To think the proposed NI increases for social care are unfair?

[shouldbeworkingmore]

I recognise that social care needs funding but think that this proposal unfairly targets the younger generations. Plus we already have income taxes by stealth as the thresh holds have been frozen & wage stagnation is likely to continue for the next decade.

Raise inheritance tax
Up stamp duty on second homes and buy to lets
Go after these huge tax avoider companies like Amazon and Starbucks

Chances of their being a state pension by the time I retire in 40 plus years is pretty low. Especially for it to make up any significant proportion of my income.

That's the thing isn't it, younger people need to buy into it whilst at the same time know they will see their pension age move out again, probably won't get free prescriptions, winter fuel etc so they will be paying more whilst working but still have higher retirement costs.

I do actually believe in higher taxes with better services for all of society but I don't think this proposal gives us that.

we agree then

Mostly, yes; it's just a question of where the balance should fall, but I very much agree that the load should be spread across everyone who earns, no matter where those earnings come from

www.ft.com/content/952317a6-36c1-11ea-a6d3-9a26f8c3cba4

Are you meaning this for all social care op? Or just after retirement age?

A daily Mail comment today made the point that people in a council house ' won't pay for their own care homes'
Such rubbish ! If you have savings over a certain limit it's all taken into account as well as your own pension and state pension too ( if you have one)
Care home fees are extortionate.
My dad self funded everything and wasn't entitled to any help : if he had cancer he might have done. Dementia is seen as a cash cow for care home owners and it is totally unfair.

Hefty CG tax on any property other than primary residence.
IHT on all inheritance - 10% on all estates, more on estates worth £5M+.
Close tax avoidance loopholes.
No private companies running care homes who are only interested in shareholders/maximising profit.
Careers in care being recognised and paid appropriately.

When we are old and if we need care, it will be paid by those working and paying taxes at that point. We all pay for those older than us then in turn are paid for by those younger, who are then themselves paid for by the then young workforce.

But this is another issue. We have an ageing population & so who will be paying working when I retire. For that to work we probably need more immigrants which isn't popular.

We should all really be providing now for our own retirement if at all possible, that way reducing the costs to only those who genuinely cannot provide for themselves.

I think it's harder for younger people to do that then it is for me though.

Has anyone suggested a rise in VAT, that hits us all especially the more well off who buy more?

@reprehensibleme

Hefty CG tax on any property other than primary residence. IHT on all inheritance - 10% on all estates, more on estates worth £5M+. Close tax avoidance loopholes. No private companies running care homes who are only interested in shareholders/maximising profit. Careers in care being recognised and paid appropriately.

Who's offering that ? They get my vote.

Meeeeeee - vote for me!

😆

I agree!!! Remove the triple lock and insist people sell their homes first

I think the problem with inheritance tax & why it's seen as unfair is that many people only get on the property ladder with an inheritance, but what about those without inheritance. Ever increasing house prices are not a good thing.

I'm not sure that's true. Many people don't inherent significant amounts until they're 50+, by which time most people who are going to buy their own home will have done so.

All of this needs to be discussed against a backdrop of rising inflation and interest rates ...

www.bloomberg.com/news/articles/2021-08-06/u-k-starting-salaries-rise-at-record-rate-with-demand-for-staff

i know lots of people who moved up the ladder with inheritance or a gps death gave them the first deposit. I'm in London though so it's a bit skewed.

Dementia is seen as a cash cow for care home owners

No doubt, but folk can't have it all ways. Far fewer suffered dementia years ago because they didn't live long enough to get it, but now they're kept alive way beyond what would have been a natural lifespan it's become an epidemic

Nobody's suggesting actually killing off the elderly, but in a society where death's become something to avoid at all costs there'll be consequences

Why is a capital gains tax on primary property a problem??? A capital gain on your home is by very definition untaxed!!!

Get rid of stamp duty (a tax on moving home) and add capital gains tax to house sales.

I wonder how much it would raise to make it so that 5% NI was charged on pension and earned income. I bet it would cover it and it’s still significantly less NI than people under 65 will pay.

@DGRossetti how much have wages risen by & how do they compare to 10 or 20 years ago.

@OnlyFoolsnMothers don't get me started in my views on the triple lock. Let's give pensioners a massive increase due to a statistics anomaly while raising the taxes of the young.

I have no issue in supporting pensioners but not a the sacrifice of the rest of society.

This does rather read as though the OP thinks they'll never get old. I can see the concern re NI and would be happy to pay more income tax myself both in my salary and future pension......but I suspect that income tax rises are coming to pay off the COVID costs, many women have already been disadvantaged over the pension age changes at short notice so that could be one of the reasons they're using NI as otherwise that'd be a double whammy.

I didn't think I'd ever get old either but here I am at 58, struggling to balance, work, family and my lovely mother who has just been diagnosed with moderate to severe dementia. As it's vascular dementia, there's no medication to slow the progression - it only works with Alzheimer's.

She is deemed to still have capacity to make her own decisions and so we lurch from one crisis to another due to her poor decisions, lack of judgement etc. It's like looking after an elderly toddler with the controls (not a great word but I can't think of another one) you have as a mum. Also there is no employment legislation that supports people in my situation unlike it that in place relating to maternity, childcare etc.

I could write a thesis on the nightmare of sorting out hospital appts, support for mum, how to fund (she had a tiny amount of savings but owns a small house so self funding although I'm hoping to get attendance allowance for her as that's not means tested but it's a huge complex form) etc which I won't bore you all with here.

It does need to be sorted and the younger generation have the time to hopefully sort this out for themselves. It's too late for mum and I'm saving as much as I can for my old age as I don't think the state will support me either.

Because young people already have higher housing costs, little opportunity to make money on savings, higher pension ages & less favourable private pensions, wage stagnation.

Any one born from 1961 onwards has the same pension age (67) as a much younger person but little time to plan for it, many workplace pensions pay out later as well, I know mine does due to changes a few years ago. Housing costs - big issue but does depend on where you live, wage stagnation doesn't just apply to the young and looking at friends my age, it can be really difficult to get work once your past 50.