National insurance, unlike income tax, isn't paid on unearned income. Raising national insurance, rather than income tax, is a choice to favour people who don't have to work for a living.
Winners: those who live on their buy-to-let portfolio, bond yields or share portfolio.
Losers: regular wage slaves.
Losers: regular wage slaves.
You start to pay national insurance at an annual salary of £9,568. You start to pay income tax at £12,570. Raising national insurance rather than income tax is a choice to hit lower earners rather than higher earners.
Those above state pension age pay income tax but don't pay national insurance contributions. Raising national insurance contributions rather than income tax is a choice to tax working age people rather than the richest.
(I used to be an adviser on tax policy to the Labour Party. Ah, what times.)
Am now remembering debating Jacob Rees-Mogg on Channel 5 about whether tax avoidance was a good thing. No surprises which side the man who ran a tax avoiding hedge fund was on.
Prrsently you pay care home costs until your assets fall below a certain level and then they are born from public funds. To fund care home costs from a general tax on income instead reduces the burden on those with assets and increases it on those who are working.
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