| Would you support a wealth tax? 12:07 - Jul 14 with 1781 views | saint901 |
The right wing press is working itself up into a lather about the prospect of a wealth tax being introduced.
For example, one suggestion is an annual 2% tax on all "wealth" over £10m.
I suspect that number is chosen because anybody with a decent house in London may be well on the way to that figure and as such it gets the readers excited and engaged - clickbait.
There are then various estimates of how much a wealth tax would raise with anything from £2bn a year to more than £20bn. The numbers are all over the place and tainted with political bias to make any objective sense.
Most European countries have tried a wealth tax in the past and so far as I can see all but two of them have retreated from such a charge. The exceptions are Switzerland and Norway, with the latter coming under pressure to remove the charge on the grounds of cost vs income.
Switzerland makes it work but also has a range of incentives such as being able to pay a flat rate if you are in certain bands of wealth. It also allows some wealth to be excluded, such as private houses used as homes. Switzerland tax reporting is also done quarterly if your income/wealth is over certain limits, via the internet, processed quickly and appeals are only allowed in limited situations and are expensive.
France, Germany and Italy have all had wealth taxes in the past, now dropped as it "encouraged avoidance" and also led to an exodus of wealth from the country.
Good ides - bad politics or good politics - bad idea? |  | | |  |
| Would you support a wealth tax? on 12:22 - Jul 14 with 1248 views | SaintNick |
Im interested to know what the "Working Man" is. |  |
| Satisfying The Bloodlust Of The Masses In Peacetime |
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| Would you support a wealth tax? on 12:46 - Jul 14 with 1228 views | GRIM |
| Would you support a wealth tax? on 12:22 - Jul 14 by SaintNick |
Im interested to know what the "Working Man" is. |
Not allowed to say working man Nick.
We now have to say working person.
How ridiculous, bit like not being able to say Man of the Match. | | | |
| Would you support a wealth tax? on 13:12 - Jul 14 with 1184 views | SaintNick |
| Would you support a wealth tax? on 12:46 - Jul 14 by GRIM |
Not allowed to say working man Nick.
We now have to say working person.
How ridiculous, bit like not being able to say Man of the Match. |
Ok who is the "Working Person" | |
| Satisfying The Bloodlust Of The Masses In Peacetime |
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| Would you support a wealth tax? on 13:46 - Jul 14 with 1136 views | SalisburySaint |
| Would you support a wealth tax? on 13:12 - Jul 14 by SaintNick |
Ok who is the "Working Person" |
I would say anyone earning under 100k a year, that’s 96% of the population
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Approximately 4% of UK taxpayers earn £100,000 or more annually. This means that out of the 32.2 million taxpayers in the UK, roughly 1.3 million fall into this high-earning bracket.
While earning £100,000 places individuals in the top 4% of earners, it's worth noting that many people in this income bracket don't necessarily consider themselves wealthy due to factors like the cost of living and taxes. A separate survey indicates that 26% of individuals earning £100,000 or more report living paycheck to paycheck, likely due to lifestyle inflation and high living expenses.
To put it in perspective, the average UK income is £33,282, making £100,000 a significant jump. Even those earning £65,000 are in the top 10% of earners, and earning £45,000 puts one in the top 25%.”
And yes I would support a wealth tax [Post edited 14 Jul 13:47]
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| Would you support a wealth tax? on 14:15 - Jul 14 with 1089 views | Southamptonfan |
A person with millions in the bank should pay "a wealth tax", yes in my opinion. So what if the yacht they buy is slightly smaller, and the money provides treatment for a cancer patient? However, the problem is, if they have millions in the bank, they have the money to get in their private jet and move abroad and / or move their money abroad. They can afford the best legal advice to find loopholes to not have to pay it. And then the country gets nothing from them as they leave.
I watched a documentary about the Greek financial crisis that happened a few years ago, and they introduced a tax on anyone who had swimming pools. Out of tens of thousands of those who had pools, only about 300 paid. The others covered up their pool, put a greenhouse over it saying it was now a place for growing plants, and said it was out of use and /or being turned into a vegetable plot etc etc. It would have cost more to pay people to go into each house and check, so it hardly created anything. How can a wealth tax work, if people are rich enough to leave? The greedy bast@@ds! [Post edited 14 Jul 14:21]
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| Would you support a wealth tax? on 15:49 - Jul 14 with 1011 views | Buggalugs |
| Would you support a wealth tax? on 13:46 - Jul 14 by SalisburySaint |
I would say anyone earning under 100k a year, that’s 96% of the population
“
Approximately 4% of UK taxpayers earn £100,000 or more annually. This means that out of the 32.2 million taxpayers in the UK, roughly 1.3 million fall into this high-earning bracket.
