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Millennial Tax on Pensioners.


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You don't have to keep your eyes open for long to see some really daft proposals but this one takes the biscuit. Apparently the poor misunderstood little darlings of the "young people" generation are going out into the world and having to do things for themselves. Yes, it really is THAT bad.

 

So the proposal is to tax more aggressively those who have made their position in life and hand over £10,000 to every whinging turd to stop them feeling sorry for themselves.

 

Give millennials £10,000 each ... for nothing

 

 

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Why not, the economy needs a shunt forwards.

 

The only thing I'd possibly look to change is have various tiers rather than a straight 10K for all that would depend on what the money was going to be spent on. eg. if it were to be a long holiday then nothing whilst if it were to go towards a business opportunity then a full grant.

 

The economy has to start figuring out the way ahead when AI and technology reduce employment drastically and experiments are already being tried out, eg. Finland.

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Just now, Bluedell said:

Taking away the incentive to be successful through punishing levels of taxation and giving people something for nothing isn't the way to go about it.

Generally speaking, you either seek to offer a viable and realistic bridge / opportunities for the many on the 'wrongside' or you keep having those on the 'rightside' call for, lobby for or put into place policy that further widens a yawning chasm.

 

Generally, it's those on the 'rightside' who have been the beneficiaries of economic, fiscal and labour policy over the past 4 decades and it's time there were some heavy corrections. 

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Just now, buster. said:

Generally, it's those on the 'rightside' who have been the beneficiaries of economic, fiscal and labour policy over the past 4 decades and it's time there were some heavy corrections. 

There was me thinking it was the beneficiaries of hard work, dedication and sacrifice.

 

Or maybe it was the 9% interest on mortgages...

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Just now, Bluedell said:

There was me thinking it was the beneficiaries of hard work, dedication and sacrifice.

 

Or maybe it was the 9% interest on mortgages...

Note

You can't lump everyone into 2 broad categories (as I did) without there being various subgroups in each. You'd probably need to write a book to go fully into it.

-----------

 

No-one is saying there are many who have the opportunity don't work hard but the labour market is very different to day and has upcoming challenges that might as well have been on Mars when you or I started out on the road.

 

 

 

 

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The employment market is undoubtedly going to change with AI taking over many non-manual jobs.  It's going to be very difficult to tackle this, so many options will have to be considered.

 

Not everyone who is rich and successful has sacrificed or worked hard and not everyone who is struggling to make ends meet is a lazy, benefit-seeker.

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12 minutes ago, Gonzo79 said:

Not everyone who is rich and successful has sacrificed or worked hard

Of course not. I was speaking personally and I know that I worked hard to get where I am today, while many of my friends were out enjoying themselves.

 

I've made many sacrifices over the years, and still do, to provide a good standard of living for my family, and I fail to see why a proportion of what I've accumulated by, for example, being in a job that prevents me going on a summer holiday with my family for many years, should be taken from me and go to someone else because it's allegedly a little bit harder for them....

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I agree with what you're saying, bluedell.  It's about finding a balance.  An affluent lifestyle isn't so enjoyable when you're surrounded by poverty (I've seen it myself in South Africa).

 

I spent most of my 20s bumming around, working various jobs but I never expected subsidies.  Now I'm a parent and am working a lot harder and earning far more than I did in my 20s.  And I don't want to contribute more than my fair share (which is entirely subjective).  It's all about compromise.

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If much of the issue is AI why should those currently working be the ones to subsidise this ?  Surely is AI is part of the issue that is because the corporations using AI are getting efficiencies in its use - so why shouldn't it be them that pony up the money rather than individuals ?  And all this at a time when they are reducing corporate tax rates.

 

Makes perfect sense - cut corporate tax rates to help corporate UK stimulate the economy.  Corporate UK can use tax savings (or some of the sizeable profits for many of the bigger companies) to create AI efficiencies and either cut costs or increase revenues through increased production.  Corporate UK makes even more money.

 

And then have individuals subsidise the lack of employment opportunities because of AI.

 

I fully understand that AI is only ONE of the problems, but it has that potential to be a large part of the issue.

 

These things are hard to consider completely altruistically.  There will always be a "selfish" element.  I have always been generous with volunteering my time and my money but I am with bluedell.  I have made sacrifices for the betterment of my family's financial health and continue to do so by being 3,500 miles away from them trying to save as much as possible to pay off my mortgage as quickly as possible.  My parents never had any money, if I wanted new trainers I would have to work for them - I was working a paper round at 13 and have never taken time off work, often working 16 hour shifts during summer holidays. 

 

I understand that it isn't a choice for some to not be working, which is very unfortunate.  But I also struggle to see why those of us who make sacrifices should have to be the ones to subsidise the wealth gap.  It is also a sweeping generalization that those of Generation X made out well in property and pensions.  I never even had a pension until I was 27 yrs old because I was still struggling to make ends meet and couldn't afford to pay into a private pension plan.  And I certainly didn't do fantastically well in the property market either, certainly not when you deduct the >20k tax I had to pay on LBTT and ADS when I bought my house last year.

 

Inheritance tax also has a tendency to see families lose much of what they have built up over their lifetime - things like family heirlooms and houses that have been in families for generations can often be lost as the "benefactor" of the inheritance has to somehow find the money to pay the IHT - often they cant afford it and have to sell generational assets in order to satisfy the tax demand.  Which is also unfortunate.

 

What is also a red flag to me is that, in the article, someone when asked about it said "If I got that 10,000 without restriction, I would be straight to Selfridges" - is that really someone  that actually cares about the income gap ?  No, it is someone that sees "free" money and blows it on materialistic stuff. 

 

Society today is seeing a shift, IMHO, to one where people "want things" and when they haven't done any planning of their own for their own future they think someone else should assist them.  I actually think that given how tough it is to get ahead these days that financial management should be taught in schools (no, not accounting..... financial management).  It should at least help some people to understand the need for sound financial planning on a personal level.  I personally have started carving out some of my pension contributions for my 13 yr old.  My intent is to have him show enough of an interest in it that he wants to start saving into a pension fund as soon as he is able.  The earlier the better for those things.

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