TO think Millennials need to get their act together and

[brownmouse]

Form a political party:

• stop Brexit
• prioritise housing
• impose at least 50% tax on all inheritance
• impose second home taxes

And other stuff. But they should be IN CHARGE now. They need to rise up and sort things out.

I keep telling my DC but they are too busy on instagram. AIBU?

Why should the government be able to take half their limited assets.

Baby boomers during the course of their lives will be taxed less than they receive than younger gens.

So this means younger gens are going to be taxed more than they receive.

That means that those who are born to less wealth are always going to be more disadvantaged and have less opportunities to earn through work like baby boomers were able to.

If you happen to be the 'right side' of the curve who benefits from inheritance then of course you'll want to maintain that.

The point being baby boomers have not earnt this extra wealth. They've just got political power through being a larger generation which means they can benefit at the expense of younger people who they aren't related to through controlling the taxation system.

There will come a tipping point at some point in the next few years when baby boomers are out numbered. That will be a politically 'interesting' moment.

Bear in mind that a lot if millennials have something of a cash flow issue, where they can not afford to wait for an inheritance to appear...

Politics of envy alive and thriving I see

Baby boomers have not earns their wealth. Sorry but I have to disagree. My family members worked from the age of 13. I went to work full time a week after my 16th birthday. No 6 form,university or gap years
for our generation. University wasn’t an option for bright working class kids as none of our parents could have afforded to subsidise us for a week, let alone several years. We are also not getting a pension until late 60s. Stop worrying about what older generations have and envying them, build your own wealth.

Actually I'll be just fine whichever way it drops.

I can just see how the imbalance and inequality and generational tipping point is going to cause huge political issues and problems because we've all assumed that things will continue in the way they have been for the last 50 years. Thats unsustainable and the lack of planning for that will have ramifications.

Whilst Brexit is proving to be a point of political instability, its really not the only thing which is creating huge political instability.

We are talking about huge changes to the structure of society in the form of its demograph and economic make up.

Thats not the politics of envy, but the economics of how you fund the state in the shorter term before inheritance starts filtering down in sufficient amounts to ease chronic problems that millenials are currently already struggling to deal with.

But hey ho. Frame it as envy rather than poor political and economic planning by government. Its easier.

If you admit the problem you might actually have to do something about it...

Baby boomers have not earns their wealth. Sorry but I have to disagree.

Ok fine. Disagree. You are entitled to an opinion. Ancedotes beat everything.

Life experience beats everything

God why bother thinking before the age of 55? Just do what your parents tell you until then.

Just like babyboomers did in the swinging sixties

Well, if you want their money ......

Even though the majority of voters aged 50+ voted leave in the brexit referendum, those of us who are millennial's or Gen Z should sort it out and stop it? Please tell us how. Seriously, how? Because I would love to stop brexit but have no idea HOW.

I don't think millenials will be the ones to set the political world on fire. We're stuck between the baby boomers and Gen X(our parents mostly) who had lots of stuff much easier than we did and Gen Z who know the world as the shit place it is and are actually interested in saving it. In my experience most millenials I know can't or don't know how to fix things because they're fighting a battle to afford property, navigate a failing nhs with our ailing parents and grandparents, hang on to or get into crappy middle management jobs and try to deal with massive debts from tuition fees etc (brought in in 2005 ish not 2010 as someone earlier suggested. They just steadily increased in size from 1500 a year to 9000 a year in that time)

What? Why would you want inheritance tax. My parents have worked hard and paid taxes all their lives. Why should half their home be taxed rather than passed down to me? Likewise I now own my own home and want it to pass to my children

Because there is no point locking money away in houses. For goodness sake, if you have money, give it to your kids now. When my ds is older and wants to buy a house, I will give him the deposit. Why would I make him wait another say 40 years before he gets anything? IHT is a tax on hoarding wealth.

The Tories go on about trickle down. There's no trickle down if people sit in houses that are too big for them and don't spend any money.

