Young earners are paying up to twice as much tax as pensioners New research highlights the tax burden being shouldered by younger graduates, who have to pay: 💷 income tax 💷 national insurance 💷 student loan repayments
University graduates earning over £27,295 – the point at which you start paying a student loan off – lose 40p in every £1 as they pay 20 per cent income tax, 12 per cent national insurance and 9 per cent on their student loan repayments, essentially a tax on graduates. This iswill only lose 20p in the £1 as they do not have to pay National Insurance and they don’t have a student loan to pay off.
People of retirement age will not have had to pay for degree, if they went to university, though a smaller proportion of people would have gone to university.
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