The CBI conflict resolution Foundation has been thinking about long term issues: a subject which is unknown to most politicians. I particularly like the idea of removing inheritance tax, (like Australia), and reducing stamp duty (a disincentive for social mobility) and a scaled council tax (encouraging older people to downsize). This connects with health, and some of the suggestions are similar to means related co-payments as suggested on NHSreality.
Their final report, published 8th May 2018 is below:
A new generational contract: the final report of the Intergenerational Commission
The Intergenerational Commission was convened by the Resolution Foundation to explore questions of intergenerational fairness that have risen up the national agenda.
This report contains the Commission’s conclusions, drawing on a deep and wide-ranging examination of the experiences and prospects of different generations in Britain.
It provides a comprehensive analysis of the intergenerational challenges the country faces and sets out a policy programme to tackle them.
The suggestions are wide ranging, and the most controversial is reported by Frances Elliott in the Times 8th May: “Call for tax on rich pensioners to give young a £10,000 payout”..
Labour and the Tories need to stop playing games and come up with radical policies that are fair to young and old
Rachel Sylverter – only bold ideas can bridge the generation gap (pdf)
…..The commission recommends a raft of radical solutions that challenge the ideological assumptions on both left and right; this is a long-term problem needing policies that will outlive any one government. It proposes a £2.3 billion NHS levy, with the money raised by applying national insurance contributions to the earnings of working pensioners, and taxing the pension income of wealthy older people. Council tax should be replaced with a more progressive property tax, it says, with higher rates for the most expensive homes to pay for the rising costs of social care. Stamp duty should be halved to get the housing market moving and inheritance tax abolished. A new “lifetime receipts tax”, targeting individual recipients of bequests rather than the estate as a whole, would be used to fund a £10,000 “citizen’s inheritance”, which would be paid to all 25-year-olds and could be used to put down the deposit on a house, set up a business or pay for education and training…..