Gutted about NI rise

[CarryOnNurse20]

I know we need it and we have so much money to pay off. But we have been scrimping and saving after a hard couple of years. Every penny is accounted for from pay day to pay day. I’m a nurse and my pay has been capped/below inflation my whole career. And now the NI rise means any savings etc we have made will now be gone. I’m gutted.

@user1497207191
No I did not realise that.
Would you please explain how you get to that figure. I find it difficult to accept.

If you are going to be financially twatted by an extra 1.25% NI above the threshold (think it's about £120 a week), you must be earning a shit load and spending nearly all of it or more than you earn.

Someone earning 50k will pay an additional £500 a year. That's not insignificant & you may not be spending that 50k on shit but rather housing & childcare.

^^ should have read ‘a partner or dependents in the home, but it’s quite a fraught and complex area and I’d want to see the detail before being wiling to support it.

I don’t support a regressive NI rise to subsidise inheritances, while better-off retirees do not contribute and the asset bubble is protected to be passed on via inheritance to those who have already enjoyed the privilege of growing up in a homeowning household.

Why are you telling lies about what people have said?

Lellie it comes from conservative governments appeasing their elderly voters and fucking over under 45s

@Realyorkshiretea

Because I am from a generation who knows that the only way to move things on is for everyone to share in the burden.

You might be @viques but you can’t really say that about your generation as a whole.

There really does seem to be an awful lot of boomers that enjoy financial stability and protections afforded to them by luck and circumstance, while making smug digs at young people that they too can have it all if they give up smashed avacados and tattoos. Not all boomers think this but the only people who think this are boomers if you see what I mean, giving them all a bad name.

I think making smug digs at other generations isn’t just confined to baby boomers, anyone who reads mumsnet for longer than five minutes knows that the ageist nastiness on here is endemic.

I dont think its very fair to be honest. It particularly targets people whose income comes from working. Income tax rise would be fairer as it would cover a bigger range on income.

@Feelingoktoday

I think we need to remember that those moaning about their university fees probably didn’t start working until they were 22. My Dad who would be late 70s now started working at 15. He paid tax for an extra 7 years tax and NI

Yes but he could retire at 65. People who've been paying tuition fees will be working until they are 70 before they get their pension, probably 75 by the time they get there.

@lllllllllll

He employed tax lawyers. It's not unfair, just that most ordinary people don't do it. Or think of doing it.

Of course it’s unfair. Whatever loophole he used should be closed.

So her £20pm, when she's already struggling and working in an essential service, will go to fund someone's inheritance.

But you think it’s perfectly acceptable to kick an old person (who may not be especially wealthy - just happened to buy a house 50 years ago when they were about £2k) out of their home to fund their care bill in their final years? Honestly there are some really appalling attitudes towards the elderly on this site, it’s horrible.

Re the Trust, it's not a loophole. It's the intended consequences of trust/tax laws, which have been in existence for decades, if not centuries - they're some of the oldest laws still in use today. Governments of ALL colours have had ample opportunity to change those laws but have chosen not to.

Anyway, they’re also suspending the state pension triple lock so it’s not just the young who are paying for this.

It's still not a bad deal just not as high

I'm totally confused about this not having to sell your home when you go into a care home. Surely it's not the elderly person who benefits here, but their children and grandchildren? ie it's the wealthy who benefit across the generations. There are plenty of poor pensioners, just as there are plenty of poor people of whatever age.

@BrozTito

Lellie it comes from conservative governments appeasing their elderly voters and fucking over under 45s

So why were the last TWO national insurance increases imposed by Blair/Brown in the last Labour government?

@lllllllllll

We can’t have everything we want. If they want care at home they’ll have to downsize, do an equity release, use savings etc

I really don’t see what’s wrong with it?

I think we need to remember that those moaning about their university fees probably didn’t start working until they were 22. My Dad who would be late 70s now started working at 15. He paid tax for an extra 7 years tax and NI

I went to uni & paid NI since I was 17. my state pension age is 68 so 51 years of contributions.

I am 66 and would potentially benefit from this. However it is wrong. There should have been an increase in income tax instead which would have been shouldered by the entire tax paying population, including those like myself who do not pay NI.

@weresouth

Anyway, they’re also suspending the state pension triple lock so it’s not just the young who are paying for this.

It's still not a bad deal just not as high

And lots of working people not getting the same rise either. At least pensioners havn't had to suffer reductions in income due to covid. They weren't "excluded" from pensions unlike the 3 million excluded freelancers/self employed. They didn't have a 20% wage reduction unlike the millions of staff who were furloughed. They havn't had to spend hundreds or thousands on modifying their homes into workplaces unlike those who had to work from home.

@LizzieSiddal

It’s an extremely unfair way to raise money. It makes my blood boil that very wealthy pensioners will not be paying anything towards this.

100% Agreed

Can you quote where I’ve suggested that? Why are you just making things up?

@JassyRadlett Err, you didn't say it - where did I say you did? It was a quote from another poster!

They are only suspending it this year because due to a quirk of factors pensioners would have got an unusually high increase this year. Not that I agree with breaking promises to pensioners. People shouldn’t need to sell their homes for care but pensioners can be billionaires too! There is definitely a better way of paying for it. Can find money for things like nuclear submarines or Royal Yachts whenever.

[quote Realyorkshiretea]@lllllllllll

We can’t have everything we want. If they want care at home they’ll have to downsize, do an equity release, use savings etc

I really don’t see what’s wrong with it?[/quote]
I agree. What is really needed is a properly regulated, if not state controlled, equity release system. The equity release market at the moment is like the wild west with too many rip off firms.

[quote Realyorkshiretea]@lllllllllll

We can’t have everything we want. If they want care at home they’ll have to downsize, do an equity release, use savings etc

I really don’t see what’s wrong with it?[/quote]
Exactly. If you want care you pay for it. Don't get young working people who have already given so much to pay for if for you. We need a new government now

They havn't had to spend hundreds or thousands on modifying their homes into workplaces unlike those who had to work from home.

Sorry, but anyone who's spent thousands modifying their homes into workplaces is easily wealthy enough to afford this increase in NI.

They've increased dividend tax too, not just NI- so will shaft the limited company small businesses that didn't receive any help during covid too

Get pretty sick of the endless digs and impossible financial burden on millenials from wealth hoarders myself, viques. And the unwillingness to stop poisoning our world.

OP, you are a nurse who I'm guessing probably does unpaid overtime? Don't do any. You shouldn't have been doing any anyway, but if the only thanks you are going to get from this government for working through a pandemic is a payrise of which they want to take most of it back in taxes, then the first thing you should do is wind back on the good will and take care of yourself. It's sad for the patients that need it, but the reason we are in this mess is because the economy is constantly mismanaged in the first place and if they are saying this tax increase will fix social care, well we will see won't we? I bet it doesn't.