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MSE Poll: Should the higher 40% tax band start at £50,000?

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MSE Poll: Should the higher 40% tax band start at £50,000?

edited 30 November -1 at 12:00AM in Money Saving Polls
18 replies 3.1K views
MSE_KarlMSE_Karl MSE Staff
175 posts
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MSE Staff
edited 30 November -1 at 12:00AM in Money Saving Polls
Poll started 5 November 2019
Currently, for most in England/Wales/Northern Ireland, you pay annual income tax like this (Scotland is a little different)

- Up to £12,500 is your tax-free PERSONAL ALLOWANCE.
- Above £12,500 and up to £50,000, the BASIC 20% tax is taken.
- Above £50,000 and up to £150,000, the HIGHER 40% tax is taken.
- Above £150,000, the TOP 45% tax is taken (and you've lost your personal allowance).

While there's a huge number of variables, if you could only move the 40% rate (41% in Scotland) to be fair to individuals and provide revenue for the nation, which of these is closest to where you'd place it?


Did you vote? Are you surprised at the results so far? Have your say below.

If you haven't already, join the forum to reply.

Thanks! :)
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Replies

  • jasdevjasdev Forumite
    106 posts
    Tenth Anniversary 10 Posts Name Dropper
    This is such a difficult question to answer without the core underlying data: which of those would maximise the tax take for the exchequer? Without knowing that, I'm really not happy to cast my vote at all, as it's just pure speculation.
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  • Calpol4lifeCalpol4life Forumite
    91 posts
    ‘I’m non binary’ get outta here!
  • Calpol4lifeCalpol4life Forumite
    91 posts
    Interesting lots more males earning 50k plus
  • fallen121fallen121 Forumite
    841 posts
    Part of the Furniture 500 Posts Photogenic
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    Interesting there is so little discussion about this.

    I live in Scotland where Wee Jimmy Krankie seems to think anyone earning over £30k is richer than they should be and is taxed accordingly. I'm not just talking about income tax. Council tax was hiked recently and Band E upwards were stuffed with extra charges even though a large percentage of the population own one.

    I wish we could have the same tax bands as the rest of the UK. We already have colder weather and shorter summers so pay more for our utilities.

    The SNP need the Greens to stay in power and thanks to them some of the major cities such as Edinburgh and Glasgow will soon be introducing workplace parking taxes and encouraging employers to pass this onto their staff. For those of us in rural areas, the public transport to get to work simply doesn't exist. We have no option but to cough up for this as well.

    How much MORE can they tax us whilst telling us that we voted to leave the UK? I didn't. 56% of us didn't. But Wee Jimmy Krankie doesn't give a stuff about democracy. And when she DOES force us to leave, they'll use that as an excuse to tax us even more :mad:
  • EctophileEctophile Forumite
    4.7K posts
    Ninth Anniversary 1,000 Posts Name Dropper
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    Obviously, the 40% tax bracket should always be slightly more than whatever I'm earning. Taxing the rich is good, so long as I'm not classified as "the rich". ;)
    If it sticks, force it.
    If it breaks, well it wasn't working right anyway.
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  • I do not think you can judge someone earning over 50k, not everyone has it easy earning that amount. My husband is a self employed courier for a well known company, he works 12 hour days and Saturdays. He works incredibly hard for his money and deserves every penny, he runs around all day delivering. Having a high tax bracket means the government are the only winners, if you work hard then do not punish. I think it should be 20% for everyone!
  • One-EyeOne-Eye Forumite
    53K posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
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    I am amazed at what this poll is revealing. With a massive and growing national debt, but also massive and growing complaints about austerity, only 8.6% think income tax for the "rich" should be increased. The 68.4% who think income tax for the "rich" should be reduced should perhaps say whether they favour more public spending cuts, increased budget deficit and national debt or increasing other taxes.

    At the time of posting, of 10275 votes cast, 887 favoured tax increases, 7026 favoured tax cuts. "Rich" is defined here as earning over £50,000, and while some might object to this term being used, I think "not poor" may sum it up better.
  • zagfleszagfles Forumite
    16K posts
    Ninth Anniversary 10,000 Posts Name Dropper Chutzpah Haggler
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    One-Eye wrote: »
    I am amazed at what this poll is revealing. With a massive and growing national debt, but also massive and growing complaints about austerity, only 8.6% think income tax for the "rich" should be increased. The 68.4% who think income tax for the "rich" should be reduced should perhaps say whether they favour more public spending cuts, increased budget deficit and national debt or increasing other taxes.

    At the time of posting, of 10275 votes cast, 887 favoured tax increases, 7026 favoured tax cuts. "Rich" is defined here as earning over £50,000, and while some might object to this term being used, I think "not poor" may sum it up better.
    I think it reveals how out of touch some journalists, politicians and pressure groups are with ordinary people. It's quite revealing that a majority of those earning under £50k want a rise to the threshold, ie a cut not to their own taxes, but to the taxes of those richer than them! Especially amongst women, 67% of women earning under £50k want the threshold raised, and 59% of men.
  • loony767loony767 Forumite
    16 posts
    Part of the Furniture 10 Posts Combo Breaker
    Rather than penalizing people on what they earn, why not scrap income tax altogether and just have a sales tax on everything. That way the richest who spend more will pay more tax than the poor who don't have the money to spend in the first place
  • jasdevjasdev Forumite
    106 posts
    Tenth Anniversary 10 Posts Name Dropper
    loony767, the reason for not doing that is because the poorer spend a greater proportion of their income than the rich, so VAT and other sales taxes hurt them more. The rich tend to save and invest their wealth (tried to buy a property in London recently?) and there's only so much one can spend on essentials in any given week (unless one has champagne breakfasts, foie gras lunches and caviar & Pol Roger dinners daily).
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