To think that older, wealthier people should be paying more tax and NI than younger?

[Creambun2]

So various suggestions, which will probably come to nothing, that young people should pay less tax and national insurance than than older people, presumably with a links to actual incomes maintained.

What do you think? I am in favour as I think that young people are being done over really. Unaffordable housing, educations expenses etc etc.

Of course according to many boomer types this is all their fault and they have no money for housing due to buying a coffee and having a phone

[ChardonnaysPrettySister]

Wealthy old people are paying more tax than young ones, and they are getting far less in tax credits and benefits as well.

[echt]

Of course according to many boomer types this is all their fault and they have no money for housing due to buying a coffee and having a phone

Whoever said that? Ever.

[BackforGood]

I think you'll find that's how tax works - the wealthier you are, the more you pay.
HTH

[BishBoshBashBop]

Of course according to many boomer types this is all their fault and they have no money for housing due to buying a coffee and having a phone

Well according to some younger people everything is always baby boomers fault.

[OnionShite]

Age related specifically, as in people paying more if they're of a certain age, clearly not.

We should however be taxing wealth more heavily than income. This would be much better for productivity, and we have some of the lowest productivity in Europe. Given that older people tend to have more wealth, this would mean that older wealthier people would be paying more, but it wouldn't specifically be because they're older.

[ConfusedExpat]

No I don't think an age tax is appropriate. It should always be done on income IMO.
I don't think many people would agree that say a 24yr old should have a bigger tax free allowance or whatever despite earning 6 figures from an inherited business or property portfolio than a 60 year old who is struggling to put the heating on.
I think taxes need to rise for everybody presuming it's the UK youre talking about but no one will vote for anyone who wants to raise taxes.
I'm also not sure how tax rises could be mitigated to not effect the lowest earners but I think something needs to be done and an age based policy isn't it

[BackforGood]

Oh, and no, I don't think someone should pay more tax because they are older. If a person earns more, then they should pay more, regardless of age.
Just reading MN alone, I often see people far younger than me earning far more than me, so, quite rightly, they should be paying more tax than me.

[minipie]

I don't agree with this.

I do however think that CGT should be reintroduced on profits from the sale of your house (in a phased manner). That would primarily hit the category you are talking about.

[Notanothergiraffe]

I think you'll find that's how tax works - the wealthier you are, the more you pay.
HTH

Couldn’t have said it better.

[ChardonnaysPrettySister]

Oh and when's the last time you looked at the cost of sheltered housing or nursing home care for the elderly?

But no, just tax them to oblivion because they are older.?

[theymademejoin]

What are the age limits for younger and older? I'm mid 50's. One child away at university which is way more expensive than childcare ever was. Once upon a time, children's allowance continued until the child was 23 provided they were in full-time education, now it cuts off at 18.

I have two more following closely behind, although unless ds1 goes straight into a masters, I will have a maximum of two at university at any given time. Where I live, parents generally fund 3rd level, with kids supplementing with summer jobs and a grant, if eligible.

I know other people in their 50's whose children are finished university and completely independent so very little in terms of outgoings.

What about younger people with no children? They have significantly lower costs than someone paying for childcare.

I think a much better solution is to increase tax-free allowances to take into account costs such as mortgage / rent, childcare, university etc.

[OnionShite]

Whoever said that? Ever.

Really? Get a look at the comments section under articles about the relative unaffordability of housing in any right leaning newspaper article and you won't have to look long.

With that said, there are plenty of boomers and above who would never be that stupid. My great aunt is 88 and she's argued with her friends who've come out with this nonsense.

[newmumwithquestions]

Totally disagree. What about poorer older people? There are a lot of them! Tax should be progressive, with the wealthier paying more (it already is progressive but I'd argue it should be more so).

I do however agree with pensioners having the same tax free allowance as everyone else.

[echt]

Really? Get a look at the comments section under articles about the relative unaffordability of housing in any right leaning newspaper article and you won't have to look long

I don't read that shit and since the OP brought it upon they should provide the links.

[PinkHeart5914]

Why should someone be allowed to pay less just becuase they are young? not all young people are struggling financially you know just as not all older people have bags of money

Also with tax well I hate to break it to you love but The wealthier you are the more you pay becuase well that’s how it works.

[GhoulWithADragonTattoo]

It's a terrible idea. People with higher incomes should be taxed more than those on lower incomes but that should not be linked to age. Age is an irrelevant factor in relation to taxation and would be discriminatory.

[Jigsisaw]

Older and wealthier do not always go hand in hand.

Before I had children I was earning stg48,000, that was about 15 years ago, I just thought it always went up. Always in the direction of more.
Then I'd children, backed in to various corners which I won't go in to right here. After a break, I'm back on the job market and my last 3 jobs have paid about 1.25 x minimum wage. At this point in my life I doubt I'll ever earn what I did in my 20s.

So I think you have a very simplistic view of things.

[GhoulWithADragonTattoo]

Do you work at the Treasury OP?

[ThePants999]

I think you'll find that's how tax works - the wealthier you are, the more you pay.
HTH

But that isn't how tax works. The more you earn, the more you pay, but wealth doesn't come into it much. Buy a house for £10K and have it appreciate to half a million, and the taxman doesn't care.

[FormerlyFrikadela01]

What a ridiculous idea. There are poor older people too you know.

I do however agree with minipie about taxing profit from house sales. Perhaps if people had tonoay tax on the profit then people would view houses as homes rather than investments and shut up my aunt Mrs "I worked for every penny" of the 400k profit she made on her home

[OnionShite]

I think you'll find that's how tax works - the wealthier you are, the more you pay.
HTH

Erm, I think you'll find it doesn't.

You're mixing up income and wealth. Provided you're living in your wealth, you won't be paying tax on it. If you live in a million pound home you own outright, you'll pay council tax but nothing else unless you're deriving an income from it or selling it.

You could be earning 12.5k each and thus paying no income tax, whereas the couple next door in the same house might earn 30k each and thus would pay lots more tax than you, despite them having no wealth and you having lots.

I think what you actually mean is that the more income you have, the more tax you pay. Which is true for the most part, except that once you're earning a lot you're more likely to be able to take advantage of ways to minimise your tax liability in a way that you're not if you're on PAYE earning 17k. Obviously not all high earners want to do this, JK Rowling apparently doesn't for example.

I don't read that shit and since the OP brought it upon they should provide the links.

By all means, but you asked a question and so were given an answer.

[LurkingHusband]

But that isn't how tax works. The more you earn, the more you pay, but wealth doesn't come into it much. Buy a house for £10K and have it appreciate to half a million, and the taxman doesn't care.

Mysteriously the DWP does though ...

[TheFaerieQueene]

You don’t know what you are talking about OP.

[QuitMoaning]

Wealthier people already do pay more tax although this will open the whole debate of what determines “wealthy” and I cannot face that again. In principle I am not against raising tax rate for higher earners.

As for older then that is not fair. People can’t help getting older. Certainly better than the alternative.