The Chancellor, Alistair Darling, has made a u-turn on a key New Labour election pledge by unveiling a new 50p tax rate for earnings over £150,000.
The chancellor has denied that the tax rise represents a shift in policy for New Labour.
High earners told the BBC news website how they feel about carrying the tax burden.
SIMON TAYLOR, ST ALBANS, HERTS
I was born in a coal mining village in the North East of England and am the first male in my family not to be a coal miner. My father worked at the Rising Sun Pit and both my grandfathers worked at Backworth Colliery.
My dad inspired me to go to college. He said, "If you want something, you've got to go out and work for it". He didn't want me to stay in a mining village. He was adamant that I should work hard at school and push myself.
I went to Newcastle Polytechnic and got a degree in business studies. My graduation day was the proudest day of my family's life. My dad was speechless. He was never able to have a graduation day, instead he left school and went down the pit.
I get so angry when people assume that high-earners are all "Champagne Charlies" working in the City. We're not like that at all, we work hard. I've never had an inheritance or family money. I've achieved everything through hard work.
My dad was never able to have a graduation day, instead he left school and went down the pit
I have two daughters and I have made sure they know where they come from. I refuse to put them in private school because I want to bring them up in the real world. I did well out of state education so I don't see why my girls can't too. I want them to be grounded with a sense of reality. They have pocket money but they have to work for it around the house and on the allotment.
I used to believe that if I worked hard then I would reap rewards but after the Budget, I just think why bother? It seems to me that the harder you work, the higher you earn and the higher you get taxed.
I have no problem with paying tax at all. Let's face it, taxes meant I had the education which now gives me my income. I just worry that the money isn't being spent wisely by the government and that frustrates me.
I have thought about moving abroad. I could easily transfer within my company and I'd move my family as well. I'm just waiting to see what impact the Budget has.
I'm from Sweden originally but I've lived in London for 15 years. I live in the capital for tax reasons. Every year I pay £600,000 in taxes to the British government. Because of the Budget, I now want to leave the UK and so do a lot of my friends who are in similar situations. Just imagine how much lost money that is for the government.
I've booked an appointment with an estate agent and am now looking to move my family to either Jordan or Hong Kong
I have two young children who think of London as their home. I wanted them to go to school in London as well but it's not going to happen now. It's a great city to live in: It's cosmopolitan, it has a decent culture and it has a very high quality of education. I will be sad to leave but it makes no financial sense now to stay.
I've booked an appointment with an estate agent and am now looking to move my family to either Jordan or Hong Kong. Mr Darling has really under-estimated the value of non-domiciles like myself. He has made a big mistake.
DAVID, BURNTWOOD, STAFFS
I'm self-employed and this year my taxable income will be over £150,000. I started my own company in 2002 with £1,000 I'd saved from a previous job.
I'm 24 years old and went to a normal grant-maintained school in Staffordshire. My social life is non-existent, I spend all my time working and I don't go on holiday, I don't have the time. I'm busy building up my business and working hard.
I'm certainly not spending my time sipping champagne on a yacht!
I work 13 hour days, seven days a week. I have quite a nice car but it's not a Porsche or an Aston Martin. I'm certainly not spending my time sipping champagne on a yacht!
Last year my company did really well but I'm not driven by money. I'm motivated by the love of my job and the desire to succeed. I just want to make the best out of my company.
The Budget will prevent me from expanding my business because now I won't be making enough money to warrant the additional investment. I would spend too much in tax and it would no longer be profitable.
I'm from Staffordshire and this is where I've built up my business but now I'm seriously thinking about moving abroad. I feel I've been forced out of the UK economy.
I just think "what's the point?", I'm giving away hard-earned money and I'm not confident that the government is spending it on the right things.
Because my wife looks after the kids and hence does not currently work, she does not receive any tax free allowance and so we already are down to one allowance for the family. There is no married persons allowance any more to compensate for people in our situation and now it seems we are to lose the second allowance from next April, hitting us by what will amount to approx £300 a month.
Our kids go to the local comprehensive school. We don't have surplus money for expensive holidays and cars
We don't qualify for child tax credits either. We are not rich by any means, we live in a standard four bed house with a single garage on a housing estate in a normal town. Our kids go to the local comprehensive school. We don't have surplus money for expensive holidays and cars.
We know of several people with similar total family income to us that will continue to receive two tax free allowances because both of them work and individually their incomes are under the £100,000 amount. The system just does not seem fair at all. We are being penalized for having one of us stay home to look after the family.
£300 a month is going to be very difficult to find. We have never been hit so hard by a budget before. We probably won't be able to afford a holiday next year, plus will have to cut back in other ways.
Neither myself or my wife are from wealthy families, we've just worked hard to get where we are. It seems when you reach a point where things are improving you just get knocked back down.