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Nobody likes to pay tax, but whether you like it or not, it’s an inevitable fact of life. But how much tax do you actually have to pay?
To help answer this question for UK nationals, See What You Mean has produced a beautifully illustrated motion graphic, examining how much money you actually receive after taxes in the UK:
As the creator explains:
The tax and deductions on your job are much higher than you might think. The Government likes to talk about a ‘20p rate’ – as if that’s all you pay. But actually, for a typical middle income graduate, total deductions are more than 48p in every pound earned (over the £21k threshold). And will rise to nearly 60p when the statutory pension scheme comes in by 2018.
What will it do for the incentive to work and do better, and to the UK’s general prosperity, when graduates only get 40% of any extra they earn?
It’s certainly food for thought! Particularly once you start earning over £21,000 per year.