£19 billion sounds like a lot of money. It is a lot of money. But not as large as the £277 billion raised purely in income tax in that tax year. It is just under 7%.
Whereas an ever-growing amount of people are aged over 65. It is already 18.6% of the total population. 11.8 million people. And, due to a combination of increased life expectancy, advances in healthcare, and a falling birth rate will soon exceed 20%.
It is all very well pointing out that more than 50% of Pensioners may be paying income tax. But it is equally true to say that just under 50% of the whole population pay income tax. Because some are Children. Some are students. Some are economically inactive, whether by choice, by being stay at home parents, ill-health or age.
As a group, old age pensioners are not that different to the population at large. Roughly 50% pay no income tax. May well be true that, as a group, income may be lower. But when you factor in lower housing costs, no travelling to work, no kids to support etc, I suspect average disposable income is broadly similar.
Nearly 50% of all Government Revenue comes from Direct Taxation of individuals. Income Tax. And National Insurance.
The average person in that tax year paid £6,400 in Direct Tax. And I am including children, pensioners and the economically inactive in that. The average taxpayer paid double that-£12,800.
The average Pensioner paid one quarter of the average. Just over £1,600.
For the avoidance of doubt, @HAYSIE I am not having a go at people in your position.
The only bit that annoys me is that Workers in exactly the same income position as you will pay more tax than before.
Whereas it will not benefit the poorest 40-50% of Pensioners. Will benefit the 20-30% of people in your position. And give a tax break to the richest 20-30% who do not need it in the same way as the poorest 50% of Pensioners and squeezed middle of Workers do.
For the avoidance of doubt, @HAYSIE I am not having a go at people in your position.
The only bit that annoys me is that Workers in exactly the same income position as you will pay more tax than before.
Whereas it will not benefit the poorest 40-50% of Pensioners. Will benefit the 20-30% of people in your position. And give a tax break to the richest 20-30% who do not need it in the same way as the poorest 50% of Pensioners and squeezed middle of Workers do.
I am in favour of fairness. I think we have probably had fingers in **** solutions for far too long. We seem to need a proper review of just about everything. There is nothing much that actually runs properly. Nor does there seem to be a considered plan, for anything very much. I am not going in to a long list, but you can highlight things like the NHS, social care, the police force, state pensions, trains, water companies, energy, etc that are long overdue for a serious review. Then you can refer to Grenfell, the PO scandal, contaminated blood, WASPI women, asylum application backlogs, as not very good examples of us being able to organise anything. I am not sure that Labour are likely to make a huge difference, as most of their plans seem to be a secret, and they wont have any money to spend. I dont think pensioners should be looked after, at the expense of others. Sunak doesnt inspire much confidence when he says things like waiting lists in the NHS have come down, since they were higher.
Comments
https://www.msn.com/en-gb/money/other/rachel-reeves-accused-of-plotting-a-20billion-tax-raid-on-pensions/ar-BB1nm4Fk?ocid=msedgntp&pc=NMTS&cvid=da6e0f240d9d4e0b877c6068cf0f2516&ei=61#fullscreen
https://www.msn.com/en-gb/news/world/i-m-struggling-on-a-frozen-uk-pension-in-thailand-but-i-m-too-sick-to-leave/ar-BB1nmRav?ocid=msedgntp&pc=NMTS&cvid=da6e0f240d9d4e0b877c6068cf0f2516&ei=38#
https://www.msn.com/en-gb/money/other/exact-amount-pensioners-need-after-tax-to-cover-essentials-during-retirement/ar-BB1mlZFI?ocid=msedgntp&pc=NMTS&cvid=58e0b6ccfabb4ee7875f6b26bed4f4dd&ei=100#fullscreen
https://www.msn.com/en-gb/money/other/how-the-tories-got-their-maths-wrong-with-the-triple-lock-plus/ar-BB1ntMRD?ocid=msedgntp&pc=NMTS&cvid=3933fb28426143e69e91159fb8c1bfbb&ei=100#fullscreen
https://www.msn.com/en-gb/money/other/large-increase-in-over-65-year-olds-in-work-study-suggests/ar-AA1j4sux?ocid=msedgntp&pc=NMTS&cvid=b395da74d513408eb399e16f347151b8&ei=27#fullscreen
https://www.msn.com/en-gb/money/other/could-a-future-government-be-tempted-to-cap-isa-savings-at-100k/ar-BB1nBpka?ocid=msedgntp&pc=NMTS&cvid=e6e04d637fbe4c6cbd76090dc7dc2cba&ei=126
https://www.msn.com/en-gb/money/other/fact-check-pensioners-paid-19-5-billion-in-income-tax-in-year-ending-2022/ar-BB1nDn6E?ocid=msedgntp&pc=NMTS&cvid=c2e410ecc086470794cd1012b5c155a9&ei=22#fullscreen
I would make all them old folks pay double, it’s their fault the country is in such a mess.
