158
Rishi Sunak considers tax cut for top earners after byelection defeats
(www.theguardian.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 21 Oct 2023
158 points (96.5% liked)
World News
39104 readers
2113 users here now
A community for discussing events around the World
Rules:
-
Rule 1: posts have the following requirements:
- Post news articles only
- Video links are NOT articles and will be removed.
- Title must match the article headline
- Not United States Internal News
- Recent (Past 30 Days)
- Screenshots/links to other social media sites (Twitter/X/Facebook/Youtube/reddit, etc.) are explicitly forbidden, as are link shorteners.
-
Rule 2: Do not copy the entire article into your post. The key points in 1-2 paragraphs is allowed (even encouraged!), but large segments of articles posted in the body will result in the post being removed. If you have to stop and think "Is this fair use?", it probably isn't. Archive links, especially the ones created on link submission, are absolutely allowed but those that avoid paywalls are not.
-
Rule 3: Opinions articles, or Articles based on misinformation/propaganda may be removed. Sources that have a Low or Very Low factual reporting rating or MBFC Credibility Rating may be removed.
-
Rule 4: Posts or comments that are homophobic, transphobic, racist, sexist, anti-religious, or ableist will be removed. “Ironic” prejudice is just prejudiced.
-
Posts and comments must abide by the lemmy.world terms of service UPDATED AS OF 10/19
-
Rule 5: Keep it civil. It's OK to say the subject of an article is behaving like a (pejorative, pejorative). It's NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
-
Rule 6: Memes, spam, other low effort posting, reposts, misinformation, advocating violence, off-topic, trolling, offensive, regarding the moderators or meta in content may be removed at any time.
-
Rule 7: We didn't USED to need a rule about how many posts one could make in a day, then someone posted NINETEEN articles in a single day. Not comments, FULL ARTICLES. If you're posting more than say, 10 or so, consider going outside and touching grass. We reserve the right to limit over-posting so a single user does not dominate the front page.
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
Lemmy World Partners
News !news@lemmy.world
Politics !politics@lemmy.world
World Politics !globalpolitics@lemmy.world
Recommendations
For Firefox users, there is media bias / propaganda / fact check plugin.
https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/
- Consider including the article’s mediabiasfactcheck.com/ link
founded 1 year ago
MODERATORS
I am not from the UK do allow me a question: From what yearly income on, do you guys have to pay the „top tax“ and how high is it at the moment?
Interesting- compared to my country Germany where you have to pay 42% for everything you earn above (!) 62.810 €
Guess Germany hates its middle class even more than the UK…
We also have national insurance and a tax free allowance, so the effective rate for someone at say £54k (about €62k) would be about 25% https://www.moneysavingexpert.com/tax-calculator/ I think I've worked that out right.
In Ireland it’s about 48% on everything above €40k, then 52% above €70k.
That by itself could be misleading though, the overall effective tax rate for someone on €40k is 18%, around 30% at €70k. The thresholds will rise next year.
What is the break down of this? Is it the higher USC band? I'm not familiar with a 52% tax rate.
Yeah after about €70k there is a higher rate of USC. The 52% includes PAYE, PRSI and USC at the highest bands for a regular employee.
Per the article it’s not the top rate he plans to edit but the middle 40% rate which currently starts at £50,270. It’s a little more complex because there is also National Insurance to pay which drops when you hit the 40% tax rate so effectively you go from paying 32% total below £50,270 to 42% above £50,270 (for income above that level). There is a tax free band below £12,570 as well.
I’m simplifying because tax is complicated but roughly that’s how it works. As you move up tax bands you also lose amounts of other allowances like free dividend interest. Above £100k income it gets more complex because even more allowances are removed, especially the tax free band gets reduced.
Depends how you look at it. You lose £1 of PA for every £2 earned over £100k, which is an effective 50% tax rate.
Plus it adds the irritation of having to file a tax return even though you're on PAYE
You also lose £2k worth of tax free childcare instantly as soon as you earn £100k, a rare instance of it actually being possible to earn less money by getting a payrise
It's worth fiddling with your pension contributions to avoid that.
Also I'm not sure how the new childcare policy factors into it. I really need to look into it.
Yeah it's not quite as simple as I put in my comment