Friday, 16 July 2010

Graduate Tax

I would like to say, I am not in favour of this. I see it as a rather stupid idea. My problem is, the argument is based on the below quote from Vince Cable:

'It surely can't be right that a teacher or care worker or research scientist is expected to pay the same graduate contribution as a top commercial lawyer or surgeon or City analyst whose graduate premium is so much bigger,' he said.

You pay back what you borrow Vincey. Regardless of the profession you choose. So, yes it is fair. Otherwise, we can expect cleaners to pay less on their credit cards can we? Or perhaps less on their shopping from the supermarkets.

What I don't get it, is we have a system like that. If you borrow £15,000, but only earn £16,000, you pay it back slower than someone who earns £100,000. We have that system already, but you pay what you borrowed, not a hell of a lot more beside it!

Under the new system, the highest earners will be paying back up to £16,000 a year. All well and good, except they won't be. Anyone who is earning that kind of money will employ an accountant and get around the system in a similar fashion to what they will be doing in the current UK tax system.

The poor won't pay anything, the rich won't pay anything, which leaves the middle to pay for both!

For the kind of repayments that are being suggested, this country seriously needs to redesign the entire University system. The quality of teaching at most of the Universitys, bar the elite, is poor in comarision to similar institutes in the US. I don't remember being 'taught' anything at University. I learnt far more from one year in Industry then 3 years at University.

My University was full of a lot of admin staff and the like, outnumbering lecturers at least 4 to 1. We couldn't park at the campus, instead having to use a car park about a mile away. The University had spaces and could easily have made some money from car parking fees.

They would like 50% of people to go to University. It is obsurd to think that is right. This is why degrees are worthless. Cut the pointless degrees, and start giving discounts to people for studing valuable subjects for which the country will benefit. Teachers, Doctors, Nurses and any other profession of benefit. Charge the pointless degrees an absolute fortune...might find more people studying subjects we actually need then.

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