Discussion
alock said:
Ed bought a house for £1.6m in 2009. I think we can be sure the tax will be set at a level where he doesn't have to pay it!
http://www.dailymail.co.uk/news/article-2213675/Ed...
Ah, the standard socialist humble abode....http://www.dailymail.co.uk/news/article-2213675/Ed...
Bluequay said:
oyster said:
JagLover said:
Just as an aside as the population has aged, and the power of the grey lobby has grown, taxes on capital have fallen while those on income have risen.
I do not see myself why, in principal, a annual 'wealth' tax on properties worth over £2m is more objectionable than a 50p rate of income tax.
Agree.I do not see myself why, in principal, a annual 'wealth' tax on properties worth over £2m is more objectionable than a 50p rate of income tax.
There's far too much tax on income and not enough on wealth.
Also if it was wealth tax you would be taxed on the equity you had in the property, not the property value itself
Edited by Bluequay on Thursday 14th February 14:08
Wealth should be taxed on net worth.
In my opinion though, it should not be a penal amount, but perhaps as low as 0.1% of net wealth per year. It would be enough to raise billions but without any individuals suffering hardship and also without sending anyone off to live elsewhere.
No idea how it could be managed though. Might cost more to run than the billions it may collect.
crankedup said:
Most likely to be a complete re-evaluation of all homes and this used for local Council tax bands to be extended to cover the higher valued houses. Last valuations carried out around twenty years ago, so its overdue.
Excuse to jack up council tax.& how long before it is determined that owners of "mansions" deserve higher energy costs than those living in modest homes.
They just described it on the tellybox as an annual tax of £20,000 to represent an annual saving of £100 by virtue of the 10 p tax rate.
Can that be right? If it is then it makes me even angrier and scared at the prospect of the foul Milliband and his merry band of limp airheads being in charge.
By any possible test, how can that be fair? I think it's time London broke away from the rest of the country!
Can that be right? If it is then it makes me even angrier and scared at the prospect of the foul Milliband and his merry band of limp airheads being in charge.
By any possible test, how can that be fair? I think it's time London broke away from the rest of the country!
silverthorn2151 said:
They just described it on the tellybox as an annual tax of £20,000 to represent an annual saving of £100 by virtue of the 10 p tax rate.
Can that be right? If it is then it makes me even angrier and scared at the prospect of the foul Milliband and his merry band of limp airheads being in charge.
By any possible test, how can that be fair? I think it's time London broke away from the rest of the country!
I suspect an area around Cheshire and sandbanks would want to join. Can that be right? If it is then it makes me even angrier and scared at the prospect of the foul Milliband and his merry band of limp airheads being in charge.
By any possible test, how can that be fair? I think it's time London broke away from the rest of the country!
It'd would be like Palestine / westbank with millionaires digging underground tunnels to smuggle bollinger to the besieged wealth settlements.
nyxster said:
silverthorn2151 said:
They just described it on the tellybox as an annual tax of £20,000 to represent an annual saving of £100 by virtue of the 10 p tax rate.
Can that be right? If it is then it makes me even angrier and scared at the prospect of the foul Milliband and his merry band of limp airheads being in charge.
By any possible test, how can that be fair? I think it's time London broke away from the rest of the country!
I suspect an area around Cheshire and sandbanks would want to join. Can that be right? If it is then it makes me even angrier and scared at the prospect of the foul Milliband and his merry band of limp airheads being in charge.
By any possible test, how can that be fair? I think it's time London broke away from the rest of the country!
It'd would be like Palestine / westbank with millionaires digging underground tunnels to smuggle bollinger to the besieged wealth settlements.
Well, another day of refreshingly f
king crap news. Is the solution to all our problems just to add an ever increasing tax load on the people of this country. Is that really the best offering our so called leaders can come up with, is that really it?
When will they see the light and realise that we, the usefully contributing members of society are fed up with being taxed on everything, taxed on what we earn, taxed on what we spend, taxed on what we accumulate. The benefits of living in this country are rapidly becoming outweighed by the numerous negative issues which our incompetent ruling class are unable to resolve.
This is just one in a very long series of events and policies which are ultimately counter-productive.
When is this country finally going to wake up, realise we have had the absolute piss taken out of us and do something about it?
king crap news. Is the solution to all our problems just to add an ever increasing tax load on the people of this country. Is that really the best offering our so called leaders can come up with, is that really it?When will they see the light and realise that we, the usefully contributing members of society are fed up with being taxed on everything, taxed on what we earn, taxed on what we spend, taxed on what we accumulate. The benefits of living in this country are rapidly becoming outweighed by the numerous negative issues which our incompetent ruling class are unable to resolve.
This is just one in a very long series of events and policies which are ultimately counter-productive.
When is this country finally going to wake up, realise we have had the absolute piss taken out of us and do something about it?
REALIST123 said:
Not saying you're wrong but can you give an example of where taxes on capital have fallen?
From what I can see CGT, SDLT and IHT are as high as they've ever been, relative to other taxes.
I am not talking about just the last couple of years.From what I can see CGT, SDLT and IHT are as high as they've ever been, relative to other taxes.
