Wealth tax coming? Minister says ‘those with broadest shoulders should pay more tax’
https://news.sky.com/story/politics-latest-starmer-reeves-chancellor-crying-welfare-u-turn-benefits-tax-rises-12593360
Posted by topotaul
Wealth tax coming? Minister says ‘those with broadest shoulders should pay more tax’
https://news.sky.com/story/politics-latest-starmer-reeves-chancellor-crying-welfare-u-turn-benefits-tax-rises-12593360
Posted by topotaul
34 Comments
This is the more interesting part of the article imo:
Asked if fuel duty will remain at current levels, or if that is included in Labour’s pledge not to raise taxes on ‘working people’, the minister said: “I don’t know.”
Finally, Wilfred asked if, given the chaos in the world, the government might have to break some of its manifesto pledges.
Morgan replied that they want to “go further and faster on delivering our plan for change”, and did not address the point.
If I was more conspiratorial minded, Id assume all this wealth tax narrative is controled opposition.
Having so mamy people piss their passion up the wall on something that will definitely not work. The billionaires will be laughing their arses off.
Cue the massive influx of fictional ‘Millionaire Flight’ articles from the Tory Broadsheets.
Good, introducing wealth tax may convince me to vote Labour again
Wait and see this will be on people making 80k and not people making 8000000000
So they will tax wealth and not the salaried class? Is that what they are saying?
I assume broadest shoulders will mean those on like £50k lol
I am a dual national (French)
France repealed the majority of its wealth tax as it caused a net negative. By all means look at it – but do not expect a panacea. They never raise as much as ‘predicted’ and can do more harm than good
This government is going to lose the next election in a landslide if they continue to pursue failed policies and neglect making the obvious, hard choices about public spending that would fix this issue.
They will wack those paying the higher rate. Anyone above £50k.
Lol Reeves has already watered down the non dom tax rises that were meant to pay for everything. Reeves has created a 30 billion blackhole, increased debt and gone out of her way to wreck the economy. Labour won’t tax the rich they will attack the middle class
Land value tax.
After the first whatever (I dunno, pick a fair size portion for anyone to own) 30% value tax each year.
Different rules for agricultural use, provided its an actual farmer and not “rich bastard hiding money” and genuine commercial use.
Double tax if owned by a corporation and not an individual, so no hiding land that way.
I’m generally against wealth taxes as they kind of just feel like stealing. It’s the government going “you have too much money so we are going to take some”. With other taxes they are paid as part of a transaction ie sale of house or income. Ultimately being wealthy doesn’t mean you have cash in the bank to pay for things.
Also most countries that have tried a wealth tax have found that they just don’t really work.
I doubt it.
There are not enough rich people in the UK for a wealth tax to significantly help.
What more, they can leave.
They will have to do a whole tax reform.
It’s gone sad. People think 60-80k salary is “rich”. It’s not. 60-80k salary is middle class. I say that as someone who grew up in a run down council house and who h
, zas no inheritance in the UK.
And they do NOT want to tax this category because it will daft discourage people under that bracket from aspiring, getting better jobs and being more productive.
I think land tax will have to become a thing and VAT will increase.
1) calculate the cost of the all the services Gov should be providing
2) work out how much tax to charge to cover the cost of services
3) charge and collect the tax
Regarding historic debt and interest on that debt:
4) who gained under the old system, leading to that debt – the “wealthy”
5) windfall tax them, proportionately, to repay the gov/country debt
Voila!
It’s inevitable. With the backtracking on welfare reform, which is already a HUGE chunk of the budget, and the commitment to 5% defence spending, how else will these things be paid for?
As others have suggested – a home or land value tax would be an appropriate way to ‘tax wealth’
I mean I know I am privileged to be earning around 50k, I can’t complain too much, but sometimes it just feels like I slapped a target on my back saying “tax me harder!”. I honestly don’t mind paying a bit more in taxes for like, making sure kids eat free at school and that people are looked after. But like, what is this even for? Where is it going? And why can’t they pay it?
Landlords should be taxed to oblivion. They provide nothing. If you believe they do then I have some magic beans to sell you.
The PAYE person can’t take much more, please look past us!
Can’t wait for this to happen, followed almost immediately by another MP pay rise.
Like I replied in another post,
The motto is,
Rich people are scummy because they have money.
If you try and become rich so that you become less of a burden on the welfare system… then you become scummy and they just take away your money to try and bring you back down to poverty with taxes.
But being poor, receiving council tax discounts, tax credits, benefits, and working a 0 hour contract job struggling to put money on the table is fine because we will go after the rich to keep you ok.
Just don’t you dare ever try to get out that hole and become rich as then we will come after you.
We should be helping and encouraging people to become rich, not penalising the rich and keeping people poor.
It’s worth noting that even the Wealth Tax Commission didn’t recommend an annual wealth tax in the UK. It recommended potentially a one off tax and then reform of existing wealth adjacent taxes like council tax.
For reference the kind of figure they were thinking of was net assets of 500k, so if you’ve paid off that two bed flat in London you’d pay it.
1.1 trillion we make in taxes for 70 million people. Wtf are we spending it on
Great words to hear but I hope action will follow suit. The messaging can mean different things but it’s clear we need more to tax the wealthy who are getting disproportionately richer compared to the majority of the population. Much of the economic and stock growth in the past 40 years is concentrated in the top 1% and “trickle down economics” is a myth that never actually happened. We need a land value tax which works in a similar principle to a wealth tax but also incentives house building which is reason enough alone to make it happen. Sadly most voters don’t even know what LVT is and MPs (Every Tory and even some Labour ones) would be vehemently opposed to it. The only real hope for passing such a tax is if the Green Party gets a parliamentary majority but it’s extremely unlikely. I personally don’t like the Green Party due to their stance on nuclear (both electricity generation and the trident deterrent), onshore renewables and advocate for much lower defence spending which would be disastrous. Anyway I’m going off track and spent too long typing this. TLDR: we need to eat the rich
Here we go again…
The UK already has the ~12th highest Government revenue per capita in the world (and many countries above it are much smaller like Luxemburg, Iceland etc so not really a fair comparison to include those).
Yet we are still running a budget deficit.
The UK has a spending problem not an income problem.
Trying to fix this by bringing in more income (raising taxes) is like trying to fill a bucket with ever expending holes by pouring in more water. Fix the holes first.
We are on a dangerous trajectory and taxing successfull people more will backfire long term.
I look forward to wealthy people threatening to leave and take all the money they generate with them. As if no one could possibly replace them and fill the gap they leave behind
Broadest shoulders means everyone on 30 grand or more lol
More taxes !!! Just don’t be surprised when those who actually pay them will start leaving en masse.
It’s interesting if someone was making £10m a year but spent £15m a year and went bankrupt, many here would say “well they were foolish, they should have spent less money”
Yet when the UK government, who has one of the highest incomes per capita in the world, keeps spending more money than it brings in, instead of telling the government to stop wasting money, people on here demand other people give away more of their money.
This will be anyone with some savings not the billionaires…
How dare you pay 40% income tax + NI + Fuel Duty + 20% VAT + Cap gains, and then put some of your money aside.
Nope, anyone over 50k.
We are going to get milked for the boomers.
If this just means raising tax on the higher bands of PAYE it’s a pathetic attempt. Tax the assets of those worth over £100 million minimum, people actually working shouldn’t be getting punished anymore than they already have.