[Politics] Are baby boomers taxed enough?

[Goldstone Guy]

Sometimes when I see a fatty, puffing on a fag, trundling along in a mobility scooter with her shopping bag full of sugary treats, I think

“I’ll be paying for that revolting slob to sit on their fat arse, draining the NHS and moaning they are not doing enough for her”

The Social Care / NHS bill for people that are essentially lazy and ignorant is astronomical.

No amount of health education seems to work. Tax the tits off the slovenly, I say. Stop their benefits.

I do know what you mean, but my opinion is that by the time they reach that stage it's too late - people can't change at that stage in life. They can't exercise for a start because their knees are knackered. Healthy eating, exercise and a generally healthy lifestyle should be strongly encouraged in children so they develop lifetime habits. Heavily tax unhealthy food, reduce tax/VAT on vegetables etc, invest in playing fields, sport at school etc.

 

[The Clamp]

what the deuce is fake wealth and credit?

I guess it’s purchasing things on the never-never? Which happens more today than it used to I reckon.
So many young blokes I know buzzing around in Audis and BMW’s that they have on the drip. That they’ll likely have to give back when they can’t afford a £5k balloon payment.

 

[The Clamp]

I do know what you mean, but my opinion is that by the time they reach that stage it's too late - people can't change at that stage in life. They can't exercise for at start because their knees are knackered. Healthy eating, exercise and a generally healthy lifestyle should be strongly encouraged in children so they develop lifetime habits. Heavily tax unhealthy food, reduce tax/VAT on vegetables etc, invest in playing fields, sport at school etc.

I think you’re right.

Can I still reserve the right to silently hate them?

 

[BrightonCottager]

My take on this is that so called baby boomers grew up in a country with a functioning welfare state, enoughhouses being built and less inequality. It was Margaret Thatcher's reforms (attacking the unions, turbocharging right to buy and stopping Councils using the proceeds to build replacement homes) and subsequent right wing mania for tax cutting that has got us into this pickle.

It now seems politically unacceptable to suggest taxing wealth or corporations more which has only contributed to greater inter generational inequality.

Boomers could be taxed more (in France, inheritance tax is at 60%), but we should also be targeting top earners and tax avoiding businesses.

 

[chickens]

Haven’t bothered to answer the poll. My POV remains that we have to get over our obsession with taxing income, and start to get serious about taxing wealth. Targeting an age demographic is simply discriminatory.

I feel that in the same way that there is a minimum income a person needs to live reasonably, and not be considered in poverty, there is a maximum level of wealth that should be amassable by any one person or even organisation.

My personal belief is that once that limit is reached, the tax rate should become 100%

The actual limits can be moved as seems reasonable based on any nation state’s circumstances at the time, but it should be there.

We must prevent too much power and influence pooling in one place.

Where an organisation reaches its limit, it has to split into separate organisations, with separate ownership, board, separate market listings etc.

We need a mechanism by which we prevent a handful of ultra-wealthy individuals distorting the world we live in.

 

[heathgate]

Haven’t bothered to answer the poll. My POV remains that we have to get over our obsession with taxing income, and start to get serious about taxing wealth. Targeting an age demographic is simply discriminatory.

I feel that in the same way that there is a minimum income a person needs to live reasonably, and not be considered in poverty, there is a maximum level of wealth that should be amassable by any one person or even organisation.

My personal belief is that once that limit is reached, the tax rate should become 100%

The actual limits can be moved as seems reasonable based on any nation state’s circumstances at the time, but it should be there.

We must prevent too much power and influence pooling in one place.

Where an organisation reaches its limit, it has to split into separate organisations, with separate ownership, board, separate market listings etc.

We need a mechanism by which we prevent a handful of ultra-wealthy individuals distorting the world we live in.

...or,.. providing employment and generating tax income.

 

[Herr Tubthumper]

.living in France obviously. I pay taxes in the UK .

Surely you’re a tax resident in France if you live there?

 

[Bakero]

Gen Z and Millennials need to acknowledge that Boomers didn't have it all easy.

Boomers need to acknowledge that they have been advantaged in some ways by the time of their birth and the economic circumstances.

Everybody needs to acknowledge that Gen X are the real lucky ones. They grew up with boomer parents who owned their own home, then got fee-free uni with maintenance grants, rave culture, Cool Britannia, cheap foreign travel, Italia 90, no threat of nuclear war nor environmental destruction, ladettes, 110% Mortgages...

Where's my pitchfork?

 

[chickens]

...or,.. providing employment and generating tax income.

The employment will still be there, the tax income will still be there, there would simply be many more millionaires in the place of each billionaire.

 

[The Clamp]

Gen Z and Millennials need to acknowledge that Boomers didn't have it all easy.

Boomers need to acknowledge that have been advantaged in some ways by the time of their birth and the economic circumstances.

Everybody needs to acknowledge that Gen X are the real lucky ones. They grew up with boomer parents who owned their own home, then got fee-free uni with maintenance grants, rave culture, Cool Britannia, cheap foreign travel, Italia 90, no threat of nuclear war nor environmental destruction, ladettes, 110% Mortgages...

Where's my pitchfork?

I love being a Gen Xer. We had all the fun. Invented all the great tech without being slaves to it. . Guilt free boozing. Pub culture. The 90’s. Great music and films. The Word. Denise Van Outen. Get Stuffed. No “woke”. Great comedy.

Nuts magazine?

 

[cjd]

Surely you’re a tax resident in France if you live there?

