Isnāt that what happened in France?
Iām not pretending to know the exact result but the tax revenue fell. 
Some may have moved abroad but I bet many didnāt but found creative ways to avoid. The more you tax the super wealthy the more creative they can be incentivised to be.
I donāt the answers to the issue but the ātax the richā is too easy a slogan to shout and harder to actually implement with benefits. And it would have to only be the super rich or imagine how many people would suddenly find they are in a new bracket due to house prices etc.
So you think itās cool and okay for society to be held hostage by some super rich people? A country should not bow to a couple of people - thatās just neo-feudalism.
3 Likes
The sad thing is Henry George provided The Remedy in 1879.
4 Likes
just a shame that was 140 years ago. Problem is it wouldnāt work out well nowadays. People would just move assets into crypto or something. The only real guaranteed solutions would need to be global agreements which will never happen.
Iām not trying to sound pro tory as I definitely am not, I donāt follow any party, but donāt see modern solutions that donāt have some pitfalls. This is why we have ballot boxes so people can get change if enough wanted it.
Itās quite hard to build a house or a business on a bitcoin. Considering how highly regarded some of Georgeās ideas are today thereās a very likely a Nobel prize in economics waiting for you if you could prove they donāt work, considering how well theyāve stood up to 140 years of criticism and social change.
1 Like
No, I was being sarcastic. I perhaps should have made that clear.
I said ācrypto or somethingā which people do lots, like into funds or something.
Generally when yer minted you have a) multiple citizenship and b) cash to become another national at will.
Like companies, courting rich individuals could be seen as a race to the bottom as well.
The 15% worldwide Corp tax is a sign of pushback, but omitting the city of London really neuters it.
2 Likes
Completely agree I may sound like I am condoning which I am not!!! My point is people are not finding ways to stop it rather than slogans. The funny part is they are often the ones who hate the Tories and their slogans 
1 Like
Maybe this is why assets like houses need an annual tax based on the value. One thing that really annoys me is global companies paying very little in tax. If they arenāt paying proper tax then we should tax them on their global income. We donāt need them, another capitalist will step into the fray.
5 Likes
Whilst I agree with you 100% they do pay the proper tax by law. Problem is they reinvest to pay less tax and to become dominant but that option is used by many small companies but people donāt notice due to the scales. Maybe a tax after Ā£1m taking or something? but then you would get low margin Vs High margin issues
It is bloody complicated!! Can you imagine the UK saying bye bye to Amazon? What would be the impact to other investors in the UK? It needs global agreements or we would be peeing in the wind.
1 Like
Right, but my point isnāt there really isnāt much of a substitute for land, you canāt really have a household or a business without land. Thereās currently well over Ā£5,000bn of value in land in the UK and that canāt just disappear - someone owns it, itās a pretty difficult one to avoid.
To put it in perspective this entire Social Care Levy could probably have been raised on a 0.2% LVT.
3 Likes
It is difficult, Iām also not against companies getting tax benefits for reinvesting into their businesses. I guess thereās two discussions currently. Individuals and companies. If we are worried about wealthy individuals leaving due to large taxes then we have to tax personal items that canāt be moved (land, houses, British based resources?) Iām far from certain about how we fix/change the tax system for companies. I donāt know enough about it. Weirdly after admitting that I still feel like they donāt pay enough tax
1 Like
And it is a good/great idea but again my point is the same where are the politicians that are proposing this? A policy from a couple centuries back isnāt on the ballot box.
We probably want the same outcomes but my frustration is the lack of opportunities to vote on a better option from what is being said by the party leaders. Kier has a platform to say this but bar criticising the Tories I donāt see any alternative ideas. Hopefully that will change and maybe I will vote for the 1st time since I voted for remain.
The thing is while itās economically highly regarded because of the UK demographics it would be extremely politically unpopular. The generation that controls the vote accumulated most of their wealth through increased land values.
Iām sure these idea will have their time once demographics shift and we will get the opportunity to vote for them, but not yet.
1 Like
They have been saying the same for years but never ends up happening. I guess the older you get the more you think you deserve what you built up. Besides the split is always exaggerated by the media and only divides people.
One thing I do always find amusing though is we all age and the benefits for the triple lock for example everyone would gain and the younger would gain much more in the long run. and property gets passed on so again the youth of today do get it in the end and then probably want to keep it for their kids.
I looked at the table, people earning Ā£20k will have an extra 0.65% tax to pay and people earning Ā£1m will have an extra 1.238% tax to pay.
The real problem with this extra levy is that even if itās ringfenced to health care only, they can just reduce the amount that goes to healthcare from existing sources by the same amount to effectively get around the ringfencing.
Really, this is a stealth tax rise, and a broken manifesto promise no matter how they spin it. Itās also obvious itāll never just be temporary, there will always be a reason why they donāt abolish itā¦
2 Likes
But guess whoās going to miss the money moreā¦
1 Like