40%+ tax if you earn over £15k - The reality of modern Britain.

[suzyoo]

Maggy Thatcher and Norman Tebbit were/are working class you know.

 

its the history of the labour party to keep the "lower class" even lower class; Labour don't encourage entrepreneurialism in people, which is what creates jobs, wealth and prosperity to lift people up; instead they spent 13 years building up an unproductive and massive public sector.

 

thatcher and tebbit dont know the meaning of lower class

[foxy lady]

I reckon there is truth in this.

 

After paying your unavoidable taxes, can you honestly say you are left with 60% of your earnings.

 

Someone earns £300 - after all the taxes (council etc...) are people left with £170 to spend on themsleves? I think not

 

So by that token a down and out who spends all his money on White Lightning is paying almost 100% tax. The poor dear, something should be done.

[discodown]

thatcher and tebbit dont know the meaning of lower class

They do. If they didn't how would they know how to reward the upper classes?!

[foxy lady]

They do. If they didn't how would they know how to reward the upper classes?!

 

I thought that was Blair and Mandelson's job and the purpose of the honors list.

[discodown]

I thought that was Blair and Mandelson's job and the purpose of the honors list.

Theres always been an honors list. Blair and Mandelson were the top men when it came to nepotism. Sleazy isn't the word

[BritPat]

Take your Gross Income X deduct Income Tax (T) and NI (I)

 

You have Nett (N) = X - (T + I)

 

The Nett (N) is now subject to double or triple taxation Vat, excise duties etc.

 

At 20% Vat you are paying £120 to spend £100

 

If you spent your whole nett (N) on vatable items (I concede a simplification)

 

you are paying another tax on pre taxed income of 20/120 = 16.7 % (Please don't reply reminding me that Vat is 20%)

 

So you have N - Vat = N - 0.167 N = 0.833N

 

You will of course probably pay duty and insurance taxes too.

 

The goods and services that you buy will have factored into their costs taxes levied on the supply chain e.g Corporation tax, vat, road tax fuel duty etc.

 

Your Pre taxed income (Gross Pay) was offered to you by your employer after he took into account the costs he incurs including payroll taxes, Employers NI contribution comes out of what you would have got in the absence of the tax.

 

Environmental taxes will of course in the end be borne by you, they are added to the costs of the goods and services you buy, they are added to the costs of employing you or conducting your own business.

 

IF you get away with paying 40% please let me know your accountants details as a matter of urgency.

[Frank Sidney]

But surely we pay much more than 40%. There's the quoted Income Tax and N.I. but what about VAT. We, in effect, are taxed again on money we've already been taxed on. Look at the tax on alcohol and fuel for a start!

 

Then there's tax on savings and numerous other things.

 

I would bet, of the money we earn, (gross) we pay more than 50% back to the government.

 

Council tax, there's another!!!

[Rupert_Baehr]

31% rising soon to 32%, and earning potential generally not much more than minimum wage.

 

Essentially your lower class working class. Slightly higher up than a Romanian.

 

 

How do you think that compares with the tax take in other European countries?

[eastbank]

People on £15k pay 40% tax. (On £s earned over this threshold)

 

This is the reality of modern Britain.

 

This is not a fair and just society. It is a disgrace of a nation.

 

NI @ 11%, rising soon to 12%

Tax @ 20%

Student loans (for the majority of British born people entering the workforce) @ 9%

 

Many are paying 40% tax this will soon rise to 41%

 

These people are earning about half the average wage.

 

 

How unfair do you think this is?

 

so you are saying that for every £300 earnt...your tax is £120...dont think so

[chem1st]

so you are saying that for every £300 earnt...your tax is £120...dont think so

 

For the £300 earnt past the £15k threshold, the deductions would be £120 yes.