Majority Of Brits Support Wealth Tax On Super Rich
https://www.huffingtonpost.co.uk/entry/vast-majority-of-brits-back-a-wealth-tax-on-the-super-rich-poll-reveals_uk_686d4447e4b09ee5b9c96033
by AnonymousTimewaster
Majority Of Brits Support Wealth Tax On Super Rich
https://www.huffingtonpost.co.uk/entry/vast-majority-of-brits-back-a-wealth-tax-on-the-super-rich-poll-reveals_uk_686d4447e4b09ee5b9c96033
by AnonymousTimewaster
46 comments
_”Majority support taxing others to pay for themselves”_ – who would have guessed?
Seriously though – we all need to start paying more taxes just to maintain services as they are. With an aging population and failing economy- even that might not be enough.
Majority of Brits support other people paying for things. I for one am shocked.
People have been calling for closing the tax loopholes on big corporations for decades now. no one is surprised it’s finally come to this but I bet the labour party will find a way to side step making the big corporation fair their way and instead target individuals earning way less than what was intended.
Yes, the majority of people can often be stupid. This is a prime example of it.
When even Labour economists such as Dan Neidle state that it is a dreadful idea then those in charge should get the message.
Personally I think it would be hilarious as the fallout would be catastrophic.
In France and Germany, they have laws restricting the amount of dividends given to shareholders. That’s part of the reason they wanted Brexit.
Not sure if this thread is being brigaded by Thatcherite trolls/bots or if the general public is actually stupid enough to believe that wealth shouldn’t be taxed.
So people want Scandinavian type of welfare but not pay Scandinavian type of taxes and instead propose failed ideas like Wealth taxes?
The opinion poll is useless. We need economic growth. You might as well stop people in the street to ask how best to cure cancer.
By the time it gets implemented, super-rich will be anybody with a house. But not people with a string of BTL houses, because they will be able to take advantage of a tax avoidance scheme.
The trouble is that wealthy people can move assets abroad. A land value tax is the only wealth tax that would work without having major side effects
In outline alone it seems eminently a sensible proportional idea…
However, a look at the history of taxation over the centuries:
* What started as a temporary tax or tax on the rich invariably ended up a tax on everyone permanently before more taxes were added.
Given the historic track record, I therefore do have unresolved questions concerning this idea and its future?
If you have to work for your money you’re not rich. Yet Labour will find a way to make it an income tax all the same.
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NO NO NO . It’s all because of gran getting an extra fiver benefits. And ehh aye ehh ohh small boats. Don’t forget small boats. Quick look over there. The rich are doing just dandy thank you. The rich have well paid accountants and lawyers. You have well not a leg to stand on . The tax system is not fit for purpose.
The only realistic tax on wealth is a land tax. Any form of punitive tax on the wealthy will simply result in them leaving.
You can’t fucking funnel all the money to 1% of the population for generations and expect everyone to prosper
Me too. Why do we always choose the option to tax those who cannot afford it?
Get rid of the stupid triple lock too
As much as i support a fair tax system (and it really isn’t fair at this time), i don’t think this wealth tax will work at all and what actually needs to happen is a serious discussion about all forms of tax (not just income tax) and wealth inequality because if this was a game you would need a wipe/reset.
the wealth tax won’t really work because firstly, if you have 2 people, that’s 20 mil and not 10 mil and secondly. How the hell do you calculate current wealth without employing a million people to audit tax returns etc… Self reporting? It just has far too many flaws unless they get the detail really good.
People earning income tax / are on PAYE are paying a fair amount (debateable with brackets, 100k tax trap etc..), probably too much if you look at cost of living etc due to the income tax rate not moving with inflation which has dragged millions into it.
If your super wealthy already your currently just snowballing your wealth. You can have 10 mil sat in a family trust (not touchable by IHT) and if the average stock dividend is 5% you would make 500k a year doing nothing. Your not contributing apart from the capital gains you would pay which is far less than any PAYE worker as a percentage.
the system is broken and the richest have no intention of fixing it for the average worker because.. why the fuck would they? As they say at the end of the big short (film about the 2008 financial crash).
“I have a feeling in a few years people are going to be doing what they always do when the economy tanks. They will be blaming immigrants and poor people “
Let’s hope Labour have got the Balls to do it as the Conformers consistently do the opposite.
It must be so much easier to tax the masses. Shame the politicians don’t have a spine.
Tax on super wealthy will be tax on each and every owner in the not so distant future.
And you will not jump over it.
Whilst I completely understand where people are coming from in their feeling and demand for such an action. It must be said that it never ends at the billionaires and the poor never get the money. Its been tried and there’s a reason we are almost a century into liberal democracy and Wealth taxes have never stuck around.
We need to start looking at people from abroad who buy it assets in the UK with no real consideration of how to develop it. Economy begins with bits and pieces and these arn’t being offered to the nation at a price affordable to its people due to the competition from the global market.
The consolidation of individual prosperity should be the goal. Let people make their own wealth, then they wont care about yours. This nation is horrifically unfair to the aspirational youth and innovative individuals, lower business rates, fuel duty and lower energy costs would be a nice start.
