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Didn’t watch it but basically the thought is that income can be hidden overseas etc and that taxing income massively hits the middle classes. The best way to try to reset the public finances would be a wealth tax. A simple tax on say, all property in the UK of 1% of its value would raise an extortionate amount. If your house is worth £150,000 you pay £1,500, if you don’t own a house you pay nothing, if you own a £3million pound house you pay £30,000. Very simple and cannot be dodged as HMRC will put a charge on the property including penalties and interest and recoup the tax when the property is sold or transferred. This could equally apply to savings, pensions etc. Income tax and corporation tax is far to easy to evade so this, coupled with an internet sales tax based on where the product is delivered are things that can be done to get big business and wealthy individuals to pay their share
Not so much a wealth tax then as a property tax but would there be a lower limit beneath which you didn't have to oay? Becaise we already pay a tax based on the value of our priperty so we'd be taxed twice for the same thing.
My idea was an increase on VAT on the so called premium items, cars over 75k for example. Anything that is high end gear, put an extra 5% VAT on it.
Increase corporation tax by 2%.
Simply taxing the wealthy will just see them moving their assets abroad.
Personally I feel that we all have to pay our share to help the country get out of this mess. Increases in property wealth is passive income and can be taxed pain free, you haven’t earned that profit so can’t see any problem with racing it, same as investment growth. We need to tax passive growth and if this dampens down the property market then so be it. It is not envy but if you buy a property for £100,000 and it goes up to £300,000 you have not earned this and should be taxed. We all have to suffer to get out of this mess. I split my time between Mumbles and London and own a property in both places so believe you me I would be a loser if this was brought in, but it’s the only way to catch the super wealthy. Property cannot be moved not like income so we need to go after it.
Personally I feel that we all have to pay our share to help the country get out of this mess. Increases in property wealth is passive income and can be taxed pain free, you haven’t earned that profit so can’t see any problem with racing it, same as investment growth. We need to tax passive growth and if this dampens down the property market then so be it. It is not envy but if you buy a property for £100,000 and it goes up to £300,000 you have not earned this and should be taxed. We all have to suffer to get out of this mess. I split my time between Mumbles and London and own a property in both places so believe you me I would be a loser if this was brought in, but it’s the only way to catch the super wealthy. Property cannot be moved not like income so we need to go after it.
If you buy a property for £100K and have a 25 year mortgage on it, the total cost is an awful lot more than £100K.
If you buy a property for £100K and have a 25 year mortgage on it, the total cost is an awful lot more than £100K.
[Post edited 24 Jul 21:59]
Correct the mortgage is paid by earnings after tax and of course the impact of inflation. If you follow the current CGT rules then money spent from improvements would also be deductable.
Clearly envy , hatred and cant drive the likes of Corbyn It's insidious stuff I hope I'm on the dust cloud of this we're inplemented
This country is totally screwed
Class war
Absolute nonsense!
Luckily there are decent people like Stephen Kinsella and his group who don't get nearly enough airtime on this subject whilst muppets like Charlie Mullins are on constantly.
I quickly skimmed the video and he makes a pertinent point... these people have their money in property, in bonds and in investment vehicles based in this country - the major chunk of their money is residing in this country and/or its business's. Most aren't going to just up sticks and of those that can and will they generally have the majority of their money in tax havens they are only here to have a nice life with a TINY percentage of their money.
It is far better to grasp the universe as it really is than to persist in delusion, however satisfying and reassuring. - Carl Sagan
I've said on here before the majority of rich won't go, some are born and bred here with business and personal ties to this country and some choose to come here because they like it and also have business and personal ties, the small number that go they can go as far as I'm concerned.
Continually being banned by Planet Swans for Porthcawl and then being reinstated.
Clearly envy , hatred and cant drive the likes of Corbyn It's insidious stuff I hope I'm on the dust cloud of this we're inplemented
This country is totally screwed
Class war
Covid saw a massive transfer of wealth from middle and lower classes to the wealthiest, but sure, wanting it to go the other way for a bit so that we don't return to fuedalism is "class envy".
I've said on here before the majority of rich won't go, some are born and bred here with business and personal ties to this country and some choose to come here because they like it and also have business and personal ties, the small number that go they can go as far as I'm concerned.
Accountants will make sure that businesses (even small ones) make a paper loss for a couple of years to avoid the tax hike and hope it stabilises after that. There will be less tax collected from businesses in the next couple of years. You can bookmark this and come back to it if you like.
Luckily there are decent people like Stephen Kinsella and his group who don't get nearly enough airtime on this subject whilst muppets like Charlie Mullins are on constantly.
[Post edited 24 Jul 22:17]
With respect , you are driven by your beliefs and that's fine I believe we are class ridden and have done nothing to break it down The likes of Corbyn need it as without it they have no enemy And enemies are what they want They detest success and people becoming wealthy
We need to encourage more folk to start businesses and create jobs
Accountants will make sure that businesses (even small ones) make a paper loss for a couple of years to avoid the tax hike and hope it stabilises after that. There will be less tax collected from businesses in the next couple of years. You can bookmark this and come back to it if you like.
What has that got to do with my post ?
Continually being banned by Planet Swans for Porthcawl and then being reinstated.
Why is the solution to everything ‘more tax’ when the tax take is already at record highs. Surely it would be more prudent to stop relentlessly spunking money up the wall.
Why is the solution to everything ‘more tax’ when the tax take is already at record highs. Surely it would be more prudent to stop relentlessly spunking money up the wall.
Exactly, just tax the better off because I am jealous.
Exactly, just tax the better off because I am jealous.
There has to be a breaking point where people just say we are paying all this money and getting nothing. People don’t generally mind paying taxes if they get the services but we’re being squeezed til the pips squeak and still don’t have anything, meanwhile we read every day about our governments spunking money away to the maldives for something we already had for free or putting up unwanted freeloading immigrants in five star hotels.
Why is the solution to everything ‘more tax’ when the tax take is already at record highs. Surely it would be more prudent to stop relentlessly spunking money up the wall.
What would you cut? Cutting the big ticket items that would actually make a difference is political suicide for whoever does it. Just look at the winter fuel allowance cut, an absolutely correct decision to make but the press made out that Starmer wanted to liquidate Doris.
With respect , you are driven by your beliefs and that's fine I believe we are class ridden and have done nothing to break it down The likes of Corbyn need it as without it they have no enemy And enemies are what they want They detest success and people becoming wealthy
We need to encourage more folk to start businesses and create jobs
We differ
Isn't that ignoring that when small businesses become very succesful, big business often comes and buys them out.
it's the private equity funds way of making sure money goes to money. Vets are the best example, most are now part of chains, they have been buying out the independent vets for years and most are now owned by 5 or 6 groups and prices have skyrocketed.
Ot's npot envy to believe that the super rich should carry more of the costs especially when they run the corporations that are responsible for so much pollution, destruction of habitat AND higher prices.
Isn't that ignoring that when small businesses become very succesful, big business often comes and buys them out.
it's the private equity funds way of making sure money goes to money. Vets are the best example, most are now part of chains, they have been buying out the independent vets for years and most are now owned by 5 or 6 groups and prices have skyrocketed.
Ot's npot envy to believe that the super rich should carry more of the costs especially when they run the corporations that are responsible for so much pollution, destruction of habitat AND higher prices.
Don't see it like that My vet is independent and his costs are the same as chains , ie expensive but , like solicitors and accountants, you pay for their knowledge -apparently
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