'Tax the wealthy to pay for coronavirus'
09/12/2020 | news | business | 1,128
The government should consider a wealth tax to patch up the public finances, tax experts say.
1
09/12/2020 10:29:36 33 6
bbc
While this proposal will no doubt be beneficial in the current circumstances, they’ll be a whole host of lobbyists and media outlets who’ll go out of their way to stop any Government ever bringing in a policy like this.

In an ideal world external lobbyist contact with politicians gets banned, and the public will see through media vested interests, leading to sensible policies in fairer taxation.
15
Pip
09/12/2020 10:40:02 5 2
bbc
Don't hold your breath.....?
64
09/12/2020 10:54:47 5 1
bbc
By fairer taxation I guess you mean to have other prudent, hard-working people fund your lifestyle.
136
09/12/2020 11:09:27 3 2
bbc
And yet here's the BBC helping this 5-month old 'commission' spread its ludicrous Left wing plan.
199
09/12/2020 11:09:39 2 1
bbc
Ironically this article is only here because one of the Marxist professors will know someone at the BBC/Guardian (they are basically the same thing). It's a spiteful leftie wet dream that'll never happen
211
09/12/2020 11:30:57 0 0
bbc
Do you mean the House of Frauds
2
09/12/2020 10:31:02 22 17
bbc
We have created a system that rewards certain traits in people and allows them to gain massive wealth. Other traits like caring and compassion traits/careers are in comparison poorly paid.
If the rich wish the current system that has allowed them to accumulate great wealth, to continue…paying a little more isn’t that unfair.
10
09/12/2020 10:35:28 27 3
bbc
Those traits being "saving" and "deferring gratification"?
13
jeh
09/12/2020 10:38:45 4 10
bbc
Indeed, well that's capitalism. UK needs to tax the rich more like Scandinavian countries, but we seem hell bent on voting in Tory governments.
54
09/12/2020 10:53:30 11 2
bbc
they already pay a lot more so where does "a little more" come into it and where does that end or would you keep adding "a little" until their take home is the same as yours?
165
09/12/2020 11:18:25 3 1
bbc
I bet you mean 'greed' when you use the word 'traits'. In fact traits of thrift, entrepreneurship, tendency to work hard, inventiveness and acumen all create products, services, and wealth to the benefit of society as a whole.
3
09/12/2020 10:31:12 139 25
bbc
There are people living in high value properties that were not high value when they bought. External forces have cause people to be asset rich and cash poor. Take the home out of the equation.
21
09/12/2020 10:43:13 44 12
bbc
This would be valid for some, even the majority of cases, but there are still those who invest in property as a way of avoiding taxation.

I genuinely wonder how many of those commenting against any form of wealth tax, are actually in the top 1%, no matter how much they may wish or "Strive" it of themselves?
325
09/12/2020 11:55:32 4 6
bbc
The house needs to be part of the equation. House prices are the biggest driver of inequality. Where I live (London area) the 4+ bed houses are generally occupied by retired singles and couples as it's too expensive to downsize. This tax may make it too expensive not to downsize, freeing up property for families who need the space.
469
09/12/2020 12:34:28 2 1
bbc
This logic applies to any wealth once you retire, you are no longer earning so you cannot build wealth. The whole point of this is to move away from "income" tax and move to "wealth" tax and you are trying to define it as "income" based again, you have missed the point. Rich people have assets, the less rich want some of that action, it doesnt matter how or why the rich are rich.
You're an idiot. By your logic if you sold that house you should get only as much as you paid.

You can't have it both ways.
Removed
956
09/12/2020 17:13:09 0 0
bbc
French waelth tax applies a deduction allowance of 30% of the principal family home. That said family homes in France tend to be much cheaper than the UK.
09/12/2020 20:28:28 0 0
bbc
"Take the home out of the equation."

Take ONE average house out of the calculation
4
09/12/2020 10:32:08 42 2
bbc
If we had a fair tax policy and fully implemented with any possible loop holes being blocked swiftly, we would not need to target a specific group of peole and everything would be just fine.
331
09/12/2020 11:56:28 19 7
bbc
If you impoverish the poor by increasing taxes they will spend less and limit economic growth.

Taxing wealth will not reduce investment if there is a profit to be made.

Current low interest rates reflect the huge quantities of cash available with no worthwhile investments anyway!
5
MVS
09/12/2020 10:32:27 9 16
bbc
This article could almost be straight out of a left wing manifesto, with a very small piece right at the end to pretend it is balanced.
And this is meant to be where we come for proper news which we all pay for whether we want to or not.
37
09/12/2020 10:50:56 4 3
bbc
i agree with the first part but why is it so popular/ist now to knock the beeb for reporting facts as if there's some kind of agenda. all things considered it's a whole lot less biased than all other commercial news outlets but they dont get mentioned.
187
09/12/2020 11:07:42 0 0
bbc
not sure what a left wing manifesto is.....but I think I agree
6
09/12/2020 10:33:13 13 3
bbc
This is a threat to prepare to way for increasing Income Tax, NI and VAT.
113
09/12/2020 11:06:04 1 3
bbc
So they are threatening the rich so they can tax the poor?
7
09/12/2020 10:33:35 293 76
bbc
"Tax the wealthy"

Should that not be...

"Start taxing the wealthy and stop them using tax havens to avoid tax"
29
09/12/2020 10:47:32 141 34
bbc
no, the wealthy are already taxed so reduce that to "stop them using tax havens to avoid tax" and it's right
39
09/12/2020 10:51:02 38 10
bbc
As a PAYE salaried person, I assure you I have paid a great deal in tax. To have those incomes that have already been taxed, get taxed again is very unfair. I was careful, I saved and I invested. Am I now to be punished?
103
09/12/2020 11:04:09 17 4
bbc
But that's the global world we live in.

It's not just a UK thing.

Better to create QUALITY British companies than focus on taxing people.
161
09/12/2020 11:17:15 13 3
bbc
But booo that's marxist/communist....

Labour have been saying this for a long time now, but most people think these tax rises relate to them when they really didnt.
179
09/12/2020 11:23:45 19 13
bbc
Thats a good sound-bite but just not true. The richest pay loads more tax than the average person. Their cash is usually invested in companies, who employ people to design, make and distribute goods. We need those £ to be in UK companies not those abroad.
Of course we might think its sounds ok but its not far short of legalised theft - so they'll take their wealth elsewhere. Own goal for us!
232
09/12/2020 11:34:52 19 4
bbc
You have to be careful how you tax the wealthy. They can afford to take their money and move anywhere they want. Think of all the tax exiles of the 1970’s. Then it’s us (the little people) who end up paying more for the shortfall in tax revenues.

