Tax bracket up to 50% for big earners

http://news.bbc.co.uk/2/hi/uk_news/politics/8011321.stm

So, anyone going to feel the pinch?

So it's not as if we don't pay enough on fuel duty.. they want to put it up 2p in one year, then 1p a year for the next 4.. that's 6p, not forgetting any differences in oil barrel prices then either..

And the working class man needs his fuel.

As for the 50% thing, well if you're earning over £150,000 I doubt you're ever going to feel in a squeeze anyway..

Going to help the economy no end losing all the big earners...

4/5 pence on a pint, 13 pence on a 1L bottle of spirits and 7 pence on a packet of cigs, shocking!

[Dave20046]

****

Not going to affect too many - there's only 1% of the workforce earn over £150k apparently.

Basically for every £10,000 a person earns over £150,000 they'll lose an extra £1,000 in tax compared to current situation. As Jamie says, someone who earns that much isn't exactly going to starve because of it.

It's certainly not going to trouble me, I expect they'll make a lot more money from the 2p per litre rise in fuel

[timwilky]

another promise of no increase in income tax broken.

[the_lone_wolf]

Originally Posted by ThEGr33k

Going to help the economy no end losing all the big earners...

+1

This isn't even the robin hood "robbing the rich to feed the poor"

It's robbing the rich to make up for 10 years of unsustainable accounting and bloated spending by an arrogant one eyed ****...

[gruntygiggles]

Originally Posted by Jamiebridges123

So it's not as if we don't pay enough on fuel duty.. they want to put it up 2p in one year, then 1p a year for the next 4.. that's 6p, not forgetting any differences in oil barrel prices then either..

And the working class man needs his fuel.

As for the 50% thing, well if you're earning over £150,000 I doubt you're ever going to feel in a squeeze anyway..

I know what you're saying about not feeling the squeeze, but it's a horrible feeling watching a massive portion of your salary being taken from you. Not only will these earners feel the squeeze (in a different way) but we could further hurt the economy by penalising the high earners further than we already do.

Being on 40% tax over the threshold is bad enough....being on 50% would be almost unbearable.

Imagine you are on £200K you'll have £37,400 on 20% tax and 50% on the next £162,600 leaves you with:-

£37,400 @ 20% = £29,920
£162,600 @ 50% = £81,300

Total after income tax = £111,220

Granted that still gives you a very healthy six figure salary, but you're losing a total of £88,780 a year. If you were that person, wouldn't that make you feel sick???

Now, I'm not saying higher earners shouldn't pay a higher rate of tax and I do feel that seriously low earners should pay a lower tax rate, but there has to be some level ground. When you are in jobs where you earn that kind of money, the workload, stress and pressures that are faced day to day are enormous and you have huge responsibilities which is why the salary is so high.
Now, the goverment owes over 600bn and the tax hike will only bring in around 7bn, so it will not have a massive impact on the government and will go into paying off debt, not back into the social care, health care, poilicing, benefit systems etc that it is set up for. It will however effect the people in that £150 - £1m salary bracket who will be affected by it. Many people earning that kind of money have huge financial commitments and so although it may not seem like it, they do suffer and have to watch their pension plans and investment plans get lower and lower.

Now.........lets look at the people paying this tax hike........the people that create and grow businesses, therefore creating the jobs that are so badly needed. These are the people that have the money to put in the banks and investment funds and keep on the spending that is keeping the economy going now and will be integral to building it back up again.

Now, I think that anyone earning over £1m can afford the additional tax bracket, but anyone under that, especially under £300k will be impacted by it and affected by it and they will tighten their belts and stop spending as they usually do....therefore NOT supporting the economy and putting money into it.

The government is using us to pay their debts, not to support the people. They need to find other ways of doing that than penalising the very people that are most able to help the economy get back on track.

One of the things that made me laugh was that anyone unemployed for over 12 months will be "offered" a job or training. **** that!!!! Don't offer. Where a person is fit and able to work, they should be made to accept those jobs or training courses and if not, sacrifice their benefits. We cannot keep paying for lazy idiots that don't want to work when we have an economy in crisis.

Obviousy not everyone that is unemployed is a lazy twot and those that have valid reason not to work deserve probably more benefit than they are currently getting. BUT, those that are lazy are effectively a haemorrhage on our economy and we need to change that.

The problem I also have with it is that when they put it up, it is likely to stay that way, even after the economy gains strength. Then it'll be down to the election and our tax rate will be dictated by the need to gain votes and as the majority of the population feel that higher earners should pay higher tax, any new government will probably bow to pressure.

What can we do to protect our income. Everyone wants higher earners to pay more tax.....I myself agree with it, but we already do. We already wave goodbye to a third of our income.....when is it going to stop???

Sorry, a bit long that wasn't it. It's just never as clear cut and beneficial as the spin doctors make it out to be and as for the fuel duty.....OMG. Get a grip....how can the lower earners get to work and back if they can't afford fuel and the public transport system is carp!!!

[the_lone_wolf]

Originally Posted by gruntygiggles

Now, I'm not saying higher earners shouldn't pay a higher rate of tax

As a somewhat contraversial aside... Why?