Labour thinking about introducing a ‘wealth tax’
Discussion
Not sure if this has a thread, I’ve been watching a number of YouTube videos suggesting the introduction of a ‘Wealth Tax’
No idea if this will actually happen however Unite have asked for the richest with assets over £3m in society to pay 1.7% as a one off tax to raise £20 something billion which can then pay for pay increases in the public sector. Of course, as also suggested this tax might well then become a yearly tax on your wealth.
Let’s be honest, £3m is quite a lot of money however it’s not necessarily that amount which worries some, it’s the fact a new tax is introduced and the threshold is moved to suit and possibly then comes down and the percentage rates go up and as we know, a new law or tax is rarely removed once introduced by government.
Can’t afford to pay?
Easy, we simply place a charge on your house and get the money when you die and if it becomes a yearly tax we simply add whatever % to our charge on your house on a yearly basis.
Some would say, you will own nothing and be happy, others will say those fortunate enough to have purchased anything with money already having been taxed deserve to pay more because they’re rich, some will be sitting here unaware of these rumours and others will be thinking about moving out of the UK.
Personally I think the government of envy is showing its true colours and the next 5 years will be interesting to say the least.
Discuss…….
No idea if this will actually happen however Unite have asked for the richest with assets over £3m in society to pay 1.7% as a one off tax to raise £20 something billion which can then pay for pay increases in the public sector. Of course, as also suggested this tax might well then become a yearly tax on your wealth.
Let’s be honest, £3m is quite a lot of money however it’s not necessarily that amount which worries some, it’s the fact a new tax is introduced and the threshold is moved to suit and possibly then comes down and the percentage rates go up and as we know, a new law or tax is rarely removed once introduced by government.
Can’t afford to pay?
Easy, we simply place a charge on your house and get the money when you die and if it becomes a yearly tax we simply add whatever % to our charge on your house on a yearly basis.
Some would say, you will own nothing and be happy, others will say those fortunate enough to have purchased anything with money already having been taxed deserve to pay more because they’re rich, some will be sitting here unaware of these rumours and others will be thinking about moving out of the UK.
Personally I think the government of envy is showing its true colours and the next 5 years will be interesting to say the least.
Discuss…….
kers. It’ll cost them more than they gather in to assess and then chase people who are anywhere near the threshold. Multimillionaires will be dead easy but someone with a two million quid house, a business, pension etc - it’ll be extremely time consuming working out who’s going to pay.
And that’s assuming assets will remain visible after they announce the policy…
And that’s assuming assets will remain visible after they announce the policy…
"Unite calls for 1% wealth tax on super-rich to fund UK public sector pay rises"
Non-Youtube link:
https://www.theguardian.com/uk-news/article/2024/a...
Non-Youtube link:
https://www.theguardian.com/uk-news/article/2024/a...
The phrase the politics/government of envy is gibberish. It means nothing specific.
It would appear the tories failed in their financial management of the country and the current government needs funds. What suggestions are on the table? Tax the poor further? Yeah, that'll help because it will mean wages will have to increase as a high percentage has limited/no disposable income. Or maybe the middle-classes? Possibilities there, and there is the threat of excluding the exemption for school fees. But there's not a lot of money to gain from that. Tax the merely well-off? Yeah, that's promising. After all, the wealth gap has increased in my lifetime from 2.3:1 to 5.7:1.
What's funded this massive increase? Perhaps it might be lower taxes for the rich? It's been obvious. It's been significant. And the policies of various governments has been to ignore or encourage this gap. I'm not particularly fixed on a wealth tax. Any method will do to reduce the wealth gap.
We have a policy of low wages. The government systems encourage it by subbing workers who don't receive a living wage. It might be useful to make employers pay a fair day's pay. Seems reasonable to me. Saves all that wealth tax.
It would appear the tories failed in their financial management of the country and the current government needs funds. What suggestions are on the table? Tax the poor further? Yeah, that'll help because it will mean wages will have to increase as a high percentage has limited/no disposable income. Or maybe the middle-classes? Possibilities there, and there is the threat of excluding the exemption for school fees. But there's not a lot of money to gain from that. Tax the merely well-off? Yeah, that's promising. After all, the wealth gap has increased in my lifetime from 2.3:1 to 5.7:1.
What's funded this massive increase? Perhaps it might be lower taxes for the rich? It's been obvious. It's been significant. And the policies of various governments has been to ignore or encourage this gap. I'm not particularly fixed on a wealth tax. Any method will do to reduce the wealth gap.
We have a policy of low wages. The government systems encourage it by subbing workers who don't receive a living wage. It might be useful to make employers pay a fair day's pay. Seems reasonable to me. Saves all that wealth tax.
Derek Smith said:
The phrase the politics/government of envy is gibberish. It means nothing specific.
It would appear the tories failed in their financial management of the country and the current government needs funds.
If you want to blame previous Governments I suggest you look at the last Labour Government under Gordon Brown. That massive spike in UK Debt in the late 2000’s was under Labour….you’ll notice nothing since including “paying for Covid” comes close. Yes we all know it was the GFC and politicians like to blame the bankers but when there’s a crime wave we don’t blame the criminals we blame the police. The police in this case are the Bank of England who answered to Gordon Brown (who had previously made the BofE independent when he was chancellor)It would appear the tories failed in their financial management of the country and the current government needs funds.
It's a proposal from a union at a union conference type thing. I wouldn't leap to thinking Labour are seriously considering it.
Labour have indicated they are going to look at non-doms, windfall tax on the energy sector, off-shore trusts, foreign property buyers and some other areas which have no impact on pretty much everyone, including most people who are wealthy.
I don't think many people will find these objectionable.
From what I can read in terms of a wider impact, there's uncertainty around whether capital gains' tax will be changed.
Labour have indicated they are going to look at non-doms, windfall tax on the energy sector, off-shore trusts, foreign property buyers and some other areas which have no impact on pretty much everyone, including most people who are wealthy.
I don't think many people will find these objectionable.
From what I can read in terms of a wider impact, there's uncertainty around whether capital gains' tax will be changed.
MrBogSmith said:
From what I can read in terms of a wider impact, there's uncertainty around whether capital gains' tax will be changed.
The conservatives looked very closely at increasing CGT a few years ago (it was widely expected)…they removed the CGT allowance instead. CGT at 40% will undoubtedly stop people taking risk with their money which is bad for growth (availability of capital is an important driver for growth). It will also see people emigrate…we’ll see business owners deferring selling businesses until they have moved abroad etc.
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