Much better to clamp down heavily and plug the gaps in tax avoidance for individuals and multinational companies.
372
WD3
09/12/2020 12:07:41 11 9
bbc
The wealthy are already taxed, taxed and taxed again - via PAYE and loss of allowances (pension, tax-free allowance, child benefit etc.) enjoyed by everybody else.

Only a tiny minority have the ability to avoid paying their share. Tax people too much and they will stick two fingers up at the country and leave, and then the public purse really will be in trouble....
409
09/12/2020 12:19:00 5 4
bbc
the wealthy only surface to feed off firms in trouble and can be looted and left for taxpayers to pick up the bill
535
09/12/2020 12:51:13 3 2
bbc
The wealthy already do pay a massive percentage of the nation’s tax.. of course there are those who work the system both at individual and corporate level - however, an awful lot of money is mobile and will move (some of my foreign friends regularly voice this)...
617
09/12/2020 13:15:41 1 2
bbc
Don't forget we have an industry in the provision of shell companies and sundry services to those wishing to dump their cash into a haven. Not very moral but lucrative for some, the current government seem uninterested in preventing it.
782
09/12/2020 14:38:24 0 0
bbc
And then you get Dear old Saint Jeremy Corbyn and his associated Momentum colleagues !! OUTSTANDING !
10/12/2020 13:47:29 0 0
bbc
Have read all the comments and agree with yours. I feel strongly that lower rate tax payers should not pay for this and that maybe we should focus more in plugging the loop holes where very wealthy people seem able to avoid paying their fair share by 'legitimate' means. Many middle earners are already taxed at 40%. What about higher taxation for unearned wealth?
8
09/12/2020 10:33:39 171 21
bbc
I wonder if the author of this report would be so keen to do this if his University pension scheme's market value was taken into account. A public sector pension of £20,000pa would cost over £1m to buy using funds from a personal pension scheme.
28
09/12/2020 10:46:46 78 14
bbc
Pensions are only accessible from age 55 so you could get a doctor for example who has built up a pension of £25ka possibly paying a tax bill of £12,500 and no way to access the funds to do so. Not just doctors but also senior nurses, fireman, policeman and teachers could be caught out. It's the law of unintended consequences.
30
09/12/2020 10:47:37 13 4
bbc
This is an excellent point.
357
09/12/2020 12:02:55 3 2
bbc
At last, someone who understands pensions and the value the contributions make to public sector salaries.
456
09/12/2020 12:31:00 1 4
bbc
I lo instead.oked back to check and indeed the report above does suggest that pension pot should be included.And as you say, pension pots can be surprisingly large in some cases. It seems a bit tough to penalise people for living in London or SE for example too. But we've go to find the money somehow. Maybe increase IHT to 100%?
482
09/12/2020 12:23:08 1 0
bbc
The University Superannuation Scheme (USS) is a PRIVATE pension scheme.
877
09/12/2020 16:00:39 1 3
bbc
Don't conflagrate public service pensions with the avarice of the rich.
983
09/12/2020 17:25:59 3 0
bbc
The cash equivalent value of any Defined Benefit Scheme (Final Salary pension) should be included in any assessment of Wealth to maintain fairness. Otherwise it is another kick in the teeth for those of us who have diligently funded our own personal pensions (money purchase pensions) over the years for them to be effectively eroded in value even further compared to a final salary pension's worth.
09/12/2020 18:19:19 2 3
bbc
"A public sector pension of £20,000pa would cost over £1m to buy using funds from a personal pension scheme."

