Unless you earn over £150k, in which case it's tapered away. If you earn £210k the most you can pay into a pension is £10k.
General Election 2017 | Cabinet reshuffle: Hunt re-appointed Health Secretary for record third time
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Paid for by my mother and father working 14 hours a day in a new country they did not properly understand. Ive just carried on doing the same. Anyone can do it
Im sorry to hear this. I remember when there was a similar discussion on the caf a good few years ago you were in a similar situation.
But you have to understand the state has to do these checks to weed out the non genuine folk who prefer not to work. I dont think you should feel bitter over the process
Now then. How did they become educated?
My Mum had 4 kids by 23 and no job. My Dad left and she was borrowing money from her Mum to put food on the table, things were really bad.
A Labour government put her through University with grant after grant and bursary after bursary. She has earned £45k+ for 10+ years now, and if you'd have asked anyone in our street as kids if our family would achieve anything of the sort you'd have been laughed at. She is a staunch Labour supporter and wants other people to be given the same opportunity and not treated like shit due to being a victim of circumstance or whatever. Myself and my sister both earn similar money now due to the platform given to my Mum and the breathing space her wage allowed us. We all contribute enormously to the economy and have for years, and whilst £45k might be pittance down South, in a Northern town it's absolutely plenty and just because of this money we don't now think it's okay to abandon what Labour stands for...
Indeed. I dread to think what will happen as the pension bill keeps increasing.
Anyone who doesn't believe in society and is well off for whatever reason should obviously vote Tory.
Look, tax is not about punishing people. We've allowed ourselves as a country to slide towards a right wing economic policy where companies and rich individuals are allowed to greatly enrich themselves at the expense of the normal working people. It's stupid and short sighted greed, because if the working and middle classes are prosperous they fuel growth in the economy which allows everyone to become better off. Tax is just a tool that allows us to start that rebalancing. There are many other things that need to be done.
Hey, you can think of yourself living off my taxes instead, and I say good luck with it all.
The idea stated in this thread everyone can be wealthy and successful is of course nonsense, we do not live in a meritocracy.
Also, the basic premise of capitalism requires a pool of available labour at all times, it cannot work without them, it's how it keeps wages in check. Thus a capitalist moaning about the unemployed is just ridiculous, or someone who has no understanding of the system that makes them wealthy in the first place. The system is designed to create the unemployed. I'd rather they had a half decent life myself instead of begrudging them a fecking roof over their heads.
I had only asked what you do to understand a hypothetical tax rate you will be comfortable with based on your income. It will be really interesting to hear your views when you get a job and forced to pay taxes. I've supported higher taxes when I didn't have work and supported lower taxes after I got work. Now after nearly 15 years of work, I've mellowed down to see the benefits of tax, but your changing views based on your income was an eye opener for me. I'm not saying everyone will be selfish like me though.
Good luck with your health and if I'm right, you are a young voter and I hope you get out to vote.
HP sauce can make anything taste good.
Not really. I don't think anything this invasive is required. I really don't believe there is a significant amount of people claiming incapacity as a lifestyle choice. Just a small number who it's not worth hurting the majority of genuine people to weed out.
It's not remotely preferable to working, for most.
Yeah DiseaseOfTheAge, don't feel bitter over the process that sees over half of appeals being successful, it weeds out the non-genuine folk. Admittedly it also takes benefits off people who are later deemed unfit to work by the appeals process and a number of those have died in the time it takes for that decision to be made but don't be bitter, because you're still here to tell the tale.
Quite amusing that when faced with someone in that situation, those who usually scream 'scroungers' suddenly believe that they're talking to one of the genuine ones without question.
Btw, didn't May just a few weeks ago lecture Sturgeon about how a ref vote would be unnecessarily divisive at a time when we 'all need to come together'? Hypocritical cow.
Not really, its how we paid off the war debt.
Indeed, I'm really only talking about each additional pound earned here, not the full amount.
Sorry, maybe I was not clear.
The 98% I am referring to is... A higher rate tax payer get charged 40% income tax and 2% National Insurance (on each pound above £43k ish). But if he puts that money into a SIPP, he'll get the 40% tax back... so only charged 2% tax!
Lower rate tax payers get charged 20% income tax and 12% National Insurance (on each pound above £11.5k). If he put's the money into a SIPP, he'll get the 20% tax back, but not the 12% National Insurance!... so he get's charged more than the higher raters!
But you are right, pension contributions are capped.
