Platinum · M
Last year the treasury received 1.1 trillion in tax and any government should be able to run a country with that amount of money....they dont need to put up taxes
SunshineGirl · 36-40, F
It is one solution, but be wary of pinning all hopes on a single policy. Beyond real estate assets, this would be a difficult tax to assess and collect.
We have a progressive income tax system, let us use it. Add 1% to all income tiers, then increase the starting thresholds so that the poorest pay nothing at all and the "squeezed middle" feels like its income is going a bit further.
I don't like the idea of putting all the strain on Council Tax and VAT, which will disproprtionately hit the poorest in society.
We have a progressive income tax system, let us use it. Add 1% to all income tiers, then increase the starting thresholds so that the poorest pay nothing at all and the "squeezed middle" feels like its income is going a bit further.
I don't like the idea of putting all the strain on Council Tax and VAT, which will disproprtionately hit the poorest in society.
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G7J2O · 36-40, MNew
@jshm2 OK, but that doesn’t mean wealth taxes don’t work. Most UK high-net-worth wealth is still held in UK property, UK businesses, UK investment vehicles, and UK-based assets that can be taxed. Other countries like Norway, Switzerland (some cantons), Spain, and parts of Canada already tax wealth or net worth on domestic holdings.
A UK wealth tax wouldn’t require taxing assets in China or India. It would tax UK-resident individuals on their global assets just like income tax already does. If someone lives in the UK, they already have to declare worldwide income and gains. A wealth tax works the same way. The idea that billionaires have no taxable assets here simply isn’t accurate.
The broader point still stands I think: the current system taxes income more heavily than accumulated wealth, and that’s why people argue it’s unbalanced.
A UK wealth tax wouldn’t require taxing assets in China or India. It would tax UK-resident individuals on their global assets just like income tax already does. If someone lives in the UK, they already have to declare worldwide income and gains. A wealth tax works the same way. The idea that billionaires have no taxable assets here simply isn’t accurate.
The broader point still stands I think: the current system taxes income more heavily than accumulated wealth, and that’s why people argue it’s unbalanced.
meJess · F
The tax on flights is Air Passenger Duty, you just don’t see it in the ticket price. It’s generally higher than VAT.
AthrillatheHunt · 51-55, M
AthrillatheHunt · 51-55, M
Wealth tax is a slippery slope. Govt can overspend or misspend knowing it can just erase its mistakes with special taxes. It leads to fiscal mismanagement, and eventually , seizure of assets (like the ali baba dude in China ).
SunshineGirl · 36-40, F
@AthrillatheHunt If government "overspends" it is because there is high demand for the services it provides. If people want those services they must fundcthem through their taxes. "Mismanagement" is an unhelpful concept imported from America. There is no evidence that the public sector is any less or more efficient than its private equivalent . . by not having to produce a shareholder dividend it frequently offers a lot more for your pound than the private sector.
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OriginalNedKelly · M
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MartinTheFirst · 26-30, M
@AthrillatheHunt engineer
AthrillatheHunt · 51-55, M
@MartinTheFirst that’s an advanced degree . Good for you man . The struggle is real .
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