Total rubbish. You clearly don't know what you're talking about.
9
09/12/2020 10:34:11 184 30
bbc
Thing is, I've already paid a lot of tax on the wealth that I have. I don't mind paying more on future gains, but for the government to basically go back in time and re-tax something that's already been taxed, I have a big issue with that. Its effectively IHT for the living!
105
09/12/2020 11:04:20 35 80
bbc
All tax is theft, so question is steal from the rich or poor.
186
09/12/2020 11:05:32 0 3
bbc
yeah good point. Easiest way is to tax the public listed companies, it easy, they will not disappear as people think they will and they ultimately serve the shareholder which is the public at the end if the day even through investment/pension holdings....if not directly.
195
09/12/2020 11:27:48 5 5
bbc
Gordon Broon done it with car tax and screwed 40 million of us .
Even had the bare faced cheek to backdate it to three year old cars .
Don't recall the papers getting all in a twist about that major robbery.
The amounts raised paid the debt from Tony B Liars wars and some !
So tax the rich and close some loopholes as well.
Start with that Ineos carpetbagger and Phil-up my pockets Green.
363
09/12/2020 12:04:48 3 9
bbc
if you don't wish to support your country take your selfishness to the tax haven you've probably got your money in.
876
09/12/2020 15:59:50 3 2
bbc
Presumably you are very rich, and will remain so. Taxing ordinary people more to preserve your wealth is wrong.
2
09/12/2020 10:31:02 22 17
bbc
We have created a system that rewards certain traits in people and allows them to gain massive wealth. Other traits like caring and compassion traits/careers are in comparison poorly paid.
If the rich wish the current system that has allowed them to accumulate great wealth, to continue…paying a little more isn’t that unfair.
10
09/12/2020 10:35:28 27 3
bbc
Those traits being "saving" and "deferring gratification"?
11
09/12/2020 10:37:44 4 4
bbc
Everyone knows the richest of the rich have their wealth offshore and by putting this article out, the rest will follow suite. They couldn’t pry a penny off them for years so why would it change now?
97
09/12/2020 11:02:59 0 0
bbc
Rich people move incomes abroad to avoid tax whereas this taxes wealth regardless of where it is held (I guess). other countries will also be increasing taxes so maybe rich will have less places to move to.
12
09/12/2020 10:38:06 341 71
bbc
Hmm - so I've worked for a little over 30 years, didn't have kids, saved when I saw my friends spend, invested when I saw my friends holiday, put in extra hours to climb up the greasy pole when my friends didn't, and now as well as paying higher income tax all my life than them, I also get a tax on what I've saved & invested for my retirement?
27
09/12/2020 10:46:27 229 47
bbc
I feel exactly the same. I did not inherit a dime. I worked very hard, paying a LOT of tax along the way. To have all I have worked for plundered in this way makes me angry. Friends threw money away on cars and holidays and other ephemera, while I saved and invested.
86
09/12/2020 11:00:16 11 15
bbc
Yes
119
Ben
09/12/2020 11:07:04 25 34
bbc
I'm guessing you also didn't have to pay tuition fees and probably bought property when it was much more affordable.
129
09/12/2020 11:08:26 12 3
bbc
Certainly not fair.
142
09/12/2020 11:10:43 18 4
bbc
Yes, and the same personal wealth repeatedly taxed every year! Thank God it's so daft that it will sink without trace as a 'plan'.
159
09/12/2020 11:02:58 22 39
bbc
so made choices different to those.....so what?! I could say then no kids, so society doesnt benefit, you clearly didnt spend much so society missed your investment, your extra hours could have stopped someone young being offered a job. And who is THEM!!!!!!!
213
09/12/2020 11:13:31 7 10
bbc
The acquisition of wealth is everything then?
243
09/12/2020 11:36:26 12 7
bbc
Where were you educated? Who looks after your health? Protects your country? fights your fires? Polices your streets? Keeps your city Clean? Repairs your roads? etc. The problem with this argument is you were only able to climb that pole because you lived in a land that provided all this and more. Could it be that your success was built on the shoulders of others and continues because of them?
263
09/12/2020 11:40:49 4 9
bbc
wow what a boring life!
272
09/12/2020 11:42:14 5 10
bbc
and you ve got plenty of money so whats the 1% problem????
289
09/12/2020 11:46:34 1 8
bbc
Don't be worrying you will be dead soon enough!
308
09/12/2020 11:41:16 12 9
bbc
You are a millionaire! Everyone has to do their bit in hard times. Sure, those roles and responsibilities vary and are unequal. Young men go to war. NHS staff work relentlessly. Others lose their jobs/house/lives. You could be taxed 1% more on your enormous, well-earned wealth. You should be proud you can contribute without endangering your life!
382
09/12/2020 12:00:53 5 5
bbc
So you're saying you are above the 1m threshold? If so, it's 1%, hardly going to ruin your life is it...but it will benefit millions of people across the country who've been hit hardest by this virus. If you give money to charity, Clement Atlee put it best..."Charity is a cold grey loveless thing. If a rich man wants to help the poor, he should pay his taxes gladly, not dole out money at a whim."
389
09/12/2020 12:14:02 1 2
bbc
What you fail to grasp is that any increase in tax disproportionately effects the poorest and lowest earners.
438
09/12/2020 12:19:04 3 8
bbc
Quite right. You'll have to pay more tax in one way or another anyway. The poor/low income households can I'll afford to pay for this so it must be the wealthiest I'm afraid.
521
09/12/2020 12:47:55 4 2
bbc
No good deed goes unpunished, it seems. You should have blown the lot on a fleet of Ferraris, then thrown yourself on the mercy of the state in your old age.
527
09/12/2020 12:49:34 3 5
bbc
You should count yourself lucky that you have been given those opportunities! In case you haven't noticed, the country is in a crisis with hundreds of thousands of people laid off. Low paid workers have had to take pay cuts and reduced hours, they can barely make ends meet. You on the other hand won't starve or suffer any hardship over a 1% wealth tax for five years. Suck it up buttercup!
530
09/12/2020 12:50:44 5 3
bbc
Yep! welcome to Comrade Corbyns world now taken over by Captain Hindsight. Tax those who work hard to be able to feed the feckless.
536
09/12/2020 12:51:21 1 4
bbc
So what are you going to use it all for? Money is to be used in the best way possible (ideas vary, feeding the poor is a good start) but not coveted for itself.
546
09/12/2020 12:53:26 3 6
bbc
Not sure what your comment has to do with wealthy people with £4 million plus assets paying a wealth tax?!

Based on wealth distribution the wealthy only pay around 1% tax in reality & given that wealth was produced by the masses in the first place we effectively pay their tax for them.

The wealthy are huge net takers from society!
2
09/12/2020 10:31:02 22 17
bbc
We have created a system that rewards certain traits in people and allows them to gain massive wealth. Other traits like caring and compassion traits/careers are in comparison poorly paid.
If the rich wish the current system that has allowed them to accumulate great wealth, to continue…paying a little more isn’t that unfair.
13
jeh
09/12/2020 10:38:45 4 10
bbc
Indeed, well that's capitalism. UK needs to tax the rich more like Scandinavian countries, but we seem hell bent on voting in Tory governments.
118
OwO
09/12/2020 11:06:54 5 0
bbc
Why?
134
09/12/2020 11:09:12 3 2
bbc
NORWAY has a LOWER income tax rate than the UK.

Denmark has a LOWER corporation tax than the UK.

Scandinavian socialism is a part MYTH. They are just very homogenous.

Scandinavian countries just make sure their lower class pay their first £10,000 in tax so they can be spoon fed.

We give people a first £10,000 tax BREAK.

Silly. We should have more voucher systems for housing, food etc.
14
09/12/2020 10:39:01 11 18
bbc
“Taxing those households an extra 1% above a £1m threshold could raise £260bn over five years”

If it wasn’t for Brexit we wouldn’t have lost a lot more than £260bn so why not get the Brexiters to make up the loss they’ve caused they UK? After all, it would be nice if they took some responsibility for it.
52
09/12/2020 10:52:36 1 1
bbc
Yes, but some of the voters are going to lose from Brexit anyway if they live in the NE, those who will benefit will be those who can profit from a falling £ such as Rees-Mogg, Somerset Asset Management will do well out of Brexit.
63
09/12/2020 10:54:39 1 2
bbc
I think you’ll find a large chunk of the Brexit costs have occurred due to remoaners refusing to accept the result !!!!!
1
09/12/2020 10:29:36 33 6
bbc
While this proposal will no doubt be beneficial in the current circumstances, they’ll be a whole host of lobbyists and media outlets who’ll go out of their way to stop any Government ever bringing in a policy like this.

