'Rich Privilege'

You can minimize your tax burden, or sort yourself out outside of the UK's tax interests, but it is a hassle.

I don't mind paying a fair amount of tax but at the same time I don't think it is wrong to leave a bit of legacy behind and give your offspring a good start to life. If they pee it away and screw their lives up you'll be long gone anyway.,
 
SiD the Turtle said:
A rant off the back of some of the comments in this thread: http://forums.overclockers.co.uk/showthread.php?t=18653649.

I live in greater London. I have a decent job, a flat with a mortgage on it, a car and a big TV. Am I rich? No. Am I privileged? No!

My dad grew up in a Commonwealth county where the family home was a tin shack. Only the boys went to school. He came to the UK in the 70s to study engineering but soon after he arrived his dad died so he had to find more money quickly to support his younger brothers and sisters so he retrained in the NHS. My mum grew up on an council estate in Kent and left school as young as was allowed with no qualifications to speak of.

When I was born they both worked every hour in the day doing several jobs to pay for me. They taught me about working hard and studying and I went through school, got decent grades and then a decent degree and a fairly well paying job.

I'm probably biased but my family is a great example of what you can accomplish if you actually put the effort in. It's only thanks to my parents that I had the home-life to concentrate on school, get decent grades and to be honest, help fund my mortgage. My kids will be better off because of what my parents did and what I am doing.

So why the bloody hell does the '99%' and the Labour government feel that I should be penalised for working hard? Why do they give off the impression that people who have enough money to pay taxes and inherit parental homes are super rich bankers that need to be punished with more taxes?

Rant over.
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I couldn't agree more. My parents came to the UK in the 60's from virtual poverty and did the best they could by working hard to provide me and my siblings with a good quality of life. I'm not privileged in any way at all; my parents taught me that if I want something I should work my ass off for it.
 
balky12 said:
We can start by rolling this out to those who have never worked a day in their lives and are on benefits. Let them earn their own money.
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Lies.............. watching jeremy kyle is considered to be a hard days work and thus means they have earned their benefits !!!!!!!!!!!!!!!!!!!
 
zegna said:
Just what I was thinking..

Chip on the shoulder comes to mind.

Maybe if they work really hard throughout their life time they can provide a comfortable upbringing for their offspring.
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Right mate, vulgar as it is, I suspect I come from a considerably wealthier background than you. I also was born with the intelligence to understand that many people would be as successful as I could/would be in life, if only they had the same upbringing. Thats why we need a decent taxation system, so we can make the next generation better for everyone and improve society. So it is not a chip on my shoulder, on the contrary.
In my experience there are two types of people begrudging of social equality. Those who are not as wealthy or comfortable as they like and have scraped into the middle class or are trying to maintain the veneer and those who are phenomenally wealthy. The latter dont go on OCUK's forum for a night, they go to Monaco.
 
amigafan2003 said:
Are Spain or Greece the government ONE of the world?

Spain and Greece are in trouble because they owe a lot of money to other countries. If there were no other countries, then A: Who would they borrow from and B: If they did borrow, who would they owe money to?
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a lot of government debt (bonds) are effectively held by you and I, in the form of direct investments or by the funds our pensions invest in. So as now, it would be us who hold the debt and owe the debt.
 
Just throwing this out there. On a higher rate tax band, with no personal allowance, NI etc you can expect to take home roughly 57% of your gross earnings. Thats before you pay council tax, VAT and misc other taxes such as road tax.

That's a lot. Throwing the remaining 35-40% at a mortgage, travel to work and essential bills is only bearable by chucking whatever remains at having fun.
 
CapitalOne said:
Just throwing this out there. On a higher rate tax band, with no personal allowance, NI etc you can expect to take home roughly 57% of your gross earnings. Thats before you pay council tax, VAT and misc other taxes such as road tax.

That's a lot. Throwing the remaining 35-40% at a mortgage, travel to work and essential bills is only bearable by chucking whatever remains at having fun.
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As someone who has the potential to be in that top band eventually (I aim to work in the biopharmaceutical sector), it just makes me want to leave the country because of the ridiculous taxes I'd have to pay.

I understand the need to pay for tax, and don't disagree with the reasons for taxation, but it just feels extortionate to be paying that much in tax.
 
CapitalOne said:
Just throwing this out there. On a higher rate tax band, with no personal allowance, NI etc you can expect to take home roughly 57% of your gross earnings. Thats before you pay council tax, VAT and misc other taxes such as road tax.
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Ay?
 
amigafan2003 said:
Spending is fine.

Still stops the concentration of wealth.

Of course, that'd would only work if the monopolisation of the means of production by individuals or non-worker led corporations is also abolished, which I'm also in favour of.
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Sounds eerily familiar but every time it has been tried so far has ended rather badly...usually with millions of deaths.
 
CapitalOne said:
Just throwing this out there. On a higher rate tax band, with no personal allowance, NI etc you can expect to take home roughly 57% of your gross earnings. Thats before you pay council tax, VAT and misc other taxes such as road tax.
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well 60% at the point you lose that personal allowance

you lose the personal allowance at 120K

http://www.listentotaxman.com/120000

you take home £72,741.72 at that point

tis effectively a 60% tax rate between 100k and 120k

would much rather accumulated/unearned wealth (large gifts/inheritance/trust funds) was taxed more harshly than income... obvs increasing IHT rates and the band at which you become liable might only have a small impact but every little helps...
 
RDM said:
Sounds eerily familiar but every time it has been tried so far has ended rather badly...usually with millions of deaths.
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If you're referring to communism, no one has ever had communism.

We've had Stalinism, Lennism and Maoism but no one has actually tried to implement communism. Before anyone points to the USSR, that was Lenninism which was Stalin's ideological corruption of Marx's theories. Same applies to China and Cuba.

We've tried a mild version of socialism, but socialism is only a stepping stone to communism and no one has had the guts to make that step.
 
Unfortunately the Trickle Down effect is proven to not work, it is a big fat lie designed to make the rich richer by sharing wealth among themselves and the poor poorer by widening the gap in equality.

On its most basic level, a person that is well off is not necessarily going to buy more groceries than say your average "commoner" therefore the same amount of money will be spent and put in the economy should they go grocery shopping regardless of if it is some rich tycoon or someone just getting by, thereby meaning that the rich tycoon in this case is just retaining his/her wealth instead of passing it on.

This is not a good system for any future advancement of the human race. Don't get me wrong either, iv'e seen both sides of the coin. I have in some respects had a very privileged upbringing with stints in private education etc, on the other hand me and my family have in the past fell into the lower percentile and really really struggled to get by, never mind make a living.

I agree to some extent that hard work and perseverance lead to a better life but huge percentage of that revolves around luck, timing and contacts.

I'm no communist by any means but the share of wealth around the world is disgraceful in truth and is only going to get worse!
 
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