The freeze on income tax thresholds means the number of people paying the 45 per cent levy on earnings has more than doubled in the past three years, from 520,000 in 2021-22, the year before thresholds began to be frozen.
According to figures published by HM Revenue & Customs on Thursday, the number of higher rate taxpayers — who pay tax at 40 per cent on earnings between £50,271 and £125,140 — is expected to rise to 6.31mn in 2024-25, up from 4.43mn people in 2021-22.
That's 40% on incomes over €60,000 in the UK. We pay 40% on earnings over €42,000. That's some difference.The FT headline is talking about the 45% top tax bracket in UK which is even higher than we have here.
In total they actually have about 7 million people pay 40% or higher marginal rate.
We still pay more tax and, crucially, we are taxed far more heavily on income but they pay more indirect taxes. They are incentivised to work harder, we are incentivised to work less.Lies, damm lies and statistics, we probably pay more in VAT and income tax, but they pay more in local authority charges +things like the privitisation of water driving in what is, in effect, a tax anyway
Historically, I moved back from London years ago for a payrise before tax and a paycut after tax. That first payslip is always a shock when you do that.We still pay more tax and, crucially, we are taxed far more heavily on income but they pay more indirect taxes. They are incentivised to work harder, we are incentivised to work less.
And we have the highest level of under employment, where the majority of the household income comes from handouts.Also we have the highest percentage of people on some sort of welfare payments in Europe. Other countries build infrastructure, we give alot of people cash instead. That means productivity goes down and prices go up which explains why we now have highest prices in eu
Very insightful point.Also we have the highest percentage of people on some sort of welfare payments in Europe. Other countries build infrastructure, we give alot of people cash instead. That means productivity goes down and prices go up which explains why we now have highest prices in eu
More than half the population is in receipt of a direct payment from the State.Government keeps telling us how many people are in employment. Would be great to know how many work at least a 35 hour week
Does that include non means tested, like child benefit and non-contributory OAP?More than half the population is in receipt of a direct payment from the State.
Yes. We would need worked comparisons of tax, social insurance, USC., levies, property & other taxes & duties payable before commenting.Lies, damm lies and statistics, we probably pay more in VAT and income tax, but they pay more in local authority charges +things like the privitisation of water driving in what is, in effect, a tax anyway
And you also need to factor in what your taxes pay for... the NHS versus out of pocket expenses here for healthcare etcYes. We would need worked comparisons of tax, social insurance, USC., levies, property & other taxes & duties payable before commenting.
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