Over 40s to pay more tax

[Trampa501]

Well, well, well.

 

Plans to make over 40s pay for social care.

[Si1]

Well it needs to be done. But another free lunch for the boomers heh.

[Drummer]

Tax rises are coming. Will be interesting to see which way they do it.

Edited July 26, 2020 by Drummer

[Trampa501]

11 minutes ago, Si1 said:

Well it needs to be done. But another free lunch for the boomers heh.

I suspect that having a higher tax rate (or NI contribution) for people working over 40, will not have the effect they are seeking.

[MARTINX9]

Could it not be optional - a glass of barbituates at the appropriate time of your own choosing would be much cheaper, less painful and more empowering and allow you to leave more to the family rather than spending cash on a care home?

I presume renters over 40 have to pay - but wealthy homeowners under 40 don't? What happens if you emigrate before retirement - do you get a rebate?

Age differentiated tax rates are very unfair and problematic - if you earn more or are wealthier you should pay more whether you are 30 or 80.

Anything of course to prevent people with million pound plus houses having to pay for their own care - that's so unfair compared to making a 42 year old cleaner who rents pay more income tax for working rather than getting asset rich by sitting on your sofa!

And does anyone trust the government to provide for your care in 40 years time if you cough up now - I rather doubt they will invest your money in a fund. They will just spend it on other things.

Edited July 26, 2020 by MARTINX9

[RomfordDon]

That’s agest!

[Fatmanfilms]

5 minutes ago, MARTINX9 said:

 

Age differentiated tax rates are very unfair and problematic - if you earn more or are wealthier you should pay more whether you are 30 or 80.

 

Even at the same rate of tax you will pay more if you earn more, so the current system is fair, everyone should pay more if we need more money to be collected.

[Unmoderated]

From the article:

"Adopting a similar approach would let Johnson say he has ended the situation whereby some pensioners deemed too wealthy to qualify for local council-funded care have to sell their homes to pay care home costs, which can reach £1,400 a week."

I'm very glad I've started the move to get out of earning a living on PAYE. Absolute joke - keep your unearned property gains and make everyone below you (age wise) pay for your fricking luxury. Seriously comrades - start to figure out life after 'income'. Look for another way to support yourself.

[Simhadri]

29 minutes ago, Trampa501 said:

Well, well, well.

 

Plans to make over 40s pay for social care.

Why not cancel free bus passes, triple lock for those who are wealthy ?

There was a proposal with Rishi Sunak about flat tax on pensions, property. If so, bring it on.

[regprentice]

With a 9% student loan that could take some fairly normal people close to a 60% tax rate. 

I paid off my student loan last year and I still only take home 52.5% of my gross wage week in week out. I already pay more tax than most of my family because I'm in Scotland, so I get to pay more Tax than an English person for generally poorer services.  

What is particularly galling as when I bought my house 15 years ago I stretched myself and bought a 3 bed ex council semi. Most of my neighbours are still council tenants and in the last year or so 3 of the 5 houses neighbouring mine have gone to single mums on tax credits, all of whom are non-UK (1 Dutch, 2 Estonian) , and 2 of whom have very nice new motability cars for their 'difficult' children

Edited July 26, 2020 by regprentice

[Unmoderated]

3 minutes ago, Fatmanfilms said:

Even at the same rate of tax you will pay more if you earn more, so the current system is fair, everyone should pay more if we need more money to be collected.

If the current system whereby a female that didn't work a day in her life on two thirds of her late husbands final salary pension is able to retain her property to pass on to her entitled kiddies while some poor schmuck in a rented slave box pays for it instead of her unearned and untaxed capital gains being used first then, frankly, we do not see eye to eye on 'fair'.

[regprentice]

1 minute ago, regprentice said:

 

Double post

Edited July 26, 2020 by regprentice

[Trampa501]

12 minutes ago, MARTINX9 said:

Could it not be optional - a glass of barbituates at the appropriate time of your own choosing would be much cheaper, less painful and more empowering and allow you to leave more to the family rather than spending cash on a care home?

I presume renters over 40 have to pay - but wealthy homeowners under 40 don't? What happens if you emigrate before retirement - do you get a rebate?

Age differentiated tax rates are very unfair and problematic - if you earn more or are wealthier you should pay more whether you are 30 or 80.

Anything of course to prevent people with million pound plus houses having to pay for their own care - that's so unfair compared to making a 42 year old cleaner who rents pay more income tax for working rather than getting asset rich by sitting on your sofa!

And does anyone trust the government to provide for your care in 40 years time if you cough up now - I rather doubt they will invest your money in a fund. They will just spend it on other things.

Post of the day. Thanks.

[qejunkie]

2 minutes ago, regprentice said:

With a 9% student loan that could take some fairly normal people close to a 60% tax rate. 

 

Rishi just nationalised everything in March, time to pay the piper.

[Simhadri]

2 minutes ago, Unmoderated said:

If the current system whereby a female that didn't work a day in her life on two thirds of her late husbands final salary pension is able to retain her property to pass on to her entitled kiddies while some poor schmuck in a rented slave box pays for it instead of her unearned and untaxed capital gains being used first then, frankly, we do not see eye to eye on 'fair'.

