Willetts targets the older generations

ukcarper

westernpromise wrote: »

Give it time. Attack them with more taxes and see what happens.

It's a parent's duty to their children to steward the family's capital. It is grossly selfish to place or leave it in harm's way, such as the harm wreaked by Labour chancellors.

No only the only the ones that think money is everything.

mrginge

ukcarper wrote: »

As I said it depends on how easy it is to access your capital and the level it was set at.

Hence why i said it’ll be the Gen Xers who get the long term planning done.

Smashing the boomers is nothing more than a windfall tax. not even remotely sustainable.

And if you want an example of how such a policy *actually* plays out with the electorate, go ask TM about her care funding plans in the last election.

ukcarper

mrginge wrote: »

Hence why i said it’ll be the Gen Xers who get the long term planning done.

Smashing the boomers is nothing more than a windfall tax. not even remotely sustainable.

And if you want an example of how such a policy *actually* plays out with the electorate, go ask TM about her care funding plans in the last election.

There going to have to do something so it will probably come down to least bad option unless sufficient younger people turn out to overcome older vote.

GreatApe

ilovehouses wrote: »

It really isn't. If you think you're the first in the Westernpromise dynasty you're probably wrong.

http://time.com/money/3925308/rich-families-lose-wealth/

American and a few factoids rather than facts in there.

So they cling on to the money and end up paying a shed load of IHT anyway. Although I tend to think ' the next generation not being responsible' is code for 'I don't want to pay tax or give it away either'.

That the kids waste it is none of your business

Some £250 billion flows from old to young each year and the Inheritence tax tax is £4.8 billion so an overall tax rate of about 2%. Its primarily a tax on sudden death and people who know no better.

ukcarper

GreatApe wrote: »

That the kids waste it is none of your business

Some £250 billion flows from old to young each year and the Inheritence tax tax is £4.8 billion so an overall tax rate of about 2%. Its primarily a tax on sudden death and people who know no better.

To be honest the majority are not affected I won't be and haven't done any planning.

tara747

Enterprise_1701C wrote: »

OK, something very few people dare say.

Surely it is because of the baby boomers that young people have the benefits that they do. In previous years people have paid taxes and NI all their working lives and then died before or shortly after retirement, getting little or, sometimes, nothing back. Baby Boomers, and their parents etc have paid their taxes all their lives. The youngsters these days have barely started, and some seem to have decided to never work. It is the way it works, you pay in and the money is spread around everyone. Unfortunately there is now simply too many of the younger generation. Maybe they will have to pay more tax, but it is the way it has always worked.

We should stop people EXPECTING to be given a house and that sort of thing. Things like handing people lifetime tenancies of housing association places should be ended, fixed term tenancies that I know some operate should become a requirement. I always remember being disgusted when Bob Crow boasted of still living in a council house - he could have well afforded to vacate that and allow someone that needed it to have it, you should have to prove you need it.

Incorrect. The problem is the opposite - there are too few younger people relative to older people. There used to be 5 workers to every pensioner, now it's about half that. And older people are living longer.

And that's why elderly care is unaffordable.

economic wrote: »

My dad is in his early 60s. Never has had any health problems to date, hardly ever used the NhS and has worked for over 40 years paying huge amount of taxes. He!!!8217;s healthy as one can be in his 60s and longevity runs in the family (living to around 100 years).

He also has assets worth over 1m including his house. Why should my dad be taxed at all?

So, your dad is expecting to get state pension for 35+ years but shouldn't be taxed?

westernpromise

tara747 wrote: »

So, your dad is expecting to get state pension for 35+ years but shouldn't be taxed?

You missed the part where he already has been.

tara747

westernpromise wrote: »

You missed the part where he already has been.

economic asked "why should my dad be taxed at all?"

Thrugelmir

westernpromise wrote: »

You missed the part where he already has been.

Though many of us reach our later years without serious health problems. Doesn't mean that at some time we won't call on the NHS in a significant manner.

economic

tara747 wrote: »

economic asked "why should my dad be taxed at all?"

You are misinterpreting what i said. My dad has paid all his taxes and his current wealth has been built up AFTER paying income taxes etc. Why should my dad pay any more tax on this wealth he has accumulated? Thats double taxation which is grossly unfair to him.

Once he receives his state pension he will be paying some income taxes. He has mitigated this somewhat by maxing out ISAs and using a marriage allowance, but he will still pay some income tax, which he knows about and has no option but to pay. But you can bet that he will do whatever it takes to reduce his income tax bill.

So whilst he knows he has no choice but to pay income tax, he doesn't have to pay any more than this. A tax on wealth is just stupid and very dangerous - that is the tax what i was referring to when i said why my dad has to pay any tax at all.