alchresearch Posted November 11, 2010 Share Posted November 11, 2010 Graduates earn more, and therefore pay more tax. It gets collected back without any extra effort. S'easy... Not just income tax. Higher pay means a better lifestyle and more disposable income to spend, so there's VAT for a start. Not to mention the possibility of owning and driving bigger cars - so there's the increase in fuel duty and VAT, vehicle duty, insurance premium tax and so on. Link to comment Share on other sites More sharing options...
smog Posted November 11, 2010 Share Posted November 11, 2010 When I left Uni in the mid 90's, there were few jobs or options available. I had a series of low wage jobs where the majority of those in the same position as me were also graduates, those in management had A levels if they were lucky. My other half had an Engineering degree, but no experience as no firms would take on summer workers at the time, he went into IT and spent thousands on training courses, had a couple of jobs then was being undercut by new graduates from ex-polys who didn't know their backside from their funny bone. He is now an electrician and I do voluntary work as we have young kids and I don't want to work full-time. I haven't had good value for the amount of time I spent at University, neither has my husband. Please don't tell me that we should be repaying cash so more kids can waste precious time gaining useless degrees. More jobs please!! Link to comment Share on other sites More sharing options...
Berberis Posted November 11, 2010 Share Posted November 11, 2010 We add 20% already - it's called higher rate tax. Graduates earn more, and therefore pay more tax. It gets collected back without any extra effort. S'easy... Do all ex students earn so much money they pay higher rate tax? Link to comment Share on other sites More sharing options...
crookesey Posted November 11, 2010 Share Posted November 11, 2010 I think that's a good idea. Those who have earned a lot from their free university education could pay an extra tax until they have covered the cost of their taxpayer funded education. I'd support such a tax as fair. This is what will happen anyway, if someone earns £30K the £21K allowance is deducted and 9% of the remaining £9K has 9% (£810) deducted in lieu of their debt. At least that is how I read it, but I stand ready to be corrected if I am mistaken. Link to comment Share on other sites More sharing options...
espadrille Posted November 11, 2010 Share Posted November 11, 2010 If everyone thought about this without throwing the dummy out of the pram, many of those students who will do a degree may end up in an average paid job.This means that if they earn 20k they will not pay back the loan at all, so free university for 3 years. I know many many young people who did worthless degrees and ended up working in a call centre or in insurance which they could have done without a degree and could have earned 3 years salary in that time. Years ago I was a supervisor in a call centre and of course there was never any question that I needed a degree to do that job. It would be interesting to get the statistics which tell us just how much graduates earn on average when they leave University now. Remember at the moment they start to pay the loan back when they earn over 15k, when the new proposals come in it will be 21k Link to comment Share on other sites More sharing options...
chem1st Posted November 11, 2010 Author Share Posted November 11, 2010 This is what will happen anyway, if someone earns £30K the £21K allowance is deducted and 9% of the remaining £9K has 9% (£810) deducted in lieu of their debt. At least that is how I read it, but I stand ready to be corrected if I am mistaken. Essentially, combine that with 12% NI and 20 or 40% tax and we have tax rates of the next generation of 41 and 61%. They shall have to work to 69+ whilst people are retiring now at 60 women and 65 men and 60 again for poorest men (they are eligible for pension credit you see). Due to the irresponsible nature of our parents and parents parents, my generation is now liable for a very high rate of tax. Then take into account that we have a top heavy population and a below replacement level birth rate (more to the point, have had). The current generation are having to pay more and earn less and they must do so for longer. On top of that, immigration is being encouraged by the powers that be on a vast scale to increase the working age population, yet it has been done in a very sloppy way, leading to immigrants becoming a burden upon the state, rather than a cash cow for current pensioners that they are intended. Couple that with the lack of housing and bad economic situation and we have a very high potential for trouble. The government must be very careful about how they make changes. There is no doubt about it, my generation shall have to pay more and receive less, until technology can account for the differences, yet we have had increases in inequality which are having a detrimental effect on the poorest in society' standard of living. We will have to bear most of the burden, but we should not bear all of it. Pension age should be raised in 2011 if you ask me. Immigration (of non contributing immigrants) curtailed. We have the equivalent of a hot acetylene container in a burning building and sparks flying left right and centre, we need to call 999 and get the fire brigade in too cool it down an make it safe. Once safe we can use the acetylene in a productive manner. Proportional spending, taxation and the demographic make up of this country are changing. The recession has been engineered to kick off when it did to prepare us for the next few years. The private sector it is said will create a few million jobs, it won't, but more will be retiring than entering the working age population, unemployment shall fall. What it is, is a pensions crisis, and it has just begun, in 5 years we shall have a little reprieve. In the meantime, were in for a bumpy ride. Nationalist tendencies and racial violence will be on the rise, in Sheffield we shall fight over housing. Link to comment Share on other sites More sharing options...
