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Over 40s to pay 2.5% extra tax to fund elderly care


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Why can’t I opt out and just request a glass of barbituates at the appropriate time. Much cheaper for the country for those who voluntarily choose this rather being locked in a care home for years in misery? Or alternatively get an audience with Nadine Dorrries....!

Who says the government will even provide the care in your 80s once you have paid in for 40 odd years? Cos I doubt this tax will fund much when half the country is over 65?

Any old rubbish just to avoid boomers having to sell their million pound Surrey homes to pay for their care!

Edited by MARTINX9
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6 hours ago, MARTINX9 said:

 

 

Why can’t I opt out and just request a glass of barbituates at the appropriate time. Much cheaper for the country for those who voluntarily choose this rather being locked in a care home for years in misery? Or alternatively get an audience with Nadine Dorrries....!

Who says the government will even provide the care in your 80s once you have paid in for 40 odd years? Cos I doubt this tax will fund much when half the country is over 65?

Any old rubbish just to avoid boomers having to sell their million pound Surrey homes to pay for their care!

Or a single mum who has worked hard all her life and has bought a modest house whilst their next door neighbour who has lived on benefits all her life gets it for free ?

You all for that then ? which is the more likely scenario 

Edited by GregBowman
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Doesn't sound too bad.... 2.5%.

Until you add it to the 9% extra for having a student loan, the 1% extra for living in Scotland, and in my case the 14% extra I'm paying in employers NI because I have to work through a umbrella company. 

It will really squeeze the £50-60k bracket where child benefit is reclaimed as well. I was considering a payrise from £50k a few years ago and would only have taken home £2.4k from the £10k payrise due to student loan. The new Scottish tax and this proposed 'age' tax would drop this to almost £2k from £10k.. 

And under this system on £60k I'd be paying £1.6k more tax than someone in England in the same job and £2.4k more than someone under 40 doing the same job. 

Whats the government's problem with being over 40.... They also stop you using schemes like Lisa's from that age as well. 

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I did say that they would start to tax the old and boomers to get back a lot of the unfair advantage they had.

this would only be the start.

the young are crushed, and anyone over 40 got a hell of a better deal than those under. 

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If it doesn't apply to pension income then I'll retire earlier - no NI + 2.5% & no going in to see the same old faces..

If it does then hopefully I can persuade boss to that cutting 4 day week to 3 is a goer..

Definitely recommend 4 day week of you pay HRT - 12% net pay cut, 50% increase in weekend.

 

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3 minutes ago, hotblack42 said:

If it doesn't apply to pension income then I'll retire earlier - no NI + 2.5% & no going in to see the same old faces..

If it does then hopefully I can persuade boss to that cutting 4 day week to 3 is a goer..

Definitely recommend 4 day week of you pay HRT - 12% net pay cut, 50% increase in weekend.

 

All of the floating in the press has been super-vague about what kind of income this would apply to which makes me think it's probably just wages.

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This is 100% inevitable and I saw it coming.

the young can’t afford to pay anything for the boomers they have been crushed, can’t get blood from a stone. Money will have to come from the boomers themselves and anyone else that has had an easier ride than the young.

whats telling it they are starting to talk about it now, it’s getting to the point they have to approach this political poison through sheer necessity 

the millennials are starting to fill the halls of power, still crushed, it will start with some simple policies first, then crank up as all the anger at the boomers solidifies 

generation X are going to bear a lot of that anger also, as the anger will last 20 more years yet, and boomers only have about 10 left in them, plus in the millennials eyes, generation X still have a dream life compares to themselves 

it’s really not that funny crushing a generation and sitting back and letting it happen. 

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1 minute ago, jiltedjen said:

This is 100% inevitable and I saw it coming.

the young can’t afford to pay anything for the boomers they have been crushed, can’t get blood from a stone. Money will have to come from the boomers themselves and anyone else that has had an easier ride than the young.

whats telling it they are starting to talk about it now, it’s getting to the point they have to approach this political poison through sheer necessity 

the millennials are starting to fill the halls of power, still crushed, it will start with some simple policies first, then crank up as all the anger at the boomers solidifies 

generation X are going to bear a lot of that anger also, as the anger will last 20 more years yet, and boomers only have about 10 left in them, plus in the millennials eyes, generation X still have a dream life compares to themselves 

it’s really not that funny crushing a generation and sitting back and letting it happen. 

But the boomers will not pay very much of this tax at all. Following generations are going to pay in order to maintain the boomers standard of living.

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8 minutes ago, Si1 said:

So gen X, again, taxed to solve the problem of boomers having to pay for their own care by selling their houses that they got for free anyway?

Gen Y and Z have already been bled dry to keep the Boomers in the style to which they have become accustomed, Gen X is up next.

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4 minutes ago, Si1 said:

But the boomers will not pay very much of this tax at all. Following generations are going to pay in order to maintain the boomers standard of living.

Once the massive boomer generation clears through the system of old age care there won’t be such a big demand following onwards. They will probably reverse it in 10 years as no longer required

But that’s still 10 years of additional tax for anyone over the age of 40 to pay 

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7 minutes ago, jiltedjen said:

Once the massive boomer generation clears through the system of old age care there won’t be such a big demand following onwards. They will probably reverse it in 10 years as no longer required

But that’s still 10 years of additional tax for anyone over the age of 40 to pay 

The UK baby boom, irrespective of the term you apply to describe it, went up to about 1970. It will be the 2040s when the pig has finally left the python.

Anything to stop the boomers selling their homes. Anything.

The tax will go up to 5% and more before it ever goes down again.

