Wednesday, 29 July 2020

Against taxing over 40s for social care

If, as the Whitehall source suggests, "there is a renewed focus" in government for getting the social care problem "fixed", shouldn`t the solution on the table be at least a fair one (Plan for all over-40s to pay extra tax for social care, 27/07/20)? The net income of the majority of people in this country is insufficient to warrant more taxation and it would be much fairer to introduce income tax increases on those who can afford to pay more.
   Frequently forgotten in this country are the facts that the average income is around £26,000, and that people earning between £50,000 and £150 000 pay income tax at 40%. To pay for social care a graduated increase in the tax rate paid by all those earning over £50,000 seems an obvious solution, with the rate rising well over the current 45% paid by those earning more. Allied to this could be the employment of thousands more tax inspectors to root out the avoiders and evaders who cause billions to be denied to the Treasury every year.
    As for the £300bn deficit caused by the current crisis, isn`t that what the £300bn of quantitative easing was for, or has it all gone to the banks again?

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