So when Liz Truss announced tax cuts and there was fire and fury after the news and the pound plummeted I started looking into what these tax cuts entailed. They were mentioned as giving the "rich" huge tax cuts so I imagined that they would see a tax rate of 50%(on someone making a million or more a year) going to 25% or something irresponsible like that.
After finding the actual figures, for some reason these were very hard to find in various news reports, it was a slight drop of 5% (from 45% to 40%) and the "rich" were classified as those making above 150k. In my mind that salary does not make anyone rich, I mean that's a low to mid level engineering salary in the US. Basically almost any US professional (lawyer, doctor, engineer etc) is going to make that or much more. Then I started looking into what does the average British citizen make and found it was incredibly low at 38K.
So basically it dawned on me that the UK is a country that pays very low wages which to me is very surprising as houses(flats) in London are extremely expensive. I would love for a UK citizen to chime in, but for me it was a strange realization as I always assumed that people in the UK made more than in the US.
After finding the actual figures, for some reason these were very hard to find in various news reports, it was a slight drop of 5% (from 45% to 40%) and the "rich" were classified as those making above 150k. In my mind that salary does not make anyone rich, I mean that's a low to mid level engineering salary in the US. Basically almost any US professional (lawyer, doctor, engineer etc) is going to make that or much more. Then I started looking into what does the average British citizen make and found it was incredibly low at 38K.
So basically it dawned on me that the UK is a country that pays very low wages which to me is very surprising as houses(flats) in London are extremely expensive. I would love for a UK citizen to chime in, but for me it was a strange realization as I always assumed that people in the UK made more than in the US.