|>>|| No. 84272
Tax on pensioners proposed to heal inter-generational divide
A £10,000 payment should be given to the young and pensioners taxed more, a new report into inter-generational fairness in the UK suggests.
The research and policy organisation, the Resolution Foundation, says these radical moves are needed to better fund the NHS and maintain social cohesion.
The Resolution Foundation says its goal is to improve outcomes for people on low and modest incomes.
• Give £10,000 to all young adults at the age of 25, funded by a new "lifetime receipts tax" that would replace inheritance tax.
• Scrap council tax and replace it with a new property tax targeting wealthier homeowners.
• Use the proceeds from property tax reform to halve stamp duty for first-time buyers and increase public funding for social care.
• Make earnings of those above state pension age subject to National Insurance contributions.
"Those still working after State Pension Age are most likely to be those too poor to be able to afford to retire, so we'll penalise them by making them pay National Insurance.
Also, we've no idea how to fix the housing market so we'll throw money at young people to try and shut them up, even though this will distort the situation further."