Your marginal tax rate is different to your overall tax rate - see below.
https://en.wikipedia.org/wiki/Tax_rate#Marginal
I'm posting this poll to see where peoples attitudes on Tax and Income are.
If you think someone earning over say £1 billion in a year should be taxed at 100%, select no limit as the option. If you think they should pay 40%, then select around 40% and so on.
Currently, If you are childless, your marginal tax rates are:
0% for the first £8060 (0% NI, 0% Income tax)
12% for £8061-£11,000 assuming your pay is the same every week/month. NI is calculated weekly, Income tax is calculated yearly
32% for £11,000-£43,000 (12% NI, 20% income tax)
42% for £43,000-£100,000 (2% NI, 40% Income tax)
62% for £100,000-£122,000 (2% NI, 40% Income tax, 20% income tax as a result of allowance reduction)
42% for £122,000-£150,000 (2% NI, 40% Income tax)
47% for over £150,000
I am not including the fact that your employer has to pay 13.8% of every pound you earn in those examples and have left out tax credits, pension allowance reductions etc as it gets very complicated.
Is it fair and/or sensible that someone earning £100,000 pays 62p for every extra pound they earn, whilst someone earning £122,000 pays 42p?
Bare in mind that the reason the taper at £100k was introduced is "so that the rich do not benefit from the large increase in the personal allowance"
Also bare in mind that whether it makes sense or not, no government is going to get away with reducing the tax on 6 figure earners whilst cutting benefits. George Osborne found this out when he raised the 40% band whilst cutting benefits.