Quote:
Originally Posted by mrmistoffelees
It does not take earning tens of millions to get you taxed twice.
You could be earning 35k per year and get RSU’s in a startup and you’re getting hit for tax on the RSU’s NI AND employers NI
To answer your question re millionaire vs nurse
The millionaire has zero personal tax allowance and pays tax on every penny of their paye income at varying rates (so that’s 45% on 850k of their earnings)
A nurse earning £40k per year pays 0 zero tax on the first £12.5k and 20% on the rest
The millionaire has paid £382,500 JUST at the 45% level
Just how much do you want ????
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I have asked one of my former school friends who's very left wing how much tax does he think is fair, but I have been unable to get an answer. I get the impression that he thinks that anyone earning more than him should be taxed until they earn the same as he does.
He's always obsessed with how much tax other people are paying. He started on about me and my work and not knowing anything about what I'm doing and he was making a lot of assumptions.
I told him that I don't work at that place these days, I started my own business. If the situation had been reversed and he had said the to me, I would have said something along the lines of "I hope that works out for you", but his angry reply was "I hope you are paying the correct amount of tax". I explained that that was between me, my accountant and HMRC which seemed to anger him more. I suppose he doesn't personally know anyone who is rich, so someone earning more than him is his nearest target.
I do have a good memory though, I don't suppose he remembers boasting about taking his sleeping bag into work when he worked in nationalised industry, and I don't suppose he considered it as ripping off the tax payer either.