Haha.
https://www.finder.com/uk/stocks-and-shares-isas/tax-statistics#:~:text=Tax statistics: Highlights 1 There were an estimated,health and welfare, totalling £420 billion. More items
£19 billion sounds like a lot of money. It is a lot of money. But not as large as the £277 billion raised purely in income tax in that tax year. It is just under 7%.
Whereas an ever-growing amount of people are aged over 65. It is already 18.6% of the total population. 11.8 million people. And, due to a combination of increased life expectancy, advances in healthcare, and a falling birth rate will soon exceed 20%.
It is all very well pointing out that more than 50% of Pensioners may be paying income tax. But it is equally true to say that just under 50% of the whole population pay income tax. Because some are Children. Some are students. Some are economically inactive, whether by choice, by being stay at home parents, ill-health or age.
As a group, old age pensioners are not that different to the population at large. Roughly 50% pay no income tax. May well be true that, as a group, income may be lower. But when you factor in lower housing costs, no travelling to work, no kids to support etc, I suspect average disposable income is broadly similar.
Nearly 50% of all Government Revenue comes from Direct Taxation of individuals. Income Tax. And National Insurance.
The average person in that tax year paid £6,400 in Direct Tax. And I am including children, pensioners and the economically inactive in that. The average taxpayer paid double that-£12,800.
The average Pensioner paid one quarter of the average. Just over £1,600.
@green_beer
Any more from you are you'll be BANNED.
I hope I make myself clear.
The only bit that annoys me is that Workers in exactly the same income position as you will pay more tax than before.
Whereas it will not benefit the poorest 40-50% of Pensioners. Will benefit the 20-30% of people in your position. And give a tax break to the richest 20-30% who do not need it in the same way as the poorest 50% of Pensioners and squeezed middle of Workers do.
I think we have probably had fingers in **** solutions for far too long.
We seem to need a proper review of just about everything.
There is nothing much that actually runs properly.
Nor does there seem to be a considered plan, for anything very much.
I am not going in to a long list, but you can highlight things like the NHS, social care, the police force, state pensions, trains, water companies, energy, etc that are long overdue for a serious review.
Then you can refer to Grenfell, the PO scandal, contaminated blood, WASPI women, asylum application backlogs, as not very good examples of us being able to organise anything.
I am not sure that Labour are likely to make a huge difference, as most of their plans seem to be a secret, and they wont have any money to spend.
I dont think pensioners should be looked after, at the expense of others.
Sunak doesnt inspire much confidence when he says things like waiting lists in the NHS have come down, since they were higher.
@green_beer
For the avoidance of doubt, smiley added.
xx
https://www.msn.com/en-gb/money/other/drawdown-disaster-warning-as-simple-pension-withdrawal-error-triggers-27-400-tax-charge/ar-BB1nEWYt?ocid=msedgntp&pc=NMTS&cvid=eecad99a3a0449848bc5d7639ab54fe2&ei=82#fullscreen
https://www.msn.com/en-gb/money/other/savers-blast-government-over-state-pension-top-ups-chaos-as-we-discover-more-blunders/ar-BB1nJoBv?ocid=msedgntp&pc=NMTS&cvid=5b7adab48f0546bfbc36c3d7b5e6080d&ei=84#fullscreen