Labour May Need to Lift Taxes on UK’s Wealthy, Bloomberg Economists Say
https://www.bloomberg.com/news/articles/2024-06-21/labour-may-need-to-lift-taxes-on-uk-s-wealthy-economists-say
by bloomberg
Labour May Need to Lift Taxes on UK’s Wealthy, Bloomberg Economists Say
https://www.bloomberg.com/news/articles/2024-06-21/labour-may-need-to-lift-taxes-on-uk-s-wealthy-economists-say
by bloomberg
29 comments
Why? If they are not paying tax they are just hoarding money, we don’t need them.
Wealth taxes are incredibly hard to implement properly, France, Finland, The Netherlands, Iceland, Luxembourg and Sweden have all abandoned them in the 2000s. Primarily because they were costing as much to implement as they generated in value.
Caveat being they deem anyone who earns £50k or more to be wealthy.
Absolutely. I’d much rather Labour would have come forward with an ambitious plan to completely overhaul and simplify the tax system to ensure everyone pays their fair share, but I can understand how the optics of that would be an issue when the Tories are almost being wiped out.
I’m sure they’ll just remove as many people’s benefits as possible to fill the void instead.
What’s classed as ‘wealthy’ in Labours world? If it’s true that 50% of tax revenue comes from the top 5% of tax payers, is screwing them for more really going to work or will ‘wealthy’ be classed as everyone that doesn’t currently claim benefits..
Labour: let’s just not say or commit to anything until we win. The lack of plan is working.
Terrible approach, paints them as spineless and lacking integrity, probably costs them more votes than it gains them, and whether that is true or not, it’s going to come back to bite them when they start setting out their true views and policies after the election. It creates a much bigger risk of reform making huge gains by the time of the next election, imo.
It’s going to have to whack council tax up for sure, given how many are on the brink.
Starmer is going to have to work hard to not go the Olaf Scholz route – get an absolute hospital pass from the previous conservative govermemnt, end up deeply unpopular.
Capital gains is a very obvious and easy one to raise to match income tax.
Trickle down hasn’t worked for the last 50+ years… lets try it again, yes that’s the right course of action.
What we should probably do:
Tax large businesses and individuals in the tens or hundreds of millions for whom it’s mostly a high score reduction
What we will probably end up doing:
Tax someone who has a terraced family house because we’ve created an underclass that sees owning a home as being “wealthy” rather than as a basic standard
define wealthiest. joe amd jane earning 50k, but with a 1 million windfall, or paul with no windfall earning 100k?
So long as wealthy means actually wealthy and not high income then fine!
Great, considering how hard I need to work and how much overtime I need to put in to land in the upper tax band already, I’ll just cut my hours or get a job that pays less and take the hit on my lifestyle, I’m not bursting my arse to be anyone’s cash cow.
No thank you.
Any chance for once we could go after the exceptionally asset rich instead of those earning a good salary?
Bloomberg is valued at $22.5billion and is part of a financial system that has fucked the working classes for decades and absolutely cannot be trusted at face value **especially** when it comes to supporting the wealthy.
You know that would be the funniest thing the Labour party a party for working class people lift taxes on UKs wealthy and increase it on working class people like they are going to have to do in order to fucking pay for this wealth creation.
In reality they’ll put up taxes for everyone and there dog’s neighbourhood’s friend.
They will have to raise taxes on everyone. There’s no way around it.
When poors have squeezed balls to the point that they can’t pay more, its time to think about raising taxes for wealthy
Ok let’s be honest, Labour is obviously going to raise taxes when they get into power. Not national insurance and income but other areas such as Assets. They said they won’t raise capital gains but they probably will. And it is ok because it will go to public services. The VAT tax on private schools won’t be implemented until September 2025 so they need to find money elsewhere.
I remember sitting in a bar before 2019 election after a day shooting with some fellow tweed clad tossers who were all dick measuring about what private school they went to. It had been noted that I was supporting Labour and by extension Corbyn and one of the fellas said “but why, you’re one of us, he’s coming for people like us”. “No, Guy, ‘they’ aren’t. You make low six figures at best and I bet you don’t even hit the 45p threshold so it isn’t going to make any difference to how many ski trips you go on. Also if you are that worried about being skint then pull yourself up by your bootstraps and get a better job, that’s the advice the Tories give to people who are starving”.
I haven’t seen any of them since.
Of course, by wealthy, they mean anyone with a job.
Agree agree agree 1% wealth tax on wealth/assets etc over 10 million
They need to tax the shit out of the asset class.
The price of housing is literally eating the rest of the economy. I get paid alright and I’m only just about managing. Idk how folk on minimum wage with kids are managing. They probably arent.
Just increase capital gains to match income tax, wealth tax on anyone over £10m. If they want to leave let then, but then they shouldn’t be welcome here.
They should not tax the rich bc regional manager earning 100k a year is sacrificing 60 hours a week and working their ass off.
They should tax the unproductive ASSET RICH sitting on their ass living off asset dividends.
The Green Party has a good suggestion to tax 1% of total asset value over 10 million. This will only affect the 0.01% and this is how you fix income inequality.
They must do!!! It’s a moral imperative to reduce inequality and that is the only way
Listen, listen, listen. They are the ones who are buying huge purchases. Are they going back into the British economy? No, of course, not. Are they paying taxes on these purchases? No, why should they? But we should still protect them because they pay us to write these articles
And once they’ve ‘taxed the wealthy’, and the wealthy have passed it on to their firms, who then raise prices and push down wages because that’s what having wealth and power by owning the means of production implies, what then?
Will you still ‘feel good’ when food prices are higher and the power bills go through the roof, then the Bank of England taxes you even more by forcing up your rent and mortgage payments with higher interest rates to ‘control inflation’ – which incidentally transfers your money to wealthy deposit holders.
“Taxing the wealthy” means that the wealthy get to decide who really suffers the actual economic loss while the politicians value signal.
And then no doubt the wealthy will show their wounds by pointing out how much of the nation’s tax they pay. Well duhhh, that’s because you have most of the income.
The only way to really tax the rich is to have sufficient competition for their output that prices are controlled and wages are competed higher due to demand for skilled workers.
And that would require direct public investment. Not something Smarmer is that keen on.