Labour drafts options for wealth taxes to ‘unlock’ funds for public services

13 comments

1. “Unlock” billions of pounds when government is sole issuer of pounds ..

   Yup makes sense.. 🤦‍♂️

2. I mean they have to, right? Like they’re going to need to raise additional revenue if they want to unfuck the country. I understand their main attack line against the Tories is their high tax but I think the general public would be cool with a raise on capital gains.

3. Good.

   https://www.taxjustice.uk/blog/six-wealth-tax-policies-to-raise-50-billion

4. I honestly wasn’t expecting this to come up before the election I had a suspicion it would after. I wonder what’s pushed them into saying it

5. Good overall.

   Cap gains->income I disagree with as it affects everyone with an investment and not just the super wealthy. Makes it harder for anyone to climb out of the pay check to pay check life by investing in long term assets

   If it starts increasing at like 1M and caps out at say 10M that would be better, and only hits the super wealthy

6. Well, we wasted 15 years of record low interest rates to invest and now the state is a decaying wreck, and the treasury is bare. So no matter what gets said in this campaign taxes have to go up.

7. No!!

   Wealth taxes don’t work! Don’t you understand? Any policy that is designed to make rich people, landlords, and whatnot pay simply does not work! Only policies that punish the working class work! It’s simple neoliberal economics!

   – Literally every single thread on literally any progressive policy

8. Taxing wealthy people more is good. Taxing people’s wealth is not a good idea, however. Will be interested to see what these are.

9. I don’t think people understand wealth, tax them.

   If you had the expendable income to save £100 per day it would take you **27,397.26 years** to catch up

10. Trouble is, what’s their view of wealth? Usually it just means taxing people who have actually done OK for themselves whilst your massive corporations still pay fuck all tax.

11. Cool, tax the bastard torys who got rich off of covid deals to their mates

    A 150% tax on their income should do it

12. Won’t work. The rich hide their finances in offshore accounts and register their business in tax havens. Bringing in rules about anyone trading here needing to be registered here for tax would make a bigger impact. Look at Michelle Mones cut if taxpayer money for recommending her mates PPE. Straight out the country to a tax haven. 

13. Grand idea and all that, but would it not be more effective to tax business and individuals in a way that encourages spending on things that help society and penalises those that are to our detriment?

    For example, share buybacks, borrowing to fund dividends, offshoring, monopolisation, etc.

    Sliding scale of corporation tax based on market share? Make life easier for the little guy.

    Ban profit moving offshore (like paying billions for licensing etc).

    Tax relief for companies that stay out of debt (above a certain amount so it doesn’t affect startups).

    Huge exit penalties/import tariffs on anything that gets offshored, making it a net loss to do so.