Well, if you want their money ......

I think you are mistaking my comments for my opinion on the subject. What im expressing here is how the politics will go as the demographics change.

There is something of a gap between me explaining the reality of the situation and why people might see taxing inheritance as a solution and my actual opinion.

Personally I don't think it so simple. And personally I don't think what I think will ultimately matter plus as I say, I will be ok with or without inheritance.

There WILL be a problem with a gap in state funding that will have to be solved and as younger people become more politically important, politicians will see taxing inheritance as less controversial and more be more of a political win for them.

My life experience is that politicians will take the path of least resistance and what will get them more votes...

It's is very true that many people won't inherit until they themselves are retired and yet are relying on this money.

It's very sad that so many are reliant on inheritance because they actually can't support themselves.... doesn't that make you feel sad? Can't you see how wrong that is?

Excellent points RedToothBrush, I don’t understand how people think the current system is sustainable.

Build more smaller houses should be high on the list of government priorities.

Instead we will have rampant nimbism with developers trying to maximise profit by building the biggest houses they can.

Which is fucking ridiculous as it doesn't reflect ability to buy nor changing supply/demand.

Government is supposed to fill the gap of planning. Instead current market forces are dominating leaving a car crash in the future.

This thread does remind me I have some work to do on contributing to some local planning discussion...

...not that its doing much. Its like shouting into a void of people who think they know better.

Maybe previous generations should have “prioritised housing” and then millennials wouldn’t be facing a housing crisis in the first place!!

Yeah all that additional life experience and they've still fucked it.

@runningkeenster unfortunately I don't have tens of thousands of pounds to give my kids and likely never will, I do however have equity in my house. I'd have to sell it and make us all homeless to release that. I'm paying tax. When I die why can't I gift the house to my kids? Because some other people can't do the same and it's 'not fair'?

I do wish you would bore off with the term ‘millenial’. It’s ageist, derogatory and decisive.

Please refrain from using this to further your own point/ express your frustration at a situation.

Brownmouse I agree (I’m a millennial). I call myself a ‘property communist’ because I’m not fully communist in all areas but when it comes to the property market I am. Of course inheritance perpetuates inequality, people just don’t want to see it because they’re selfish. I’d go one further and abolish it completely, and impose a ban on owning more than two properties, and caps on how much housing can cost. If houses that were to be inherited instead went straight back onto the market, there’d be more housing stock, therefore prices would fall. I am in line to inherit my parents very modest house but I believe strongly enough in my principles that I requested they write me out of their will. I don’t know what else they’d do with it though, that’s the problem

Ooh that sounds interesting @johnnyfinland.

Could out limits on how much a 1 bed costs and then gradual increase. However would have to put minimum sizes in for bedrooms or you would get people coming cupboards bedrooms.

University wasn’t an option for bright working class kids as none of our parents could have afforded to subsidise us for a week, let alone several years

That is a lie. You didn't need your parents to subsidize you!

There were lactual full grants which covered living expenses. It was never a better time to go to university if you were poor.

You can blame your parents or school for not giving you the aspiration and knowledge of how to get to university, but the money was there to pay.

My working class parents got full grants for medical school(!) and teacher training college.

Everyone needs to read The Mandibles. Yes it is fiction, but it is so scarily close to the reality we are most likely heading for.

*I am in line to inherit my parents very modest house but I believe strongly enough in my principles that I requested they write me out of their will.

Congratulations for being in a position like that...

I do however think that price regulations are the way to go. In regards to buying and selling but maybe even more importantly also for rent, or else they won't protect the truly vulnerable ones in our society...

MeyMary just in case you thought that comment was insinuating I was super rich and didnt need to inherit, that’s not my reality. I have savings but not enough for a deposit, I live in a grim flat share in London, I’m definitely not refusing inheritance because I don’t need it. I do need it, but I’d rather do what I can for the benefit of society and not just for myself