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Latest assault on the middle class with 100% income tax


jack121

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Middle income Britons get hit, thanks to a complex tax system.

 In 2013 George Osbornehe introduced high income child benefit charge which is still in force today.

This claws back child benefit where one parent earns more than £50,000 a year, until it vanishes altogether once they earn £60,000.

The effective tax rate is 51 percent for a parent with one child, rising to 59 percent for two children.

For every £1 a claimant earns over their work allowance, their universal credit is reduced by a 55p.

It means some of the poorest are taxed at 55 percent. Many who would like to work understandably decide it's not worth the bother.

 

ahunt.jpg.8811c10cad7e19b940f25aacfb1aca75.jpg

 

Some families get caught by both the child benefit and universal credit, and pay tax rates of a ridiculous 96 percent.

Osborne introduced another tax, that cuts the £12,570 personal allowance meaning the middle classes pay a tax rate of 60 percent.

Hunt offers 30 hours a week of free childcare, to working parents with children aged nine months or older.

Yet families cannot claim if one parent earns £100,000 or more.

A parent of two earning up to £134,500 will be worse off than one earning £99,000. In London, where most higher earners are located, they would not be better off until their pre-tax pay reached £144,500.

Effectively, this is a 100 percent tax rate, which even Harold Wilson might have considered a little steep. People are losing every penny earned.

And more will get caught all the time, as earnings rise while income tax thresholds have been frozen until 2028.

 

 

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2 hours ago, jack121 said:

Middle income Britons get hit, thanks to a complex tax system.

 In 2013 George Osbornehe introduced high income child benefit charge which is still in force today.

This claws back child benefit where one parent earns more than £50,000 a year, until it vanishes altogether once they earn £60,000.

The effective tax rate is 51 percent for a parent with one child, rising to 59 percent for two children.

For every £1 a claimant earns over their work allowance, their universal credit is reduced by a 55p.

It means some of the poorest are taxed at 55 percent. Many who would like to work understandably decide it's not worth the bother.

 

ahunt.jpg.8811c10cad7e19b940f25aacfb1aca75.jpg

 

Some families get caught by both the child benefit and universal credit, and pay tax rates of a ridiculous 96 percent.

Osborne introduced another tax, that cuts the £12,570 personal allowance meaning the middle classes pay a tax rate of 60 percent.

Hunt offers 30 hours a week of free childcare, to working parents with children aged nine months or older.

Yet families cannot claim if one parent earns £100,000 or more.

A parent of two earning up to £134,500 will be worse off than one earning £99,000. In London, where most higher earners are located, they would not be better off until their pre-tax pay reached £144,500.

Effectively, this is a 100 percent tax rate, which even Harold Wilson might have considered a little steep. People are losing every penny earned.

And more will get caught all the time, as earnings rise while income tax thresholds have been frozen until 2028.

 

 

Well, if you earn that much, you don't need state handouts, do you? Why not take a pay cut (if you want handouts) and perhaps allow the employer to set on more people?

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17 hours ago, k_j_evans said:

Well, if you earn that much, you don't need state handouts, do you? Why not take a pay cut (if you want handouts) and perhaps allow the employer to set on more people?

 

Yeah you wouldn't think so. My joiner friend is working at the highest level earning £28+ an hour, he was on £15 before in a company that had baggage and bullied him, because of that they never got to see he could do literally anything. When his money went up he is just as broke as before, what it showed me is that you could double everybody's wage tomorrow and there would still be people struggling to make ends meet.

 

It's a tough game out there, what we don't take into account is that individuals for example I have to buy daily contact lenses and a couple of pairs glasses every couple years, and ideally prescription and non prescription sunglasses for driving. If I was caring for people and had other ailments myself, such as a wife and kids, I can see how quickly expenditure could stack up. Lots of areas are becoming expensive and now you're getting fined for everything.

 

The news is increasing about cost of living rising so its clear its not going to get better. In my mind I think maybe people are breaking away from regular work and finding they can make money easily outside of the system, is it going to be a bigger drain on the economy, and is this the struggle we're facing. I'd like to see these influencers and only fans people explain what their input is in the society and economy, and how they think it will affect things. 

 

The world is crying out for professional people

 

 

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