Well, wouldn't it be Gen X getting hit the most? They make up the majority of un-retired over-40s.
Possible new tax for over-40s to pay for social care
- Thread starter HACO
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Well, wouldn't it be Gen X getting hit the most? They make up the majority of un-retired over-40s.
I don't have kids, so yes. I also don't expect to inherit my parents house. If they need to sell it to fund their care then so be it. We need to stop this idiotic mindset that wealth and property should automatically be handed down upon death.
Generational wealth is a helluva drug. I know people who've purchased expensive properties on the belief that they will eventually have a massive inheritance to pay it off.
But they will all start paying it older than millennials will (at 40), so will have a lower loss to their lifetime earnings.
I can see both sides of this argument.
Get rid of inheritance - because why should person A be given a head start in life over person B just because their parents happened to be well-off (the obvious better upbringing aside)?
vs
Don't get rid of inheritance - where's the incentive to work hard and live sensibly/frugally/save for a rainy day when you might die tomorrow and it's all gone? You can't pass any on to your kids, so live for the moment, get into debt and if you fall on hard times then the state can pick up the bill.
Mandatory voting and/or assigning fines and taxes to not voting happens in dictatorships. Democracy also means the choice to not participate.
Soldato
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I may have missed it in the article, but why just over 40s? Why not just introduce it across all age groups?
At 37, it kind of feels like the rug is being pulled at every opportunity.
At 37, it kind of feels like the rug is being pulled at every opportunity.
Fair enough, it was said tongue in cheek anyway. However choosing not to participate also means choosing to abdicate responsibility and to some extent criticism. I have voted in every GE since 1974 except one (1979 I was working in Spain). But then I am that generation born in 1952.
Not only that we also had all the best bands.
Provided the tax stays in place and isn't reneged at some point.
As it stands and assuming an equal distribution across each of the 15 years that define a generation, each year the number of millennials paying the tax will increase in share by 6.66%, whereas 100% of Gen Xers will be paying the tax as soon as it is implemented.
Welcome to Britain, you must be new here?
I wonder if there's the possibility to opt out if you commit to offing yourself when you hit retirement age?
What are you arguing here? That it's worse to be a Gen-x paying for, say, 20 years than a Millenial paying it for 30?
If we apply a 20% 'youth tax' on people on their 20s, is that worse for 29 year olds, because they're paying it now, or 19 year olds who will pay it for longer?
It also happens perfectly normally in Democracy's too...
https://en.wikipedia.org/wiki/Compulsory_voting
Im pretty sure Australia isnt classed as a dictatorship
"North Korea – Everyone over age 17 is required to vote. However, only one candidate appears on the ballot. Voting is designed to track who is and isn't in the country. Dissenting votes are possible but lead to repercussions for voters"
What a state!
Welcome to Britain, you must be new here?
I wonder if there's the possibility to opt out if you commit to offing yourself when you hit retirement age?
Fried breakfast every morning, pub lunch and a boxset binge in the evening. Hell, I might even save the state some money by dropping dead in my fifties.
That it is worse for Gen X for the next 15 years, as literally that entire generation is paying the tax.
IF it is still going in 15 years, then Millennials will take the mantle, so your "The life and times of a millennial" comment is missing the mark a bit. But no-one seems to give a stuff about Gen X for some reason, haha.
And I say that as an "elder millennial" who will be impacted by this, but not for another 2 years.
In only handful of them. Vast majority of countries that do this are dictatorships.
Is the social care time bomb about to go off?
Feels like it.
I feel the older generation pension home owner generation also need to cough up.
If you own your own home but are retired how is it fair everyone else pays for you? You should pay for yourself too.
Id be happy with this if this money was used to pay for the generation contributing only.
Its not fair to give those who have had such great opportunity another reason to keep thier assets and milk off the younger generation.
Feels like it.
I feel the older generation pension home owner generation also need to cough up.
If you own your own home but are retired how is it fair everyone else pays for you? You should pay for yourself too.
Id be happy with this if this money was used to pay for the generation contributing only.
Its not fair to give those who have had such great opportunity another reason to keep thier assets and milk off the younger generation.