Your pension to be used to fund the NHS from 2024?

[code99]

4 hours ago, FANDL said:

But the subtext is clear - they intend to divert more money away from potentially paying the state pensions of people who have worked all their lives and give more of that money to Manx Care as part of the proposed “NHS levy” which is due to be announced in the next budget. 

I think it is just as likely that they will reduce the amount of money that the NI Fund transfers to Manx Care (currently £43m annually) in order to protect the NI Fund and instead they will raise additional funding for Manx Care by increasing general taxation. Unfortunately, this Government just does not want to balance the books by reducing size of the CS. This Government’s attitude to old people seems to be that old people are drain on public finances (presumably our politicians think of themselves as being immune to aging, or they will personally have VIP access to healthcare).

It is said that during this financial year, the temporary increase in top income tax rate to 22% (from 20%) will raise circa £20m. IMHO, if funding for Manx Care from the NI Fund was to be cut completely, raising another £43m from higher taxes would transfer the burden of paying for Manx Care from relatively wealthy pensioners to working people, many of whom are already struggling to pay their bills. Even the UK Labour Government has been unwilling to do this amount of tinkering (a la Robin Hood) with the tax system. The IOM Treasury needs to do their modelling properly, otherwise they may end up with even less tax revenue as a result of too many people ‘catching the boat’ and never returning. Let’s also remember that the Chief Minister’s goal of increasing the population by 15,000 is not yet working - the population has hardly grown in the last two years. The wrong funding/ taxation moves could very easily cause our currently static population to shrink.

[FANDL]

26 minutes ago, code99 said:

I think it is just as likely that they will reduce the amount of money that the NI Fund transfers to Manx Care (currently £43m annually) in order to protect the NI Fund and instead they will raise additional funding for Manx Care by increasing general taxation. Unfortunately, this Government just does not want to balance the books by reducing size of the CS. This Government’s attitude to old people seems to be that old people are drain on public finances (presumably our politicians think of themselves as being immune to aging, or they will personally have VIP access to healthcare).

The new 2% high rate of tax has been a total failure in every respect. How Treasury thought that taxing the low paid as high rate taxpayers could be any part of a so called “progressive” budget is genuinely baffling. The tax burden on the low and medium earners has gone up heavily since March. They will go for the NI Fund as they have already worked out that they can’t raise what they need from direct taxation because most of the workers in the IOM simply don’t earn enough to make any additional taxes collected meaningful and if they stick a 25% rate or more rate on only the high earners it’s just going to empty the place out. The only thing this proposal seeks to “protect” is a rapidly more insolvent government from accepting reality for another couple of years. The reality being it needs to downsize its size and scope, manage its budgets effectively and manage its headcount down and stay out of all non essential services as the population can’t support it anymore. 

[FANDL]

33 minutes ago, code99 said:

It is said that during this financial year, the temporary increase in top income tax rate to 22% (from 20%) will raise circa £20m. 

Allinson said £10M and that’s at a push. 

[Non-Believer]

People need to realise that the Govt and CS will stop at nothing to continue their own funding and benefits, it is as simple as that. They have painted the Island's finances into a corner with their expense (which has repeatedly shown itself to be above address) but they'll make damn sure that they are the last to be affected or get the bullet. This is where the money is going, ultimately, everything else being cut and/or depleted to maintain the wage and pensions bill.

You can blame Brown and Bell for the start of this when they refused to MEANINGFULLY restructure following the VAT cut and those following have doggedly followed the same mantra with tinkering round the edges, barely effective hiking of taxes for the low paid and raping reserves. And guess which body would have been advising that this was the way forward? The same one that suggested a cloud and cuckoo land 100,000 to help pay for it?

People need to wise up IMHO.

Edited yesterday at 02:47 PM by Non-Believer
Typo

[asitis]

1 hour ago, Banker said:

too many old people utilizing health services

I'm amazed that this is a surprise to Government, if they didn't bother historically to do anything to retain workers and attract young people to stay ( bear in mind we spent years only interested in HNWI !).

We reap what we sow I'm afraid !

 

[Moghrey Mie]

23 minutes ago, asitis said:

I'm amazed that this is a surprise to Government, if they didn't bother historically to do anything to retain workers and attract young people to stay ( bear in mind we spent years only interested in HNWI !).

We reap what we sow I'm afraid !

 

Many old people pay income tax-many at 25% with the new 'health levy'.

[asitis]

1 hour ago, Moghrey Mie said:

Many old people pay income tax-many at 25% with the new 'health levy'.

Yes that's us ! I get a bit fed up being referred to as a burden, after a joint 80yrs of NI and Tax and Tax continuing !

 

[doc.fixit]

when we returned here over 30 years ago our UK deductions came with us. I don't think that happens now though. So, we've paid as much into the coffers as anyone else.

 

 

 

 

[Andy Onchan]

5 hours ago, Banker said:

Covid which cost c£300m in payments to civil servants, hotels etc etc. rampant inflation, too large a public sector, too many old people utilizing health services,insufficient workers paying tax etc etc

I think ASITIS is referring to pre-COVID, in the days when they actually had money and a growing external investment portfolio.

[Meoir Shee]

3 hours ago, Moghrey Mie said:

Many old people pay income tax-many at 25% with the new 'health levy'.

I can’t find any reference to anyone paying 25% income tax, old or young.  Is this made up?

Current Rates and Allowances

[Moghrey Mie]

39 minutes ago, Meoir Shee said:

I can’t find any reference to anyone paying 25% income tax, old or young.  Is this made up?

Current Rates and Allowances

22% Sorry about that.

[woolley]

On 9/25/2024 at 2:50 PM, cissolt said:

So is it a ponzi scheme?  I can't see any other reason for the exponential growth in government headcount 

No. Whatever it is, it's certainly not a Ponzi scheme. Ponzi schemes recruit new members to pay out existing ones. The arrangement in government is that they generate nothing. We pay for all of them, old and new.

[Banker]

See Guernsey copying us in raising income taxes by 2p to cover shortfalls, 

https://guernseypress.com/news/2024/10/08/2p-extra-on-income-tax--but-just-for-two-years/

[Cambon]

On 10/7/2024 at 3:50 PM, Moghrey Mie said:

Many old people pay income tax-many at 25% with the new 'health levy'.

It annoys me when people say that older people are a drain on society. Children are the biggest drain. 

[Moghrey Mie]

47 minutes ago, Banker said:

See Guernsey copying us in raising income taxes by 2p to cover shortfalls, 

https://guernseypress.com/news/2024/10/08/2p-extra-on-income-tax--but-just-for-two-years/

At least they are putting up the thresholds as well.