Soldato
- Joined
- 22 Nov 2007
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- 4,235
Do you not value peace of mind that those investments provide? I know it would boost my general mood hugely
Tax in UK
- Thread starter aspiring
- Start date
What on Earth has this got to do with anything?
You haven't explained what data you used to work out that £150k was the threshold for a high salary. My questions were below. The fact that the cost of living in London is higher than Manchester is irrelevant.
Soldato
of course.
although there's a bit of stress when the numbers go red, or whenever there's something about the economy on the news.
I don't think of it as life changing though, because I'm still just a guy working at a desk, living in a trash house, driving a trash car.
But it's fine if you think of it as life changing, it seems a few ppl see it that way.
Why is it Irrelevant? I think wages up north are too high based on rents. I've shown you people up north can keep more of their income, and the numbers suggest they are better off when we look at the biggest expense and unavoidable expense.
I do not need data to show me why I think 150K is a good high wage. Data only shows you what the common wage is, it does not tell you what the right wage level should be.
Doctors striking because they think (know the wage is low).
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Because the discussion wasn't about whether "wages up north" are too high. That's just a strawman to distract from the fact you made up some demonstrably false rubbish. And when asked to provide any source for that, you've opted to change the subject to regional variances in salaries\housing costs.
Do you think £149k is not a high salary? As that's what you stated earlier? If you just confirm that I'll happily back out of this insane discussion.
Man of Honour
Yes, the definition of "life changing" becomes relevant here.
Being able to buy a King Size Twix instead of a regular Twix is likely not life changing.
Going from working every day to sitting on a tropical island next to your yacht would be accepted universally as life changing.
It's the middle ground where it gets mushier.
For me, I went from:
For me, that's life changing, and I am really not even that well off (and I don't earn 100k a year either)
Being able to buy a King Size Twix instead of a regular Twix is likely not life changing.
Going from working every day to sitting on a tropical island next to your yacht would be accepted universally as life changing.
It's the middle ground where it gets mushier.
For me, I went from:
- Having to think long and hard about any purchase over 50 quid
- Having to drive a cheap economical car
- Being worried about major bills/expenditure
- Having to buy budget foodstuffs
- Paying out large amounts (400 GBP per month) on debt repayments
- Having to plan carefully for what social activities/events I could do
- Being able to basically buy anything I fancied that wasn't over 5 grand
- Driving something quick that I liked
- Not being concerned by unexpected costs
- Being able to eat anything I wanted
- Paying large amounts (1000 GBP minimum) into savings
- Being able to say "yes" to pretty much anything
For me, that's life changing, and I am really not even that well off (and I don't earn 100k a year either)
Man of Honour
Indeed it's a sliding scale.
Soldato
- Joined
- 22 Nov 2007
- Posts
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Are you american?
Man of Honour
I think for me I possibly noticed it more because I went from earning 20-30k over a period of about 20 years, which increased to about 75k over the next 3 years.
That's a big increase over a relatively short period of time, so I probably noticed it a lot more than if those increases had been spread equally over those 23 years.
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As I said 100k is not a high wage, YOU may think it is, The data does not say it is a high wage, it just says it is the top x% of people that earn this wage, this does not mean it is a high wage.
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Man of Honour
Yeah I get it - and I know you so I can empathise.
I've got from reasonable salary to a good salary, but I've also added a wife and 2 kids to my journey. So whilst I may be a little more comfortable, I also am a blend between your first bullets and 2nd bullets.
I can't just spank 5k on something without budgeting for it. A lot of my income goes into my pension before it hits my account (to avoid excess tax), but even then everything is more expensive than it used to be, so although my salary has increased my spending power hasn't increased in a commensurate way.
Also I appreciate this is a first world problem, but I'm very fussy about buying good quality food, as much unprocessed food as possible, and it has become inordinately expensive, so I take a hit on that, but since ultra processed foods have been categorically linked to obesity, diabetes and early death, I'm willing to sacrifice for that.
Man of Honour
Can't imagine you being fussy for one second
What do we do with the outside chairs for example?
Man of Honour
Can't imagine you being fussy for one second
Those ******* cats
Soldato
nope, English. random question.
Associate
I don't think 100k is a ridiculous cut-off for increased taxation (though the double whammy that occurs due to losing personal allowance isn't right), 100k is a lot of money whichever way you cut it.
That said, on a more general level, I don't think our tax system is progressive enough. Being taxed 45%+ after £100k (or even over 50k) when people who live off wealth get taxed much less isn't fair.
I'd rather see smaller jumps and levels in income tax and increased consumption/wealth taxes making up for it. The status quo penalises the lower and middle classes.
That said, on a more general level, I don't think our tax system is progressive enough. Being taxed 45%+ after £100k (or even over 50k) when people who live off wealth get taxed much less isn't fair.
I'd rather see smaller jumps and levels in income tax and increased consumption/wealth taxes making up for it. The status quo penalises the lower and middle classes.
Soldato
- Joined
- 22 Nov 2007
- Posts
- 4,235
nope, English. random question.
Your use of the word trash is not what i expect from a Brit.
Soldato
Don't know if it's come up already but an interesting consequence of inflation is that it drags the 'tax trap' threshold down in real terms. £100k today is only ~£83k in 2020 money. It's still a lot more than average but I think the difference is quite significant.
That yes: it's unfair that income via wealth can be taxed less than income via actually working but it is generally harder to tax wealth. So the sentiment of "those with the broadest shoulders" etc. is a bit of a "best effort" situation where it comes to taxation.
I think it's very much true that pay differences are more important the lower down the income scale you are. On average. You can't account for all circumstances but in general the premise of progressive taxation is correct imo.
But it'd be a much sweeter pill to swallow if the government hadn't piped so much of that cash off to their mates.
That yes: it's unfair that income via wealth can be taxed less than income via actually working but it is generally harder to tax wealth. So the sentiment of "those with the broadest shoulders" etc. is a bit of a "best effort" situation where it comes to taxation.
I think it's very much true that pay differences are more important the lower down the income scale you are. On average. You can't account for all circumstances but in general the premise of progressive taxation is correct imo.
But it'd be a much sweeter pill to swallow if the government hadn't piped so much of that cash off to their mates.
What data do you have that says it is not a high wage? And what metric are you applying to that data?
Show me data were it says £100k is a high wage?
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