I am liable for tax on my state pension , yes, but rental income tax is payable in the UK. Is it not the same in Germany, as I believe you rent out your english property ?

 

[heathgate]

The employment will still be there, the tax income will still be there, there would simply be many more millionaires in the place of each billionaire.

No, you will tax them out of the market....

 

[Tyrone Biggums]

But that is where we disagree. The level of risk was 2.5 times one Salary. Now you need 6 times joint salary. They afforded the massive interest rates easily so kept payments high when rented came down.

With such a high proportion. Of income going on paying mortgages and rent (used to pay off other person’s mortgage) means it is not money growing the economy. If mortgage costs were not insane then people would have more disposable income which would generate more growth and more tax which allows the government to invest in better services, improve education, health, infrastructure etc. better educated kids and people in better health only generates more growth.

The idea that governments should not get any money is ridiculous. Would you close hospitals, schools, prisons, let roads decay?

Nobody said they shouldn't get some money, it's the amount the grubs take and what they piss it up against the wall doing with it.

Government should only have a few tasks in society. They over step that role greatly in how and what they dictate to society.

If parents have 3 children and they inherit that money they too can now go a long way to owning their own home.

Tax that money heavily and they then lose that financial clout to do so.

 

[The Clamp]

There is absolutely no need for any individual to be a billionaire.

 

[Herr Tubthumper]

I am liable for tax on my state pension , yes, but rental income tax is payable in the UK. Is it not the same in Germany, as I believe you rent out your english property ?

I see.

All world wide earnings have to be declared in Germany. Tax paid in UK is then credited against tax bill in Germany.

 

[cjd]

I see.

All world wide earnings have to be declared in Germany. Tax paid in UK is then credited against tax bill in Germany.

That is exactly the same in France. It was also part of the Withdrawal Agreement.

 

[Bakero]

I see.

All world wide earnings have to be declared in Germany. Tax paid in UK is then credited against tax bill in Germany.

Same in Spain. Everything has to be declared here.

 

[chickens]

No, you will tax them out of the market....

Take (for example) a big business that is growing and would hit the limit. It knows it’s going to hit the limit, so takes steps to split the business into three separate companies, each (by law) has to have different people sitting on the board, and it can’t be controlled by a central holding company.

Now you have a lot of fresh blood in the boardroom, each company is free to set its own objectives, and will grow or shrink depending on the strength of its management team.

There’s no drop in employment because the jobs that needed doing before the split still need doing after it, there may even be some additional jobs as work that was previously pooled between divisions can no longer be completed that way.

The workforce is intact, there will be three times the likelihood of achieving a senior managerial role, and the wealth continues to be created, but is distributed among a far larger pool of people.

No employees were harmed in this fictional scenario. The money is still there to be made, demand is not impacted, but the wealth is being distributed among a wider array of individuals than previously.

If there’s one thing I’m certain of, it’s that the business community will continue to want to make money, and that having been able to hit the max limit will be a badge of honour for those who enjoy that sort of thing.

For individuals it’s even simpler, they can continue to do what they love, nobody’s stopping them, but they are damn well going to spend rather than hoard whatever would take them over the limit, because whatever they don’t spend is going straight back to the government. Their money stays active in the economy.

 

[Thunder Bolt]

Countless millions already retired have zero pension beyond the state pension, huge numbers rent privately or from a LA/housing provider or own very modest homes up and down the land with equity release.

You’ve fallen into the propaganda trap created by malevolent stirrers in picturing over 55’s as having fantastic pensions and equity, whilst those under 40 have no hope. I know many folk chiselling an existence on the state pension.

I missed this thread because I have the OP on ignore and it's only because I looked at Forums, that it showed up.

Yes, you're right, many of my generation have zero pension. I was born just post war, and women were expected to stay at home to look after children when they got married. I did try to get a job when my son was two years old and got hassle at work from a couple of people because I was working full time to help out the household budget. My MIL looked after my son because there was no child care facilities in the 70s. Women paid a 'small stamp' or married women's stamp, and contributing years were covered by receiving child benefit (but not for the first child).
I had to give up when my son got German Measles as MIL decided she couldn't cope!

I went to work part time four years later, as the firm I worked for had the excellent idea of part time hours from 10-2, so enough time to drop the children off at school, and be back in time to pick them up. BUT part timers couldn't join the pension scheme (sex discrimination as fought in the High Court 2003)
So much for discounts eh?

Many women found themselves with a miserly pension; £11 a week for someone I knew when she became a widow.

Oh yes, we were the golden generation alright. I did pay full stamp by choice even though it left my weekly wage short at the time because I wanted a pension in my own right. I also contributed to SERPS until the time I could go full time and join the pensions scheme.
I get the princely sum of circa £17K a year in pensions and pay tax on that.

There is a good reason why I have the OP on ignore. It's called his ignorance.

 

[Thunder Bolt]

What the twats that start these threads fail to take account of is the absolute hell that the parents and families of these so called boomers had to go through in WW2. None of these Gen A to Z whatever’s have any conception of what it’s like to be at war and have family members dying as a result, not to mention living under the constant and real threat of nuclear annihilation.

There was a chronic housing shortage due to the bombing. As my Dad was a regular in the RN, we had to live apart for long periods because there were no married quarters. Pompey and Plymouth were flattened. I can remember seeing bomb ruins in Pompey when we did live there for a year, and grave warnings at school about unexploded munitions.
There was a reason thousands and thousands of prefabs were built, even in Brighton up Wilson Avenue. My Aunt & Uncle lived in one.