While earning £100,000 places individuals in the top 4% of earners, it's worth noting that many people in this income bracket don't necessarily consider themselves wealthy due to factors like the cost of living and taxes. A separate survey indicates that 26% of individuals earning £100,000 or more report living paycheck to paycheck, likely due to lifestyle inflation and high living expenses.
To put it in perspective, the average UK income is £33,282, making £100,000 a significant jump. Even those earning £65,000 are in the top 10% of earners, and earning £45,000 puts one in the top 25%.”
And yes I would support a wealth tax [Post edited 14 Jul 13:47]
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So by that definition, anyone earning over £100k pa, is not a working person? Not everyone you may class as wealthy is born with wealth....there's plenty of driven people out there who sniff out and seize opportunities, take risks, setup business and generally work their tits off to earn good money.
Being jealous of those that have made good decisions to maximise their earning potential and expecting them to pick up the bulk of the tab for those that haven't is wrong, imo. |  |
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| Would you support a wealth tax? on 16:00 - Jul 14 with 1000 views | kingslandstand1 |
| Would you support a wealth tax? on 14:15 - Jul 14 by Southamptonfan |
A person with millions in the bank should pay "a wealth tax", yes in my opinion. So what if the yacht they buy is slightly smaller, and the money provides treatment for a cancer patient? However, the problem is, if they have millions in the bank, they have the money to get in their private jet and move abroad and / or move their money abroad. They can afford the best legal advice to find loopholes to not have to pay it. And then the country gets nothing from them as they leave.
I watched a documentary about the Greek financial crisis that happened a few years ago, and they introduced a tax on anyone who had swimming pools. Out of tens of thousands of those who had pools, only about 300 paid. The others covered up their pool, put a greenhouse over it saying it was now a place for growing plants, and said it was out of use and /or being turned into a vegetable plot etc etc. It would have cost more to pay people to go into each house and check, so it hardly created anything. How can a wealth tax work, if people are rich enough to leave? The greedy bast@@ds! [Post edited 14 Jul 14:21]
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And what about those "greedy b@st@rds" that have worked their bolox off for their working life to build that fortune up and say that they thoroughly deserve that wealth of theirs?
They have obviously paid tax at going rate as every other "working person" (as Nick said, what is that definition according to the clown(s) ruining, sorry, running the country?) so why should they pay additional taxes to help pay for those who have no intention of doing a days work as long as the rest of us re paying for their keep, and the millions etc of the infamous "boat people"?
I think you have probably found the spanner in the works with this scheme in that they will up sticks and go where they will be made welcome (don't ask me where, but no doubt there are places) and put a few chauffers, maids, butlers, staff generally etc out of work
I don't know the answer to be honest, but who does? Bottom line is, all the politicians we currently have of ALL parties are generally just trying to line their own pockets rather than do what they should be doing in our interests |  |
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| Would you support a wealth tax? on 16:03 - Jul 14 with 1000 views | kingslandstand1 |
| Would you support a wealth tax? on 15:49 - Jul 14 by Buggalugs |
So by that definition, anyone earning over £100k pa, is not a working person? Not everyone you may class as wealthy is born with wealth....there's plenty of driven people out there who sniff out and seize opportunities, take risks, setup business and generally work their tits off to earn good money.
Being jealous of those that have made good decisions to maximise their earning potential and expecting them to pick up the bulk of the tab for those that haven't is wrong, imo. |
I think that's what I've just said!!  | |
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| Would you support a wealth tax? on 16:05 - Jul 14 with 999 views | mushinexile |
Yes. There is a point where people become obscenely rich and it should not happen when pensioners can't afford to stay warm in an affluent country.