In an ideal world external lobbyist contact with politicians gets banned, and the public will see through media vested interests, leading to sensible policies in fairer taxation.
15
Pip
09/12/2020 10:40:02 5 2
bbc
Don't hold your breath.....?
16
09/12/2020 10:40:25 9 8
bbc
Firstly; Q. Do you know what happens when you tax the Richest 1% just 5% more?
A. They're still the richest 1%

Second; Why is a windfall tax, levied upon those who have profited, to the tune of Millions and Billions of £'s, not being discussed? Surely it is morally repugnant to have made such profits on the back of this crisis.

It really is galling to hear the rich declare themselves poor
32
09/12/2020 10:48:15 1 1
bbc
Yes indeed, progressive taxation is the best plan, so that those who take an annual £1 million bonus, pay some more tax, rather than squirreling it away offshore. I see that Keith, who assumes that he has prophetic powers, says that this won't happen.
55
09/12/2020 10:47:00 2 1
bbc
Lets see the Govt try to tax the offshore super rich Green, Dyson, Branson, Their accounts have had years to squirrel all the cash away
17
09/12/2020 10:40:37 121 12
bbc
How do you measure wealth? If you take pensions in to it, every doctor and dentist over 40 would be caught by a £1m limit when you add the value of their house. The chances are they aren't particularly cash rich so where's the money coming from? This is exactly the kind of 1960's early 70's tax policy that saw the wealthy leave for warmer climes taking their money with them. Tax must be fair.
79
09/12/2020 10:58:36 41 108
bbc
it's only on the wealth above £1m and all people can afford that, even if they are doctors. So if the couple are 40, with a £1m house, no mortgage, £1m pension pot they would pay £10k extra tax. Sounds fairer than hiking taxes such as income and VAT for poorer people to also pay. Will people leave for other countries which will also increase taxes?
196
09/12/2020 11:27:59 2 3
bbc
Well said
224
09/12/2020 11:15:58 2 5
bbc
Just how much wealth do you actually need? No mention of helping others...
301
09/12/2020 11:48:31 4 4
bbc
I d go for increasing capital gains to match income tax rates
890
09/12/2020 16:07:20 1 0
bbc
lol - a Doctor at 40 who owns an un-mortgaged £1mil house! lol lol. we should be so lucky. how about asking amazon to pay some tax would be a good start...
18
09/12/2020 10:41:45 33 6
bbc
And yet, huge multinationals get away scott free. Is this country determined to only punish the people that live here?
132
OwO
09/12/2020 11:08:52 21 2
bbc
"This country" has no interest whatsoever in this proposal, made not by the government but a niche group of academics. Pay attention.
891
09/12/2020 16:07:57 0 0
bbc
Proposal is to tax the rich, not ordinary people. Stick up for them, if you are one of them.
19
09/12/2020 10:42:20 6 2
bbc
The same arguments were used in 2008 following the global financial crash.

It didn't happen then and it won't happen now.
22
09/12/2020 10:44:14 1 4
bbc
Sad but true.
80
09/12/2020 10:58:48 0 1
bbc
It should have happened then so that the people who gained, paid for it. As it didn't happen them we have had inadequate taxation and increasing public and private sector debt, both already at high levels.
20
09/12/2020 10:42:42 5 2
bbc
It'll be unworkable in this form.

Pension pot valuations, house valuation, other assets etc. it takes months as it is for this.

Older people with houses (esp in South East) and final salary pension pots probably won't have the cash to pay. £0.5m per person isn't loads for many especially if you ignore mortgage debt!

Taxing large amounts of bog standard cash is a different matter.
66
09/12/2020 10:55:51 1 2
bbc
You are making a lot of false assumptions here.
139
09/12/2020 10:58:38 0 1
bbc
its workable.....just about how fair it is. I would aim this raising of funds through public quoted companies.....its easier and quicker.
3
09/12/2020 10:31:12 139 25
bbc
There are people living in high value properties that were not high value when they bought. External forces have cause people to be asset rich and cash poor. Take the home out of the equation.
21
09/12/2020 10:43:13 44 12
bbc
This would be valid for some, even the majority of cases, but there are still those who invest in property as a way of avoiding taxation.

I genuinely wonder how many of those commenting against any form of wealth tax, are actually in the top 1%, no matter how much they may wish or "Strive" it of themselves?
49
09/12/2020 10:51:47 14 1
bbc
Plenty in the SE will have a house and final salary pension that will put their "wealth" north of £1M.
124
OwO
09/12/2020 11:08:00 3 5
bbc
"I genuinely wonder how many of those commenting against any form of wealth tax, are actually in the top 1%, no matter how much they may wish or "Strive" it of themselves?"

Yes, how dare people not want to just eat the rich, and instead consider what a fair country for everyone looks like. Those awful, awful people....
194
09/12/2020 11:27:29 6 0
bbc
You pay tax on property even most houses attract Stamp Duty
557
09/12/2020 12:56:08 5 0
bbc
There are people who invest in property because Boom and Busted Brown stole from private pensions from 1997. For example on eworker was going to retire in 1998 lost 35% of his pensions thanks to the thug Brown.
715
09/12/2020 13:52:34 1 0
bbc
Those who invest in property pay Stamp Duty, when they sell the property, they will pay capital gain tax. No house transaction can happen if Stamp Duty is not paid
09/12/2020 20:01:40 0 0
bbc
I doubt very much if the top 1% can be as#ed commenting on this or any other forum. The super wealthy have other interests.
10/12/2020 09:48:21 0 0
bbc
Lots of us might not be in the top 1%, but have well over a £1m if pension pots are taken into account. An index linked pension of £28k requires over a £1m, and many pensioners will own their houses, and especially it the South East and London a modest house can easily be worth £500k+, so a pensioner with an income of £30k coming in could easily be deemed to have over £1.5m and be taxed
s17
10/12/2020 15:12:24 0 0
bbc
There is already a tax on second home. Lived in primary home should be exempted. We should also impose extra stamp duties on foreigners buying investment or holiday homes in our cities.
19
09/12/2020 10:42:20 6 2
bbc
The same arguments were used in 2008 following the global financial crash.

