Is it time for a wealth tax?

[JohnD]

I wonder what Rice-Pudd thinks.




https://www.ukwealth.tax/s/Is-It-Time-For-A-UK-Wealth-Tax.pdf




"Gita Gopinath, the IMF’s chief economist, on Wednesday told the UK parliament’s Treasury committee that while it was too soon to tighten fiscal policy today, “now could certainly be the time for planning” for fiscal consolidation in the medium term, in line with the IMF’s general advice.

Treasury officials will no doubt have been nodding along in approval. With public finances already drowning in red ink from the coronavirus lockdown, the government this week relaunched its ambitious “levelling up” spending agenda, now presented as a post-Covid-19 recovery plan.

At some point the financial hole will somehow have to be filled.

So those Treasury officials will be guilty of dereliction of duty if they are not thinking creatively about new ways of raising revenue for the government. One of the most obvious options to be considered is new taxes on wealth."

https://www.ft.com/content/6166f5d2-a64b-4b57-9cb6-9699f50ca06a

 

[EFLImpudence]

I thought there already was a wealth tax but the wealthy were allowed to not pay it.

 

[Ihavenojob]

It depends how they define wealth. A pensioner on just a state pension living in a terraced house in a former slum area of London, which is now worth £1m, is not wealthy.

 

[Nige F]

They would be if they sold and moved to Sussex in a Park Home site. Or maybe that pensioner is renting in London

 

[Ihavenojob]

Increase taxes on second/empty homes, pay the equivalent to the amount obtainable on the rental market.

 

[SirGalahad]

It depends how they define wealth. A pensioner on just a state pension living in a terraced house in a former slum area of London, which is now worth £1m, is not wealthy.

LVT.

 

[ellal]

There will be a 'financial haircut' for all...

Which will affect the rich and the corporates less proportionately...

Because they'll be tipped off before it happens!

 

[ajohn]

There is probably more mileage in actually collecting all of the tax that should be collected , including corporation tax especially from globals.

Some are surprised who pays most of the tax bill.

 

[Vinty]

Business News
Thanks to coronavirus, Jeff Bezos is richer than before his divorce
Published: 2 Jul 2020 | 10:59 GMT

FILE PHOTO: Jeff Bezos, founder of Amazon © Reuters / Joshua Roberts

• 18

While most people have been struggling to keep their jobs during the worst economic crisis in recent history as a result of the coronavirus pandemic, Amazon founder and CEO Jeff Bezos’ fortune has soared to nearly $172 billion.

Amazon shares jumped over four percent to a record $2,878.70 as US stocks traded higher for most of the session on Wednesday. Thanks to the rally, Bezos, who owns 11 percent of the Amazon stock, managed to break his pre-divorce wealth record of $167.7 billion

 

[Notch7]

While most people have been struggling to keep their jobs during the worst economic crisis in recent history as a result of the coronavirus pandemic, Amazon founder and CEO Jeff Bezos’ fortune has soared to nearly $172 billion.

time for a digital tax

 

[Vinty]

Even the rich want to pay more tax.

https://www.bloomberg.com/news/feat...naires-who-actually-want-to-pay-more-in-taxes

 

[ajohn]

They also took £125b in VAT which takes no notice of income. A number of privatised outfits pay a significant amount of corporation tax - people who use their various services also pay this plus any dividends and profit the declare plus interest on their debts.

Then £28b from fuel duty

These make a mockery of the effective % tax paid in the chart I posted. I suspect those include 1.9 children or some such figure and other tax credits that some don't get.

Whole thing is a mess.

 

[JP_]

The rich will always be able to afford to pay accountants to avoid these taxes.

 

[EFLImpudence]

They write the rules.

 

[JohnD]

It depends how they define wealth. A pensioner on just a state pension living in a terraced house in a former slum area of London, which is now worth £1m, is not wealthy.

unless he sells or rents out part of the site and moves to Essex