How should covid be paid for?

[KenDodd]

I think there should be a small wealth tax (up to 1%) and before anyone starts saying I'm just jealous or whatever, I would be in for thousands of pounds that I don't have and would have to owe. I feel really strongly that we can't just load yet more debt onto the young, they have it much worse than my generation did already (I'm 51).

Yabu - No to wealth tax
Yanbu - Yes to wealth tax

If you vote No, please suggest an alternative that you think would be fairer.

Oh and a wealth tax works but adding up the value of all your assets, deducting any debts and applying a tax to the remainder.

This will go down like a lead balloon with some people here, but I think the burden should rest more with the affluent section of the demography we're actually protecting from Covid, especially as that demography has already lucked out in many ways (final salary pensions, houses which have multiplied many times in value since they bought them). I'm glad Rishi Sunak is being really blunt about the need to pay for this, rather than just borrowing & borrowing (which is effectively dumping the burden on the young). Of course the problem is that middle class over-50s are the Tories' core demography, so I'll bet they'll screw the young instead.

That demography can start by accepting that selling your house to pay for your residential care in old age is completely legitimate & reasonable (and a lot better than placing the burden on younger taxpayers who may never be able to own a house at all). I honestly have no idea why that's so controversial.

@KenDodd

Oh and a wealth tax works but adding up the value of all your assets, deducting any debts and applying a tax to the remainder.

If my debts are more than my assets would the gov owe me money?

(And for those who are incapable of recognising sarcasm, ^ thats sarcasm)

So who would be taxed? Because I’ve worked hard, managed to buy a house etc and live modest you so I can save I should have yet another bloody tax thrown my way? I’m going to take my savings and just piss them against the wall!

@BashfulClam

What's your alternative?

It was morally right to lockdown to protect the vulnerable but there is a lot of wealth in the older generations so it is only fair that they need to contribute now as so much was sacrificed by the young. There was a good column in the times a few weeks ago showing the percentage of millionaires in their 60s but it would take a brave Tory chancellor to start making the grey vote pay up. My parents are well off and don't need a bus pass, tv licence or free prescriptions. They have said this themselves. I still find it surprising that people get so irate about a £100 tv licence for pensioners but were fine about students having to get annual loans around £20000 to go to university.

@SomewhereEast

This will go down like a lead balloon with some people here, but I think the burden should rest more with the affluent section of the demography we're actually protecting from Covid, especially as that demography has already lucked out in many ways (final salary pensions, houses which have multiplied many times in value since they bought them). I'm glad Rishi Sunak is being really blunt about the need to pay for this, rather than just borrowing & borrowing (which is effectively dumping the burden on the young). Of course the problem is that middle class over-50s are the Tories' core demography, so I'll bet they'll screw the young instead.

Some of the 50 plus middle class are Tories. Some of us have never voted Tory and never will.

somewhere this x1000

@SomewhereEast

I think it was the Lib Dems who came up with, imo, the best way to fund social care. Again, it was a sort of small wealth tax. Everyone who dies, over retirement age, pays a 1% (or so) social care tax. This would be collected whether you used social care or not. It was deemed to be just down to luck whether you needed social care or not so thought this tax would act like a sort of reverse insurance. As expected, went down like a lead balloon with the demographic more likely to vote who mostly seem to think we should just tax the young even more.

I agree, and not just specifically to covid. We need to narrow the wealth gap and the only conceivable way to do that is to increase taxes on the wealthy, both individuals and corporations. Your approach makes sense too. Taxes based on income do not effectively address wealth, it needs to be based on net assets.

I still find it surprising that people get so irate about a £100 tv licence for pensioners but were fine about students having to get annual loans around £20000 to go to university.

The same people that call the BBC biased, whilst reading the Daily Mail or the Sun!

I am in favour of a wealth tax, excluding the value of the main home. 95% of the population would not be affected - which shows what vast inequality we have in this country. The people I know that would be affected don't object to it, they're thankful that they have so much, and they know how much value those with less than them bring to the economy.

No to wealth tax. From a purely selfish point of view, I have just paid off my mortgage. I would have to re-mortgage to pay the tax, how is that sustainable?

I would remove the triple lock pension, and take away free stuff from pensioners who don't claim any benefits. My DM (92) is selling her house to pay for care, absolutely agree with this. Her whole road is full of wealthy down-sizers, who spend money like water. Their houses and gardens are up to date and immaculate, they go on several holidays a year, they are all very well off, and most of the ladies, like my mum, never worked a day in their lives.

95% of the population would not be affected

Those same 95% foam at the mouth with anger about inheritance tax though, ignoring the fact it would never affect them, they don't have enough to pay it.

By China

[quote KenDodd]**@BashfulClam

What's your alternative?[/quote]
Amazon, Starbucks and all the other big corp tax dodgers

People who already pay a lot of tax? YABU.

Corporations who pay fuck-all? YANNNNNBU!

@peachescariad I agree. China should pay damages to the world. I don't know how though...

Do away with capital gains tax, and add all profits received into income.

@TooTrueToBeGood

I agree, and not just specifically to covid. We need to narrow the wealth gap and the only conceivable way to do that is to increase taxes on the wealthy, both individuals and corporations. Your approach makes sense too. Taxes based on income do not effectively address wealth, it needs to be based on net assets.

I all for closing the wealth gap, but not so much that people that have made poor life choices can still afford luxuries such as the latest tech and holidays. It should be beneficial to work at that should far outweighs not working.

When we are asking how to pay for supporting people, keeping them fed and out of poverty, during an unprecedented global pandemic, whilst it is still going on and people are dying - then we know our priorities are completely out of whack and we need to have a good word with ourselves.

Did you ask the same question about the Gulf War?

What counts as a debt? An outstanding mortgage balance? A student loan? I think YABU because it would cause significant financial difficulties for most average homeowners to be expected to stump up 1% of the value of their home - especially considering that they will have already paid stamp duty.

As long as it includes all assets including primary residence maybe. If we start with exemptions then no.

Primary residence is key as you don't want people living in million pound mansions not paying the tax vs renters having saved for a deposit on a cheaper property having to pay it.

I would be for a high VAT increase for a fixed period (1-2y) so consumption could pay for covid. Not on the reduced VAT items, but on everything else: if you have the means to consume then you have the means to contribute.

@samosamimosa

My point was that is a key demography for the Tories from a statistical POV, not that all of that demography are Tory voters.

‘Middle class over 50’s are Tories core voters’🤔

Hmmmmm I’m one. We lived through mass youth unemployment of the Thatcher years and the never ending bleakness of her and her awful polices.

I’m 57, probably defined as middle class. I’m to the left of Corbyn as are my colleagues and friends. I don’t really know anyone of my age group who voted Tory. We hated them with a passion. We were part of the Red Wedge, Rock against Racism etc. 2 of my friends were in court for refusing to pay the poll tax.... I voted remain.

Please don’t tar us all with the same brush.

But I’m we’re northern and work in the public sector so what do we know?😁