I would love to be able to afford this, but we can't.
Yes, they did pay 12-15% interest rates during hard times in 1980-1990, that's true.
But with still massive fiscal deficit of 5bn+, we can't afford to charge really, really low taxes on people aged 65+ earning 40-50k+, while at the same time giving them so much social benefits.
it isn't only the over 70s who paid high interest rates - we're only in late 40s and paid mortgage interest rates of 15% in early 1990s. currently paying more than average industrial wage in payroll taxes plus have to bear full cost of kids in school and college with no medical cards, etc. meanwhile. my parents and their friends really do have a high life between very good pensions and all the allowances/extras. they'd grumble a bit if some of the allowances were taken off them, but no where near struggle like we do to balance everything
110 Quests agreed!
However, this is the first recession that I can remember where younger people have turned on older folk who didn’t have it so good.
This may be a flippant and disgraceful first, which may set a precedent for future generations.
You are taking a position from the now and deliberating ignoring what what obtained before.
Explain "tons of data"
Just so I understand the scenario here, is income from a personal pension for 65+ recipients taxed differently from income earned (for those not yet retired)? If say a 66 year old is still working and earning a wage, are they only paying 8% income tax on the salary?
Sorry but this is where any argument is flawed. Just because something is cut a few times more than others doesn't make it non-equitable. Ask yourself, why were they cut ? This is like the old public service argument. It's nothing to do with lowering handouts, it's the fact that they were raised so high in the first place.Bear in mind that all other welfare payments have been cut twice, and that Child Benefit has been cut three times.
That 8% is specific to my parents situation, but yes, over 65+ workers will pay less tax, yes.
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