+1

[Simhadri]

4 minutes ago, regprentice said:

With a 9% student loan that could take some fairly normal people close to a 60% tax rate. 

I already take home 52.5% of my gross wage week in week out. I already pay more tax than most of my family because I'm in Scotland, so I get to pay more Tax than an English person for generally poorer services.  

What is particularly galling as when I bought my house 15 years ago I stretched myself and bought a 3 bed ex council semi. Most of my neighbours are still council tenants and in the last year or so 3 of the 5 houses neighbouring mine have gone to single mums on tax credits, all of whom are non-UK (1 Dutch, 2 Estonian) , and 2 of whom have very nice new motability cars for their 'difficult' children

+1 I've seen this happening on a gigantic scale in London.

[Simhadri]

7 minutes ago, Trampa501 said:

And does anyone trust the government to provide for your care in 40 years time if you cough up now - I rather doubt they will invest your money in a fund. They will just spend it on other things

Nobody trusts government that they look after people in 40 years time.

It's highly likely that whatever they extract from over 40s will be blown on benefits, single mums, oldies or even some groups which may vote some parties. Remember after Brexit there will be less incentive to work and pay tax.

[longgone]

9 minutes ago, regprentice said:

With a 9% student loan that could take some fairly normal people close to a 60% tax rate. 

I paid off my student loan last year and I still only take home 52.5% of my gross wage week in week out. I already pay more tax than most of my family because I'm in Scotland, so I get to pay more Tax than an English person for generally poorer services.  

What is particularly galling as when I bought my house 15 years ago I stretched myself and bought a 3 bed ex council semi. Most of my neighbours are still council tenants and in the last year or so 3 of the 5 houses neighbouring mine have gone to single mums on tax credits, all of whom are non-UK (1 Dutch, 2 Estonian) , and 2 of whom have very nice new motability cars for their 'difficult' children

are you saying work is optional for single mums. and the single 40+ something man gets screwed again. 

[micawber]

As an early retired pensioner on a modest income I pay little Income Tax and no National Insurance. I would advocate scrapping NI and adding it on to Income Tax so that we all pay.

While they are at it, doing something useful, we should be asking all the parties we support to work together to get concensus on how to set up, manage and fund care for the elderly. Personally I'd be in favour of bringing it all under the NHS and funding a reasonable level of care appropriately. Like Health, the richer can choose to fund 'enhanced' care out of their own pocket if they choose.

[Si1]

Any mortgage slave through to retirement is going to have to pay this.

[Warlord]

We need to get rid of the income tax all together. It was only a modest tax when it was introduced over a hundred years ago and for the wealthy to pay but now it has expanded beyond recognition to pay for a giant State and  government.

Edited July 26, 2020 by Warlord

[Warlord]

The income tax and NI rises will fall on the middle class. The truly wealthy DO NOT PAY TAX (they're in Monaco or whatever or have clever accountants) so those on middle and upper incomes the sword will fall.

This was never the intention of this stupid tax a hundred years ago. It was like a few percent on the wealthy. Now its 50% on those on middle incomes.It's a complete joke.

Of course what they should do is CUT the SIZE of government before they levy new taxes.They need to fire civil servants en masse and CLOSE entire departments and quango's. Why don't they do this? Boris and his chancellor are a disgrace .

[longgone]

other news 

back to work slaves 

 

Four of world's richest men have earned £144billion since lockdown began

Surging stock markets in the US have sent the net wealth of the world's richest meant skyrocketing - here we look at whose fortunes have leapt during the lockdown

 

https://www.mirror.co.uk/news/us-news/worlds-richest-billionaires-see-wealth-22412959

[MARTINX9]

11 minutes ago, Warlord said:

The income tax and NI rises will fall on the middle class. The truly wealthy DO NOT PAY TAX (they're in Monaco or whatever or have clever accountants) so those on middle and upper incomes the sword will fall.

This was never the intention of this stupid tax a hundred years ago. It was like a few percent on the wealthy. Now its 50% on those on middle incomes.It'somplete joke.

Of course what they should do is CUT the SIZE of government before they levy new taxes.They need to fire civil servants en masse and CLOSE entire departments and quango's. Why don't they do this? Boris and his chancellor are a disgrace .

The only way to get the rich to pay more is to tax their UK based assets - a similar annual residential property tax to New York or Paris or California. You cannot move houses abroad easily!

Certainly not the current £1560 annual Band H  council tax paid by residents of Mayfair - thanks to Westminster's low charge. Or barely £1,100 if the oligarch lives alone as they also qualify for single person discount! Total shameful embarassing joke when they would pay several hundred thousand pounds in New York or Paris or LA!

Edited July 26, 2020 by MARTINX9

[Warlord]

paper wealth @longgone i dont think Bezos will sell his shares in Amazon.

Remember when Gates said he will cash in his stock and give it to charity? That was like 20 years ago.  He's still sitting on $60 odd billion