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Anxious life of the 'Ipod' generation

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    Anxious life of the 'Ipod' generation

    http://www.timesonline.co.uk/article...743391,00.html

    THEY should be Britain’s gilded youth, enjoying opportunities to study, travel and embark on exciting careers in a way previous generations could only dream about. But instead they are the “Ipod” generation — “Insecure, Pressured, Over-taxed and Debt-ridden” — according to a study by Reform, the think tank, to be published this week.
    “We have always worked on the assumption that each generation would be better off than its predecessors,” said Professor Nick Bosanquet of Imperial College London, one of its authors.



    “But young people today have a lot more commitments and it is much more difficult for them to raise their incomes and generate wealth. This really is a very big issue for the country.”




    no sh1t Sherlock, why do you think the rest of us have left ?

    Milan.

    #2
    Originally posted by milanbenes
    “But young people today have a lot more commitments and it is much more difficult for them to raise their incomes and generate wealth. This really is a very big issue for the country.”


    no sh1t Sherlock, why do you think the rest of us have left ?

    Milan.
    Not everyone has difficulty raising their income and generating wealth and most of us wouldn't consider fleeing the country in the face of our inability to do so.

    Comment


      #3
      Oliver: Agree there, still make plenty of money in the UK. Just prefer the lower taxes and higher standard of living in Denmark.
      Insanity: repeating the same actions, but expecting different results.
      threadeds website, and here's my blog.

      Comment


        #4
        can you repeat without laughing "lower taxes of Denmark"?




        Rebecca in "Shaun" mode
        Chico, what time is it?

        Comment


          #5
          Denmark

          Well UK loves to bleat about the fact that the lucky populace "enjoy" the lowest taxes in Europe.

          As has been discussed here, I am sure once you add in all your "Contributions" and "Indirect Taxes" we would have a taxation rate that compares with most Scandinavian countries.

          I think it would be also "fair" (Lovely word isnt it) to assess the quality of services available against the tax paid for them.

          I would think that the UK would not fare so well if all this was taken into consideration.
          There are no evil thoughts except one: the refusal to think

          Comment


            #6
            even taking all that into account, HUGE taxes in Scandinavia
            Chico, what time is it?

            Comment


              #7
              Originally posted by Rebecca Loos
              even taking all that into account, HUGE taxes in Scandinavia
              The gap is much narrower than the headline figures suggest. According to the IFS, economies like the UK, where hidden or stealth taxes represent a large part of the take, dramatically under report their GDP/Spending ratio, which is the usual measure of this sort of thing, compared to countries such as Denmark where the majority of the tax take is a straightforward, albeit high, tax on income. The reason being, of course, that indirect taxes artificially (and falsely) increase GDP and therefore misleadingly lower the GDP/Spending ratio.

              I'm sure you will not be surprised to hear that Gordon Brown blocked an attempt to revise GDP calculations by excluding indirect taxes from the size of the economy.
              Last edited by Lucifer Box; 22 August 2005, 15:47.

              Comment


                #8
                Indirect Tax

                So other than Council Tax, what else would constitute and indirect tax?
                There are no evil thoughts except one: the refusal to think

                Comment


                  #9
                  Originally posted by sunnysan
                  So other than Council Tax, what else would constitute and indirect tax?
                  Customs duty

                  Customs duty is charged on importation of goods into the UK from outside the EU (since 1993 there has been no import duty within the EU). There is a detailed list of the rates of duty, known as the Tariff. Less than straightforward areas include deciding where various items fall within the Tariff and the application of various reliefs from duty.

                  Excise duties

                  This is generally a tax on production rather than consumption for betting, alcohol, tobacco and hydrocarbon oils. Stricter controls have been introduced to control the storage and transportation of excise goods whilst they remain in duty suspension.

                  Air passenger duty

                  APD is charged on transport in an aircraft from the UK to Europe (at £10, with a reduced rate of £5), or the rest of the world (at £40, with a reduced rate of £20).

                  Landfill tax

                  Landfill tax is a tax on the disposal of waste by way of landfill. Its aim is to encourage recycling or more environmentally friendly methods of waste disposal. Following the 2005 budget, the standard rate of landfill tax has been increased from £15 to £18 per tonne with effect from 1 April 2005, and the intention is to raise it to £35 per tonne in annual incremental stages. The lower rate of £2 per tonne for inactive waste is unchanged.

                  Climate change levy

                  CCL is a single-stage sales tax on the supply to businesses and the public sector of some forms of energy,which are described as "taxable commodities". It is an environmental tax, which aims to encourage the more efficient use of energy in the non-domestic sector. It distinguishes between different forms of energy by taxing some energy products and not others. "Good" forms of energy are untaxed. In this way, CCL encourages people to switch to more environmentally friendly forms of energy. It also treats electricity (a single product) differently depending on how it was produced.

                  Aggregates levy

                  Aggregates levy is a tax on the commercial exploitation in the UK of rock, sand and gravel (and whatever occurs or is mixed with it). There is one basic rate of £1.60 per tonne.

                  Business rates

                  Business rates are chargeable on the occupation of non-domestic property - they are collected by local authorities but are paid over to central government and are not included in local authority budgets.

                  Stamp taxes

                  Stamp duty, stamp duty reserve tax and stamp duty land tax are the three stamp taxes. The first is chargeable on documents, the second on share dealings where there is no document and the third on land transactions. Stamp duty land tax replaced stamp duty on land transactions with effect from 1 December 2003.

                  Comment


                    #10
                    For those who are interested, here's the OECD breakdown of UK taxes for 2001, the latest for which detailed figures are available:

                    Income tax - 30.2%
                    Corporation tax - 9.5%
                    Employees NI - 6.8%
                    Employers NI - 9.6%
                    Indirect Taxes - 43.9%

                    As the figures are currently calculated, things like excise duty, air passenger levy and so on are being counted as consumer spending (thereby increasing GDP and lowering the GDB/Spending ratio compared to high direct tax countries such as Denmark (where income tax represents 52.7% of the tax take). The IFS opinion is still out as to how much of a difference it would make to the relative positions, but it certainly would make a substantial difference.
                    Last edited by Lucifer Box; 22 August 2005, 15:45.

                    Comment

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