Discussion
Jasandjules said:
Frankly this is another jealousy tax.
It's certainly the type of proposal to be expected from the appallingly low calibre of politician we're blessed with. If the braying masses will fall for it, anything is possible with these politicians in Bob the Builder yes-we-can mode.Lotusevoraboy said:
It's just that if I should pay double what someone in band A pays just because my house is newer (all new builds seem to have exorbitant council tax compared to older housing), detached and has 4 not 3 beds, than I'm pretty sure it's only fair that someone in a ten bed, 5000sq ft mansion with pool and quad garage should be paying a fair bit more than I do...at least double.
But why should they more more than you? Because in your opinion they can and should?That's the same sort of mentality that gives us the mansion tax idea, in fact your solution is just that but by another name.
Alex said:
It is politics, not economics.Alex said:
It does just that.Article said:
If it moves, tax it; if it doesn’t, subsidise it; and above all make sure the tax system is as complicated as possible. That, and a nasty dose of class war and anti-finance prejudice, has become the new modus operandi for many [politicians] in Britain and Europe. As a result, yesterday was one of the worst days in a long time for those of us who believe that lower and simpler taxes are key to rescuing Western nations from long-term decline.
As to the mansion tax, it represents a return to the politics of envy of the ugliest kind. It demonises those who have done well in life. It would reopen property rights and implies that even though tax is payable on income, and stamp duty payable on house purchases, and inheritance tax payable at death, the British now believe that a hefty annual fee should also be necessary to have the right to own an expensive home...someone with ten £1.9m homes and no mortgages would pay nothing...
Lower and simpler taxes to promote economic recovery does not compute with lower and simpler politicians.As to the mansion tax, it represents a return to the politics of envy of the ugliest kind. It demonises those who have done well in life. It would reopen property rights and implies that even though tax is payable on income, and stamp duty payable on house purchases, and inheritance tax payable at death, the British now believe that a hefty annual fee should also be necessary to have the right to own an expensive home...someone with ten £1.9m homes and no mortgages would pay nothing...
Mermaid said:
Alex said:
It is politics, not economics.Of the worst kind.
Lotusevoraboy said:
RichB said:
Lotusevoraboy said:
No mortgage, no worries, it's not like they have owt else to pay out.
I must say you have a simplistic view of life, tell me, do you still live with your parents? JagLover said:
The aim of taxation should be raise money to pay for essential services with as little economic damage as possible. Currently hard work is punished by penal rates of taxation while property gains resulting from a credit bubble and planning restrictions often escape tax entirely.
So abolish the CGT exemption for principal private residence. There is no gain from an increse in the value of property until it is sold; a mansion tax isn't taxing a gain (a mansion tax is a stupid idea for many other reasons too).
turbobloke said:
Mermaid said:
Alex said:
It is politics, not economics.Of the worst kind.
Serious questions for the pro-mansion tax advocates:
1. Do you tax the market value of the house (irrespecive of borrowings secured on it) or do you tax the equity in the house?
2. If a £2.1m house is jointly owned between husband and wife, will they be entitled to say that their respective shares are £1.05m, thus both escaping the mansion tax? If so, how do address the £10m house inhabited by husband, wife and four children, all of whom have (through astute planning) equal shares in it?
3. Do you offer hardship relief to (eg) pensioners in £2m+ houses whose annual income is sufficient for their means but << their annual mansion tax bill? If so/not, why so/not?
4. Would you prefer a "property portfolio" tax that captured people who owned a number of cheap properties with an aggregate value of > £2m?
5. Would you still advocate a mansion tax if the threshold was abolished such that it applied to all homes?
1. Do you tax the market value of the house (irrespecive of borrowings secured on it) or do you tax the equity in the house?
2. If a £2.1m house is jointly owned between husband and wife, will they be entitled to say that their respective shares are £1.05m, thus both escaping the mansion tax? If so, how do address the £10m house inhabited by husband, wife and four children, all of whom have (through astute planning) equal shares in it?
3. Do you offer hardship relief to (eg) pensioners in £2m+ houses whose annual income is sufficient for their means but << their annual mansion tax bill? If so/not, why so/not?
4. Would you prefer a "property portfolio" tax that captured people who owned a number of cheap properties with an aggregate value of > £2m?
