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So, life news now. So, we're looking at the potential report that we've got a brace for

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another tax grab for our pensions. So, 15 billion tax grab. I mean, the whole principle

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is that we have to work in some manner, but it should be that the more you work, the more

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you take home. And it shouldn't be the more you work, you reach certain points and you

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return what's given to you for one thing and you reach the bracket and then you get massive

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heavily penalized. I mean, in the past, I've looked at it and calculated that a week or

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two, it wasn't any point working because of the amount of tax that was clawed back. So,

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Rachel Reeves could raid the pensions of high earners by acting lucrative. Well, I mean,

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they've been going on for some time and I would have thought that this should also impact

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politicians, but I don't think it will because a politician on their sort of salary gets

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a defined benefit pension and they get credited by the employer by 29% plus. So, this is something

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that Wall Street bankers want. So, Goldman Sachs said that the Chancellor will need to

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raise taxes by at least 15 to 20 billion in October budget with pensions likely to be

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a huge target. Now, this is spending really to pay off or buy the unions. So, we've started

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with a number of them and then we would need the extra costs for all of them. Where everybody

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else is sort of tightening their belt, streamlining, removing waste, a lot of all of the companies,

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I will call them all the government departments just take money and spend it up to the level.

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There's no element of streamlining, reducing cost, automating, finding different ways of

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doing things to cut cost, make it easier on the patient or the serf as I like to call

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us or any other individual. So, instead of having variable tax rates above 20, we'll

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just have 20%. So, it means that the amount of money that can be put into a pension which

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is most in part not that great because of the high fees introduced, the poor products

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that you'll usually run by these pension funds that are linked to companies because normally

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they get the free or very, very cheap companies to actually allow employees to invest their

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money and after all that you get a big pot and then you get taxed or you might lose half

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of it in a big crash and you still get taxed, you still get penalized of having sort of

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if you go over certain thresholds you're taxed. So, it says here, it said the small measure

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small measure about people's future and livelihoods, what will probably happen is that people will

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find different ways because the standard is to work for an employer and not yourself to

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earn the money and then once they have major problems they get rid of you, once they go

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away they rehire rather than of the past there's quite a lot of streamlining to say well we'll

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hire you because you've got all the knowledge and experience and if it is a bit of a problem

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the money that we've made or that you have made will set aside to continually employ

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you from the good times and the bad. Pensions tax relief is known to be an area that Ms

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Reeves as well as other chancellors have considered cutting to raise revenue. She wrote in an

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article in 2016 that a flat rate of pensions tax relief of 33% would be a welcome boost

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for basic rate taxpayers and a cut in the savings subsidy for higher earners. Sir Keir

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Stammer has already admitted that the budget will be painful. In a statement last month

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Labour ruled out increasing taxes on working people. Well, we can probably find out what

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working people in brackets means. It's either somebody on less than £40,000 or less than

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£20,000 or maybe anybody earning less than the average. So during the election which

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is generally thought to preclude rises in income tax and national insurance. So there's

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a graph, personal thresholds compared to pensions incomes. So you've got income tax threshold

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and new state pension. So to address the 22 billion bill the bank said that the Chancellor

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would likely scrap certain inheritance tax reliefs, reform capital gains tax and auto

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tax relief on pensions contributions. Well, I mean the capital gains tax is probably one

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where they pay a smaller amount than income tax. So that's probably right. I mean inheritance

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tax relief you probably most people after this will just sink all of their money in

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their property and they'd want a mechanism for it to pass on to their loved ones without

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being hammered. I mean we should really have a reasonable ceiling like five or ten million

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and make the relevant charges on people on that at the respective percentage rather than

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you've worked all your life, you've had it taxed, you have it taxed again and then you

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have it taxed again and then when you die you have a further tax and you have a tax

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on the dead as well. Save is currently enjoyed 20% tax relief on pensions contributions with

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an extra 20% available for higher earners. Well, why not? I mean the thing is that that

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money is used to sustain and prop up the number of flourishing small, medium and large companies

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as well as to keep the oil of the financial system working. I mean the majority of pension

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funds companies are forced to buy government bonds to keep the oils grist. So they're not

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going to gain many favours from these particular individuals and it's going to gum up the work

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somewhat because there's going to be an enormous amount of money that isn't coming in and

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I think a lot of the millennials at the moment are saying, well, I'm not going to put in

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into a pension all but the minimum and I'm just going to spend it on experiences and

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when I'm older I'm just going to say, well, I haven't got anything, I haven't got a house

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because I can't afford it or it's probably better to rent in the long term because of

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the movability. So hello, this is Mr. A, you've got to look after me, you've got to find me

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a place to live, give me meals, etc. Raising capital gains taxes to be equal with income

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tax will generate 1.5 billion in additional revenue for this sector. Scrapping inheritance

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tax relief on estates worth under 325 will raise 1.8 billion. So they're just going to

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tax everybody. In an interview with the Sunday Times in 2016, Ms. Reeve was asked which aspect

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of the tax system she would change and said, pensions tax. I would make it fairer. Well,

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there's fairer and there's a way of incentivising people to actually get more well-paid jobs

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because a lot of these jobs are very, very stressful. You spend 40, 50, 60 hours a week

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in them and most people would rather want the easy thing. People will just sit back

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and say, well, I'll just do as much as possible so I get my relevant trinkets and holidays

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and avocado on toast and then the state can look after me rather than saving in your long

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term. I mean, they've tried to get everybody onto a pension and it's usually 3% for the

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individual and 3% on the company, which is way away from what you need in a final pension

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and with inflation being rampant, you probably can only have 5, 10 years of money and you'll

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be knocking on the state to help you out. So she wrote in the Times eight years ago

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that the current tax relief system was an unjust and ill-judged use of the nation's

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constrained finances. Well, we have had years of not creating the correct IT infrastructure

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as well as having a different method of communication, which would save all of the relevant different

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departments an enormous amount of money. Currently, all of the IT systems or what I've seen and

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what interaction I've had is not fit for purpose. So we're talking about a flat rate of 33%.

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So I suppose that'll be quite good because on the one hand, you would lose 7% if you're

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a higher tax earner, but then it will swell the coffers and swell the financial services

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then we're going at 333%. So we would boost the pension part of someone an average wage

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by up to 15,000 pounds over the working life. It would be a simpler fairer and an important

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step towards boosting retirement savings. This would be a welcome boost for basic rate

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tax payers and a cut in the savings subsidy for higher earners while still rewarding savings.

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Tax relief could be rebranded as a government-backed savings scheme. For every £2 that Save has

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put towards their pension, the government would contribute another £1, a huge incentive

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to Save for everyone. Now we've got to look at the back door of whether now or in the

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future they will tax you more when you take your pension out. I mean there's a side note

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here, former Chancellor Rishi Sunak and George Osborne are among those to have reportedly

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considered a flat rate pension tax relief. Now, I mean on the face of it, it is fair,

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but the people earning more are actually subsidising. So thank you very much for listening to this

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information on my rant. Please can you like, follow and subscribe? Can you share this on

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very much and I'll see you on the next video. Bye bye.