Income tax change to 45% at 80k?

[Z064life]

So Labour want to change income tax to 45% on anyone at £80,000 (or £85,000).

What's everyone's thoughts on this?

I have no issue with tax but paying more tax makes no real world difference to me.

I'm not far of 80k in my current pay but if I was earning 80k and paying 45% tax I take home less than I do now! I would end up demanding more in a job.

What's everyone's thoughts? Really wish Labour don't get in.

[Tiggsy]

thats not how tax works (you'd hope!!!!) - 45% is on income OVER 80k. Otherwise, the guy on 81k earns less than the guy on 79k.

anyway, the idea is stupid leftist rubbish.

[Driver101]

I'm curious to what job you have that pays nearly £80k?

I would have thought someone earning good money would have a reasonable grasp of how income tax works.

[Davie_GLA]

You do know you aren’t giving 45% of that whole sum away, don’t you?

Show your workings...

[JagLover]

Well at least labour are starting to be more honest. In the last GE campaign they had vast spending plans that were somehow all going to be paid for by the "rich".

£80K a year is apparently where being rich now starts and likely to drop further once they are in office.

[Zarco]

Driver101 said:

I'm curious to what job you have that pays nearly £80k?

I would have thought someone earning good money would have a reasonable grasp of how income tax works.

[dvs_dave]

Z064life said:

So Labour want to change income tax to 45% on anyone at £80,000 (or £85,000).

What's everyone's thoughts on this?

I have no issue with tax but paying more tax makes no real world difference to me.

I'm not far of 80k in my current pay but if I was earning 80k and paying 45% tax I take home less than I do now! I would end up demanding more in a job.

What's everyone's thoughts? Really wish Labour don't get in.

Worst “I earn almost £80k a year” post ever.....yet amazingly don’t understand how income tax works on its most basic level.

[Fittster]

JagLover said:

Well at least labour are starting to be more honest. In the last GE campaign they had vast spending plans that were somehow all going to be paid for by the "rich".

£80K a year is apparently where being rich now starts and likely to drop further once they are in office.

Please explain why 80K year isn't rich.

https://www.ons.gov.uk/employmentandlabourmarket/p...

[RizzoTheRat]

dvs_dave said:

Worst “I earn almost £80k a year” post ever.....yet amazingly don’t understand how income tax works on its most basic level.

https://en.m.wikipedia.org/wiki/Salaries_of_Member...

Edited by RizzoTheRat on Monday 9th September 09:10

[Mr Dendrite]

It would almost be acceptable, if, sorry HUGE IF, this replaced the the loss of the personal allowance at £100K. But Labour won't do that so you'd then end up with a marginal tax rate of at least 65%, Ouch!!! Then all you need is to reduce pension relief to the basic tax rate and you're completely fked and might as well give up trying to get to a decent wage and just sit back and try and get as much out of the system as you can, so overall less tax take for the government

Edited by Mr Dendrite on Monday 9th September 06:49

Edited by Mr Dendrite on Monday 9th September 06:50

[JagLover]

Fittster said:

Please explain why 80K year isn't rich.

https://www.ons.gov.uk/employmentandlabourmarket/p...

Well for starters £80K is an income not the wealth you hold, and a pre tax income at that. No doubt plenty of people on £80k a year in flat shares in London.

If you own your own home, and probably live outside London and the commuter belt, £80K allows for a very comfortable lifestyle, but more of a middle class one than "rich" as such.

[98elise]

Tiggsy said:

thats not how tax works (you'd hope!!!!) - 45% is on income OVER 80k. Otherwise, the guy on 81k earns less than the guy on 79k.

anyway, the idea is stupid leftist rubbish.

It's how they set up the stamp duty bands!

[98elise]

Fittster said:

JagLover said:

Well at least labour are starting to be more honest. In the last GE campaign they had vast spending plans that were somehow all going to be paid for by the "rich".

£80K a year is apparently where being rich now starts and likely to drop further once they are in office.

Please explain why 80K year isn't rich.

https://www.ons.gov.uk/employmentandlabourmarket/p...

Personally I wouldn't class 80k as rich. It's doing pretty well, but rich to me is where you have wealth so don't need to work, fly first class without a moments thought etc.

If you do a 9-5 for 80k then you're still just a working man/woman, even if you're on really good money.

[Gecko1978]

things have to be paid for and it was never going to be the billionaires paying for it no sadly middle managers and professionals will again shoulder the burden.

[Octoposse]

To be fair 'we' do need collectively to pay more tax (and it would be nice if the government - any government - could spend it better).

Better the bulk of the burden falls on those earning £80k plus to the extent that's possible.

Simplification of the tax system would also be nice . . .

[Welshbeef]

Will make the £100-125k even more painful moving from 62% to 67% FFS.

[Countdown]

Fittster said:

Please explain why 80K year isn't rich.

https://www.ons.gov.uk/employmentandlabourmarket/p...

You don’t feel rich because you get used to it and your expenditure rises to meet your income. Even if you’re clever and start overpaying on the mortgage/pumping the maximum amount into your Pensions & ISA once the initial buzz of having an extra £500-£1000 pcm in your pay packet has worn off it just feels the same as before (albeit quite often with more work and more stress)

[Countdown]

Octoposse said:

To be fair 'we' do need collectively to pay more tax (and it would be nice if the government - any government - could spend it better).

Better the bulk of the burden falls on those earning £80k plus to the extent that's possible.

Simplification of the tax system would also be nice . . .

Agreed. I think it’s also good to remember how much high earners benefit (directly or indirectly) from living in a healthy, educated, law-abiding society.

[Welshbeef]

Next it will be removal of ISA tax wrapper if your in top 5% - those rich folk don’t need tax feee investments.

Max pension contributions will be targeted too as labour hate people who are not reliant on the state. Imagine the thought some can retire at 50/55 etc self funded and the state pension is a total bonus to them.

Land value tax

[djc206]

Octoposse said:

To be fair 'we' do need collectively to pay more tax (and it would be nice if the government - any government - could spend it better).

Better the bulk of the burden falls on those earning £80k plus to the extent that's possible.

Simplification of the tax system would also be nice . . .

We’re told we should adopt a Scandinavian system of tax. That is one where everyone is taxed heavily not just those who’ve done alright for themselves. Targeting a small section of society isn’t going to achieve much except push them away (the well paid generally being the most mobile). For the many not the few should be at the expense of the many not the few, we’re either in it together or you’ll find just like the french did that people opt out and then you have to go without.

I have no particular desire to emigrate but if I start being unfairly targeted by these idiots I’ll have to weigh up my options.