It didn't happen then and it won't happen now.
22
09/12/2020 10:44:14 1 4
bbc
Sad but true.
23
ljs
09/12/2020 10:44:31 10 9
bbc
"Tax the wealthy to pay for coronavirus"

If they just PAID their taxes PROPERLY, like EVERYBODY else,

the problem could be solved.
Removed
58
09/12/2020 10:53:58 2 2
bbc
They do pay their taxes properly, its just that the levels of taxation on the wealthy over the past decade has been inadequate. We have seen this by the increasing levels of public and private sector debt.
24
09/12/2020 10:37:51 5 10
bbc
Let’s get VAT on private School fees before we start a 5yr raid on people’s earned wealth!
43
09/12/2020 10:51:32 12 3
bbc
People who pay for state education but don't use it should get a refund.
51
09/12/2020 10:52:18 3 1
bbc
That isn't on the same scale. Just a 1% tax on wealth will generate £260bn!
807
09/12/2020 14:49:51 0 0
bbc
What happens when the increase in school fees is enough to make some parents take their kids out of the private school system and into the state school system. Suddenly more demand for places and where i live state schools are full to capacity, the increased demand will increase the spending required and where does this come from if you're using this VAT windfall to payback the COVID debt.
25
09/12/2020 10:45:26 34 4
bbc
A number of companies (for example in construction) have repaid the furlough monies claimed in the first lockdown

Why not tax the other companies and/or people that received monies through furlough - companies/people repay over time as their business improves, rather like student fees.

A lot of people worked throughout the lockdowns, why should they pay any more tax personally.
95
OwO
09/12/2020 11:02:39 15 3
bbc
The whole point of furlough was protecting jobs. If you start taxing those companies who needed it, you'll just kill off those jobs anyway.

Granted not everyone needed it the same, and good on those who paid it back, but blanket taxes on those who didn't is a terrible idea.
117
09/12/2020 10:56:58 0 1
bbc
yes corporation tax of some form is the way to go.....companies need people, healthy people to be effective, so tax them the fix. It will work its way through the system anyway.....as prices to consumers most likely will go up anyway
227
09/12/2020 11:33:19 0 0
bbc
Exactly totally agree on this principle
417
09/12/2020 12:13:20 1 0
bbc
The reason they repaid the furlough money is so there will be no uproar when they hand out bonuses to the company directors and issue dividends.
461
09/12/2020 12:32:44 1 0
bbc
Furlough payments are taxable income..do try and keep up with the basics...
899
SM
09/12/2020 16:18:12 0 0
bbc
Totally agree
Many of those companies, admittedly not all, will come into better times and as they do, just like students, they hit a threshold and start to pay back; what’s the harm in this - those who benefit directly from furlough should pay back. Why am I working though it all on reduced income paying more tax for those effectively on paid leave.
But In any case, tax the wealthy more too.
26
09/12/2020 10:45:46 13 3
bbc
How ridiculous? Most people's houses are not in the form of liquid cash. How do they get the money out of bricks and motar?
33
09/12/2020 10:49:20 8 1
bbc
Similar/worse for those with pension pots / guarantees are too young to claim.
41
09/12/2020 10:51:10 1 1
bbc
No one is suggesting that you would. There are lots of ways of handling this.
115
09/12/2020 10:54:47 1 1
bbc
thats why it is a tax increase on earnings in a year as oposed to a lump sum....I assume
12
09/12/2020 10:38:06 341 71
bbc
Hmm - so I've worked for a little over 30 years, didn't have kids, saved when I saw my friends spend, invested when I saw my friends holiday, put in extra hours to climb up the greasy pole when my friends didn't, and now as well as paying higher income tax all my life than them, I also get a tax on what I've saved & invested for my retirement?
27
09/12/2020 10:46:27 229 47
bbc
I feel exactly the same. I did not inherit a dime. I worked very hard, paying a LOT of tax along the way. To have all I have worked for plundered in this way makes me angry. Friends threw money away on cars and holidays and other ephemera, while I saved and invested.
147
09/12/2020 11:13:39 46 8
bbc
Same here. Inequality isn't some mysterious disease that is unfairly forced on one section of the population by another, it's the inevitable result of some people having the urge to improve their lot and envisioning a future and those who don't bother.
277
09/12/2020 11:44:05 7 11
bbc
its 1% as a one off ! . not going to break your bank really is it????
299
09/12/2020 11:47:58 7 7
bbc
Every pound a prisoner, you may have been a bit happier if you had spent a bit ;)
300
09/12/2020 11:48:31 10 11
bbc
Bully for you. Now cough up. You can afford it. It is your patriotic duty.
324
09/12/2020 11:54:42 9 8
bbc
When they "threw money away", they paid tax in the form of VAT. When you saved it, you didn't. Hate to break it to you, but if no one spent any money the economy wouldn't last very long. We're talking about a 1% tax increase on those with greater than £1 million.
340
09/12/2020 11:59:05 5 8
bbc
if you are millionaire why are you so greedy and selfish
408
09/12/2020 12:18:53 4 4
bbc
Plundered away? Friends threw money away and you didn't inherit a dime? Part of the problem with this society nowadays, people thinking that because they don't want to do something that everyone shouldn't, research equity vs equality. If you have so much money what is 1% as a one off going to make and please don't say it is the principle, dig a little deeper than that for an explanation.
439
09/12/2020 12:20:03 4 5
bbc
It's not all of it, simply a modest 1% over your first million.
650
Rob
09/12/2020 13:12:19 1 3
bbc
Let’s hope you don’t die before you get to spend it then!!! Why do people need millions and millions for retirement, save a little and spend a little and put it back into the economy! What goods having millions in the bank when your dead, guess least that way we can tax you!
8
09/12/2020 10:33:39 171 21
bbc
I wonder if the author of this report would be so keen to do this if his University pension scheme's market value was taken into account. A public sector pension of £20,000pa would cost over £1m to buy using funds from a personal pension scheme.
28
09/12/2020 10:46:46 78 14
bbc
Pensions are only accessible from age 55 so you could get a doctor for example who has built up a pension of £25ka possibly paying a tax bill of £12,500 and no way to access the funds to do so. Not just doctors but also senior nurses, fireman, policeman and teachers could be caught out. It's the law of unintended consequences.
222
09/12/2020 11:32:23 16 2
bbc
I'm sure the government would have the wherewithal to adjust the pot accordingly. I'm happy to pay the tax, but those fortunate enough to be able to retire on a generous public sector pension in their mid-fifties (compared with private sector pensions have been salami sliced over the years) need to take some of the pain too. Else it's the under 30's that are going to miss out (even more).
454
09/12/2020 12:30:16 0 2
bbc
It is intended, the point of not allowing pensions to be claimed before 55 is to link pensions to the state retirement age which is linked to life expenctancy and force people to pay tax for the majority of their lives - it doesnt matter if they "retire" at 55 or 25 the country still needs their tax money untill they are about 60. I dont like it by the way but it is most certianly intended.
804
09/12/2020 14:54:22 1 1
bbc
hahahahaha
Not a clue have you
10/12/2020 14:41:24 0 0
bbc
Having read the report, it's very much intended consequences. The whole tone is pay 5% of your wealth over 500K including house and pension value. You can spread the payments over 5 years and defer the part due to a pension until you get a lump sum out or SRA. It also basically says if you claim you can't afford to pay - we don't believe you borrow the money - tough if your life is ruined
7
09/12/2020 10:33:35 293 76
bbc
"Tax the wealthy"

Should that not be...

