This is the problem. Current set up means more people do not want to work harder for less pay
Tax in UK
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Caporegime
Is this a Mr Wong alt?
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And at some point the government needs to accept that we’re not a big player on the world stage and that they can’t prop us up by taking more and more in tax. At some point something has to give.
You won’t live any kind of life on 40k in London.
I said it's not so much in London.
Its plenty enough though.
I wouldn't move to London for a 100k wage. Vs what I earn here.
For sure. We Should scale back and take more of a back seat.
Ive always thought we spend too much on traditional military for example.
We are on the decline.
I'd also agree 40k in London is a rubbish wage.
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Soldato
We've had this painful conversation before on here. Those earning over £100k will rightly tell you that it's an unfair system, and those earning less will tell you that "the rich" should be giving their money to them because they, "have enough already".
Everything else will just be a variation of that.
Soldato
Which kind of means the system is working. If one banding were not complaining, the taxation would be too light.
It would be too much if more people were going "nah, I'll stay at this wage vs going for that promotion"
If everyone started doing that, you could argue tax was too high.
Its like that for some. Myself For example. More money comes with too much "hassle" now for most new jobs.
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Soldato
For me, a promotion would come with significantly more hassle, and the extra money after tax isn't remotely worth it (even before tax tbh, but that's another thread).
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Soldato
I am on a fixed income now as you know and pay one pound in ten as income tax however I consider that fair.
Yeah. The more senior people at work are past (in my opinion) the sweet spot. They get a little more money, for a lot more hassle. Invariably they work longer hours too, due to "coming with the job".
Not for me.
Soldato
Hang on, let me try and dig out that tiny violin gif.
Don
You just need to pump that extra cash into a pension and hope the government don't then hit that as well. Pretty sure Labour have said they will clamp down again on pension payment allowances when they come in though.
Even then private pension pots are not guaranteed though?
So true. These days promotions equate to line management and very little reward
Don
What do you mean guaranteed? They would be protected by financial regulations - they are still your funds even if managed by a company. Markets need to drop a huge amount to wipe out the value of that investment by 60%!
Soldato
The whole discussion around taxation in the UK is skewed by minority cases moaning about marginal rates whilst ignoring the effective tax rate on their entire income and gains. There are a few areas which definitely need fixing though (HICBC, no NI for pensioners and rolling it into income tax generally, student loans etc).
It's really not that bad compared to other countries, particularly if you're a modest saver. The grass certainly isn't that much greener in most cases when you take into account the true cost of living, housing, etc.
It's really not that bad compared to other countries, particularly if you're a modest saver. The grass certainly isn't that much greener in most cases when you take into account the true cost of living, housing, etc.
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Soldato
It kind of doesn't, IMO.
Tax should be a flat rate regardless of income, and set around 22%. And when I say flat rate I mean everyone, not just those on PAYE. Because if you think that everyone earning over £100k in this country is paying the currently unfair rates then you're missing the elephant in the room. The PAYE earners aren't contributing to a system that's fair for all, they're subsidising the non-PAYE earners who are paying next to nothing.
Once we sort that out, we can get started on the corporations that are paying next to nothing. But we won't do that, because we're a nation of idiots; we'll keep sniping at each other instead because that's the English way.
Mr Wight?
Soldato
Pfft, like you can afford a violin.