DOOM: Taxes

[eek]

And the 60% income tax rate? That’s a new one too!

That’s roughly what it is when the income tax allowance is tapered away between £100,000 and £125,700 or so.

[northernladuk]

it is the top tier of the top 1% earners. 321,000 people.

https://www.wsws.org/en/articles/201.../ineq-a17.html

I and assume most people on here are in the top 2-10% of earners, I consider myself very comfortable. I don't consider myself wealthy as I have to continue to work. That may change in the next few years. I know plenty of people with assets that don't need to work so you may be earning a good amount but not wealthy enough to retire.

But you are using an unquantified intangible as a measure. Add up the money you've got in houses, cars, pension cash etc and see what it comes to and check against some of the graphs on this page. https://www.ons.gov.uk/peoplepopulat...018tomarch2020

You might not think you are wealthy but I'll be betting you are ahead of 75% of the country ergo you are.

Disclaimer : I don't know your personal circumstances and the assumption is you've been on that awhile, haven't got a coke habit or a vindictive ex wife etc...

[vetran]

But you are using an unquantified intangible as a measure. Add up the money you've got in houses, cars, pension cash etc and see what it comes to and check against some of the graphs on this page. https://www.ons.gov.uk/peoplepopulat...018tomarch2020

You might not think you are wealthy but I'll be betting you are ahead of 75% of the country ergo you are.

Disclaimer : I don't know your personal circumstances and the assumption is you've been on that awhile, haven't got a coke habit or a vindictive ex wife etc...

oh cheers interesting. I'm rich!

wow £302,000 as median wealth.

That would be the house then? I doubt many have that as ready cash.

[jamesbrown]

oh cheers interesting. I'm rich!

wow £302,000 as median wealth.

That would be the house then? I doubt many have that as ready cash.

It’s household wealth (not individual) and it’s everything. Pension savings will be a significant part.

[Whorty]

oh cheers interesting. I'm rich!

wow £302,000 as median wealth.

That would be the house then? I doubt many have that as ready cash.

Compared to many in the country, yes you are. Many people live on a hand to mouth existence, with nothing left in the bank at the end of the week, and no assets at all.

I know on here we do a bit of willy waving (sorry ladies, not sure what the equivalent is for you) about how much we earn etc, and here amongst 'equals' it's probably OK, but out there in the real world we are seen as rich. We might think comfortable rather than rich, but when you have nothing, it really is just semantics.

[_V_]

Many on here think that having three kids in private school, his and hers matching Range Rovers, with skiiing holidays in the winter and a far away luxury beach holidays in the summer is "confortable" but not at all "wealthy".

Wake up call, the Tories and Labour are going to pin these massive tax hikes on you and the general public, living pay cheque to pay cheque are going to support them every step of the way.

[vetran]

Compared to many in the country, yes you are. Many people live on a hand to mouth existence, with nothing left in the bank at the end of the week, and no assets at all.

I know on here we do a bit of willy waving (sorry ladies, not sure what the equivalent is for you) about how much we earn etc, and here amongst 'equals' it's probably OK, but out there in the real world we are seen as rich. We might think comfortable rather than rich, but when you have nothing, it really is just semantics.

agreeing with Whorty - oh my lord!

[AtW]

Serious money can only be raised from general increase in taxation - 2% on all will get 35-40 bln but they will sell it with 5% hike “on the rich” which will raise a billion at best and most likely cost money, they are clearly angling to increase CGT as well

[TheDude]

Many on here think that having three kids in private school, his and hers matching Range Rovers, with skiiing holidays in the winter and a far away luxury beach holidays in the summer is "confortable" but not at all "wealthy".

Wake up call, the Tories and Labour are going to pin these massive tax hikes on you and the general public, living pay cheque to pay cheque are going to support them every step of the way.

I am not quite in this position and am happy to pay a bit more tax.

it just leaves a bad taste whilst those who live of property, investments and family wealth passed down through the generations remain largely untouched.

[northernladuk]

oh cheers interesting. I'm rich!

wow £302,000 as median wealth.

That would be the house then? I doubt many have that as ready cash.

Wealth is all assets you own. Equity in house, cash, pension, cars etc.