economy
Pensioners face National Insurance raid under radical tax shake-up as 'workers cannot pay more'
Home Alone and Rocky Horror Picture Show star Tim Curry dies aged 80
TL;DR
- A think tank suggests pensioners should pay National Insurance to fund the UK's aging population.
- The proposal comes from political economist Ben Ansell, arguing for a fundamental overhaul of the UK's tax system.
- Nearly 80% of the UK's fiscal strain by 2075 is projected to be driven by an aging population.
- Current tax system places a disproportionate load on employed individuals, especially younger earners.
- Proposed reforms include a proportional property tax, aligning capital gains tax with income tax, and applying a National Insurance surcharge to earning pensioners.
- The aging population is expected to increase from 18% in 2024 to 27% by 2075, impacting state pension and social care costs.