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What next!! Pensioners to work?

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Community Veteran
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Re: What next!! Pensioners to work?

Quote from: Sprite
I truly believe there should be a wealth tax.

Not that I disagree with you. But based on what criteria, Income, Assets, Property (i.e. a mansion tax), UK assets, World wide assets. How would you implement it,
I'd agree expanding the Council Tax bands would be an easy solution, but expanding the current bands of income tax, the higher paid will just find better tax lawyers. I'm not sure how you can tax 'assets'
There are examples where a wealth tax has failed in the past Idi Amin tried to introduce a wealth tax in Uganda in the 1970’s, all the ‘wealthy’ just left the country. Same in Angola, both Uganda and Angola went thru a period of both civil war and decline.
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Re: What next!! Pensioners to work?

Quote from: journeys
There are examples where a wealth tax has failed in the past Idi Amin tried to introduce a wealth tax in Uganda in the 1970’s, all the ‘wealthy’ just left the country.

The bankers threatened to do that a while back didn't they. Look how invaluable they are to this country being the best of the best - they destroyed our economy, screwed over an entire nation and crippled us all for years to come.
Would it seriously be such a bad thing if they were ousted? They either want to be part of this country or they don't. Thats the way I see it. We all have to pay a heavy price for being part of it, why shouldn't they? If thats a price they don't want to pay then they're welcome to leave as far as I'm concerned and they can take their duck houses with them!
I need a new signature... i'm bored of the old one!
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Re: What next!! Pensioners to work?

Quote from: Sprite
I truly believe there should be a wealth tax.

It would also be a good thing if international companies like ebay and Starbucks didn't do their utmost to avoid paying taxes.
Little point in successive governments making such a big deal of attracting international companies if they don't pay their fair share of taxes when they are here.
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Re: What next!! Pensioners to work?

Quote from: journeys
Same in Angola, both Uganda and Angola went thru a period of both civil war and decline.
We're halfway there already, then Angry

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Re: What next!! Pensioners to work?

Quote from: billnotben
It would also be a good thing if international companies like ebay and Starbucks didn't do their utmost to avoid paying taxes.

If a company make a profit in the UK it should be liable to pay tax the same as other UK companies, subsidising non-UK parts of such corporations should not qualify for UK tax reduction.

If all tax avoidance (by wealthy individuals as well as corporations)  and, at the other end of the scale, benefit fraud could be stamped out we'd probably all be a lot better off.
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Re: What next!! Pensioners to work?

Quote from: jelv
That's a very good argument for a wealth tax!

But how would you implement it?
The current pension crisis is partly caused by an aging population.  When my father retired life expectancy was about 67.  Today it's more like 78 for a man and 82 for a woman. This is the problem successive governments have tried to tackle.  Most of the present retirees will have paid into the system all their lives and even that is insufficient to  meet the requirements.
It must also be remembered that Gorgon Brown stole £5 billion from pension funds in his first budget and this is now estimated to be around £120 billion in total.  It is seen as the one most disastrous effect on our pensions. It also triggered an end to the final salary pensions which were the envy of the world.
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Grafter
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Re: What next!! Pensioners to work?

Quote from: nadger

When we are seen to complain about interest rates on our savings it has to be remember that some of us paid over 15% interest on our mortgages for a period of time - some may recall how painful that.

Did you pay 15%? I can remember it being announced but thought the government stepped in before it was introduced. Also remember that at that time mortgages were subsidize by the tax payer which is not the case now.
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Grafter
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Re: What next!! Pensioners to work?

Quote from: billnotben
It would also be a good thing if international companies like ebay and Starbucks didn't do their utmost to avoid paying taxes.

One thing the politicians and media don't mention about this issue is that limited companies are legally bound to maximise the profits for the shareholders.  As such, tax is seen as an overhead to be minimised in any way possible.
Secondly,  given the fickle nature and short sightedness of the stock market,  being seen to pay to much tax hurts the share price.
The only realistic way that can deal wit the tax avoidance that the multinationals can get away with is to change the rules, both on company behaviour and tax!.
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Re: What next!! Pensioners to work?

There are some people who have paid into NI all their lives and who in my opinion should not get a state pension despite their contributions. I'm thinking about those people who get a work or government pension in excess of £1000 a week, if their state pensions were stopped they would hardly notice it, however for the vast majority of those who have paid and get far less than this it would be criminal to add restrictions to their current entitlement.
Many of the people who I worked with either did not reach retirement age or died within a few years of retirement, which was a good financial deal for the government.
Certainly many young people are suffering but one day many will also reach retirement age and the more damage done now to pensions and entitlements will only get worse if one group of people are blaming each other when the problem lies elsewhere.
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Re: What next!! Pensioners to work?

Quote from: itsme
Did you pay 15%?

I most definitely did.  Cry
Wife stopped work, first child arrived, moved from a flat to a house with much bigger mortgage which shot up pretty much on the day we moved in.
Only survived with help from both our parents, we literally had NO money at all even for food.
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Re: What next!! Pensioners to work?

Yes, I also remember paying 15% on my mortgage.  It was a big chunk out of my monthly pay.
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Re: What next!! Pensioners to work?

Quote from: itsme
Also remember that at that time mortgages were subsidize by the tax payer which is not the case now.

I disagree: Today the typical "one house" owner doesn't get any mortgage relief allowance. But buy-to-let landlords gets 100% tax allowance on the interest payments.
By remortgaging a BTL property taking a larger mortgage gives a BTL landlord the leverage to purchase a second and third or even 700th property without paying any tax.
The Wilsons being an example
http://www.dailymail.co.uk/news/article-1210885/Maths-teacher-property-tycoons-700-homes-sale-go.htm...

(Only a small percentage of the "interest element" was allowed against tax, 22.5% spring to mind, but that applied to ALL, including BTL)
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Re: What next!! Pensioners to work?

Reading down about the Wilsons it sounds like they were rather greedy blighters.
How tax relief is allowed on BTL properties and not on people's own homes is beyond me (one is owned for profit and the other out of necessity - excluding grand luxury properties possibly).
Call me 'w23'
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Re: What next!! Pensioners to work?

Quote from: w23
Reading down about the Wilsons it sounds like they were rather greedy blighters.

Isn't that a pre-requisit for making that amount of money?

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Community Veteran
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Re: What next!! Pensioners to work?

Well, quite possibly.  Cheesy
Call me 'w23'
At any given moment in the universe many things happen. Coincidence is a matter of how close these events are in space, time and relationship.
Opinions expressed in forum posts are those of the poster, others may have different views.