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Increased taxation for the older generation?
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philip gosling
Posted: 16 January 2021 14:09:13(UTC)
#360

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~Come on


Modern Monetary Theory clearly removes the necessity for huge tax rises. Gentle inflation will over 25 years remove the burden of the extra debt we have built up in past 12 months. 25% of all the $ in the world were printed last year by the Federal bank and Mr Biden has promised an initial $2000 to everyone - rich and poor alike . (Bit like Ms Sturgeon FM Scotland giving all NHS staff £500 bonus from UK Virus £8 billion grant including consultants, nurses & doctors but not not cleaners because cleaners by and large work for outside contractors).

As everyone including politicians know old folk vote in their millions and by and large young folk don't vote in such numbers and soon there will be more old than young folk - Mrs May learned a harsh lesson when ignoring "old Folk" in the 2017 election and lost her overall majority - Death Tax massive rise on probate and counting main residence for social care were her doom.

We should worry more about the equity bubble bursting in 2021 than introduction of a wealth tax.
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3 users thanked philip gosling for this post.
Keith Cobby on 18/01/2021(UTC), dd on 18/01/2021(UTC), Laura Sommer on 23/01/2021(UTC)
huudi
Posted: 18 January 2021 11:08:33(UTC)
#364

Joined: 11/06/2010(UTC)
Posts: 266
£500 each? is that for UK or just Scotland? Nice of her to chuck my money around especially as Scotland is a big drag on our economy.
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philip gosling
Posted: 18 January 2021 11:24:41(UTC)
#365

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huudi;147111 wrote:
£500 each? is that for UK or just Scotland? Nice of her to chuck my money around especially as Scotland is a big drag on our economy.



Just Scotland and as Ms Sturgeon will not say it I will - Thank you England.
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Tim D on 18/01/2021(UTC)
Tim D
Posted: 18 January 2021 11:36:49(UTC)
#368

Joined: 07/06/2017(UTC)
Posts: 8,883
I see recent rumours that the chancellor is planning a "consolidation" of stamp duty and council tax into some sort of property levy.

e.g
https://www.dailymail.co...-tax-property-levy.html
https://www.dailymail.co...-new-property-levy.html (or https://archive.vn/oQajT )
https://www.mortgageintr...cil-tax-and-stamp-duty/
https://www.thetimes.co....-march-budget-gmd3qpmkb

Can't see the full text of The Times piece but Google seems to think it has a "...if the levy were set at 0.48% of the value of a home..." fragment in it.
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dd
Posted: 18 January 2021 11:44:31(UTC)
#369

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That would be a 45% rise in council tax, for me, according to very rough calculations.
Council tax is the only monthly bill over which I have no control, without moving from my home.
I can turn heating off if I choose to, etc.
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huudi on 18/01/2021(UTC)
ANDREW FOSTER
Posted: 18 January 2021 11:45:19(UTC)
#357

Joined: 23/07/2019(UTC)
Posts: 8,128
Laura Sommer;146164 wrote:
It would be harsh to include pensions in a wealth tax because the income is already subject to taxation.



All income has already been subject to taxation, even inherited wealth.

All wealth tax is double taxation.. You have already paid income tax, CGT, VAT, Stamp Duty, Corporation Tax or (secondarily) inheritance tax on almost everything you own.

Quote:


I don't object to a wealth tax per se but it should come in at a higher level.


Everyone supports wealth tax at a level that would not affect them.

But higher levels of wealth are also the most mobile, any wealth tax would result in catastrophic flight of capital from the UK by those rich people that simply don't HAVE to be based here.

The value of immobile expensive property would collapse, and in turn ripple down to the lowest level. Middle classes may not pay the tax, but the value of their home assets would go down pro rata.
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Easyrider
Posted: 18 January 2021 12:35:32(UTC)
#370

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IMO a wealth-tax of some sort is inevitable as is a ceiling on ISA holdings and changes to tax relief on pension contributions.
I'm not advocating these: that is not my job.
I simply consider that they are inevitable.
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Laura Sommer on 23/01/2021(UTC)
huudi
Posted: 18 January 2021 12:41:12(UTC)
#366

Joined: 11/06/2010(UTC)
Posts: 266
philip gosling;147114 wrote:
huudi;147111 wrote:
£500 each? is that for UK or just Scotland? Nice of her to chuck my money around especially as Scotland is a big drag on our economy.



Just Scotland and as Ms Sturgeon will not say it I will - Thank you England.


..and the Mayor of Blackburn has given all council employees £50 bonus for sitting on their butts all year, a 5% rise in council tax will cover it??? err.. 45%? ok make that £50 up to £450!

It seems that third-world politicians are doing something to the economy after all. It reads just like african politics, oh I forgot, it is! Spend it, make the white man pay! Next thing is those can't pay get a good beating.

We always new 'middle-England' would pay in the end, 'taxing the rich' would have to be passed by the rich.

Life is such fun!
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Keith Cobby
Posted: 18 January 2021 12:57:01(UTC)
#372

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Stand easy, it's just another proposal floated in the media to see if it can gain any traction. Council tax should be added to income tax and stamp duty abolished (and on share transactions). A wealth tax won't be introduced because it is retrospective and therefore confiscation. Most people hate the council tax because it is very regressive and only introduced after the poll tax fiasco.
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2 users thanked Keith Cobby for this post.
dd on 18/01/2021(UTC), Tim D on 18/01/2021(UTC)
dd
Posted: 18 January 2021 13:03:32(UTC)
#374

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Defining wealth is a problem.
How will volatility of house prices be taken into account?
I doubt the proposed tax would be recalculated following a house price crash, if there were to be one.
(Same as how will volatility of DC pension values which can vary hugely day to day be taken into account?)
Much discontent will follow?
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