The Tory UKIPers will. Labour UKIPers will be the one's Labour needs to focus on. The Brexit vote wasn't about Tory Labour.
Your construct is based on the assumption that only traditionally rich people and the elite ever get rich. Sorry, I think that taxing the wealthy at 50% or 60% because they can afford and then redistribute the wealth is entirely stupid'.
That's the problem. Even the benefits system seems overly generous to some while brutal to others. All badly run and inconsistent. Tbf, people harp on about the private sector being more lean and efficient, but plenty of the companies I've worked at were badly run in a number of ways too.
I genuinely think this is because I can spell.
if i rote les wel, I suspect I might fit their image of a scrounger a bit better.
Ah, yep, not a worry most of us have though. I've been out tax nerded!
If they had the others and fathers working 14 hrs a day. Many don't.
There's a massive disconnect between reality and people's perceptions driven by propaganda.
Is that right? Been years since I've had to write about pensions.
No one's saying you or they don't work hard. Just that millions others work similarly hard just to scrape by.
I have to stop myself picking up on tax things in the CE far too often, in this case I thought you might have forgotten and I wouldn't want you over contributing, 'cos I know you make the big bucks!This hits the nail on the head
Thats unfortunate but seriously why is that my problem? Labour voters like me pay top level tax as it is to compensate for that. Why should we pay even more so Corbyn can go on yet another labour opening spree?
Atos previously and capita now are making millions out of assessments. Brought in by blairs lot atos were actually banned from operating their business in several US states, described in court as running 'disability denial factories', but they still employed these people.
80% of their decisions are overturned, they get a bonus for every person they take off benefits. It is not returned when the desicion gets overturned. That is where the money is really going.
To capita, to atos, to virgin. In fact, richard branson is currently suing the tax payer for compensation because he did not get a government contract he wanted.
Thing about mocking someone for voting out of self-interest is that most people vote out of self-interest. I'm worried that the response to this seems to be "well then you are a Tory". That will not end well.
Really the big question right now. Don't think any of them can counteract the huge leads the Tories have on leadership and the economy, but you can't predict anything with certainty these days.
There's a good slogan.
I actually think, people earning the £40k-£50k region pay the least tax. Rich enough to stick anything above £40k into your pension to stay as a low-rater. And putting £10k a year into your pension over 30 years will turn into around £1m using 6.5% above inflation.
25% tax free = £250k tax free
6% on the remainder = £40k a year, about the lower tax band rate
Really... blimey. Weird rules.
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That's because you listen to stupid Tory bullshit about 'redistributing wealth' as if some cnut is going around robbing cash out their pockets to hand to poor folk. Two things, 1) its about creating infrastructure, regulation and opportunity for poor people to enrich themselves by being given a fair chance and equal opportunities in life. It's not handing them free money. 2) The rich only become rich because of the opportunities they had available thanks to the country they live in. The country allowed them to enrich themselves, its not like the country is some pickpocket stealing the money the poor dears made all on their own. That's not how this works.
I mean, if you Salary Sacrifice you get the whole lot put into your pension either way.
Yeah, that's true too. Although if you're a customer of the private sector you should (at least, theoretically) be able to choose not to give your money to a company that gives you a poor return. The frustration for top rate tax-payers is that you've no choice but to see your hard-earned pissed up against a wall.
On balance, I'm ok with this. I can't think of a better solution and want to live in a society that cares for its disadvantaged. Every now and then, though, I have a Tory moment and feel the red mist descend when I find out about yet another fecking colossal waste of my money and read left-leaning think-pieces (or statements from Corbyn) about how the solution is to screw even more cash out of me.
email the local party offer to help, i did in 2010 election.... can't say it was very rewarding made me quite disillusioned with politics.
We are back to the heart of the BrExit immigrant debate who are willing to work harder, but older born natives think they have a divine right to get the same with less.
I dont think I was born intellectually gifted. Maybe all people should have studied 4 hours every night after school, get qualifications and get good employment. Its possible for all.
Perhaps all my critics should focus it towards the Labour party. This is why they are currently unelectable and will lose millions of voters like me in this next election due to CorbynOmics.
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In addition to the fact that whilst I only work a shocking 8 hours a day, I decided long ago that I was going to be there for every bath time and bed time i could be for my kids. My dad worked every hour given to him for a good few years of my childhood. it meant I was comfortable financially, but I always wished my dad was around more to take me to football training more.
It's a balance at the end of the day for me.
If after all this time you guys vote significantly for a pro-brexit party then you can have no complaints whatever happens.