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Not that it makes things better, but 80K doesn't put you in the highest tax bracket: you pay a higher marginal rate over £100k because you start to lose your pe
by zelos 5y ago
Not that it makes things better, but 80K doesn't put you in the highest tax bracket: you pay a higher marginal rate over £100k because you start to lose your personal allowance, plus there's a 45% rate at 150k+
- Nextgrid 5y agoFair enough, I wasn't aware it gets even worse, but the current level of tax at 80k£ already feels extremely unfair when it's barely enough to rent in Central London.
- arethuza 5y agoLondon is one of the most expensive cities in the world - plenty of much cheaper (and to me much nicer) cities in the UK.
- iso1631 5y ago£2,000 a month after rent and commuting costs (if you live in Central London you presumably walk or bike to work) is hardly "barely enough", as a single person. £80k is $108k. You get a net (before student loan deductions) of £55,092.76, you keep 69%. As a single person on $108k, you'd pay $31,779 in San Franciso in Federal, FICA and State tax, you keep 71% Whether the extra $1847 a year of taxes is "extremely unfair" is anyones guess, but at least you won't go bankrupt from medical costs.
- iso1631 5y agoThere's a c.60% marginal rate at 50k-60k too if you have a couple of kids