Tax the millionaires

The fact this is pretty much only being reported in the guardian (at present anyway) speaks volumes.

Fair play to those 30. I've no doubt they'll be in a minority though. The rest of the greedy pigs will be watching with some unease, but no doubt feel fairly secure given they control most of the media and the government. This should draw a lot of attention to the issue, but it won't.

Turkeys to continue voting for Christmas/good old Boris I think.
 
0.85% on assets above £125k like Norway - now that would be interesting.

People would be moving from London to the Boro and pretending they had no savings!

Certainly there should be a general property tax of some sort - council tax is not a fair way of collecting tax. Stamp duty is OK but it only paid once in a blue moon.

Annual 0.85% on on all properties instead of council tax sounds fair. An average property goes up at least 5% tax free every year over say a 10 year period. A £250k property would pay £2125 per year. I would charge owners of land with planning permission (for more than 5 properties) the same, to discourage them land banking.

It might also discourage people sitting on properties that are not used.
 
Its well trodden ground that taxing the rich adds little to the economy. From a moral point of view then thats fine.
 
Corcaigh_the_Cat said:
Is that the same well trodden path that claims that the Conservative Party are best at handling the economy?
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No - proven by many top economists and history - I can remember the 97% super tax - that worked well didn't it ?. But now you mention it the Tories may not be very good at it but can you imagine the current Labour opposition giving it a go.
If a bunch of capitalists cant run a capitalist economy just think what a bunch of socialists would do.

One thing is 99.999 % certain whichever bunch of politicians is in charge it will be a capitalist system for many many years to come.
 
HundredRoom said:
No - proven by many top economists and history - I can remember the 97% super tax - that worked well didn't it ?. But now you mention it the Tories may not be very good at it but can you imagine the current Labour opposition giving it a go.
If a bunch of capitalists cant run a capitalist economy just think what a bunch of socialists would do.

One thing is 99.999 % certain whichever bunch of politicians is in charge it will be a capitalist system for many many years to come.
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You're not claiming the Labour Party are socialist are you?

I think you need to revisit the 'top economists' you've been reading. I also remember the super tax, tell me where it failed?
 
HundredRoom said:
No - proven by many top economists and history - I can remember the 97% super tax - that worked well didn't it ?. But now you mention it the Tories may not be very good at it but can you imagine the current Labour opposition giving it a go.
If a bunch of capitalists cant run a capitalist economy just think what a bunch of socialists would do.

One thing is 99.999 % certain whichever bunch of politicians is in charge it will be a capitalist system for many many years to come.
Click to expand...
It's a bit if a myth that taxing the richest doesn't work, it depends on how you tax, taxes on incomes arguably don't but wealth taxes do
 
HundredRoom said:
No - proven by many top economists and history
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Which "top economists"?

Do you mean Laffer who has been debunked countless times and whose back-of-a-napkin theory was the epitome of echo-chamber economics.

He told the people he was sat with exactly what they wanted to hear. There was no actual 'economics' involved.

Taxing the rich in any form will work but only if there aren't 101 loopholes.

That said, taxing the rich isn't even necessary if you put the structures in place to negate the influence of wealth. Unless you're now going to tell us that privatising the water companies was an unqualified success?
 
Someone born in this country to a poor family is at a great disadvantage.
Private companies own the water supply.
Ditto the nations other resources.
Food, housing, clothing and heating in winter are mountainous costs for the disadvantaged when they reach adulthood.
Wealthy people who go to better schools, live in better areas, afford the essentials so much easier.
 
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