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Think tanks calls on older generations to help improve social cohesion

Think tanks calls on older generations to help improve social cohesion

Making working people aged 65 and over pay national insurance contributions would generate an extra 3.1 billion USA dollars a year for the NHS, the report recommended. This would be funded by replacing inheritance tax with a new lifetime receipts tax that tackles widespread avoidance, levies the tax on recipients not estates and entails lower tax rates for all.

It backs the higher rate of stamp duty for additional homes and suggests that the owners of additional homes selling to a first time buyer should be given a time limited cut to capital gains tax to encourage them to do so. As families we provide for our children and parents at different times.

Whilst proposals for changes have been made by a number of organisations and political figures, a new report has suggested that the housing sector should be completely reformed to help alleviate the affordability crisis for younger buyers.

Ms Fairbairn said: "The idea that each generation should have a better life than the previous one is central to the pursuit of economic growth".

David Willetts, executive chair of the Resolution Foundation, said: "Many people no longer believe that Britain is delivering on its obligations to young and old".

The Resolution Foundation said a "citizen's inheritance" should be paid to people on their 25th birthday to help them with deposits to buy homes, training costs or cash to start a new business. "The fact that it has broken down for young people should therefore concern us all".

Frances O'Grady, another commission member and TUC general secretary, said young people faced insecure work and had little prospect of decent homes or pensions.

According to the report, millennials today are half as likely to have purchased their own home by the age of 30 than baby boomers, and four times more likely to be renting privately. "That means building more houses, giving everyone a decent retirement, and crucially stronger unions and rights at work".

The Daily Mail quoted former Conservative pensions minister Baroness Altmann saying the plan would be as unpopular with voters as the doomed dementia tax blamed for the Conservative Party's election disaster a year ago when they lost their majority in the House of Commons. Many older workers keep working because they do not have good pensions and are trying to make ends meet.

Further details for removing the exemption, and other measures the government is considering to reduce the funding care gap, will be revealed next month in a Department of Health green paper, the paper reported. "It would be wrong for us all to drift into the assumption that it should be funded by more taxes on the working age population".

And let's fund this by taxing the rich and the corporations, not by making older people pay more.

"I hope the Prime Minister will heed the lessons of the last election manifesto, which proved how politically toxic the issue of care funding can be". Share your thoughts in the comments section below.

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