My solution for care funding

[Kendodd]

It seems unfair to me that the cost of this are to be loaded on the young. I'm old btw

My solution, that I believe to be fairest would be a 2% inheritance tax that everyone who dies over retirement age pays. This is separate to the inheritance tax we already pay and could be owed against a house while a spouse remains living in it. Care is funded from this with residents of care homes only paying a food bill. The 2% is paid whether you needed care or not.

If you don't like my solution, please suggest a better one, don't just criticise.

agree with those points

I would legalise euthanasia, in cases of severe dementia I'd legalise the request from family and two doctors.

So wheres the incentive to work, earn a salary, buy your own property if again its do this pay, don't do this and get paid for?

I would say lots of people will start want to work & buy a home regardless if they need to pay for care in the future.

still not start

Does this mean that you would like poor people needing care to die quietly without care so that your beneficiaries don't have to lose a 2% share of your estate?

I agree that estates should be taxed - perhaps with a minimum threshold but nothing like the million or whatever it is for inheritance tax, but something modest like the first £50k is exempted. But the massive unearned windfalls that some people receive when parents die should definitely be taxed IMO. Yes obviously more tax means more tax dodging, but if it is set at a lowish rate eg 7% or something, it would hopefully produce some useful revenue.

Who said that? 🙄

It would be interesting for at least once to have something different to a non enthusiastic response to the 'more taxes! Tax more!' Of 'you just want people to die don't you'....

well we certainly don't need any more burden on income taxes but other taxes are too generous imo

Do you really think people will weigh up the options, work all my life, buy a home and provide a good life for my family and have to pay 2% of my estate after I die v don't work or provide a stable home, let family live in poverty and have nothing to pay 2% death tax on. Yes, better family live in poverty so I don't have 2% tax bill after I die. Really? What percentage of people do you think would choose poverty so they don't have a 2% tax bill on death?

Well if its like that, and so easy, there won't be anyone in poverty will there?

I think inheritance tax should be reformed but the Tories won't do it.

I would introduce a "starting rate" to be paid on say any estate over say £100k at a lowish rate, perhaps 5% of the amount between £100k and say £500k over £500k would be paid at 20%. Estates over £1million would pay a higher rate.

I would allow an exemption for a first house passing to a spouse, or a house lived in by dependant children under 18 so their home doesn't need to be sold.

I would allow it to be paid from the estate.

This would mean a lot of working people would pay a lower % but more would pay something and the wealthiest would pay more.

Surely nobody living in poverty is a good thing?

Don't people pay tax on their inheritances then? <<clueless>>

you can inherit up to 1m before you do

Well of course, who has said people living in poverty is good?

I googled
Only 3.7% of estates pay any inheritance tax at all.
My 2% tax as a sort of, after the fact, care cost insurance would be alongside this.

So for the vast majority, no, they pay zero inheritance tax.

I don't think it's unfair for the young to pay for the old.

It's the old that paid for the young when they were growing up (schooling, healthcare, free school meals, pupil premium, subsidised childcare etc etc etc).

We middles are paying for the old and the young now, why should we be shafted on what we work hard to pay for with what's left after our tax and NI?

I don't think it's unfair for the young to pay for the old.

there isn't enough young though. And old people use more healthcare than younger ones.

I thought inheritance tax threshold was £300 and something thousand? Not a million?

There's allowances for marriage etc that means it can go up to a 1m, plus there are ways of avoiding it completely

Yes, I agree. The working-age population already shoulder too much of the burden.

Only workers pay NIC, it's not charged on pensions, rental income, dividends, interest, etc. That's unfair.

Capital gains tax is already too low at between 0% and 28%. Why only 28% on a potentially huge unearned gain when higher rate workers pay an average around 50% on wages (tax and NIC). Why have a separate £12k capital gains tax exemption - so someone with 12k income and £12k gains paying no tax?

Why no NIC on capital gains? In fact why no NIC on rental income, pensions, interest etc?

Why does NIC even exist at all - why not just increase income tax so everyone pays the same rates of "tax" irrespective of what kind of income it is?

NIC is the last tax that should be increased any more. It's only paid by less than half the population, probably only a third, if not just a quarter. If more taxes are needed, then spread them out across everyone!

£325k each, so that's £650k across a married couple. Then £175k each extra for the marital home passed to a dependent, so that's another £350k between them. So a total estate of up to £1m can be exempt for a married couple if they plan their wills to make best use of those exemptions.