I don't regard the problem as being the person stepping off a dinghy with nothing so much as the one stepping on to his other yacht. I've nothing against wealth, compared to most of the world, I'm wealthy but I have something that the filthy rich will never have and that's enough. | |
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| Would you support a wealth tax on 16:24 - Jul 14 with 974 views | SalisburySaint |
| Would you support a wealth tax? on 15:49 - Jul 14 by Buggalugs |
So by that definition, anyone earning over £100k pa, is not a working person? Not everyone you may class as wealthy is born with wealth....there's plenty of driven people out there who sniff out and seize opportunities, take risks, setup business and generally work their tits off to earn good money.
Being jealous of those that have made good decisions to maximise their earning potential and expecting them to pick up the bulk of the tab for those that haven't is wrong, imo. |
Thats not what I said, there is a significant difference between working person and working class.
I stated what thought was in the old days was generally termed as working class, and know the majority of those earning over £100k, not all, are also working persons
The most significant things I thought from the info I posted was 26% of the 1.3m earning over 100k are living paycheque to paycheque, they obviously got more money than sense, and sounds like they need a good financial advisor Nick,
The other that average UK average income is £33,282, and majority of those get by ok, so those earning over £100k should be able to do so too.
But wealth tax is likely to be aimed at those with far more than £100k, although as many have off shore accounts and tax avoidance schemes etc., I’m not sure it will be successful.
[Post edited 14 Jul 17:51]
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| Would you support a wealth tax? on 16:42 - Jul 14 with 956 views | saint22 |
Anyone earning annually over £10m should be fine to pay 2% in an extra tax
Those people will have numerous ways of saving and cutting tax corners elsewhere that will more than make up for that | | | |
| Would you support a wealth tax? on 17:05 - Jul 14 with 929 views | kingolaf |
It doesn’t work, so no point bringing it in.
They should concentrate on getting a the Tech companies to pay their fair share. | | | |
| Would you support a wealth tax? on 17:12 - Jul 14 with 920 views | mushinexile |
When the Beatles were paying 97 pence in the pound, people still drove around in E-types and a working man could afford a house, wife and kids on a single income so regressive taxation worked then. The problem is the disproportionate price of housing and that is due to the greed of the banks. Perhaps they should be taken back into public ownership and this time not sold back to Tory donors at ten pence in the pound! | |
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| Would you support a wealth tax on 17:44 - Jul 14 with 890 views | franniesTache |
| Would you support a wealth tax on 16:24 - Jul 14 by SalisburySaint |
Thats not what I said, there is a significant difference between working person and working class.
I stated what thought was in the old days was generally termed as working class, and know the majority of those earning over £100k, not all, are also working persons
The most significant things I thought from the info I posted was 26% of the 1.3m earning over 100k are living paycheque to paycheque, they obviously got more money than sense, and sounds like they need a good financial advisor Nick,
The other that average UK average income is £33,282, and majority of those get by ok, so those earning over £100k should be able to do so too.
But wealth tax is likely to be aimed at those with far more than £100k, although as many have off shore accounts and tax avoidance schemes etc., I’m not sure it will be successful.
[Post edited 14 Jul 17:51]
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As someone earning above that I think I don’t pay enough tax, and it infuriates me that everyone I speak to at a similar bracket is always talking about ways to get out of paying it.
Personally I’ve been on benefits and had sh*t wages, and the way I see it is now I’m earning well it’s my civic duty to pay back to those who are struggling.
I honestly think there’s a rampant selfishness in society these days that makes it worse for all of us, and we are all part of a social contract that means we should contribute to make it better for everyone [Post edited 14 Jul 17:45]
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| Would you support a wealth tax? on 17:56 - Jul 14 with 855 views | LondonSaint76 |
Interesting thread & thanks to Salisbury Saint for those stats - if you’d asked me the percentage of people on £100k I’d have been way off the mark! So, Joe Aribo earns twice as much in a week as the average wage for a year, wow… I remember reading somewhere that on the first day of the tax year Erling Haaland blows his annual tax free earnings allowance by lunchtime, is through the base rate tax band and onto 40% before bedtime and into the top 45% bracket by teatime on day 2 of the tax year!