If we are to make the rich do something at least make it a direct contribution to local services and businesses rather than a tax that will get lost in the great blob that is the UK state.
we need to get away from Market or taxes, its an effective mechanism that includes both instruments that is need to fix the unfairness and restrictions to individual wealth creation that will benefit our communities.
Majority of people want to win the lottery what a ludicrous question to ask
In other news, the majority of Brits don’t understand economics
‘very nice….now let’s see westminster’s poll results”
The problem is that if such a policy is implemented the Super rich and corporations will just move their tax liabilities overseas so in the end everyone in the UK will lose out and normal tax payers will shoulder the burden.
UK Deliberate Tax Defaulters
https://www.gov.uk/government/publications/publishing-details-of-deliberate-tax-defaulters-pddd/current-list-of-deliberate-tax-defaulters
Starmer sugar daddy Lord Alli is set to make hundreds of thousands from a tax haven-registered firm – so of course he doesn’t have declare it or pay tax on it.
Lower income families pay more tax than super rich.
https://equalitytrust.org.uk/news/press-release/uk-still-taxes-the-poorest-more-than-the-richest/
Darn right they do. Too longe have they been able to horde and grow fat
Majority of super rich don’t. So not going to happen
If the billionaires leave they’ll also leave their properties and free up the housing market for regular folks. Let them leave, it was never money that made UK amazing
Sounds great, but what does it actually look like? How do we do it?
A lot of time, huff and puff being spent on a tax that fundamentally doesn’t work with proof across the globe. I think the super rich need to pay far more tax too but some of the stuff I’m seeing like a ‘private jet tax’ and such, just isn’t going to bring in the money. Not enough people to collect it from.
How about:
Higher taxes on dividends
Higher taxes on property income
Higher taxes on interest income (with higher nil rate thresholds to compensate for those in the middle)
An additional additional rate of income tax for income over a silly amount (say 50% on all income over £500k-£1m)
Changing SDLT/Council Tax to a land value tax that in itself would be a feasible form of wealth tax
A higher rate of inheritance tax on the highest value estates
But no, we’ll waste time saying ‘tax the rich’ without any substance behind it. Exhausting.
Well ya. Majority of brits arent super rich. Democracy should be about voting yourself money not being brainwashed into voting rich people even more.
No, majority of Brits don’t want taxes on “Super Rich” (which we don’t have).
Majority of Brits think taxes on “Super Rich” won’t affect them.
It’s never gonna happen. Why would they tax themselves?
Watch as the wealth tax will end up being over 100k/house over £1m which is most professionals in London
Genuine question:
Is there anywhere that a wealth tax has been successful?
Because we have these billionaires money in QE taking money from them and giving it to the government will cause more inflation. We need to burn their money and not spend it !!!
Inflation is a lose lose game
So? Majority of Brits also supported Brexit. And Boris Johnson.
Define super rich; if you are aiming for people with SIPP over 1 million, then you are mistaken.
It’s just as well for the minority rich that they have the politicians who decide tax policy in their pocket then otherwise who knows where this could end…😳
I’m unconvinced that this is going to work. The main consequence will be driving the rich away from Britain to live elsewhere.
I wonder when will Labour MPs realise that it’s possibly better to suggest cutting the ballooning welfare bill over increasing taxation.
Having said that a few things that could be done.
– Restore the previous changes on the winter fuel allowance to means test this for the poorest pensioners
– Restore the lifetime allowance on pensions
– Restore the national insurance contributions back to the level they were at before the Tories cutting it.
– Replace council tax with a property tax on the value of property.
– Plug gaps in corporate tax.
There’s likely more.
I agree with a wealth tax. I remember when my mums friend died, her family where landed with a 40k bill because of the value of the house.
When the Duke of Westminster died his wealth was hidden and he paid nothing on inheritance tax, and the amount he would have been paid would have cleared the NHS debt at that time.
So yes I support a wealth tax, taxing them more won’t make them suffer or have anything less but could potentially lift a lot of people up.
The issue being abject complacency/fatigue with a society that is entirely controlled by the super rich. (I’m guilty of feeling this way and doing nothing about it too)
But there isn’t enough pressure on our political system for anything to change (most of the heavy-hitters already belonging to the club) the rich will continue abusing tax loopholes, min-maxing labour and cutting as much out of their businesses to siphon into private funds as they can because the poor majority of the country allows them too.
They’ve attacked our ability to protest, people like Farage are (somehow yet again) managing to sell snake-oil to the less politically literate of the country, this will result in the loss of ECHR protections and the destruction of our healthcare (we will become reliant on employment-based insurance policies like America, meaning our lives will entirely depend on the super-rich)
Uncapped profiteering and the transfer of wealth will only accelerate until our current government is literally forced to codify and enforce checks and balances.
Tl;dr it’s not enough to just support an idea anymore
Yeah when people say its “political suicide to fix this” they mean its the glove puppets piloting the government who would be upset not 40 million PAYE workers obviously.
We are at historic levels of taxation in the UK. Not sure more taxation is the answer.
r/NoShitSherlock now I wonder why we don’t. Hmmmmm.
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