£120,000 is the WORST Salary in the UK

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[johnholkham]

What we all miss is it’s the mega rich like Rishi who paid tax at a rate of Just 23% on his total income.

[Chris-yrqo]

Good video, but I actually think you've been to kind on the UKs tax, you've forgotten to add national insurance, council tax, insurance premium tax, duty on fuel, stamp duty land tax, stamp duty when you buy shares, tax on dividends, capital gains etc etc.

[jimbojimbo]

Getting taxed 60% no matter what you make is absolutely insane, you should never lose the majority of what you earn.

[komnishura]

This is the cost of high taxes. It is beyond me that if you are a high earner and high tax payer you actually loose the free child care? What kind of feeling do you get when you pay the most tax and dont get any benefits from it? Really bad policy in my head...

[GillerHeston]

Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.

[davidmoore]

I never understood how the British government could install the tax regime in Hong Kong where everyone roughly pays 15%, whilst they tax you up to your eyeballs domestically and still do.

[Abdul_Rahman]

I see her point.
I’m better off on 48k than I was on 52k. (I work in finance)
I opted for shares and pension contributions.
I take home more or less the same net. And here’s the icing on the cake, I am qualified as nurse and I can’t do agency work as a nurse because I’ll end up paying 40% on what I earn.
I only take home 2.8k

[kidkal]

I earn 120k on sole income and I am much much worse off than people earning 60k each on dual income!

[keithianlocke]

Just shows what a rip off Britain has become.
When I first started work back in 1992 at 19yrs of age, my starting wage (before minimum wage was introduced) was the same as my father's wage. He owned a 3 bed detached house, a car outright, and two holidays away each year.
I'm stuck in social housing, car on finance, and haven't had a holiday for over 10yrs.

[thepurplecat]

My base salary is £113, 000 before dividends and I hate when people say it’s privileged. No it’s earned. I sacrificed my early 20’s and having fun and socialising to specialise into a niche field that pays me consummately with my skills and qualifications. How is that privileged? My mum is an office cleaner and dad a warehouseman, I paid my own way through my entire life and took myself to University. How is that privileged? I earned what I make today. I hate how people can’t applaud others success but instead seeks to pull them back down.

[IAMMARTICUS]

Good video. Flat tax is a bold suggestion, but perhaps is a sledgehammer. The problem is these ridiculous tax traps. Taxation needs to be vastly simplified and completely scalable, so that growth is never discouraged.

[alexgriffin]

I live in Scotland and the effective rate is 70% (rather than 60%). Absolutely Ridiculous.

[gileswilliams]

If one person puts in an hour's work and takes home £20.00 but someone else puts in two hours of the same work, but takes home only £30.00 it is not just to claim 'Oh, poor you, you're only earning £30.00, it must be so hard!' The dude earning £20.00 is clearly getting the higher return on investment.

[MV]

Nice video! I’d add that these thresholds haven’t moved in years while inflation and salaries grew quite a lot, so effectively tax rates went up!

[jrzeh]

I'm on abit more then that but I get taxed to death and I have to pay £320, 000 off training over 20 years as a Helicopter pilot so once the Tax gets me and I pay that I have £32k a year to spend until my working life ends at 60 as a Pilot, I get now help for kids or anything, I was better off when I was a motorcycle mechanic because of the benefits like it said but add the big £320k debt into the mix and it's not so good. Oh and my wife a Dentist so we get double fucked, We want to move away because seeing more then 50% of our wages taken and we get no benefits, Even the medical care we have to pay private because NHS is useless and as a Pilot I need a class 1 medical so.. maybe I'm in a unique problem but all the cards are stacked against us.

[barbarianlife]

In our current system, the harder you work, the harder you are punished. We need a flat tax.

[ThomasSmith-tvgp]

Any tax system that penalises and makes you poorer for the more you earn is absurd. How this level of stupidity exists in modern government explains why we are where we are

[chumabanjwa]

People generally confuse a good salary for wealth.

[third]

No mention of the 2% cap on national insurance which they’ll have though, arguably £50270 is the worst salary to earn in the UK because of this

[funkyfrank]

Don't forget anyone with a large balance on their Plan 2 student loan, which means they'll be paying a marginal rate of 69% with little hope of paying off the full amount. If these thresholds aren't changed there'll be a growing cohort of high-earning graduates with little to no incentive to increase their salary beyond this amount other than to increase their pension contributions. Seems like a ridiculous feature of the tax system.