Are your "free" benefits really worth the cost?
A new study shows households with two children and two adults, but only one bread-winner, pay about 73 per cent in tax - made up largely from income tax, national insurance contributions and the removal of some benefits.
It means these families take home just 27p in every £1 earned - up to three times less than families in comparative countries.
In Germany, families pay about 40 per cent tax while the figure in France is only 20 per cent.
Originally posted by randomname
how are prince harry, prince william and his bride supposed to support themselves. by working?
buckingham palace just doesn't run itself you know. billions of pounds in the her majesty's treasury has to be there to take care of the entire free loading family, not just herself.
keep working hard, and who knows, the queen might actually wave to you. surely thats worth the highest taxation rate in the world.
The issue is that as soon as one parent is earning more than £50,000 the system will start to claw back benefit payments through the tax system. For every pound more than £50,000 that you earn (up to £60,000) more and more of the benefit is clawed back.
Accountants Smith & Williamson did the maths for The Telegraph and discovered that everything you earn between £50,000 and £60,000 is effectively taxed at 52% if you have one child. If you have four children it is taxed at a staggering 73%. That means 73p in every pound you earn goes straight to the government. That's far higher than the rate on a millionaire's income - even if he or she pays their taxes!
Originally posted by michael1983l
reply to post by VoidHawk
Ahh I failed to see your point, yes we are subsidising the likes of Tesco's with benefit top ups on minimum wage. And it has to stop. Minimum wage should be that of a wage that you can actually live on without any help.