I'm about to go to university to study law but what is the point of killing myself to get the best grade and then working like a dog to get promotions and the best salary if I then have to pay 45% in tax? That's almost half of my salary! I do not want to have to give up my life, possibly never having a
I'm about to go to university to study law but what is the point of killing myself to get the best grade and then working like a dog to get promotions and the best salary if I then have to pay 45% in tax? That's almost half of my salary! I do not want to have to give up my life, possibly never having a partner or children and less than 6 hours sleep every night, just for others to use the NHS, welfare system and the nuclear weapons to be up kept.
You're only going to be paying 45% income tax if you earn over £150,000 a year, and to start with you certainly won't.
Income tax doesn't work like you think it does anyway. On the first £11,000, you pay nothing. On the next slice of income up to £43,000, you pay 20%. Note that this is ONLY on that slice, NOT on the whole lot – you're still getting the first £11,000 tax-free. On the slice above that up to £150,000, you pay 40%. Only when you get to £150,000 do you pay 45% ON THE TOP SLICE ONLY. At which point don't you think you should be able to afford it?
for a prospective lawyer,
you have not read the way tax is applied very well – have you ?
1st 11,000 – TAX FREE (everyone)
next 30,000 (approx) – 20% tax (same for most people)
it is only the income ABOVE this that is taxed at 40%
on say 60,000 your "average" tax is still only some 25-30%
20K at 40%, 30K at 20%, 11K at 0%)
and that ignores, that at that level of income, you will be putting lots of TAX FREE contributions into pensions and other tax avoiding savings / investements etc.
So the chances that you pay 40% on any major proportion of your income, is small.
And that ignores that you might form a company to get paid with etc
(and no I don't think Mistress May will change the breaks on that, despite what she says)
If you think paying 45% tax means paying almost half your salary you don't understand how the tax system works. You only pay 45% on earning over the 45% threshold. You still pay no tax on the first 11,000.
I don't know of any tax system that doesn't charge more when someone makes more money, that's pretty much the way things are, world wide
if you slave to make more money, you will pay
I can't believe it is 45% but then I am not familiar with your system
You don't pay the top rate on everything and a lot of it comes back to you in to form of government services.
You do not pay top rate without getting vastly more money than normal people. Suck it up or emigrate to a country that does not sponsor your education.
You have a choice…..more income and more taxes OR less income and less taxes. Pick your poison.
its so called democracy