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Wealth tax - FT


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I don't know if anyone has a FT subscription but they are seeking views on a wealth tax. I suppose this could be seen as the Government looking for ideas from their voter base;

"Would you support the introduction of levies on assets to restore public finances after coronavirus?"

https://anonym.to/?https://www.ft.com/content/2ee63d52-030f-4e7a-8c15-2e39429b8748

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It's a load of old bollocks because it presupposes that the main fiscal problem is with government income. Not the case at all. The government is already about as high up the Laffer curve as it can ge

Not due any inheritance then?

Which assets? One of the biggest assets are public sector pensions. Brown sector a precedence for this by raiding private sector pensions. Simple wealth tax, without scaring the voters

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I think they should go gung-ho with IHT.

90% or so of what you've got left with - first 100k or so free.
combined with full [equal] taxation of trusts when beneficiaries change.
plus a lifetime [low-ish .. say 100k] allowance for gifts received to prevent avoidance that way. [excess taxed as income and past gifts counted as use of allowance so those who've already been gifted don't get an extra allowance]

Justified as intergenerational levelling with the older cohort who gained from too low past taxes and due to die in the next two decades transfering that wealth back into the pot to decrease burden on younger generations who are currently getting screwed over.
The only losers are would be recipients waiting for inheritance which is clearly just an ugly and greedy attitude.

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Had a read of the article..   every one is fine with it as long as it isn't them who's paying..   funny that.

Starts off ok..

Suggests everyone pays a % of their total net worth.   Sounds fair,   if you set it to 2%..   everyone with a house worth 250k pays a 1-off tax of £5k.    If you have a £500k house you pay £10k.

But then people realise they would actually have to put their hands in their pockets..  so instead it becomes only for people with assets over £750k.   Oh,   but some of our houses are worth more than that.  Oh,  and so is my public sector pension pot..   so lets exclude houses,   pension pots and any other assets up to £750k.

In summary..   we are talking exclusively about people with the means to easily say "sod this" and move abroad.

So it will:   

1 )    Raise no tax because it will only affect the top 0.1% of the population.

2 )    Encourage anyone in the top 0.1% to feel "picked on" and leave just as we are most likely to need people with capital to invest in post Brexit Britain.

 

I'm fine with a wealth tax,  but it needs to be everyone or no-one..   we are either all in it together or we aren't.

Edited by Libspero
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Spain, Norway, Belgium and Switzerland all have wealth taxes; it's certainly possible.

They don't however seem to be that successful.

The reason for that is as @Libspero says and why so many 60s and 70s rock stars became tax exiles.

If you start taxing portable wealth then people will port it out of the country. 

https://www.businessinsider.com/4-european-countries-wealth-tax-spain-norway-switzerland-belgium-2019-11?op=1&r=US&IR=T

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It’s a great idea if you want to drive away people with material assets from your country and penalize those that have saved rather than spent. Based on most comments on this forum it would basically be a tax on DOSBODS types to fund the MEW brigade’s lifestyle. Will probably be in the next budget at a guess.

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Just turn the taxation system into a curve rather than steps, we after all have computer systems these days that can do simple and even rather complex maths.

Get rid of the 10%, 20%, 40%, 50% steps, have a curve and people will pay more as they will be less hung-up over it.

I ain't payin' 40% as I ain't filthy rich and am not workin' overtime if I get less per hour in me pocket. (sic)

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3 minutes ago, BWW said:

Wrong. Should say ... Not making plans for ...

Last version of "the will" I heard about, I would get 500k-750k but don't choose to live my life waiting for others to die.

Lorra money that mind.

But I'm sure there's a DOSBODder out there who can beat that...

 

XYY

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3 minutes ago, The XYY Man said:

Lorra money that mind.

But I'm sure there's a DOSBODder out there who can beat that...

 

XYY

Well actually.....

No.

Whilst I have always felt sorry for only children they can get a big pay day at the end; though obviously that isn't how anyone would like to acquire such money.

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The issue see with implementing IHT too quickly and at too higher level, is that many people will be counting on inheritance to pay off their own debts.

Many won't be able to clear their mortgages, and younger generations will be less willing to take on mortgages if ultimately their house is stolen from the family.

Young adults still living with their parents could find themselves homeless when their parent(s) die suddenly.

And from a point of principle, it's yet another attack on the family unit, which is already causing so many problems for society. Replacing family financial independence with yet more state dependence.

I would be ok with some form of taxes though, capital gains on unearned income paid out of the estate, perhaps the last 7 years of house price growth could be taxed at whatever the capital gains rate is.

and a disclaimer, yes I'm expecting a small inheritance to help with my own retirement.

 

 

 

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9 minutes ago, BWW said:

Wrong. Should say ... Not making plans for ...

Last version of "the will" I heard about, I would get 500k-750k but don't choose to live my life waiting for others to die.

That sort of sum could bring your retirement forward by several years and/or give you some vast life improvements/open up loads of opportunities / help out your own family.

Why would you want to forego £400,000-£650,000 of it to keep people like Keith Vaz coked up and balls deep in rentboys?

Are you mad?

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1 hour ago, BWW said:

I think they should go gung-ho with IHT.

90% or so of what you've got left with - first 100k or so free.
combined with full [equal] taxation of trusts when beneficiaries change.
plus a lifetime [low-ish .. say 100k] allowance for gifts received to prevent avoidance that way. [excess taxed as income and past gifts counted as use of allowance so those who've already been gifted don't get an extra allowance]

Justified as intergenerational levelling with the older cohort who gained from too low past taxes and due to die in the next two decades transfering that wealth back into the pot to decrease burden on younger generations who are currently getting screwed over.
The only losers are would be recipients waiting for inheritance which is clearly just an ugly and greedy attitude.

It would be far better to smash down asset (house) prices and reduce inheritances that way, rather than keeping prices super high but the government and banks grabbing it all through iht

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the debt has gone parabolic since the 70s.......and TWO THIRDS of ALL wild animals since that time have been killed.......

even if you dramatically dispute that figure it's a planetary disgrace.....what took millions of years to mature has been completely fucked in 50 years.......due to 'boomer' policy.....

so fuck em all :Old: 

something BIG has to change or we're ALL fucked......

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