Putting money into your pension and ISA is immoral and anti-social

[JFKvsNixon]

Seeing as the whole economic system is immoral and corrupt, it would be next to impossible not to be so yourself, as soon as you get involved.

 

I'd say the economic system was amoral rather than immoral.

[gnvqsos]

You heard me.

It's tax avoidance. You don't pay tax on the interest you earn on your ISA or any tax on the pension investment.

You're practically stealing from the mouths of babies, the sick and the elderly (although it's okay with them as they've got immoral pensions as well).

 

At least that's the socialist line being spouted in another thread.

 

So, who's going to stop saving for retirement and give it to the government instead, the socialists (or are they communists) say it's the right thing to do.

 

Won't somebody think of the children?

 

You avoid tax by not smoking,driving and drinking;would you assert this is immoral?

[splodgeyAl]

I'd say the economic system was amoral rather than immoral.

One of the architects of the system seems to disagree with you...

"The few who understand the system, will either be so interested in its profits, or so dependent on its favors that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantages...will bear its burden without complaint, and perhaps without suspecting that the system is inimical to their best interests."

[Mr Gobby]

You heard me.

It's tax avoidance. You don't pay tax on the interest you earn on your ISA or any tax on the pension investment.

You're practically stealing from the mouths of babies, the sick and the elderly (although it's okay with them as they've got immoral pensions as well).

 

At least that's the socialist line being spouted in another thread.

 

So, who's going to stop saving for retirement and give it to the government instead, the socialists (or are they communists) say it's the right thing to do.

 

Won't somebody think of the children?

 

I am thinking of the children with my ISAs, pensions, investment bonds etc all of which save a hefty tax bill at the end of the year.I'm sure my children will appreciate my prudence when i am gone.

[Bassman62]

Not exactly, I just wanted to highlight the hypocrisy of criticising the rich for tax avoidance whilst practising it yourself.

When will you get it into your head that ISAs are a government devised scheme to get low paid people people to lend money as an investment, to get them to do this they offered (they were not asked to) to provide a tax break.

 

To stop the wealthy from abusing this scheme an upper limit was set in place.

 

I put money into a Ftse 100 tracker last May, to date it has made 16% profit it could easily have lost.

 

These are government incentives not rich mans lucrative off shore tax avoidances.

[Rupert_Baehr]

I am thinking of the children with my ISAs, pensions, investment bonds etc all of which save a hefty tax bill at the end of the year.I'm sure my children will appreciate my prudence when i am gone.

 

I'm sure the chancellor will appreciate your prudence when you're gone.

 

'The only two sure things in life are death and taxes'. In the UK the taxes don't stop when you die.

[Rupert_Baehr]

Taxation can only partly be based on need though, otherwise you end up with a 100% tax rate above some defined income, as no one needs to earn that much. And then those people leave the country and take their income with them...

The rules have to be consistent for everyone, they can't be varied because someone decides that when you've got 1million+ in the bank they don't need a tax break.

 

that's why i'm advocating a change in thinking, across the board coz we all know unless the laws change globally people will move elsewhere. like the bill gates and buffet thing. the idea that you realize you have more than you need so you give back.

 

Alternatively, those who can't leave the country and who know they aren't going to be rewarded don't bother to work too hard.

 

Remember the efficiency and production levels of farms in the Soviet Socialist communal system?

 

If the tax system allowed you to earn a maximum of, say, £150,000 pa and your work was in such high demand that you could set your own prices and could earn that amount in 3 months, would you work for nothing for the other 9 or would you take a lot of holidays?

[laineyiow]

Not really, because you still have your tax free allowances which allows many people to take their pension income virtually tax free. In effect you get a load more years worth of tax allowances than you would if you didn't get a pension.

 

I pay tax on my bank pension and basic rate tax on my earnings in my part-time job! Would be nice if my pension was tax-free!! Don't mind paying on my earnings but would prefer it if my tax allowance was on my earnings rather than my pension.

[perplexed]

You heard me.

It's tax avoidance. You don't pay tax on the interest you earn on your ISA or any tax on the pension investment.

You're practically stealing from the mouths of babies, the sick and the elderly (although it's okay with them as they've got immoral pensions as well).

 

At least that's the socialist line being spouted in another thread.

 

So, who's going to stop saving for retirement and give it to the government instead, the socialists (or are they communists) say it's the right thing to do.

 

Won't somebody think of the children?

 

Just for that, I'm off to punch a kitten.

 

Then a puppy!

[Kaimani]

is it wrong to expect those that have the means to do more for society than those without. after all, that was the whole reason tax began, even though it was in the context of war.