[HN Gopher] UK Treasury Is Spending PS75k to Bring Back Each Old...
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       UK Treasury Is Spending PS75k to Bring Back Each Older Worker
        
       Author : toomuchtodo
       Score  : 17 points
       Date   : 2023-03-15 18:45 UTC (4 hours ago)
        
 (HTM) web link (www.bloomberg.com)
 (TXT) w3m dump (www.bloomberg.com)
        
       | JonChesterfield wrote:
       | Step one, get people to put more into pensions by savaging them
       | on income tax if they don't. Step two, change the terms on
       | pensions so that it gets taxed anyway, just later.
        
         | simmerup wrote:
         | Isn't step one make people not work by savaging them on income
         | tax, because who wants to bust their ass to break 100k when
         | they're getting a 60% tax bill.
        
           | tharkun__ wrote:
           | It looks like the highest tax bracket in the UK is at 45% and
           | starts above 150k GBP.
           | 
           | On 150k GBP you would pay max 40%. Buuut let's say you make
           | 200k,then some falls into the 45 bracket.
           | 
           | PS83,934 taxes or an average tax rate of about 41.9%
        
             | mmarq wrote:
             | Between 100K and 125K, you progressively lose the tax
             | allowance, bringing your marginal income tax rate to 60%.
        
               | tharkun__ wrote:
               | I didn't just dream this up. I literally just Googled a
               | tax calculator and input 100k, 150k and 200k.
        
               | xanthrax wrote:
               | And your using out of date information. The upper tax
               | bracket has been lowered to 125K and you also lose your
               | personal allowance of 12.5K which is tax free, so you
               | start paying tax on earning you didn't have to before.
        
       | toomuchtodo wrote:
       | https://archive.is/2JcY9
        
       | secretsatan wrote:
       | All the problems the uk gov are not because of absolutely
       | terrible decisions by the conservatives, i think we should keep
       | that in mind
        
         | ElfinTrousers wrote:
         | I mean, any party could have been running the place for the
         | past 13 years, there's no way to tell.
        
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       (page generated 2023-03-15 23:03 UTC)