Labour find a new money tree - the mansion tax
Apparently this mansion tax will pay for huge extra funding in the NHS
http://www.bbc.co.uk/news/uk-politics-29318856
In reality Labour may well pour more money into the NHS, but like last time it will be unsustainably borrowed. The mansion tax is just being set up alongside reintroducing the 50% tax rate as a way of bashing the Tories.
I do think that owners of huge homes should pay more, but that should be picked up through reforming council tax banding. A mansion tax disproportionately hits the south east.
http://www.bbc.co.uk/news/uk-politics-29318856
In reality Labour may well pour more money into the NHS, but like last time it will be unsustainably borrowed. The mansion tax is just being set up alongside reintroducing the 50% tax rate as a way of bashing the Tories.
I do think that owners of huge homes should pay more, but that should be picked up through reforming council tax banding. A mansion tax disproportionately hits the south east.
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Its not a new idea but it is a good one , well done Labour.
Is it? You do realise people who own these homes will just leave the UK and go to another country to live that doesn't tax them and then there will be no extra money for the NHS?
If they have over £2m they won't have any hesitation in upping sticks and moving.
Another idea where the consequences haven't been thought through and these people might take their businesses with them.
Yes, well done for yet another tax on aspirations.
Also it could raise another £1.7 billion p.a., chump change when instead you could cull some quangos and save that money, or reduce inefficiencies elsewhere.
Of course if the tax was horrific then people would leave, having no choice. But Labour are hardly likely to do that again.
A moderate tax is fine, "we're in it together" after all.
Absolutely. Taxes on aspiration tend to hit the middle class far more than the rich folk they are supposedly aimed at.
Gullible.
I can see the threshold being moved down to maybe £1.5m or £1m (tax increase for "millionaires".) And then the threshold will not increase eventually hitting those in the middle just as has happened with IHT.
No different to this government then; and no different to any government in the developed world who have a debt based money supply from private banks. The real magic money tree is banking....but only for the benefit of banks/banking families...
Life can be tough for the well off when compared to the super rich
http://www.dailymail.co.uk/news/article-2764595/Squeezed-upper-middle-hard-maintain-private-education-huge-properties-despite-six-figure-salaries.html
If you are a Russian or Arab billionaire then you won't care about paying a few thousand more on your £20m house in Kensington but it could be a lot of money to those in a more modest "mansion" such as the one Ed Miliband lives in. His house was worth £2.3m four years ago so goodness know what it is now
And the 40% tax rate.
The 40% rate definitely needs increasing. Many normal professions are hit by it these days
A bit like IHT. My friends multimillionaire parents will have their estate well set out before their death so that their children (my friend) pay as little as possible. On the other hand, a head teacher who had the good fortune to buy a house in London decades ago will see their children shafted as they don't have the money to 'fix' everything before they shuffle off this mortal coil.
I digress though, as MartinP mentioned, there will be mission creep, especially if they struggle to raise the taxes from those living in homes worth £2 million+.
What happened to Dave's 'bonfire of the quangos' anyway? How's that going...
Yes it would soon be down to £1m. Of course it wouldn't hurt many in Labour voting areas though
might as well not tax them at all since they're all gonna piss off if do DARE touch their monies!
I was hoping that it would have gone ahead full steam, unfortunately they didn't go far enough, merging too many of them and retaining too many of the staff.
My point still stands. Or a cull of middle & upper management throughout the nation
Apart from the People's Republics of Islington and Primrose Hill, of course.
Well we all know left leaning luvvies are all very tax efficient
If it gets rid of the rich foreigners who buy mansions, then leave them standing empty to rot, while people go homeless, then I'm all for it.
Did it go anywhere at all?
Usual outcry from the right, with a good dose of scaremongering for added effect. It seems far more to their liking to remove the little people on benefits get rather than try to raise anything from the rich.
Oh for pete's sake not the homeless on the streets while the rich live in mansions nonsense.
There are rich and poor in every society nothing will ever change that.
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I wouldn't mind so much if they were actually living in them tbh but to buy them as investments, then leave them empty, is obscene.