"Start taxing the wealthy and stop them using tax havens to avoid tax"
29
09/12/2020 10:47:32 141 34
bbc
no, the wealthy are already taxed so reduce that to "stop them using tax havens to avoid tax" and it's right
284
09/12/2020 11:45:19 15 16
bbc
Staying in the EU would achieve that. Pity we left.
371
09/12/2020 12:07:27 9 3
bbc
No there has been inadequate taxation over the past decade which is why public sector debt has been soaring.
748
09/12/2020 14:08:45 1 1
bbc
Quite a contradiction there. If you accept that people are "using tax havens to avoid tax", then how are the same people being "already taxed"?
859
09/12/2020 15:47:14 0 2
bbc
The rich have got rich using the tax havens and avoiding paying a fair tax, money made in this country needs to be taxed in this country, not for intellectual properties in a tax haven.
8
09/12/2020 10:33:39 171 21
bbc
I wonder if the author of this report would be so keen to do this if his University pension scheme's market value was taken into account. A public sector pension of £20,000pa would cost over £1m to buy using funds from a personal pension scheme.
30
09/12/2020 10:47:37 13 4
bbc
This is an excellent point.
09/12/2020 18:19:48 2 3
bbc
No it isn't, it's drivel.
31
09/12/2020 10:47:38 12 2
bbc
"what most people see as a fair principle: that buyers, sellers and facilitators of transactions take a cut - including the state through tax."

I think the state taking a cut from transactions between private parties is morally repugnant and hardly a "fair" principle, actually.
16
09/12/2020 10:40:25 9 8
bbc
Firstly; Q. Do you know what happens when you tax the Richest 1% just 5% more?
A. They're still the richest 1%

Second; Why is a windfall tax, levied upon those who have profited, to the tune of Millions and Billions of £'s, not being discussed? Surely it is morally repugnant to have made such profits on the back of this crisis.

It really is galling to hear the rich declare themselves poor
32
09/12/2020 10:48:15 1 1
bbc
Yes indeed, progressive taxation is the best plan, so that those who take an annual £1 million bonus, pay some more tax, rather than squirreling it away offshore. I see that Keith, who assumes that he has prophetic powers, says that this won't happen.
204
OwO
09/12/2020 11:29:34 0 0
bbc
You've just described our tax system as it already exists...
26
09/12/2020 10:45:46 13 3
bbc
How ridiculous? Most people's houses are not in the form of liquid cash. How do they get the money out of bricks and motar?
33
09/12/2020 10:49:20 8 1
bbc
Similar/worse for those with pension pots / guarantees are too young to claim.
34
GMC
09/12/2020 10:49:35 17 3
bbc
One off raids on assets are better known as theft, burglary, extortion etc

A dangerous road to go down unless you want anarchy
35
09/12/2020 10:49:36 182 12
bbc
Taxing wealth never works, people just take their money elsewhere, that's why Hamilton & Ratcliffe live in Monaco.

Better to close the loop on taxing IT & Online sales companies who move profits to places like Ireland.
67
09/12/2020 10:55:53 143 3
bbc
Indeed - the suppressing of taxable profits in the UK via "transfer pricing" (coffee company buying its beans through Dutch office and selling them more expensively to its UK stores so the profit remains in Holland) or "Intellectual property" (IT co charging royalties from its Irish "base" to its UK sales) is one of the real culprits here, not someone who has saved well for their retirement.
379
BBB
09/12/2020 12:11:02 4 0
bbc
I suggested to my mp some years ago that a small tax on internet companies, perhaps added to vat would redress the balance on the amount of tax paid by these offshore companies but to no avail!
392
09/12/2020 12:14:54 1 1
bbc
Did you read the article?
568
09/12/2020 12:58:34 3 5
bbc
Absolute rot.

The wealthy cannot take away wealth that is locked into their assets in the UK, it's not portable. Cash is a claim to wealth and is already stashed away in off-shore tax havens.

The ignorance of the Tory Bots is absolutely overwhelming, and it's amazing just how many people have got over £2 million in wealth!
657
09/12/2020 13:31:22 1 1
bbc
Well it would if we took away their gongs. Not UK taxpayer, no "sir". Simples
738
09/12/2020 14:04:33 3 1
bbc
Taxing wealth never works..

You're just gonna ignore how we had a 90% tax bracket for millionaires for centuries until the 90s? Funny how the "good old days" also had higher tax for the wealthy.
813
SM
09/12/2020 15:02:34 0 2
bbc
Ok so let’s say you pay 1% tax on your wealth or lose your citizenship - maybe that’ll focus your greedy minds. As a country I’m sure we could live without the few rich dogs that really find it more beneficial to live elsewhere
874
09/12/2020 15:58:40 1 1
bbc
Do both! Taxing the rich does work. Close the other loopholes they use. Put them on PAYE, the same as ordinary people.
09/12/2020 18:17:15 1 1
bbc
Have you asked for a new set of knee pads for Christmas?
36
09/12/2020 10:50:02 4 3
bbc
This makes sense. There has been inadequate taxation over the past decade leading to increasing public and private sector debt. I know that we do have an inefficient wealth distribution but I am just amazed that just a 1% tax levy could generate £260bn!
59
09/12/2020 10:54:21 2 3
bbc
Except it won't. The usual pie in the sky nonsense that, if implemented, would result in far lower tax receipts than predicted.
70
09/12/2020 10:56:45 1 1
bbc
it wont as it will be largely avoided but it's a political stance as much as a practical one so dont let details get in their way.
5
MVS
09/12/2020 10:32:27 9 16
bbc
This article could almost be straight out of a left wing manifesto, with a very small piece right at the end to pretend it is balanced.
And this is meant to be where we come for proper news which we all pay for whether we want to or not.
37
09/12/2020 10:50:56 4 3
bbc
i agree with the first part but why is it so popular/ist now to knock the beeb for reporting facts as if there's some kind of agenda. all things considered it's a whole lot less biased than all other commercial news outlets but they dont get mentioned.
233
OwO
09/12/2020 11:34:53 0 0
bbc
What "facts"? This is an extreme proposal submitted by some niche academics, only reported elsewhere in the Grauniad and Morning Star.

