Fine.
Then stop the discrimination that gives them higher take home pay than younger people.
Make all employees whatever their age, pay NI if their total income, including all pensions, takes them over the NI threshold.
Fine.
Then stop the discrimination that gives them higher take home pay than younger people.
Make all employees whatever their age, pay NI if their total income, including all pensions, takes them over the NI threshold.
Possibly so. Divide and conquer. “All your problems are caused by other people like you”.Old people are the new immigrants?
You miss my point.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.
And where are you going to start this tax?You might as well abolish NI in that case, just add 10p to income tax and restructure pension qualifications.
Yeah!?You might as well abolish NI in that case, just add 10p to income tax and restructure pension qualifications.
How about abolishing all taxes except income tax?You might as well abolish NI in that case, just add 10p to income tax and restructure pension qualifications.
Worse still if BJ manages to sell off the NHSThe 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...
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.How about abolishing all taxes except income tax?
Yes, if ever there’s a time for such a discussion, it’s right now. Why isn’t Starmer leading it?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.
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.How about abolishing all taxes except income tax?
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.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?
It’s a transaction tax, not a purchase or sales tax, though.Purchase or sales taxes are incredibly regressive. I think a wealth tax on your net wealth is more progressive.
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.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.