espadrille Posted November 11, 2010 Share Posted November 11, 2010 In addition to my post 45, some info here though a tad out of date. http://www.prospects.ac.uk/what_do_graduates_do_first_degrees_how_much_do_they_earn.htm Link to comment Share on other sites More sharing options...
crookesey Posted November 12, 2010 Share Posted November 12, 2010 Essentially, combine that with 12% NI and 20 or 40% tax and we have tax rates of the next generation of 41 and 61%. They shall have to work to 69+ whilst people are retiring now at 60 women and 65 men and 60 again for poorest men (they are eligible for pension credit you see). Due to the irresponsible nature of our parents and parents parents, my generation is now liable for a very high rate of tax. Then take into account that we have a top heavy population and a below replacement level birth rate (more to the point, have had). The current generation are having to pay more and earn less and they must do so for longer. On top of that, immigration is being encouraged by the powers that be on a vast scale to increase the working age population, yet it has been done in a very sloppy way, leading to immigrants becoming a burden upon the state, rather than a cash cow for current pensioners that they are intended. Couple that with the lack of housing and bad economic situation and we have a very high potential for trouble. The government must be very careful about how they make changes. There is no doubt about it, my generation shall have to pay more and receive less, until technology can account for the differences, yet we have had increases in inequality which are having a detrimental effect on the poorest in society' standard of living. We will have to bear most of the burden, but we should not bear all of it. Pension age should be raised in 2011 if you ask me. Immigration (of non contributing immigrants) curtailed. We have the equivalent of a hot acetylene container in a burning building and sparks flying left right and centre, we need to call 999 and get the fire brigade in too cool it down an make it safe. Once safe we can use the acetylene in a productive manner. Proportional spending, taxation and the demographic make up of this country are changing. The recession has been engineered to kick off when it did to prepare us for the next few years. The private sector it is said will create a few million jobs, it won't, but more will be retiring than entering the working age population, unemployment shall fall. What it is, is a pensions crisis, and it has just begun, in 5 years we shall have a little reprieve. In the meantime, were in for a bumpy ride. Nationalist tendencies and racial violence will be on the rise, in Sheffield we shall fight over housing. Well as I appear to belong to the generation that you blame for the current state of affairs, might I say the following? If I am expected to work for ever (I took early retirement 6 months ago, 6 weeks prior to my 63rd birthday) might I remind the poster that I had worked for 48 years, something that you will never be asked to do. All of my qualifications were gained in a vocational manner with a good dose of night school. What did my generation do for you? Well it gave you computer technology at your fingertips, the world wide web, telecommunications that I could never have imagined possible. You can look forward to a far longer life span than mine and previous generations could. What you appear to be saying is that your generation is unable to manage without mine. Where I view the problem started is with my parents generation post WW2. They gladly threw themselves back into the 1930's whilst the Germans, Japanese and Americans went on from strength to strength. They were always at least 10 years behind them and never even attempted to play catch up. My generation embraced the 60's and 70's without giving any thought to future generations, very much like our parents and grandparents did. You guys are where you are, many of you will be wealth inheritors, the lack of housing will be eased as and when the banks start lending again, this will ease unemployment and raise tax income. My generation has lived from recession to recession and crash to crash. You guys will not fall for the greed card, as we did, I actually have high hopes for you, don't under sell yourselves. Link to comment Share on other sites More sharing options...
SHYTOT Posted November 12, 2010 Share Posted November 12, 2010 Lets not forget that some graduates in the 1960s were taxed by the Wilson Government when Super Tax of up to 95% was levied. The high earners will have paid their education fees back long ago particularly as universities did not have computers and all the other expensive high tech gysmos and were thus cheap to run. Link to comment Share on other sites More sharing options...
Obelix Posted November 12, 2010 Share Posted November 12, 2010 Do all ex students earn so much money they pay higher rate tax? Should we be taxing those that are not accruing any fiscal benefit from their degrees? Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.