If you want to raise an extra £2bn in tax, instead of trying to directly tax the very rich, who will doubtless tax-avoid most of it anyway, add additional tax to luxury goods , therefore the things they can afford to buy. For example, the fashion industry is worth an estimated £67bn a year in the UK, so, why not add an extra 5% VAT to fashion items? If this was done across the board it would raise around £3.35bn in additional revenue. There are plenty of other areas of what can be categorised as luxury goods, high end jewellery for starters that could also have 25% VAT levels imposed. Whilst they are at it, impose 25% VAT on all items sold at fine art auctions at Sothebys - if you can afford £20m for a painting you can afford an extra 5% VAT. And finally, scrap VAT exemption / refunds on luxury goods for export - huge loophole, plug it! Just an idea or two to raise extra cash from those who can afford to buy things most of us cannot but plugging routes to reclaiming VAT paid is essential. |  |
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| Would you support a wealth tax on 17:58 - Jul 14 with 845 views | SalisburySaint |
| Would you support a wealth tax on 17:44 - Jul 14 by franniesTache |
As someone earning above that I think I don’t pay enough tax, and it infuriates me that everyone I speak to at a similar bracket is always talking about ways to get out of paying it.
Personally I’ve been on benefits and had sh*t wages, and the way I see it is now I’m earning well it’s my civic duty to pay back to those who are struggling.
I honestly think there’s a rampant selfishness in society these days that makes it worse for all of us, and we are all part of a social contract that means we should contribute to make it better for everyone [Post edited 14 Jul 17:45]
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Yes we need a few more of the super rich to have a social conscience like Bill Gates | | | |
| Would you support a wealth tax on 18:27 - Jul 14 with 820 views | saintmark1976 |
| Would you support a wealth tax on 17:58 - Jul 14 by SalisburySaint |
Yes we need a few more of the super rich to have a social conscience like Bill Gates |
The last reassessment of English household property values for the purpose of paying council tax took place in April 1991.
Perhaps bringing them up to date would help for the purpose of taxing wealth ? After all that’s where a very large proportion of the nation’s wealth is stored. | |
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| Would you support a wealth tax on 19:06 - Jul 14 with 775 views | Buggalugs |
| Would you support a wealth tax on 16:24 - Jul 14 by SalisburySaint |
Thats not what I said, there is a significant difference between working person and working class.
I stated what thought was in the old days was generally termed as working class, and know the majority of those earning over £100k, not all, are also working persons
The most significant things I thought from the info I posted was 26% of the 1.3m earning over 100k are living paycheque to paycheque, they obviously got more money than sense, and sounds like they need a good financial advisor Nick,
The other that average UK average income is £33,282, and majority of those get by ok, so those earning over £100k should be able to do so too.
But wealth tax is likely to be aimed at those with far more than £100k, although as many have off shore accounts and tax avoidance schemes etc., I’m not sure it will be successful.
[Post edited 14 Jul 17:51]
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I’m sorry but defining working class wasn’t what Nick asked or what your original reply said. We were defining working people.
Re your point about 26% of those earning over £100k living paycheque to paycheque; if you earn the money, you should be entitled to spend it on what you want. Some may choose to be flash, have a massive mortgage, an expensive car etc whereas someone else might choose more modest possessions but to own them outright as quickly as possible. Neither are right or wrong, but what is wrong in my opinion is the variance in tax higher earners pay.
Hypothetically, why should you be taxed 50% of your £100k salary, but your neighbour gets taxed only 25% on their £50k salary? You both work hard, but one of you has found a career or made decisions/sacrifices in life that comes with higher earnings. If the rate was equal, the £100k earner is already paying double the tax of the £50k earner.
I don’t like it when people sneer at those that have done well for themselves financially and imply they’re entitled scum who deserve to be highly taxed. It’s pure jealousy. | |
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| Would you support a wealth tax on 19:15 - Jul 14 with 763 views | mushinexile |
| Would you support a wealth tax on 18:27 - Jul 14 by saintmark1976 |
The last reassessment of English household property values for the purpose of paying council tax took place in April 1991.
Perhaps bringing them up to date would help for the purpose of taxing wealth ? After all that’s where a very large proportion of the nation’s wealth is stored. |
The country 's wealth but not that of its people because most houses belong to the financial institution that owns the mortgage | |
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| Would you support a wealth tax? on 22:11 - Jul 14 with 669 views | PatfromPoole |
I don’t think it helps anybody if the richer people in our society decide to emigrate to Dubai, Qatar or other low tax regimes.
But it seems to be happening more by the day.
We should incentivise those who fund jobs to want to stay in this country.
