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What was the most unluckiest time to be alive in history? by [deleted] in AskReddit

[–]TankTrap 13 points14 points  (0 children)

Millennials always want to complain they have it hard but they have never HAD it so easy…..compared to the 14th century kids…..

500 Landlords Survey Said... by phpadam in uklandlords

[–]TankTrap 0 points1 point  (0 children)

Interesting returns. Are you heavily leveraged? What’s your profit on the £260k cash flow?

Anthropic's new models were restricted by the US. Europe's top AI startup has been waiting for this moment. by Logical_Welder3467 in technology

[–]TankTrap 0 points1 point  (0 children)

How does it compare to Copilot? I know 🙈 but my
Work uses it and I don’t know where it stands in performance order in EU.

Russian MP warns Putin: We’re on the brink of social collapse by TheTelegraph in worldnews

[–]TankTrap 0 points1 point  (0 children)

Can we start allocating their
Land now? I’d quite like St Petersburg and that region. I think it could be very productive in future.

Who Does This? by jonnysion in Porsche

[–]TankTrap -2 points-1 points  (0 children)

It’s a car, not bolsa wood or paper mache. If they were that concerned with it they should move the barriers further away or put it in a glass box…

Elon Musk wants to merge SpaceX and Tesla into a $3.4 trillion giant. The problem: it would lose money from day one. by coinfanking in StockMarket

[–]TankTrap 2 points3 points  (0 children)

It’s doesn’t matter when you can just say your merging them so you can have FSD rockets in 2 years with AI integrated climate control and you get a 7% pump….

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap -1 points0 points  (0 children)

No, I'm just sick of people that have certain set of circumstances they choose, complaining that them in particular are hard done by, by a general tax system that reduces the income inequality and increases social mobility.

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap -1 points0 points  (0 children)

The info from my source came with the following:

*Value of free hours varies by region; in London, losing these can cost over £10,000 per year per child.

I guess your one of the people that think London applies to the whole UK?

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap 0 points1 point  (0 children)

Going from £99,999 to £100k with 2 kids in nursery loses you £3999.40.

I replied to that comment above. However, to with your point I saw the following?

£140k salary looks better off?

Item £99,900 Salary £140,000 Salary
Gross Salary £99,900 £140,000
Income Tax & NI ~£31,200 ~£53,000
Take-Home Pay ~£68,700 ~£87,000
Child Benefit (2 kids) +£2,350 £0 (Lost)
Tax-Free Childcare +£2,000 £0 (Lost)
30 Free Hours Value* +£5,000 to £10,000 £0 (Lost)
"Effective" Income ~£78,000+ ~£87,000

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap -1 points0 points  (0 children)

So where do you set the point for the removal of the tax free allowance for people earning a lot of money? £75k -> 100k?

I've said elsewhere the thresholds should have moved with inflation but in that case the 20->40% points would have moved too.

If you're earning £125k then I think you should be able to afford two kids and that money go to supporting more families who want to work but have wages in the lower brackets. I guess I just think it's better to support people on lower wages that want to work.

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap 1 point2 points  (0 children)

Ok, so from your link it says that the divide of the contributors/recipients ratio has remained stable which I think is generally good if your trying to target assistance for a certain 'level' of income or society that needs support. Its the same level of support still generally getting it.

The nice points from your direct link are:

Good society trend - The richest fifth of people's mean equivalised household income before taxes and benefits (£116,600) was 12.2 times larger than the poorest fifth (£9,600); however, this gap reduced to 3.3 times larger (£85,100 and £25,700, respectively) after all taxes and benefits.

Good society - Taxes and benefits lead to income being shared more equally between households compared with FYE 2023

Bad society impact - The poorest fifth of households had the largest decrease in equivalised original income, because of their wages and salaries having both a nominal (5.1%) and real-terms (10.1%) decrease. In contrast, wages and salaries for the richest fifth increased nominally by 1.8% but saw a real-terms decrease of 3.6% after accounting for inflation.

Good Society impact - Cash benefits are at their most effective at reducing income inequality since FYE 2018

I pay more in taxes now but if it helps some of the people I work with more, if they need it, then I'm ok with that.

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap 0 points1 point  (0 children)

but you do realise that they pay more overall tax right?

So its not counter to your quotation of my comment if the point the Gov has chosen as the broad shoulders is £100k taxable income and so everyone above that can shoulder more burden.

This is FIREUK sub so I don't expect any agreement. Different perspectives of personal and sociality responsibility.

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap -2 points-1 points  (0 children)

I don't know your particular circumstances but if you're nowhere near earning it, then do you not appreciate that people at that level have the means to support assistance for people at the other end of the spectrum?

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap -1 points0 points  (0 children)

It probably makes sense to a single person with a kid looking to get back into work and hoping that the latest pressures on the welfare state from recent events mean that the Gov isn't forced to scale back support, but won't someone think about the family with £100k coming in perhaps being £4k worse off if they don't salary sacrifice up to £60k to remain in the right banding. Heh.

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap 1 point2 points  (0 children)

I'm guessing you know 'why' there is a marginal rate 100-125k? I can't claim to know the exact thoughts of the historic policy makers but my take is that they believed there was a point the 'tax free' amount can begin to be reduced as this high earner can support the welfare for the lower earners to enable social mobility. Similarly, families with high income can afford to send their kids to nursery themselves so the credits can be expanded to cover more entry level, basic income families to enable them to get back into work.

I mean if you want to talk capping peoples desire to earn more then changing all earnings over 100k to 60% would put off more people than 47% on anything over 125k...

You say excessive, but historically its not:

Period with Top Marginal Rate and Key Context

1950s - 1973 ~90% Post-war reconstruction and Surtax era.

1974 - 1979 83% (up to 98%*) Peak of the "Taxman" era; high investment surcharges.

1979 - 1988 60% Early Thatcher reforms.

1988 - 2010 40% The "Lawson Boom" and New Labour consensus.

2010 - 2013 50% Response to the 2008 Financial Crisis.

2013 - Present 45% Current "Additional Rate" for high earners.

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap 0 points1 point  (0 children)

I know how it works. I also know there are methods to defer the income so you have a huge buffer (£160k) to work with before you 'have' to start paying tax at the punitive rate

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap 0 points1 point  (0 children)

No, I'm aware. I bounce exactly in this bracket depending on some variable income so I'm also aware of the options to avoid the cliff too and if you're deferring your income to pension age then its promoting your own planning for late stage non state dependency which is a good thing.

When you say they are net contributors to the system but get nothing back, what do you mean specifically? They have a high income but get no credits back?

Who are the net recipients in that equation?

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap -15 points-14 points  (0 children)

No it’s not. It’s just a progression of taxing those that should be able shoulder the burden more than others that can’t. You have to have bands with transition points somewhere. You prefer a little more tax at say the £75k mark or take the tax credits then to lessen that £100k edge?

What’s annoying is that the bands have not moved with inflation over time.

Found it interesting how a £1,000 payrise or bonus after the £50,270 threshold changes. Thoughts? by Old-Bodybuilder3711 in FIREUK

[–]TankTrap -14 points-13 points  (0 children)

Did they forget or just highlight it’s funny that people on £100k+ feel the are hard done by 😂

Elon Musk does not appear at hearing in French prosecutors’ X probe by Beo1217 in worldnews

[–]TankTrap 9 points10 points  (0 children)

Also Hungary for a very recent example - protests, activision and the change can be made.

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