5. Would you still advocate a mansion tax if the threshold was abolished such that it applied to all homes?
JagLover said:
Is Housing already very highly taxed?
Your own home is exempt from CGT, if you arrange your affairs right even a part of the gain on a second home could be exempt from CGT as well.
The aim of taxation should be raise money to pay for essential services with as little economic damage as possible. Currently hard work is punished by penal rates of taxation while property gains resulting from a credit bubble and planning restrictions often escape tax entirely.
No wonder so much of investment in the british economy goes into housing and this is one of the reasons our economy is struggling.
A house is a place to live, a tripling of their value does not mean the economy is strong, it just means that the standard of living of the next generation will be worse than that of their parents.
Unless you actually sell your mansion in order to pay the mansion tax, then this is another tax on income, not wealth.Your own home is exempt from CGT, if you arrange your affairs right even a part of the gain on a second home could be exempt from CGT as well.
The aim of taxation should be raise money to pay for essential services with as little economic damage as possible. Currently hard work is punished by penal rates of taxation while property gains resulting from a credit bubble and planning restrictions often escape tax entirely.
No wonder so much of investment in the british economy goes into housing and this is one of the reasons our economy is struggling.
A house is a place to live, a tripling of their value does not mean the economy is strong, it just means that the standard of living of the next generation will be worse than that of their parents.
audidoody said:
Greg66 said:
So abolish the CGT exemption for principal private residence.
And watch the housing market grind to a sudden halt overnight ....Are you a politician? You seem to have a politician's understanding of the Law Of Unintended Consequences.
audidoody said:
And watch the housing market grind to a sudden halt overnight ....
Are you a politician? You seem to have a politician's understanding of the Law Of Unintended Consequences.
Of course I'm not, you fAre you a politician? You seem to have a politician's understanding of the Law Of Unintended Consequences.
king imbecile. I'm pointing out one of the (many) logical flaws in the supposed principle underlyig the mansion tax, and where, if the logic was sound, nit would lead instead. Greg66 said:
Serious questions for the pro-mansion tax advocates:
1. Do you tax the market value of the house (irrespecive of borrowings secured on it) or do you tax the equity in the house?
2. If a £2.1m house is jointly owned between husband and wife, will they be entitled to say that their respective shares are £1.05m, thus both escaping the mansion tax? If so, how do address the £10m house inhabited by husband, wife and four children, all of whom have (through astute planning) equal shares in it?
3. Do you offer hardship relief to (eg) pensioners in £2m+ houses whose annual income is sufficient for their means but << their annual mansion tax bill? If so/not, why so/not?
4. Would you prefer a "property portfolio" tax that captured people who owned a number of cheap properties with an aggregate value of > £2m?
5. Would you still advocate a mansion tax if the threshold was abolished such that it applied to all homes?
What happens if you divide your property in two?1. Do you tax the market value of the house (irrespecive of borrowings secured on it) or do you tax the equity in the house?
2. If a £2.1m house is jointly owned between husband and wife, will they be entitled to say that their respective shares are £1.05m, thus both escaping the mansion tax? If so, how do address the £10m house inhabited by husband, wife and four children, all of whom have (through astute planning) equal shares in it?
3. Do you offer hardship relief to (eg) pensioners in £2m+ houses whose annual income is sufficient for their means but << their annual mansion tax bill? If so/not, why so/not?
4. Would you prefer a "property portfolio" tax that captured people who owned a number of cheap properties with an aggregate value of > £2m?
5. Would you still advocate a mansion tax if the threshold was abolished such that it applied to all homes?
JagLover said:
.
The aim of taxation should be raise money to pay for essential services with as little economic damage as possible.
.
You've hit the nail on the head and as others have said, there is no need to increase tax, just spend less.The aim of taxation should be raise money to pay for essential services with as little economic damage as possible.
.
Less on multi layer government, public 'services', luxury welfare to all and sundry, overseas aid to corrupt Governments.......
REALIST123 said:
JagLover said:
The aim of taxation should be raise money to pay for essential services with as little economic damage as possible.
.
You've hit the nail on the head and as others have said, there is no need to increase tax, just spend less..
Less on multi layer government, public 'services', luxury welfare to all and sundry, overseas aid to corrupt Governments.......
Inspire locals, not stifle hope. Encourage wealthy foreigners & dissuade those that drain the economy.
The economic situation is fragile.
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