The only way this is "news" is because it's reported on, not because anything of note has happened, or will happen.
38
09/12/2020 10:50:59 1 5
bbc
Love the say they think anyone getting a dividend is rich.

My top marginal tax rate is now 66%.

If they raise it any more I'm taking a pay cut. It's not worth it and I hate the Governemt that much.
91
OwO
09/12/2020 11:00:53 1 0
bbc
This proposal is not being made by the government, just a niche group covered only by 2 other far-left outlets.

Pay attention.
7
09/12/2020 10:33:35 293 76
bbc
"Tax the wealthy"

Should that not be...

"Start taxing the wealthy and stop them using tax havens to avoid tax"
39
09/12/2020 10:51:02 38 10
bbc
As a PAYE salaried person, I assure you I have paid a great deal in tax. To have those incomes that have already been taxed, get taxed again is very unfair. I was careful, I saved and I invested. Am I now to be punished?
380
09/12/2020 12:11:09 8 5
bbc
That's not what we are talking about. There is an inefficient wealth distribution in the UK. This article points out that just 5% of people pay 50% of the income tax in the UK. These people earn and can afford a lot and just a small increase in higher rates of tax brings in huge amount of extra revenue.
40
09/12/2020 10:51:04 87 11
bbc
A couple live in a small two up two down in the London suburbs. Its worth £500k. Though graft they've just paid the mortgage off, at last. They've also saved for a pension over their life worth £500k, which will give them a meagre income of about £25k a year.

Does that make 'em wealthy ?

50
09/12/2020 10:52:10 30 12
bbc
In the eyes of politicians, yes.

Males me want to throw up.
65
09/12/2020 10:55:17 5 9
bbc
Short answer yes! I think what is being proposed has merit even though I will fall into the bracket. If you take a long term view by paying off the debt incurred quickly then there will be more money in the pot for spending. If more money is being spent then I and others who will fall into this bracket will make more money on the long term. A short pain for long term gain!
106
09/12/2020 11:04:39 3 5
bbc
Yes.
275
Pe
09/12/2020 11:43:14 8 2
bbc
Who are these people with 500k pensions?
497
09/12/2020 12:43:05 9 2
bbc
Compared to someone who has sponged off the state their entire life and does not have a house or pension, yes it does.

There is a wierd assumption, particulary in the labour party and on the BBC, that everyone in the country should have the same standard of living, irrespective of what their contribution is worth or how hard they work. May as well relax and take it easy...
580
09/12/2020 13:03:00 1 1
bbc
No! but right for a good old fashioned labour (comrade Corbyn and Captain hindsight rubbing their hands in glee) tax grap. How dare they work hard ad save.
659
09/12/2020 13:32:16 1 1
bbc
Yes; they are relatively wealthy when compared to a couple who have rented and saved a pension paying £25k a year; they also grafted but have no house to show for it.
660
09/12/2020 13:32:21 2 0
bbc
No, just an easy target for multi millionaire political leaders to tax.
667
09/12/2020 13:34:25 2 0
bbc
Oh yes. RICH, SPIVS, CHUMS! and all of the other jealous nonsense. They made the choice to work in London and probably sacrificed like hell to afford things but if someone who doesn't want to work that hard or whatever doesn't have the same it's somehow wrong...
883
09/12/2020 16:04:13 0 0
bbc
We are not talking about ordinary people.
885
SM
09/12/2020 16:05:31 0 0
bbc
No issue - cos that couples assets do not exceed £1m. But woe betide them if they somehow add to that assert pot - £100 addition would cost them £1 and over 5 yrs £5, wow, shock horror.
I dare say this might be the better option for that couple after all cos if retired they’re unlikely to add to their assets, more likely they’d be enjoying spending what is a fairly decent pension.
10/12/2020 09:57:57 1 0
bbc
£500k won’t get you an indexed linked £25k pension, would need nearer to £800k
10/12/2020 10:25:27 0 0
bbc
If they bought the house recently then they'd have a large mortgage to net off against the large housing debt, if they bought the house cheap and it appreciated in value then they've paid precisely zero in tax on a massive capital gain. The pension also wouldn't have been taxed at source. Rather pay 1% on the asset pool than 20% or 40%.
26
09/12/2020 10:45:46 13 3
bbc
How ridiculous? Most people's houses are not in the form of liquid cash. How do they get the money out of bricks and motar?
41
09/12/2020 10:51:10 1 1
bbc
No one is suggesting that you would. There are lots of ways of handling this.
42
09/12/2020 10:51:21 4 4
bbc
Yeah the Adam Smith institute will complain that taxing the rich will damage pension returns but it's just politics. It doesn't kill the rich in the rest of Europe to pay higher taxes than the British.
138
09/12/2020 10:57:20 0 0
bbc
Defined rich then identify where in Europe they pay higher tax and at what rate
24
09/12/2020 10:37:51 5 10
bbc
Let’s get VAT on private School fees before we start a 5yr raid on people’s earned wealth!
43
09/12/2020 10:51:32 12 3
bbc
People who pay for state education but don't use it should get a refund.
44
09/12/2020 10:45:03 6 3
bbc
I am nearly 75 and live of my state pension and a private pension. This propasal is ludicrous and will LOSE THE TORIES A LOT OF VOTES!!!
116
09/12/2020 10:56:23 4 0
bbc
It's not by the Conservatives, it by a cabal of Far Left wing economists led by the LSE. The BBC has deliberately hidden this by referring to them tax experts to hide the clearly politicised name: the wealtn tax commission - their literal purpose it to dream up ways to attack successful people with the Beeb offering free advertising as usual
45
09/12/2020 10:45:25 15 5
bbc
Hilarious - this left wing pressure group only covered by the Guardian, the Morning Star (!) and the BBC - they are just openly coordinating the left wing media now.
46
09/12/2020 10:45:54 6 3
bbc
I’m a doctor driven to retire by tax on my ‘virtual’ public service pension pot. I couldn’t afford 30% extra tax of take home pay on top of other deductions. I have a good pension but if I die in less than 20y I won’t have received its ‘pot’ value. If I die of covid-I’m back at work to help- it just vanishes. I own a house in the South. Overall that looks like a 20k annual bill to me. Fair?
98
09/12/2020 11:03:26 1 5
bbc
On such likely pay and excessive pension yes.
47
09/12/2020 10:46:17 38 5
bbc
I am a Postie who has like many people classed as essential workers has worked right though this pandemic. I am not on a fantastic wage, I know that I will have to pay for the money payed out during this pandemic. I`m not saying its fair to tax the rich but I am sure it will not be as keenly felt in there pockets as in mine. A house should not come in to the equation.
261
09/12/2020 11:39:32 9 1
bbc
Well said, if houses were kept out of the equation the benefactors would have more money to spend on other thing therefore benefiting the country especially if they buy British.
I think foreign goods should attract a higher tax especially if similar goods are made in the UK
48
bbc
Removed
21
09/12/2020 10:43:13 44 12
bbc
This would be valid for some, even the majority of cases, but there are still those who invest in property as a way of avoiding taxation.