There doesn’t seem to be a lot of other incentive, apart from staying here to be near to your family, football team and other things that generally depress you in life….. |  |
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| Would you support a wealth tax on 22:16 - Jul 14 with 666 views | saint22 |
| Would you support a wealth tax on 17:44 - Jul 14 by franniesTache |
As someone earning above that I think I don’t pay enough tax, and it infuriates me that everyone I speak to at a similar bracket is always talking about ways to get out of paying it.
Personally I’ve been on benefits and had sh*t wages, and the way I see it is now I’m earning well it’s my civic duty to pay back to those who are struggling.
I honestly think there’s a rampant selfishness in society these days that makes it worse for all of us, and we are all part of a social contract that means we should contribute to make it better for everyone [Post edited 14 Jul 17:45]
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the problem also arises regarding what benefit do you actually get from the tax you pay
If you are a high tax payer your benefits are the same or less than someone who pays considerably less
the playing field isnt level and we in the uk have a system tahts broken and doesn't work | | | |
| Would you support a wealth tax on 22:27 - Jul 14 with 643 views | franniesTache |
| Would you support a wealth tax on 22:16 - Jul 14 by saint22 |
the problem also arises regarding what benefit do you actually get from the tax you pay
If you are a high tax payer your benefits are the same or less than someone who pays considerably less
the playing field isnt level and we in the uk have a system tahts broken and doesn't work |
And the fact my benefits were the same is absolutely fine by me. It’s how society should operate.
Not everyone gets a chance to be successful, not everyone gets lucky or gets opportunity. So those that do should help those that aren’t.
The bigger reason why society is broken is because rich people own everything, including the companies most people work for. Shareholders whose money means jobs are cuts despite companies making profit. Landlords with multiple homes squeezing people for rent. Property speculation that pushes house prices out of reach. People on high salaries hiding their money offshore or in tax loopholes.
That’s the problem. | | | |
| Would you support a wealth tax on 23:03 - Jul 14 with 609 views | Bazza |
| Would you support a wealth tax on 22:27 - Jul 14 by franniesTache |
And the fact my benefits were the same is absolutely fine by me. It’s how society should operate.
Not everyone gets a chance to be successful, not everyone gets lucky or gets opportunity. So those that do should help those that aren’t.
The bigger reason why society is broken is because rich people own everything, including the companies most people work for. Shareholders whose money means jobs are cuts despite companies making profit. Landlords with multiple homes squeezing people for rent. Property speculation that pushes house prices out of reach. People on high salaries hiding their money offshore or in tax loopholes.
That’s the problem. |
Can’t say that’s the only problem; the continually growing massive investment in the civil service and nhs without corresponding productivity improvements plus the record numbers of people able but not working just taking benefits.
I’m reluctantly paying more tax towards funding poorly organised unproductive public sector and the feckless. | | | |
| Would you support a wealth tax on 23:43 - Jul 14 with 568 views | saint22 |
| Would you support a wealth tax on 22:27 - Jul 14 by franniesTache |
And the fact my benefits were the same is absolutely fine by me. It’s how society should operate.
Not everyone gets a chance to be successful, not everyone gets lucky or gets opportunity. So those that do should help those that aren’t.
The bigger reason why society is broken is because rich people own everything, including the companies most people work for. Shareholders whose money means jobs are cuts despite companies making profit. Landlords with multiple homes squeezing people for rent. Property speculation that pushes house prices out of reach. People on high salaries hiding their money offshore or in tax loopholes.
That’s the problem. |
fair enough up to a point and I agree wealthy exploit every loophole they can but there are also plenty who take advantage of the benefit system those who pay whopping taxes fund
thats where the system is broken | | | |
| Would you support a wealth tax on 07:10 - Jul 15 with 445 views | Heisenberg |
| Would you support a wealth tax on 23:03 - Jul 14 by Bazza |
Can’t say that’s the only problem; the continually growing massive investment in the civil service and nhs without corresponding productivity improvements plus the record numbers of people able but not working just taking benefits.
I’m reluctantly paying more tax towards funding poorly organised unproductive public sector and the feckless. |
How do you get productivity improvements in the NHS ? It cares for sick people. The UK has an aging population and there have been massive advances in medicine and treatment options available. Its future looks increasingly challenging as people live longer . You are just spouting nonsense management talk. Sick people are not products. The basic premise is if you want free healthcare then the Govt will have to fund it through tax increases. Unless you support Farage who has made it quite clear what he thinks of the NHS. |  |
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