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Without huge coverage MPs from two influential Parliamentary committees yesterday proposed a new tax system to pay for the burgeoning cost of social care.
The proposal could mean a new hike in national insurance contributions, some redistribution of money going to fund your local council, higher council, inheritance and income tax and/or abolishing some of the existing universal pension benefits, like the heating allowance or cutting future state pension rises.
Significantly it includes making existing pensioners pay more tax particularly if they are still supplementing their pension by working.
This makes this the first serious policy proposal to deliberately tax people differently depending on their age – and exempting the millennials at the expense of the elderly. In that it feeds into the current and my view misconceived debate that millennials are being robbed by wealthy pensioners and the system must be changed…
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