The Tories are seeking cross party support for this as they know it's a multi parliament tax. Labour have so far said you're having a laugh. Well done Labour.

Edited by Si1
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55 minutes ago, hotblack42 said:

If it doesn't apply to pension income then I'll retire earlier - no NI + 2.5% & no going in to see the same old faces..

If it does then hopefully I can persuade boss to that cutting 4 day week to 3 is a goer..

Definitely recommend 4 day week of you pay HRT - 12% net pay cut, 50% increase in weekend.

 

Yep. I know several people (aged 45/50) who have moved from £75k a year to £25k a year roles. Either by changing job or cutting hours. Caveat is all are lucky and own houses outright and have been savers  

This was their time to build wealth up to 60 to look after themselves in their 70/80’s.  They have decided to enjoy their 50’s instead. Just wasn't worth the effort slogging their guts out during the remaining ‘best years’ to save for old age. 

A couple have also provided for their kids too so that their money doesn’t go on care. Some real distrust going on. 

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In Coronavirus we trust. 

(Sorry I couldn't resist, I am happy to chip in to help poor boomers, if we all do so, but I find it outrageous to subsidise those who can afford, especially when they milk us with absurd house prices too)

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Basically Tories tried the (sensible) mansion tax and got punished for it in the 2017 GE. They are trying this now and Labour are saying no. This is their gambit to buy the next GE.

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Please don't assume all 'boomers' are well off.  It was not so long ago that pensioner poverty was being talked about and it hasn't gone away.  Some boomers are well off but many are not and some contributors here are boomers.  Apart from the odd troll, we are all totally behind the premise that housing should be affordable without state support (housing benefit).  Many boomers are renters for various reasons and they suffer the same indignities that the younger renters do so please show some nuance in your comments about us elderly members.

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52 minutes ago, slawek said:

I am happy to chip in to help poor boomers, if we all do so, but I find it outrageous to subsidise those who can afford, especially when they milk us with absurd house prices too

Yep. High housing costs or money to pay for old age care/the NHS/state pensions. Choose one.

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2 hours ago, Si1 said:

But the boomers will not pay very much of this tax at all. Following generations are going to pay in order to maintain the boomers standard of living.

Exactly - boomers in retirement will get the care sooner and pay next to nothing timewise and monetarily as they are well past 40 - asset rich older but on lower incomes. Does this tax even continue past state pension  age?

Today’s 40 year olds and those younger  (many of whom may rent as they can’t afford to buy) will pay shedloads for potentially 40 years plus - so the boomers in their 60s and 70s don’t have to sell their million pound homes and their kids keep their inheritances. It’s another long term tax on the young disguised as something else!

Do you trust the government to set aside your payments in a fund to pay for your care in 40 years time. In reality it will be pay as they go as it usually is - and by then you may get little or nothing given the number of pensioners by then.

I am quite happy to sign a contract - please exempt me on condition I accept a glass of barbituates at the appropriate time. Having seen people going through the care system that in my view is a more acceptable choice - it’s certainly a lot less cruel and saves the taxpayer too. My life my choice?

Do you trust the government to give you free and comprehensive social care in 45 years time on the basis of a tax paid today? I don’t - they will just pocket the cash or create a great money spinner for their mates in the insurance industry - and they are equally as untrustworthy when it comes to finding ways to avoid paying out!

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1 hour ago, dougless said:

Please don't assume all 'boomers' are well off.  It was not so long ago that pensioner poverty was being talked about and it hasn't gone away.  Some boomers are well off but many are not and some contributors here are boomers.  Apart from the odd troll, we are all totally behind the premise that housing should be affordable without state support (housing benefit).  Many boomers are renters for various reasons and they suffer the same indignities that the younger renters do so please show some nuance in your comments about us elderly members.

I am not saying they all are.

The rich boomers can afford good quality care - many have generous final salary pensions and expensive homes.

The poor and those renting or who own lower value homes get whatever dump the council can afford - usually the worst places. Some homes are appalling and understaffed - sometimes there are fates worse than death!

We don’t make younger people pay more tax to reduce the income tax on 60 year olds who earn millions working - why would we back a tax that saves asset rich 70 year olds money when those assets could be worth millions?

Do you trust the government to deliver social care for you in 45 years time when you have paid this supplemental tax for 45 years?

Edited by MARTINX9
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12 minutes ago, MARTINX9 said:

Exactly - boomers in retirement will get the care sooner and pay next to nothing timewise and monetarily as they are well past 40 - asset rich older but on lower incomes. Does this tax even continue past state pension  age?

Today’s 40 year olds and those younger  (many of whom may rent as they can’t afford to buy) will pay shedloads for potentially 40 years plus - so the boomers in their 60s and 70s don’t have to sell their million pound homes and their kids keep their inheritances. It’s another long term tax on the young disguised as something else!

Do you trust the government to set aside your payments in a fund to pay for your care in 40 years time. In reality it will be pay as they go as it usually is - and by then you may get little or nothing given the number of pensioners by then.

I am quite happy to sign a contract - please exempt me on condition I accept a glass of barbituates at the appropriate time. Having seen people going through the care system that in my view is a more acceptable choice - it’s certainly a lot less cruel and saves the taxpayer too. My life my choice?

Do you trust the government to give you free and comprehensive social care in 45 years time on the basis of a tax paid today? I don’t - they will just pocket the cash or create a great money spinner for their mates in the insurance industry - and they are equally as untrustworthy when it comes to finding ways to avoid paying out!

It's basically saying anyone born after 1975 hand over ten grand or so now so boomers can avoid selling their houses. Same thing.

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