£120,000 is the WORST Salary in the UK

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.

Having a flat rate if tax is what I would describe everyone paying their " fair share" .... But in that case how can they keep the mildly successful people from getting out of the rat race... everyone needs to be in the rat race for the system to work..

Just for extra clarification: In no way do I think £120k is a bad salary and it's a privileged position to be in. I do think however it's an interesting talking point - should we be in a position where people are actively trying to keep their salary under £100k to avoid this trap? It all seems a bit backwards to me!

I earn £30,000 working two jobs. My father used to earn £150,000 salary for a while before he retired last year (he's 70). I pay far less tax as a percentage, whereas my father was taxed so highly that our total incomes, including his private and state pensions, are now about the same and I'm living with him (and mum) because I can't afford an house. `I saw how hard he worked, 80 hrs/week at least and the sacrifices he made for his family and to what did it amount? At the end of the day, he has a paid off house, which he still has to share with me, and everything else is average. I feel like I get a much better deal with my low salary but much less tax. Less of my life is stolen by the government! The UK tax system is like a boot on the heads of the salaried, pushing them down so that they can't rise, while those truly wealthy get to keep rising. It's the high income taxes causing the large inequalities in this country, not lack of tax. If you want proof, look at Sweden's post-tax income inequality (incredibly equal) then look at its wealth inequality (one of highest in world!).

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

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.

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.

I notice that TAX is used to disincentivise doing a thing… sugar TAX, Tobacco TAX, Alcohol TAX, then we wonder why no one wants to work anymore! Tell me this… if I work 80 hours a week (which I frequently have done) how about I’m allowed to simply have the equivalent TAX allowance of two full time people? Sounds fair to me and I am doing the work of two people!

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

The U.K. tax system disincentivises doing well. As we progress with a socialist government the situation will only get worse. People who have got to earning over 120k have worked damned hard to earn this. University, long hours and extreme pressure and stress. Privileged ??? Earned defiantly, it’s all about life choices.

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

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

Why would you want to tax people earning minimum wage?

How can this be fair ? you get reward if you don’t work, you get penalty when you work extremely hard, crazy system 😅

The worst is to earn 360K, as you don't have the pension allowance anymore

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!

Fair and I don't need it? What I don't need is to pay for other people who contribute nothing to my life Progressive tax is just sheer robbery, ans the middle class has been squeezed and squeezed for over a decade I remember hitting 45k several years ago, i didn't have kids, but my colleagues did, the government lowered the bracket, captured more people on 40% tax and stripped the benefits that they had So as the envious chant cry me a river, i chant improve yourself, improve your skills, don't be a parasite on someone elses labour

When it was said that highest earners lose their personal allowance I never realised that it literally disappeared, I assumed that it went from 0% to 20%.

You forgot to mention the worst tax of all: Paternity Tax. It's actually called "child maintenance" (but let's face it, more than 97% of the separated parents paying it are fathers)... ...if a separated father is in the £160,000 category then there will be a separated mother who will be incredibly well off the less she works.

Fiscal drag, political intent. A real disincentive to many. In Trigger’s famous words ‘why ask’ 👍