MONEY WOES
I’m a mum-of-2 on £120k & I’m dreading Labour’s tax hikes – there’s no point in working, but my view angers people
Scroll down to read what Sir Keir Starmer has said so far
A MUM-OF-TWO with a £120,000 salary has revealed her dread for Labour’s tax hikes as she believes it’s the “hard workers who will take the brunt.”
In a major speech today, the Prime Minister laid out ground for sweeping tax raids for millions of households.
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Sir Keir Starmer warned that Brits must endure "short-term pain" for the "long-term benefit" of the economy after arguing that “things are worse than we ever imagined.”
Sir Keir said: "There is a Budget coming in October, and it's going to be painful.
"We have no other choice, given the situation that we're in.
"Those with the broadest shoulders should bear the heavier burden, and that's why we're cracking down on non-doms."
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The Prime Minister criticised the Tories for severely damaging the economy, promising to address the "decay" affecting public services and growth.
He committed to closing a £22bn black hole in the public finances by building an economy that "works for everyone."
Sir Keir insisted that wealth creation is the "number one priority" of his government.
But one parent took to online forum Mumsnet and shared her “pain” for the political move.
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The mum, who has remained anonymous, captioned her post: “October budget is going to be painful”.
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The mum continued by writing: “Here we go..... I knew it.
“Labour were promising not to hike our taxes in the election campaign and here we are.... apparently they discovered a £22 billion black hole in his first weeks in the role and it's not his fault.
“Let me guess, those of us who earn six figures and already pay 45 per cent will pay EVEN more and take home even less.
“It's the hard workers who will take the brunt. What's the point in working anymore!”
Those with the broadest shoulders should bear the heavier burden, and that's why we're cracking down on non-doms
Sir Keir Starmer
Currently in the UK, if you earn up to £12,570 you won’t get taxed, but that increases to 20 per cent tax if you earn between £12,571 to £50,270 and 40 per cent if you earn between £50,271 to £125,140.
Then, the last bracket is 45 per cent tax and this is for Brits who will earn £125,140 and over.
The parent earns “a little over” £120,000 and she claims she will be getting taxed the same “as those earning £500,000.”
She continued to write in the post: “Before people jump in saying they don't feel sorry for me, I work full time to support my family, as of January I will have two darling children in nursery, plus my mortgage and get ZERO free hours childcare, whilst they keep promising free childcare but I just pay more for everyone else to benefit.
Black hole
“I cannot afford to pay more taxes to fix this country and especially when so many people are getting a free ride and not paying their way, ranging from millionaires with tax havens to those claiming benefits dishonestly.”
The post sparked a big debate amongst other parents, with many rushing to the comments section to share their thoughts.
“It is frustrating when you work hard and end up giving so much to the tax man. And there’s others who don’t work a day in their life unaffected,” one wrote.
Another added: “It is hard when kids are small there is no getting away from it. But it’s a few years and gets better quickly once they are bigger.”
It's the hard workers who will take the brunt. What's the point in working anymore
Anonymous mum-of-two
However, others disagreed with one writing: “Sorry but I don’t feel sorry for you.
“You could have planned better to not have both children in nursery at the same time.
“You could choose a more modest house and lower mortgage.
“I also work full-time to support my family, and earn well above average. I don’t begrudge paying my taxes.
“You don’t even know what Labour have planned yet. They may only hike taxes for much higher earners.”
Another added: "Just because you earn so much it doesn't mean that you are the hardest workers.
"Not by a country mile. A building sure labourer on minimum wage works hard in all weather.
"A hospital porter works hard. Nurses work hard and long shifts. Teachers Work hard for a pittance and get PTSD for it.
"Earning an excellent wage doesn't mean you work harder than somebody on minimum wage. Often it's quite the opposite.
"I'm sorry you are going to struggle but I'm aiming your part we will be sharing costs with you in the raising of your children and nursery etc.
"So you don't get just your wage of £120k before tax. So your family income is the very top tier and you are begrudging helping the people on the very very bottom. How lovely of you."
What have Labour said so far
In a significant address, the Prime Minister set the stage for extensive tax hikes, stressing that households must endure "short-term pain" for the "long-term benefit" of the economy.
Grim Economic Outlook: Speaking from the No10 Rose Garden, the PM stated that “things are worse than we ever imagined.”
Sir Keir's Budget Warning: Sir Keir warned there is a Budget coming in October, and "it's going to be painful."
Criticism of Tories: The PM criticised the Tories for severely damaging the economy, promising to address the "decay" affecting public services and growth.
Pledge to Fill Deficit: He committed to closing a £22bn deficit in public finances by creating an economy that "works for everyone."
Wealth Creation Priority: Sir Keir insisted that wealth creation is the "number one priority" of his government.
Trade-Offs Essential: He acknowledged that life will feel worse before it gets better, with essential "trade-offs" in the October 30 budget to revive Britain.
Address to Key Workers: Speaking to an audience of nurses, teachers, firefighters, and small business owners, Sir Keir said: "Just as when I responded to the riots, I'll have to turn to the country and make big asks of you as well, to accept short-term pain for long-term good, the difficult trade-off for the genuine solution."
Election Campaign Vow: The PM reiterated his promise not to increase income tax, national insurance, or VAT.
Other Taxes at Risk: He suggested that other taxes might not be as secure, hinting at potential hikes.
Capital Gains and Inheritance Tax: Chancellor Rachel Reeves is expected to target these taxes for increases.
Unpopular Decisions: Sir Keir is willing to make tough choices, including ending the winter fuel allowance for pensioners.
Long-Term Benefits: He explained that they have made the "difficult decision" to mend public finances for long-term benefits, including for pensioners.
A third wrote: "And yet, we hear of so few people giving up their £120k jobs for a life on benefits... There must be something keeping you hanging on OP, what is it?"
A fourth argued: "You are equating working hard with having a high salary and which is not always the case. Plenty of people work hard in minimum wage jobs.
"Our national debt is massive so inevitable that taxes will go up. What’s the alternative?"
The mum continued her argument in the comments section after many people disagreed with her.
She wrote: “I've only just won this salary and was in debt myself before that, so no I have not saved up. I managed to clear my debt and buy a house, I just don't understand the point of working.
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“I may as well save the £4k a month/£48k a year on nursery and claim benefits. After all, I won't end up with much less.
“That salary is with my bonus, which I put in significant overtime for and that is taxed 45% too. My point is, are we now going to be taxed at 50 per cent? 55 per cent? Where does it end?”