To think we shouldnt be giving millennials 10k?!

[savingin2018welltryingto]

Sorry if there is another thread about this, I couldn't find one.

But seriously, just no?!

Boomers have underpaid tax their whole life, they much rather the significantly poorer generations below to pay for them than pay their fare share.

The worst is at 28 I probably need it more as we have been told we aren't going to get penisons as money will probably run out and then people a few years younger than us get 10,000! So we will be stuck in the middle with everyone judging that we still rent at 80!

Here's the article: www.theguardian.com/money/2018/may/08/give-millennials-10000-each-to-tackle-generation-gap-says-thinktank

They've written it in a rather inflammatory manner, while the ageing population is DEFINITELY a concern in terms of pensions and the NHS for the following generations, it's more the wealth gap that needs addressing. Fact of the matter is, most of the worlds wealth is in the hands of a minority of its population, leaving the majority to struggle. This IS a result of policies put in place during the baby boomer years and increased demand for college educations for jobs that don't need college educations.

Other countries are trying pilot programs to address the issue, here's one from Canada: www.huffingtonpost.com/entry/ontario-basic-income_us_5aeac0e0e4b06748dc8fb7a5

Like it or not people need to buy houses, go on vacations, enjoy leisure time, etc, in order to keep the economy high and health care costs down. Most young people today are not actually doing these things, at least not to the level that it needs to be done to maintain steady economies.

This isn't even addressing the issues of automation of jobs and increased reliance on digitalization in the workplace.

These threads always make me laugh. You get baby boomers rabbiting on about outside loos and high interest rates and avocados. You get millennials going on about high rents and house prices. Meanwhile the 1% quietly continue to amass wealth and laugh about the fact that no one is looking at them.

It's exactly the same with immigration. Total distraction from the real issue but guaranteed to get you all foaming at the mouth. And everyone keeps falling for it.

Meanwhile the 1% quietly continue to amass wealth and laugh about the fact that no one is looking at them.

Boom.

Meanwhile the 1% quietly continue to amass wealth and laugh about the fact that no one is looking at them

So how do we tax their wealth without them leaving the country? I’d love to tax them more it’s just hard.

I've only skim read through the post, so apologies for any duplication/rehashing old points.

As I see it, this £10k windfall won't actually help, because in reality property developers/home owners/estate agents will just inflate the price if houses to account for this "windfall". It's like now where new builds are marketed at ridiculous prices, but then homeowners are offered government incentives to make them more affordable. Just make them affordable in the first instance. Whilst ever we have a system whereby top ups/incentives etc are available, prices will remain artificially high.

Properly affordable housing is what is required as well as investment in decent social housing.

Again as I see it, many younger people have been encouraged to go to university (and accrue a debt) when perhaps they would not have done pre- the Blair years. I think the changes to the GCSE system will herald a return to the days when entry to university was more stringent/academic. Degrees are available through other routes eg degree apprenticeships so qualifications are still available but are a more industry targeted qualification.

I think young people born early 1990's onwards have been sold down the river due to governmental policies (all parties). They are accruing huge debt in order to get a degree which nowadays doesn't guarantee them a better job. Look at employment - many graduates have entry level jobs......is this because this is all they can get or because they don't have to start repaying their loans straightaway? I understand why they'd do that as perhaps it is the only way they can even begin to save.

I know it will never happen, there will be too much of a backlash against changes to IHT. Other schemes to help parents/young people have always fallen by the roadside, take for example the child trust fund implemented in 2003.....that didn't last long.

I can understand the frustrations of the Millenials. My DS and his wife are part of that generation. However, I don't think throwing £10k at someone at the age of 25 is the answer.

At last!! Someone else who can see through it all, Fitzsimmons People just don't see it, do they? Another distraction is the trans issues/toilets etc.

To whoever mentioned throwing taxpayer money at Help to Buy - I am sbout to pay back my loan for significantly more than I borrowed! Thankfully this is because I have gained some equity but of course now a couple the age we were 5 years ago couldn't afford to buy my house from me. I needed 8k deposit and they would need 22k.

I am amazed nobody has mentioned "The latest iPhone" yet in 5 pages.

I don't agree with just dishing out £10K, my daughter is possibly in that bracket and she has saved almost all her birthday money since she was 2 (we used to take her to Toys R Us to spend it and invariably after spending a morning in the shop she'd say 'no there is nothing I want' so it went in her savings), plus worked part time in holidays/around her Uni course, so she already has almost 9K.
Likewise my niece and nephew, they both are in the same age bracket but have already bought their own homes, one is 35 miles from London the other about 45 miles away. But they're also sensible, don't fritter it away on unnecessary coffees and make their own packed lunches, don't eat out often and don't have expensive holidays abroad. And buy do-ers up houses and do their own DIY, buy or aquire furniture destined for the skip and do that up (and sell it on for a vast profit to the friend that admires it and wants a similar one)

The 1% is a separate issue, it's always been an issue and two wrongs don't make a right. It's very difficult to do much about and they are certainly not going unnoticed - they are mentioned every day on here!

