This is economically illiterate. Someone earning £82,000 is paying just shy of £26k a year in income tax and NI.. set to rise. More than £2,000 a month not less than a tenner. Forget fake news. This is a straight up lie and patronising pish.https://twitter.com/UKLabour/status/1201548330049781760 …
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Replying to @MrHarryCole @Citizen_O_World
When you get to 50K its basically 50% of your income to the tax man once you include NI. More if you earn over 160K and those folks pay 28% of income tax. If it wet up further I would not begrudge them taking their money elsewhere. Then who picks up the tab?
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went*
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Hang on; if you're self-employed and making £160k, and your tax gets hiked extremely high, why wouldn't you just get to £80k midway through the year and go on holiday? Seems reasonable and if only 1/20 of high earners did this, it would have a large effect on the tax taken in.
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This isn't really hypothetical to me since I know a bunch of freelancers that stop working once they've made enough money to live well that year.
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Replying to @sebinsua @DanielBayley80 and
If you're a parent there's already an effective 60% tax rate (https://www.google.co.uk/amp/s/amp.theguardian.com/uk-news/2018/nov/03/tax-trap-budget-children …).
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Replying to @sebinsua @DanielBayley80 and
When you get only 40p of every £1 of your so-called salary and already have a financial cushion stopping working is easy. People have a bad week at work or decide to quit working because they're bored.
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You're right that a company can hire somebody else, but *people taking holiday instead of working lowers the amount of tax the government receives*.
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