What do you think of the 5% tax hike for those earning more than £150k - good or bad?

[soapbox]

????

not just labour, if you see my link below the conservatives in 1973 had higher rate tax at something like 75% and base rate at about 30% and yes they did bring down these rates in the 80s but still at 60% until 87/88 labour have actually kept higher rate pretty low and decreased base rate for lower earners

I have to laugh at the bleating that outgoings are higher. you aren't forced to have 6 cars and live in a monstrous house with cleaners and gardeners. Its nice of course but its not forced on them.

thats a fucking awful title on that link. Who uses 'retarded' nowadays apart from wankers?

Mrs Guy............hilarious ! I love that website!

Needmorecoffee.................who is funding your child tax credit ?

The very people you are disapproving of!

A gross income of £150,000 won't finance six cars and a monstrous house...

will too
in-laws live ina huge house. Not that they get 150K.

BuUt did they buy the huge house recently based on their income, or have they benefited from increasing property prices and a much lower mortgage?

Agree Mummypoppins.The govt has increased child benefit,tax credits etc but it all has to be paid for.
I cannot see what 'fiscal stimulus' has been created,to be honest.

Well a combined household income of £40K wil fund a nice 3 bed house and 2 cars...so 4 times that (£160K) should fund 8 cars and a nice 12 bed house...

here
Monstous house you can afford on 150K at just 3 times the salary. And thats in a city.
People on 150K can afford huge houses.

mummypoppins, anyone who pays tax is funding the tax credit system

It will be interesting to see what effect this will have in the longer term though. Directly or not the statement will be that if you earn above £150k, then we no longer believe that you should have the same incentive to earn more.

Yes, the earnings will be tied to jobs, but many jobs are no longer tied to the UK. If you want to earn more than £150k then you may fidn more opportunites abroad.

Oh this is going to turn into people who don't or won't ever earn that sort of money saying rich bastards they can afford it isn't it?

taxes in other Euroepan countries are higher. Plus you'd have to move your kids schools and learna foreign language. I don't think the wealthy will be fleeing the country any time soon.

Well, can't they afford it? Really? I don't think people are greedy and nasty if they earn over £150k at all. But I can't see a problem with them paying a little more tax. I know it sounds dead smug but I genuinely can't imagine minding if it was me.

That's exactly what gordon clown is relying on Madame C

Obviously those who earn it aren't going to think its fair and those who do earn it won't be happy. As Katie says, as the vast majority of people (98%) don't earn over that its a clear vote winner (doesn't the PM earn £140 something K ??? Cyncical ??).

£150K doesn't fund monstrous houses and 6 cars in the south east (or private schooling for that matter) at least and I suspect not in many other places.

Have the professionally poor turn up yet ??

Does anyone here earn over £150? Anyone brave enough to say?

Most expat kids don't bother learning the local language. They go to international/British schools.

Would they jump ship for a 5% hike - probably not unless they were regularly earning £500k. But as I noted further down, there is still a £10bn hole to be plugged, and I think that this proposal signifies a change into how higher earners will be treated in future. Once you have a 10% hike, and that looks more permanent, then yes I think a significant number of people would move. And of course when senior jobs move then so do junior ones (though it then tends to be the job and not the employee).

I earn more than £150 but not more that £150K

OK then, £150K!!!!

If you work your arse off to earn alot it seems unfair to have amost half taken away.
I know some people inherit and dont work hard and dont deserve their wealth but surely its a disincentive for people that do?

Actually I dont give a fig about the higher earners and their tax, because it wont even add up to that much anyway.It just seems like headline grabbing to me so we will all say, 'great, they are taxing the rich to feed us poor (er) people'
But at the same time they are increasing NI contributions and there will be tax hikes later to pay for the 2% less VAT now, (Which will make no discernible difference anyway surely?).I was quite optimistic about todays response to the economic situation but feel really dissapointed TBH.
I work really hard and earn a goodish salary as does DH.I guess we are the middle England that is often referred to?But our outgoings- mortgage, child care,bills, are huge (for not a huge house).We have no quality of life and I hardly see my kids due to being at work all hours.Lots of people I know are in the same boat.Nothing that was announced today will help with that.

That said I suppose if there isnt the money, there isnt the money.But why not just say that instead of trying to make political gain by intorducing these ineffectual and ultimately costly measures?