There are not many families in the UK who could support and adult at home as they got their first house and rented it out.
how is that a great post?
Did he say it was free?
Do you think he was paying a lot? That would literally make no sense at allwould it.
Grasping?
Maybe. You're happy with a wealth tax because you don't fall into it. Everybody always wants to increase tax just outside their own circumstances.
Dunno, could be a number of reasons.
No it's mentioning a 50 year old on 50k.
Ah I get it now. A 20 year old buying a 250k house 30 years ago is also not someone I have sympathy for.
60 year olds have benefited from rapid house price increases that the younger generations will never have. They’ve also been able to retire earlier than younger generations.
He was paying enough so that he had spare to save.
I mean, this is what it comes down to isn’t it.
No but you should acknowledge that this gives you a massive advantage over many people.
There's also the argument that they disproportionately benefited from the anti-COVID measures while younger people have been disproportionately impacted by them economically.
You're not expected to have sympathy, but it's about what is fair. A wealth tax should tax the genuinely wealthy and 500k does not do that.
You can't possibly know that.
How so? Just curious, as that hadn't crossed my mind (at least for the measures in Belgium).
Just backing this with stats: as of a social mobility commission report in 2017, 34.1% of FTBs benefited from a gift or loan from parents, with another 9.6% benefiting from inheritance.
I appreciate that. He could however get advice on the implications of a transfer of that type, since it in itself will have tax (and legal) implications regardless of any wealth tax. The implications of that transfer (even in an attempt to avoid any potential liability later, as potentially ill advised as that could be) may well rule it out anyway. I have seen clients do very strange things without advice
yes! This is a massive privilege that quite literally the majority don’t have. Don’t forget that the 33% of those who get help with their house buying from family represent only 65% of the population that will own a house.
Living with parents instead of living alone is definitely a sacrifice...... especially if you'd met my dadI didn't quote spongers as something you said, it was to highlight that it wasn't a term I was directly using(single quotes). What's stupid about it is that you've clearly come from a place of extreme privilege to be able to buy a home to have as an asset in your 20s, while you lived at home with your parents, yet you're complaining about having to possibly pay tax on it. Living in your parents' house while you rent out an investment property, to pay off the mortgage on it is the polar opposite of sacrifice
I was just referencing the findings of the Tax Commission there who said "the pandemic has been economically most costly for younger generations, in an effort to protect older generations who are more at risk from the virus" as part of their argument for why a wealth measure that disproportionately impacts an older generation isn't unfair.
Yes. Don't get me wrong I'd give my left nut to be on 150K and you'd have a very nice life.... You're not in extreme wealth though. Not in the South Anyway.
https://en.wikipedia.org/wiki/Income_in_the_United_Kingdom#/media/File:UK_income_percentiles.svg
Interesting, thanks for that. Agree with your last paragraph though - it's hard on everyone in a way or in a sense, I guess.I was just referencing the findings of the Tax Commission there who said "the pandemic has been economically most costly for younger generations, in an effort to protect older generations who are more at risk from the virus" as part of their argument for why a wealth measure that disproportionately impacts an older generation isn't unfair.
As for why that economic impact would be heavier on younger generations, there are a number of reasons, I think. As far as I'm aware it's generally accepted that people who graduate secondary school & university during a recession suffer income losses that impact long-term earnings. Young people also make up a disproportionate amount of the workforce in the sectors that were hardest hit by COVID, such as retail, travel and the food industry.
Also as per a BBC Globescan poll:
"Financial hardship is more prevalent among Gen Z (63% saw a change to their income) and Millennials (65%) compared to those further along in their career paths (Gen X with 59%, and Baby Boomers and older at 42% who say their incomes were affected). Older generations are more likely to have escaped physical or financial harm - 56% of baby boomers and older report no physical or financial impacts, compared to 39% on average, globally."
If you google "pandemic economic cost younger generations" you'll see a load of articles that go into it in detail.
As I say though, I don't particularly like the argument as it rather ignores the fact not having your parents and grandparents die is a plus for young people too. Framing it as if the only people who benefit from old people being alive are old people themselves is grim.
Earning that value, you'd be on the highest income tax bracket in the UK. By status alone you'd be classed as extremely wealthy, earning roughly 5 times the median salary in the UK.
I'd argue that by its very nature being in the top 10% is "outside their own circumstances" for 90% of people, that by its very nature it isn't the "middle class", and that with an unbounded upper limit it includes "extreme wealth that is compounded over generations and sits there idle".
I disagree, its all about context. Earning £150k living in Cornwall is completely different to earning £150k and living in London.