Over the last two decades the top rate of tax has gone up from 40p to 45p (but with the withdrawal of the personal allowance the marginal rate over 100k is more than that). The 40p tax rate itself has become the default rate for middle class earners, rather than being for the rich. National insurance has risen from 9% to 11% (with that extra 2% continuing after the upper band is reached)
Meanwhile capital gains tax used to be at the marginal rate of income tax (after an annual exemption), but now is either 18% or 28% dependent on income (though without indexation). IHT bands may be frozen now, but the ability to transfer unused nil rate band between husband and wife on the death of one already means we have a far more generous IHT regime than two decades ago.
It seems a more than usually idiotic attempt at attention grabbing by Milliband at a by-election; perhaps an attempt to spike the Liberal democrats. It is a disappointing thing for him to have done and I hope he reconsiders/sidelines the idea before the next election. Housing in this country is already very highly taxed.
If there was some point to it - maybe to shift the unfair burden of cost from business rates, then I could kind of see where it is coming from, but it is not. It is just the usual "soak the (fairly) rich" grandstanding - one of the least attractive Liberal Democrat traits.
I'm not sure the "Mansion Tax" will ever happen though. I don't support the Conservatives (I used to before they became rabid Euro-haters), but I don't think Milliband has got the next election sewn up by any means. Despite the fkwittery and Omnishambes of this administration, the Government is not that far behind in the polls - not for the mid-term - such is the hangover of mistrust from the Blair/Brown years. If the economy improves, then I feel the Tories do stand a genuine chance of being reelected. I'm not sure whether this is a good thing or bad. Besides, Ed Balls seems to be at pains to stress that all these "initiatives" are merely aspirations, and none of them are certain to be in the manifesto.
If there was some point to it - maybe to shift the unfair burden of cost from business rates, then I could kind of see where it is coming from, but it is not. It is just the usual "soak the (fairly) rich" grandstanding - one of the least attractive Liberal Democrat traits.
I'm not sure the "Mansion Tax" will ever happen though. I don't support the Conservatives (I used to before they became rabid Euro-haters), but I don't think Milliband has got the next election sewn up by any means. Despite the f
kwittery and Omnishambes of this administration, the Government is not that far behind in the polls - not for the mid-term - such is the hangover of mistrust from the Blair/Brown years. If the economy improves, then I feel the Tories do stand a genuine chance of being reelected. I'm not sure whether this is a good thing or bad. Besides, Ed Balls seems to be at pains to stress that all these "initiatives" are merely aspirations, and none of them are certain to be in the manifesto.WTF should wealth be taxed?? What gives anyone the right to take take take when they (politicians) do everything they can to avoid paying???
Makes me fking furious this tax this, tax that, tax tax tax. (and wealthy is something I aint)
How about cutting some of your fking spending you fkwits!!!
Makes me f
king furious this tax this, tax that, tax tax tax. (and wealthy is something I aint)How about cutting some of your f
king spending you fkwits!!!JagLover said:
REALIST123 said:
Not saying you're wrong but can you give an example of where taxes on capital have fallen?
From what I can see CGT, SDLT and IHT are as high as they've ever been, relative to other taxes.
I am not talking about just the last couple of years.From what I can see CGT, SDLT and IHT are as high as they've ever been, relative to other taxes.
Over the last two decades the top rate of tax has gone up from 40p to 45p (but with the withdrawal of the personal allowance the marginal rate over 100k is more than that). The 40p tax rate itself has become the default rate for middle class earners, rather than being for the rich. National insurance has risen from 9% to 11% (with that extra 2% continuing after the upper band is reached)
Meanwhile capital gains tax used to be at the marginal rate of income tax (after an annual exemption), but now is either 18% or 28% dependent on income (though without indexation). IHT bands may be frozen now, but the ability to transfer unused nil rate band between husband and wife on the death of one already means we have a far more generous IHT regime than two decades ago.
SD or SDLT Is a lot higher than it was. Since even the late 90s it has doubled.
I take your point about IHT except that for many years it hasn't been hard to 'use up' both NBRs by passing some asses on to the kids (eg) on the death of the first spouse.
And during the last 30 years top IT rates have halved. (not that I am advocating that they go up at all!)
Absolutely ridiculous. Can't see how they can just bill you twenty odd grand because you have an expensive house. Those that are asset rich and cash poor are screwed. Don't agree with the whole why should those in the south in relatively modest homes pay the same as those in a proper mansion in the north...a £2 million quid home is a £2 million quid home!
Much better, as ever, would be for this to be graduated. The current council tax system needs review. My neighbours and I are in newish build houses worth £220-300K in tax bands E to F. It only goes up to bloody H so someone in a house worth squillions pays very little more, this is unfair, it should go up to band Z, determined by sq footage/value/area perhaps.
Much better, as ever, would be for this to be graduated. The current council tax system needs review. My neighbours and I are in newish build houses worth £220-300K in tax bands E to F. It only goes up to bloody H so someone in a house worth squillions pays very little more, this is unfair, it should go up to band Z, determined by sq footage/value/area perhaps.
Lotusevoraboy said:
Much better, as ever, would be for this to be graduated. The current council tax system needs review. My neighbours and I are in newish build houses worth £220-300K in tax bands E to F. It only goes up to bloody H so someone in a house worth squillions pays very little more, this is unfair, it should go up to band Z, determined by sq footage/value/area perhaps.
Why is it unfair? Do they use more of the councils services due to the size of their house?Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff