#NUFC away days. Accidental owner of giant pets. Tweets in personal capacity.
London, England
Joined May 2011
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A year ago I spoke in more detail on why squeezing the middle & taxing those on £50k as rich doesn’t work. It’s not that I don’t want to help the poor, or I’m on the breadline… it’s all of this. Please do give it a read before leaving a comment 💛
Shell 🐚⚽️🖤 retweeted
If you want to know how shafted the middle class is look no further than this stat.
UK new minimum wage will now be £27,456 per year
Higher-rate tax bracket (40%) 50,270.
That is 1.8x difference between the two.
When new Labour won In 1997 there was a 5x difference.
Absolutely crazy. We need to support the squeezed middle.
Shell 🐚⚽️🖤 retweeted
We were going to post the match report, but we've broken the internet so leave it with us 😂
Shell 🐚⚽️🖤 retweeted
A £27,456 baseline wage against a frozen £50,270 threshold means the entire career progression of the British working class is being squeezed into an absurdly narrow band.
Factor in fiscal drag and student loan repayments, and middle earners face punitive marginal tax rates before they have even built a modest savings pot.
Mandating wage hikes without underlying productivity growth does not raise living standards; it simply fuels inflation and destroys the incentive to upskill.
Can’t wait for Arteta to say loads of silly things in his interview to get cropped for us to laugh at,
Squeezing the middle so hard it’s a joke. Entitled to nothing, but pay for everything when you finally pay back your student loan. This is why I left labour. There is no incentive to work hard, get promoted or ask for a pay rise. Not expecting sympathy, just being realistic
I’m a DINK. Dual income household. Combined salary nearly double this. Cannot afford life in London. Pay £90k of it in tax. May as well give up work completely to have a baby. X
I earn £100 grand a year.
I have a detached house. 2 cars and my wife is a full time home maker.
I can just about afford this. I probably couldn’t afford the house I own if I was buying for the first time today.
My salary puts me in the top 5% of earners in the UK.
Top 5% to have a similar standard of living to Homer Simpson.
That is a disgrace.
We have a flatter salary distribution than Soviet Russia and the highest taxes and borrowing costs we’ve seen in generations.
Success is almost impossible because our tax system means hard work makes you a stressed out tax cow, not wealthy and certainly not free.
We need something radical.
Less state.
More family.
Less handouts.
More reward for risk.
Instead. Tomorrow, Labour will offer another batch of policies which will send one message to aspirational Brits: why bother.
Shell 🐚⚽️🖤 retweeted
Back in 2010, the minimum wage was £12,064 and the 'higher earner' band started at £43,875.
You only paid 40% tax once you were earning 3.6x the minimum wage.
There was clear incentive to progress, learn and aspire for more.
As things stand, you now start paying 40% tax once you earn £50,270 which is just 1.83x the minimum wage.
If it was the same multiple as 2010, the 'higher earning' band would be £98,841 and everyone below this amount would be paying 20%.
Someone on £98,841 is effectively losing out on £9714.20 net per year if the bandings had simply moved in line with previous multiples relative to minimum wage.
This is one of the reasons why the middle class is being eroded and why there's a cost of living crisis in the UK.
An increase to £13.20p/h equates to a minimum wage of £27,456, based on a 40 hour week.
Once you factor in employers NI and basic pension contributions, the MINIMUM cost to hire a 21 year old for a company would be £31,461.
This is before you factor in any overarching business costs like office space, laptops, phone, software, training, support staff, vehicles etc.
This is going to be devastating to SME's who cant put together a simple 12 month budget without the goalposts being moved & their margins squeezed.
It'll also be catastrophic to youngsters opportunities because businesses will simply not be able to afford to hire them.
What's also incredible is that anything above £50,270 is seen as 'high earnings' in the UK and is taxed at 40%!
We are governed by financially and economically illiterate morons.
This will not end well.
Shell 🐚⚽️🖤 retweeted
Just shy of £23,000 pounds separating those on the minimum wage and those now in the higher tax bracket. This is completely unsustainable, the squeeze on middle earners and the pressure this places on employers is nothing short of a scandal.
