a focus on wealth/assets rather than just income.

High earners in SE are probably quite indebted. We are relatively high income but have mortgage, bills and would last a year with a job loss. There are lots of people in our road on pensions but mortgage free and with other assets. There has to be some incentive for people to work and earn or they'll cash in chips and move.

Increases in taxes for the most wealthy don't necessarily lead to increased revenue. We are lucky enough to be a high earning household, and I would accept extra taxes if I felt the cost was being shared with other groups - corporate tax avoidance clampdowns, removal of the triple lock, gov spending reductions, etc. But we also could move our jobs, and significant tax contribution, elsewhere at the drop of a hat if the cost of living and working in the UK no longer felt like a fair deal.

Yeah let's reduce NMW then those bastards who live a life of luxury can pay it, right op?

^ this

We are going to need to pay for the impact of COVID, as a country. Who should be taxed if not those with more ability to pay? The taxation system in this country is progressive, thank God, because the alternative is hammering those living in poverty.

My household income is high, but I know that makes us bloody lucky. Having a high income and paying more tax than we do now would still put us in a better position than those earning low/no wages.

@legendofzelda are you joking?

Tax on inheritance is a fucking joke.

Your household income is 10 times mine, my heart bleeds for poor ickle you...

@ragwort do you have kids? You just work part time?

To clarify, I'm 26 and don't have a prolonged history of earning a lot so yes, large taxation would be brutal!

Scrapping through on 50k a year wage heres a few tips that might help
-swap waitrose for Aldi
-swap the range rover for a Renault
-shop in matalan instead of Michael Kors
-sack the cleaner and do it your flipping self!

@Uhoh2020

Michael Kors? I'm not a chav.

@WellDoneBridge

To clarify, I'm 26 and don't have a prolonged history of earning a lot so yes, large taxation would be brutal!

It is going to be brutal for all of us. At least you will keep your house, be able to buy food and keep your kids in new shoes. Alorlt of people won't! And really if you earn 100k a month how the hell have you "only" got £500 a month left as a household? I am a teacher on 32k and I usually have £500 a month left after bills, mortgage, car, kids hobbies and childcare just from my wage, nevermind my partners as well. It gets spent on clothes for kids etc. You really need to look at your outgoings and lifestyle.