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Kate Plummer
Jan 13, 2023
Rishi Sunak's five promises as he sets out priorities for next two …
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The Tories are considering a policy that is alienating just about everyone.
Despite the small matter of generational inequality, over-50s could become exempt from paying income tax for a year to incentivise them back to work and deal with labour shortages and economic inactivity.
A senior government source reportedly told The Times, who first reported the news,: "The biggest challenge we are facing is how to get people back into the workforce.
"There’s a discussion in the Treasury about how use the tax system, whether people could be given a bigger tax allowance during the first few years they are back in work."
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Safe to say, the report was met by horror and disgust by people who couldn't believe the Tories are apparently considering shafting the young in favour of the old once again.
Here's what people made of the idea on Twitter:
\u201cExempting over 50s from income tax while whacking up National Insurance feels like buying the base rather than seeking ways to spread wealth and opportunity. Young people have never had it so bad. High taxes, low wage to cost of living ratio, can\u2019t buy a house, always punished.\u201d— Alex Phillips (@Alex Phillips) 1673529315
\u201cThe "no income tax for over 50s" thing is a total non-starter. Never going to happen. Classic "blue sky thinking" idea that gets canned on contact with reality.\u201d— Sam Freedman (@Sam Freedman) 1673521965
\u201c\u201cNo income tax for over-50s\u201d is a total non-starter \u2013 it would be calamitous for tax take. But that it\u2019s even being mooted is a sign of a government with no mooring in reality. Hard to think of an intervention worse targeted than that one.\u201d— James Ball (@James Ball) 1673522392
\u201c"No income tax for over 50s" is the ultimate Tory policy. No notes.\u201d— Tom Whyman (@Tom Whyman) 1673524054
\u201cThis is what political theorists refer to as \u2018fucking insane\u2019\u201d— Hannah Rose Woods (@Hannah Rose Woods) 1673523295
\u201cI've been thinking a lot about that idea to make over-50s who go back to work exempt from income tax and I think if that were to happen I would turn into the joker\u201d— Ava-Santina (@Ava-Santina) 1673608134
\u201cGenerational inequality in Britain is already extreme, and now they want to exempt over 50s from paying income tax. Meanwhile I have to pay \u00a3410 a month just in student loan repayments, which is more than many over-50s pay for their mortgage.\u201d— Benjamin Butterworth (@Benjamin Butterworth) 1673532466
\u201c@Smyth_Chris The Times has also been told that the Treasury is discussing giving people tax breaks to go back to work\n\nDiscussion is at an early stage, but there's talk around allowances and even exempting over 50s from income tax\u201d— Steven Swinford (@Steven Swinford) 1673519010
We think it is best if the Tories go back to the drawing board...
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