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?

Apologies I got this wrong initially and corrected later in a follow up post the number as you rightly hear is above £70k originally quoted and now getting specific at £74k. I think you're right though the reason this upsets people is because what's actually horribly skewed in UK is assets - property, pensions etc. If you're in London and earn £80k jointly but one on £70k and other part time and have nursery fees and just managed to buy your first two bed flat for a family of four in an outer suburb for £350k and your commuting every day and getting no sleep and no holidays I'm betting your not feeling like you ought to be the wrath of the socialist uprising. Yet there's this annoying article in the times about a 'poor' guy with a £10m money pit of a house that he can't afford to renovate and has no income and is worrying about inheritance tax!!! I say turn into flats for those under £70k families and don't punish those who have worked and are just getting comfortable!
I find this labour movement unimaginative, societally divisive rather than collaborative and frankly a bit dim with ideas. It's like on vat on school fees what a stupid destructive idea. How about all private schools much share facilities and sports fields how about gradually brining their excellence into state system so more have access to it rather than less they are mad. And sadly don't understand British psyche more broadly that is looking for something to aspire to not something to bring them down. Only the left can offer that as the right believing in protecting wealth not enabling it to be more broadly enjoyed...

Equally up north completely different kettle of fish..: definitely rich!

No, that's barely manageable by London standards.

It's also about life stage. I just paid my mortgage off after 30 very long years, all worked full time and my children are about to leave school so although I will have university to fund I have more spare money. When I had full time child care for 3 children under 4 all at the same time and the interest on our London mortgage was 90k a year it was a different kettle of fish although I've not been in any sense poor for most of those 30 years even when I had no savings, was over drawn newly divorced and owed £1.3m! I still have less money than my grandchild as of today not that that matters as I earn a fair bit.

An annual income of £60k if you are single would make you comfortably well off. With three kids, as we are, your are just getting by. That is why regressive tax systems are so unfair. It isn't your income that is relevant, it is your family size and outgoings.

I agree and also why I feel a lot of thigns are unfair on those of us in expensive cities like London. We pay much more stamp duty even though the house we buy would have much less if it were in the NE where I am from so it becomes a tax on Londoners. We pay in the centre often up to £24k a year for one full time nursery place. Even for those of us like I am lucky enough to pay school fees my sister and I (SE) pay abotu £16k a year and my brother (Yorkshire) pays nearer £`10k per child. Rent is much more down here too so it is harder to save up a house deposit.