Anyhow if you earn over 30k you are part of the global 1%.

When I was that age I would have spent in on holidays, booze and cocaine. I would have had a great time, but perhaps it would not have been intended for use that way.

I don’t know what they would expect young people in London to do with it. Not even enough for most business set ups there these days.

I am amazed nobody has mentioned "The latest iPhone" yet in 5 pages.

Thank goodness. People brining this up gives me the rage. I need to have the latest phones for my job because I'm expected to be available 24/7. I need to do emails, presentations, etc from my phone. A 10 year old Nokia isn't going to cut it, and the days of employers providing Blackberries is gone.

Divide and conquer - exactly.

And if we give the younger generation 10K and tax the older generation the older generation will then be unable to pay for care and fall back on the state. The older generation will stop volunteering - and that will cost the government a fortune. (Charities, the CAB, the NHS depend on volunteers most of whom are older).

It needs much more careful thinking about as others have said.

One point which would be really unfair about this, generation X after the boomers had a lot of the disadvantages like high house prices but would miss out on the £10k and be disadvantaged twice.

A little more kindness and consideration for all other people is certainly needed.

I would support moving the age for free bus pass, heating allowance etc free TV licence to age 85 (fixed ages are much cheaper to operate than means testing) which would save a lot.
I would support even more reductions in stamp duty including for second not just first property purchases.

We need higher wage growth at the bottom end which has been a big problem despite the recent rise in national minimum wage and despite being almost back to 1950s levels of very very very low unemployment - wages are still not going up, perhaps because the state subsidises big employers to pay low wages due to top ups with tax credits for the full time working low paid with families.

Not everyone would get the benefits of low university tuition fees. If you want to reduce inequality without creating distortions then a universal lump sum payment is probably best way to do it.

jnfrrss, okay then. Fitzsimmons and I will continue to watch/ laugh at these type of threads, whilst everyone keeps falling for it. As you were.

Money gets passed down through inheritance, but only to those with rich parents. Inheritance is dreadful for entrenching inequality.

Young pensioners have higher income on average than young working age adults. I can't remember the figures, but it is the first time that has happened.

But yes, more house building would probably help more than anything else.

So boomers have underpaid tax all their lives, have they? Why not do a couple of minutes of research before you spout a load of bollocks? At the start of the 1980s the basic tax rate was 33%, at the end of the decade it was 29%. This at the same time as interest rates were 15%. Never let the facts get in the way, though.

@Bowlofbabelfish

*The generational stuff is divide and conquer. If you can get young people mad at their elders you deflect attention from the real problem.
The real problem is those at the top asset stripping the country. It’s big corporations not paying taxes, it’s shit wages and taxpayer tip ups with tax credits. It’s a systematic looting of the public purse by a small but very powerful tranche of society.

It is not the average SE boomer granny and grandad in their big semi in surbiton. But having that generational conflict certainly deflects from that.*

This is the truest thing I have read in a long time. I really do despair at how well it seems to be working

Blue lady talking about shit, that's exactly what saying one tax band is and no context or application is. That's been your worst defensive post so far, and there have been some corkers.

Yes we older ones have paid a lot more tax than most, I stil pay a lot. Perhaps we need more regional incentives for jobs -eg there are lovely villages near where my mother was brought up - right by the sea near Sunderland, lots of houses for sale, £50k etc and it's a lovel life up there. I find Northumberland the best county in the UK on all kinds of scores but people are not moving up there for work because of lack of jobs. (My ancestors who moved there moved there for work because they were sailors fro Orkney, Peterhead etc or to mine coal - so clearly jobs are what makes people move. The BBC has moved to Salford. The met office is down near Exeter)

Also London Underground has tons of land up for tender for house builders at tube stations in London including plans for loads at a tube station near me but builders are not buying it presumably because it is so hard to make a profit on it. If it were possible they would be rushing to do it. Instead property prices are dropping in London at present. perhaps let every citizen buy unused public land from the state as long as they promise to build a bome on it and either sell it immediately to someone who will live in it or live in it themselves.

I am not necessarily against £10k per young person although not at the price of my needing to earn another £60k a year (£34k net a year) for each of the next 30 years to pay my annual capital tax on the house however which is going a bit far.

Hard of reading ability, jnfrrss? That was the BASIC tax rate, at the beginning of the 1980s the highest rate was over 90%. Try finding some facts before you make sweeping, ridiculous generalisations. But, no you won't, will you? Because the facts don't fit your glaringly obvious agenda.