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.

@Cocomarine

One thing that I hate though, is when people seem to blame a generation (and it’s only some of them!) for having - for example - a Final Salary pension. That’s their good luck! They didn’t personally sit down and collectively try to screw over younger generations. Lots of them are keeping the charity sector well supported via donations, and volunteering. Many provide unpaid childcare so their children can pay more tax and claim less benefits.

Yeah, there are some total dickheads (looking at you FIL!) that will not acknowledge their fortunate position and nothing to help others.

But most are just ordinary people who don’t want the young disadvantaged any more than you or me.

^Agree with this

@KenDodd - are you suggesting it be levied on all wealth? Or would some (Eg final salary pensions or Family homes) be exempt? How would people pay for it if they couldn’t afford it upfront? Does the state take a charge on their property or pension?

I think we need to extend NI to pensioners. And apply cgt to family homes. Also perhaps even consider abolishing universal state pensions and definitely remove all final salary public sector pensions.

Amount other things, tax house inflation profit at the point of sale.

What about those in our 30s/40s, who never benefited from boomer generation and saved every penny to get on the housing ladder? No meals out, no holidays? I bought on the same street as my parents, they paid 90k, I paid £500k (mortgage).

I think moving the inheritance tax threshold to something like £50k would be a good idea - an inheritance is not earned by the recipient, and can't be relied upon (might be swallowed up by care needs anyway) so is the perfect place to target. After all, the original owner of the money will be dead so won't need it. Usual caveats about allowing a spouse to inherit without tax apply.

There'll be plenty of shouting and yelling about it, but nobody should feel entitled to someone else's money that they haven't earned.

Of course China should pay.

I would eliminate inheritance so on death, all assets and money goes in the tax pot. Obviously there would have to be nuance so if a spouse died their spouse didn't get kicked out of the house, but I would take money from the dead rather than the living.

Would also be a great social leveller.

@HomeSliceKnowsBest

Of course China should pay.

😂

Laughing at anyone thinking China can be made to pay.

think we need to extend NI to pensioners. And apply cgt to family homes. Also perhaps even consider abolishing universal state pensions and definitely remove all final salary public sector pensions

Good luck with that. It would be political suicide.

It's time to eat the rich

Also I would point out to all that amazon etc already pay substantial taxes on a global basis. If you want them not pay more or differently you have to actually give a practical example of what you propose not just spout some nonsense you’ve read in the guardian. I used to work in global tax and it’s a lot harder to get away with paying less than many seem to think.

@VinylDetective - I agree but is it fair that young people get shafted repeatedly because old people are better organized and vote. Although it does frustrate me that that’s the case.

Cayrolbaskinn, how do you propose removing workplace and state pensions when people have already paid for them.

And pensioners would be paying double NI. They’ve already paid it once.

@Howlooseisyourgoose - what are you suggesting China pay for?

I disagree, the elderly don't have to go to work and have their pensions. It's the younger generations who've lost their jobs who've been disproportionately affected by covid.

Cologne4711 So, these pensions make the elderly wealthy enough to afford a tax like this? I don't think that's the case.

And, sorry, I don't believe death/long term effects of COVID compare to losing a job that you can pick up again in a few months.

@CayrolBaaaskin eh?

No to wealth tax from me. I have worked extremely hard to get where I am now, but if I had to pay a tax on my assets I would have to borrow or re mortgage to pay, why is that fair?

I think that actually the large tax dodging companies such as Amazon need to be sorted first, or put up NI so everyone gets the hit, or increase VAT so everyone takes the hit

Cayrolbaskin, but it’s not just this generation!! It’s the governments who shaft the young.

Christ, l was a young adult under Thatcher, and not a fucking job anywhere despite having a degree. I applied for loads. Youth unemployment was through the roof, and she cared not a jot. She shafted the young, and the North.

Why are people who had to put up with that, now being accused of stealing from the young?!😲

@TheEmojiFormerlyKnownAsPrince - All Defined benefit pension schemes can be closed and turned into defined contribution schemes going forward. That way people really are just getting what they put in instead of the enormous cost to the taxpayer. State pensions are effectively just contributory benefits and could be abolished same as any other benefits. I would suggest that they only be available on a means tested basis.

Of course pensioners are not paying ni twice. Ni is really just a tax these days and should be merged with income tax imo.

@TheEmojiFormerlyKnownAsPrince - don’t steal from the young then. Give up your universal state pension and pay ni. You can bet by the time they get to retirement they won’t get these things.

I grew up in Thatcherite Britain too. Doesn’t make me entitled to money for nothing.

I’m not paying b a wealth tax. I’m in my early thirties, been hit by the last recession and now this, saved up hard for our house, both worked full time long hours. If we have to pay 1% of all assets we would have to use our emergency savings to pay as most of our money is in the house. No way am I paying that! Either everyone has to pay something, or no one, don’t pick on the hard working middle who have been sensible and saved!

How stupid. Why people who worked hard and managed to aquire some assets should be taxed yet again? Ultra rich will just move their assets to offshores, you would just hit hard working middle class families.
Where do get money to pay for covid? Reduce army spending, cut out foreign aid, optimise NHS spending so we don't waste millions on middle mgmt and contractors, cut out Royal family expenses