Compulsory Retirement!
- Thread starter thebigfredc
- Start date
Hook
Blackbeard's former bo'sun.
I think pay equity should be solely by job and level, not age or tenure. Tenure alone is not a useful measure for pay, unless it directly translates into skills that bring value to the employer. It’s fine for an older person to make less money than a younger person if they’re newer to the job. IMO, it’s the fair thing to do.
You might as well abolish NI in that case, just add 10p to income tax and restructure pension qualifications.
Wolfmancatsup
Empire State Human
Possibly so. Divide and conquer. “All your problems are caused by other people like you”.
Mick
Bob McC
Living the life of Riley
You miss my point.
It was nothing to do with wages, but deductions.
They do not pay NI.
Younger employees do.
Bob McC
Living the life of Riley
And where are you going to start this tax?
At the NI threshold circa £9500 a year or the income tax threshold, £12500 a year?
sean99
pfm Member
The current situation of wealthy retirees and broke young people is a blip. In 25 years time once pensioners are all living off savings based plans everyone will be broke. I think the US is facing a massive problem with retiree poverty in 20 years and the UK is on the same path. I only have savings based pensions and I plan on working as long as possible.
The only solution I can see is a progressive wealth tax To try to undo the massive inequality that’s been created in the past 40 years.
The only solution I can see is a progressive wealth tax To try to undo the massive inequality that’s been created in the past 40 years.
Minio
Kind of Sort of Not really...
Yeah!?
I can just see the government, any government, trading the current system for a 50% basic rate income tax.
It wouldn't make them look good.
The current system effectively masks how much tax we actually pay, which improves the government's image.
ks.234
Half way to Infinity
How about abolishing all taxes except income tax?
davidsrsb
pfm Member
Worse still if BJ manages to sell off the NHS
The numbers on final salary pensions will fall fast over the next ten years
Sue Pertwee-Tyr
Accuphase all the way down
A comprehensive overhaul of tax and benefit provision would be great. Maybe a UBI and a fairer tax regime, with some sort of alignment between benefits, pensions and national living wage/minimum wage. Some form of comprehensive rationalisation of these systems could probably bring about savings due to simpler administration, too. Post-Covid and while the economy is rebuilding might be an opportune time for further radical approaches.
ks.234
Half way to Infinity
Yes, if ever there’s a time for such a discussion, it’s right now. Why isn’t Starmer leading it?
Darth Vader
From the Dark Side
I have thought for a long time that the movement of money should be taxed via a system rather like the old purchase tax although it would be far more reaching. This would also prevent money being syphoned off abroad to avoid UK tax.
So no income tax you keep what you earn but when you spend money it is taxed. Of course there would be different tax bands such as zero on basic food staples whilst luxury goods might be taxed at 100% and more.
Problem is those scum bags that are cheating the UK out of paying their fair due in taxes couldn't escape on a money movement tax and as that covers most of those in power it ain't likely to happen is it?
Cheers,
DV
Sue Pertwee-Tyr
Accuphase all the way down
I agree, but that only really works on the scumbags if it is adopted internationally. But I agree, some form of marginal transaction tax when any money changes hands would be fairer. If you tax every single transaction, whether buying a packet of mints or a superyacht, buying holiday currency or insurance, depositing funds in your bank or withdrawing cash from an ATM, then the rate need only be, probably, a fraction of a percent, or at most, only a few percent. And those that have more, and move more, will pay more.
Sue Pertwee-Tyr
Accuphase all the way down
It’s a transaction tax, not a purchase or sales tax, though.
JensenHealey
pfm Member
Not sure that would work for long. Wealthy people, some based offshore, will receive lots of money but not necessarily spend it in the UK, so tax is then not collected. To fix that would need exchange controls - which seems like a backward step.
Sue Pertwee-Tyr
Accuphase all the way down
It needs to be implemented globally if it's to work. That's the fundamental problem with the concept. There are too many parties who would try to gain advantage, to agree to it happening.