Does earning more than £60k a year make you rich especially in London?

[Payinglotsoftax]

Labour has said that as part of their manifesto they will target earners over £60k for higher taxes. My personal view is that Jeremy Corbyn targeting those earning more than £60k a year will target some families without a high standard of living particularly in London and the south east. AIBU?

its laughable to think someone who earns 70k is rich - people in this bracket may be comfortable but certainly not rich. thing is on 70k you don't get any help at all from the govt. you don't get anything like CB, nursery fees etc. either so really you get screwed both ways and I sometimes think its better to claim the benefits than working in a highly stressed job for all the difference it makes after you take off tax, NI etc.

not sure what point you're making 5more?

I don't think 70k is rich either.

And taxing more on over 70k? Agh.

How do the people on 70k saying it's not a lot think people on the not unreasonable wage of 20-25k get by?!

histinyhands I was responding to your post saying your middle class friends would be happy to pay more taxes but you wouldn't because you haven't inherited wealth but work for yours.

It sounded as though you were using "working class" to refer to yourself but that you were also angry about the suggestion you should be taxed more on your income of over £70k. I was questioning whether you can be working class now, whilst earning over £70k. I questioned it because you seemed to be saying it was unfair to tax working class people on their incomes over £70k. It sounds oxymoronic to me.

Perhaps I misunderstood your post?

Well, avon they probably don't live in Zone 1 or 2.

Fucking hell. I was going to vote for Labour but we already pay 47% tax. It wouldn't hurt so much if a) our peers also paid 47% (many don't, the tax dodging fuckers) and b) if it wasn't just going towards making this country more and more elitist rather than more equitable - i.e. Towards eradicating childhood poverty, helping the disabled and going into education and the NHS and into poor communities outside of London as well. Oh how I despair. I'd rather leave than pay more tax to a further and further segregating society.

i don't understand your post, I'm not sure what was oxymoronic about mine? I'm not sure how the class I personally identify with is relevant either.

I think this policy is random, lazy, it's about grabbing low hanging fruit and it does absolutely nothing to increase class mobility or fairness - but maybe labour is not interested in that anymore.

labour want to take us back to the tax rates of the 1970s when people got taxed to the hilt - seems like a leopard doesn't change its spots.

why do people who earn nearer the bottom end of the scale always moan about people who earn more than them? If someone earns more than you its likely they have a job with years of training under their belt, more responsibility, less flexibility, need to be available all the time and work far more hours than you do. Working under these conditions isn't for everyone but don't moan at someone because they do work under these conditions and get paid accordingly for it.

Median wage is a red herring. Wages have stagnated relative to living costs. This is likely to continue, and there will be fewer well paid jobs and more low paid ones.

Apparently average house hold income is 41.5k (gross)

Not on MN. 60k is minimal, as far as MN is concerned. Most threads they decide that 120k is just not enough.

£70K in London does not make you rich. Corbyn is living in a bubble if he believes this. He lives and represents Islington, one of the most affluent areas of north London!

I'm shocked by the delusion on this thread that being amongst the top 5% of earners in the country doesn't make you wealthy.

I'm in a household earning over £100K per annum. We have very limited disposable income due to child maintenance payments, childcare costs and debt servicing.

However, we never have to worry about what we buy in the supermarket or whether we can put the heating on. We holiday abroad albeit camping and can always make the mortgage payments. Housing costs don't wipe out a significant part of our income.

I consider ourselves wealthy.

Imagine that you have to choose between food for yourself or food for your child. Never going on holiday. Having no ability to replace your broken washing machine. Walking around Tesco with a calculator so you don't overspend. Relying on charities for school uniform.

Being "rich" isn't about wearing Armani and driving a Porsche. It's about choices. Earning over £70K a year gives you access to those choices.

Do I want to be taxed more? Not particularly. I'd rather see corporations paying a considered amount instead. Doesn't take away from the fact that my family is fortunate though.

dixie I understand your frustration but you have to realise the gross disparity that lies at the top - there are a few thousand people in the U.K. that hold the majority of wealth. They absolutely are not squeezed at 47% like the rest of this whose wealth is primarily gained through wages. The disproportionality is shocking and frankly we (the 5-7%) should not be be the ones who are picking up the slack, they should be. I feel towards the 1% exactly as you feel toward the 5%. the top 5 wealthiest families in the U.K. are worth more than the bottom 20% and I can sssure you that the top 5-7% below those super rich don't even really count in terms of wealth. It isn't the top 5% screwing the country it is the top 1%.

DH earns 70k.

I can't work f/t because of my dc's mental health problems.

Our household income is similar to two teachers or two nurses with school age children, but we get no child benefit and as a household pay much more tax.

I wouldn't say 2 nurses living together constitute a rich household....

Sunshine Islington has one of the highest child poverty rates in London ...

And in the shitty part of London I live in we would pay £1800 a month for a fairly crap 3 bedroom property if we were renting.

Those earning a lot also contribute a lot

www.telegraph.co.uk/news/2017/03/19/tax-burden-wealthy-has-trebled-since-1970s-telegraph-analysis/

Well that's shot a hole in my post then, short as I thought we were in the top 5% but we are in the 1%

Fuck me. I need to look up what I was looking at before that had different ranges.

I'll shut up now.

histinyhands you are the one bringing class into it at 16:06 and 16:27

You are the one saying that it isn't fair that "working class" families like yours should take the hit.

It is typical of the incredible self interested delusional mentality of people who think that although someone needs to pay more to support public services, it should be someone else. The startling self pity of the top 5%of earners who still think they are hard done by.

I absolutely agree btw that inheritance tax should be much higher, corporate taxation is a joke and needs a massive crack down etc

But oh my goodness how are people not ashamed of themselves saying they would vote labour but not if they have to pay more taxes on their £70k plus per year because they aren't "rich".

Take the word rich out of it - it's a stupid, emotive, subjective, almost meaningless word that only those with billions apply to themselves. If you are in the top 5% of earners in your country you are not poor!

I pay 45% tax (abroad) and I don't earn anything like £70k - the self pity on this thread is shocking.

Miltop at least you are objecting to the segregation of society and the money not going to the right places, rather than to paying more at all!

Our household income is just under £70k and we are in London. We've recently bought a house in Z4 through shared ownership as we couldn't afford to buy outright and renting was becoming crazy. The SO houses are lovely and we're very happy but they are much more expensive than the type of house we would have bought if we had a choice, so it eats up half our income each month and the rest is accounted for to the penny. We appreciate that we are fortunate to have been able to buy some security for our little family but we don't "feel rich".