National insurance tax hike

A gradual income tax system would be interesting. One related to age, ie you start contributing at a certain age and it increases incrementally as you get older. That would allow younger people to focus on their priorities such as getting on housing market and student loans etc.
NI impacts more on the low paid
 
JM14 said:
That’s absolutely not the case, admittedly the rich will also benefit but that’s not really the point.
I completely understand your argument but a society that lets someone work their entire life to afford a property to then get it taken away in their retirement to fund their care is just wrong.

What’s the point in working hard and paying into a system your entire life to get absolutely nothing back in your retirement the second you fall into ill health?


If anything not bringing this in would increase the wealth gap, parents work their entire lives to leave something for their children to allow them greater wealth and freedoms in their own lives. Taking this away will hit those who are working class the hardest
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So they should wait until they die, perhaps in their 80s or 90s to pass on wealth? How does that help young people?

It's all unearned income.

You're treating this as zero sum. People should be able to keep hold of their assets, but this will disproportionately affect the poor in favour of the wealthy. Those are just the macro facts. There may be cases that are like you say, but the majorit are not.

As TSAB says, if you bought a house over 20 years ago you have effectively won the lottery - you are sitting on a fortune of unearned income. This legislation means that those who never had the opportunity to benefit from the rocket in property prices (and have already been exploited via rents to support this bubble) have to pay taxes to ensure someone gets to keep this unearned wealth. It's obscene.
 
LaPennaBianca said:
So they should wait until they die, perhaps in their 80s or 90s to pass on wealth? How does that help young people?

It's all unearned income.

You're treating this as zero sum. People should be able to keep hold of their assets, but this will disproportionately affect the poor in favour of the wealthy. Those are just the macro facts. There may be cases that are like you say, but the majorit are not.

As TSAB says, if you bought a house over 20 years ago you have effectively won the lottery - you are sitting on a fortune of unearned income. This legislation means that those who never had the opportunity to benefit from the rocket in property prices (and have already been exploited via rents to support this bubble) have to pay taxes to ensure someone gets to keep this unearned wealth. It's obscene.
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A suggest a truce .
 
I just want labour to win, I don't care left right or centre, please let us win.

These Tory's are complacent, evil, greedy, corrupt I cannot think of a more disgusting government in my life time.
 
bear66 said:
Unearned income (investments, capital gains, inheritance etc.), which is taxed at less than earned income, should be taxed more.
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I agree. But it should be 'normalised' against inflation. Otherwise it's not really an investment gain.
 
LaPennaBianca said:
So they should wait until they die, perhaps in their 80s or 90s to pass on wealth? How does that help young people?

It's all unearned income.

You're treating this as zero sum. People should be able to keep hold of their assets, but this will disproportionately affect the poor in favour of the wealthy. Those are just the macro facts. There may be cases that are like you say, but the majorit are not.

As TSAB says, if you bought a house over 20 years ago you have effectively won the lottery - you are sitting on a fortune of unearned income. This legislation means that those who never had the opportunity to benefit from the rocket in property prices (and have already been exploited via rents to support this bubble) have to pay taxes to ensure someone gets to keep this unearned wealth. It's obscene.
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When me and Mrs T pop our clogs we pass on our stuff to our daughter who then pays tax on it- fair enough.
When I cash in my pension I pay tax on it too- fair enough. Both are unearned income.
So I cannot see what the issue is
 
Trug said:
When me and Mrs T pop our clogs we pass on our stuff to our daughter who then pays tax on it- fair enough.
When I cash in my pension I pay tax on it too- fair enough. Both are unearned income.
So I cannot see what the issue is
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Anything left above £50 k make it 50%. As for family trusts any signature to them to be £500k at point of signature, with the advisors be charged £5m per trust.
 
Trug said:
When me and Mrs T pop our clogs we pass on our stuff to our daughter who then pays tax on it- fair enough.
When I cash in my pension I pay tax on it too- fair enough. Both are unearned income.
So I cannot see what the issue is
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You can pass each others inheritance tax benefit to the surviving partner. So your daughter would only pay tax on anything over £650k or £950k if the inheritance includes a property you've lived in.
 
Lottowyn said:
1 or 2% increase seemingly.
Well most countries have borrowed huge amounts to pay for Covid and the UK is no exception. Would people rather have the debt passed to future generations?
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I haven't had a penny out the pot, have worked throughout, so figure i shouldn't be paying anything extra, let those who were furloughed pick up the tab
 
bear66 said:
Unearned income (investments, capital gains, inheritance etc.), which is taxed at less than earned income, should be taxed more.
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I would not necessarily disagree but that income has been generated from cash which has already been taxed once so if increased the rate should not be penal.
 
Millbrook said:
I would not necessarily disagree but that income has been generated from cash which has already been taxed once so if increased the rate should not be penal.
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It won't have been if it was unearned income in the first place, such as inheritance.

Also, my income is taxed. I then pay tax and duty on most thinks I spend it on, as well as council tax, car tax etc
 
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