Third State Pension age review: independent report call for evidence - published today

BlackKnightMonty

NickPoole said:

dunstonh said:

I think they should abandon it, freeze retirement age and start to work on a proper fair taxation regime and redistribution of wealth.

fair in whose eyes?

Why should wealth be distributed to those who have not earned it?

Well, let's not politicise this. My point is that country is getting wealthier but the services and benefits we get as citizens aren't. That's because the money is concentrated in too few hands and not fairly taxed.

So we need to find a system that is fairer in the eyes of enough people that they'd vote for it! I doubt the Duke of Westminster or whoever thinks there is anything wrong with the system and is happy to see state pension age head off into the 80s.

I already pay 60% income tax at the £100k marginal rate. How much more money would you like to take from me and gift to others?

NickPoole

BlackKnightMonty said:

NickPoole said:

dunstonh said:

I think they should abandon it, freeze retirement age and start to work on a proper fair taxation regime and redistribution of wealth.

fair in whose eyes?

Why should wealth be distributed to those who have not earned it?

Well, let's not politicise this. My point is that country is getting wealthier but the services and benefits we get as citizens aren't. That's because the money is concentrated in too few hands and not fairly taxed.

So we need to find a system that is fairer in the eyes of enough people that they'd vote for it! I doubt the Duke of Westminster or whoever thinks there is anything wrong with the system and is happy to see state pension age head off into the 80s.

I already pay 60% income tax at the £100k marginal rate. How much more money would you like to take from me and gift to others?

Probably no more but I think should be redesigned so those cliff edges disappear. Maybe more thresholds with different bands.

BlackKnightMonty

NickPoole said:

BlackKnightMonty said:

NickPoole said:

dunstonh said:

I think they should abandon it, freeze retirement age and start to work on a proper fair taxation regime and redistribution of wealth.

fair in whose eyes?

Why should wealth be distributed to those who have not earned it?

Well, let's not politicise this. My point is that country is getting wealthier but the services and benefits we get as citizens aren't. That's because the money is concentrated in too few hands and not fairly taxed.

So we need to find a system that is fairer in the eyes of enough people that they'd vote for it! I doubt the Duke of Westminster or whoever thinks there is anything wrong with the system and is happy to see state pension age head off into the 80s.

I already pay 60% income tax at the £100k marginal rate. How much more money would you like to take from me and gift to others?

Probably no more but I think should be redesigned so those cliff edges disappear. Maybe more thresholds with different bands.

More thresholds and different bands for high earners?

Or something a bit more progressive?

cloud_dog

NickPoole said:

I think they should abandon it, freeze retirement age and start to work on a proper fair taxation regime and redistribution of wealth.

I always agree with these comments... I think every one should pay the same tax rate (20%, 25%, 30%, whatever), and to allow lower earners to benefit 'more' fairly (proportion wise) the Personal Allowance /NIC levels are increased.  This would be holistically 'fair' whilst offering lower earnings a larger proportional benefit.

Yes, pie in the sky.

Stubod

I agree that the a "simple" solution is to just increase income tax for all, but also increase the tax free limit to protect lower earners, that way everybody "shares the pain". However I think the gov. are "trapped" by their pre election statement saying they would not increase tax?? 

NickPoole

cloud_dog said:

NickPoole said:

I think they should abandon it, freeze retirement age and start to work on a proper fair taxation regime and redistribution of wealth.

I always agree with these comments... I think every one should pay the same tax rate (20%, 25%, 30%, whatever), and to allow lower earners to benefit 'more' fairly (proportion wise) the Personal Allowance /NIC levels are increased.  This would be holistically 'fair' whilst offering lower earnings a larger proportional benefit.

Yes, pie in the sky.

Yes - they should have used the black hole thing to immediately renege on that promise, rather than leaving it till later in Parliament (or just faffing around at edges and relying on code freeze to do heavy lifting)

(this should have been in answer to stubod)

BlackKnightMonty

cloud_dog said:

NickPoole said:

I think they should abandon it, freeze retirement age and start to work on a proper fair taxation regime and redistribution of wealth.

I always agree with these comments... I think every one should pay the same tax rate (20%, 25%, 30%, whatever), and to allow lower earners to benefit 'more' fairly (proportion wise) the Personal Allowance /NIC levels are increased.  This would be holistically 'fair' whilst offering lower earnings a larger proportional benefit.

Yes, pie in the sky.

Low income earners already pay some of the lowest income tax rates in Europe, and have some of the most generous tax free allowances.

We need to boost productivity; this will help raise wages. Simply redistributing more and more from a few high earners is not sustainable. Taxing our way to growth is impossible.

NickPoole

BlackKnightMonty said:

cloud_dog said:

NickPoole said:

I think they should abandon it, freeze retirement age and start to work on a proper fair taxation regime and redistribution of wealth.

I always agree with these comments... I think every one should pay the same tax rate (20%, 25%, 30%, whatever), and to allow lower earners to benefit 'more' fairly (proportion wise) the Personal Allowance /NIC levels are increased.  This would be holistically 'fair' whilst offering lower earnings a larger proportional benefit.

Yes, pie in the sky.

Low income earners already pay some of the lowest income tax rates in Europe, and have some of the most generous tax free allowances.

We need to boost productivity; this will help raise wages. Simply redistributing more and more from a few high earners is not sustainable. Taxing our way to growth is impossible.

Paying more boosts productivity - why else do CEOs and Bank Traders get so much? Giving them less would have the opposite effect.

Presumably applies at low end of pay scale as well as high?

Tax_Slave

If the government increase state pension age to say 70, then simply more people will claim benefits as unable to work due to health issues.

QrizB

Tax_Slave said:

If the government increase state pension age to say 70, then simply more people will claim benefits as unable to work due to health issues.

Working-age benefits are, generally, lower value than the NSP / PC. So it's still a saving.