I genuinely wonder how many of those commenting against any form of wealth tax, are actually in the top 1%, no matter how much they may wish or "Strive" it of themselves?
49
09/12/2020 10:51:47 14 1
bbc
Plenty in the SE will have a house and final salary pension that will put their "wealth" north of £1M.
446
Gio
09/12/2020 12:27:46 1 0
bbc
Even they are nowhere near being one of the "1%"
40
09/12/2020 10:51:04 87 11
bbc
A couple live in a small two up two down in the London suburbs. Its worth £500k. Though graft they've just paid the mortgage off, at last. They've also saved for a pension over their life worth £500k, which will give them a meagre income of about £25k a year.

Does that make 'em wealthy ?

50
09/12/2020 10:52:10 30 12
bbc
In the eyes of politicians, yes.

Males me want to throw up.
84
OwO
09/12/2020 11:00:00 11 0
bbc
This was a report by "academics and tax experts", not politicians.
24
09/12/2020 10:37:51 5 10
bbc
Let’s get VAT on private School fees before we start a 5yr raid on people’s earned wealth!
51
09/12/2020 10:52:18 3 1
bbc
That isn't on the same scale. Just a 1% tax on wealth will generate £260bn!
88
09/12/2020 11:00:35 0 1
bbc
you really believe the headline figure designed like clickbait to draw attention? that's like believing the initial budget that is used to sign off a large public infrastructure project such as HS2. starts out at 10bn and magically ends up 50-100bn and no one ever seems to get punished for the inherent fraud.
14
09/12/2020 10:39:01 11 18
bbc
“Taxing those households an extra 1% above a £1m threshold could raise £260bn over five years”

If it wasn’t for Brexit we wouldn’t have lost a lot more than £260bn so why not get the Brexiters to make up the loss they’ve caused they UK? After all, it would be nice if they took some responsibility for it.
52
09/12/2020 10:52:36 1 1
bbc
Yes, but some of the voters are going to lose from Brexit anyway if they live in the NE, those who will benefit will be those who can profit from a falling £ such as Rees-Mogg, Somerset Asset Management will do well out of Brexit.
53
09/12/2020 10:53:10 14 5
bbc
Idiotic suggestion. Tax anyone not obeying Covid rules as they are lengthening the economic impact. What people fail to realise is that the wealthy face a significantly high tax burden via vat on purchases, high rates of stamp duty etc. In addition to this the top 1% of earners account for 28% of the total income tax take. If we remove entrepreneurs we really are doomed.
83
09/12/2020 10:59:47 5 0
bbc
nearly All PL footballers are rich so start Taxing them more just look at Mesut Osil earning 450,000 PW for not even playing.
2
09/12/2020 10:31:02 22 17
bbc
We have created a system that rewards certain traits in people and allows them to gain massive wealth. Other traits like caring and compassion traits/careers are in comparison poorly paid.
If the rich wish the current system that has allowed them to accumulate great wealth, to continue…paying a little more isn’t that unfair.
54
09/12/2020 10:53:30 11 2
bbc
they already pay a lot more so where does "a little more" come into it and where does that end or would you keep adding "a little" until their take home is the same as yours?
16
09/12/2020 10:40:25 9 8
bbc
Firstly; Q. Do you know what happens when you tax the Richest 1% just 5% more?
A. They're still the richest 1%

Second; Why is a windfall tax, levied upon those who have profited, to the tune of Millions and Billions of £'s, not being discussed? Surely it is morally repugnant to have made such profits on the back of this crisis.

It really is galling to hear the rich declare themselves poor
55
09/12/2020 10:47:00 2 1
bbc
Lets see the Govt try to tax the offshore super rich Green, Dyson, Branson, Their accounts have had years to squirrel all the cash away
23
ljs
09/12/2020 10:44:31 10 9
bbc
"Tax the wealthy to pay for coronavirus"

If they just PAID their taxes PROPERLY, like EVERYBODY else,

the problem could be solved.
Removed
57
09/12/2020 10:53:49 54 3
bbc
1) the logistics for valuing property should be interesting
2) What happens to those who are asset rich but cash poor?
364
09/12/2020 12:05:13 3 17
bbc
This only really impacts 2 cohorts:

1. Those retired/almost retired with bumper pension pots, the likes of which aren't possible to attain any more, generally ex-public sector.
2. Those big winners from the London house price bubble who don't have the means to remortgage.

Everyone else can avoid by remortgaging.
23
ljs
09/12/2020 10:44:31 10 9
bbc
"Tax the wealthy to pay for coronavirus"

If they just PAID their taxes PROPERLY, like EVERYBODY else,

the problem could be solved.
58
09/12/2020 10:53:58 2 2
bbc
They do pay their taxes properly, its just that the levels of taxation on the wealthy over the past decade has been inadequate. We have seen this by the increasing levels of public and private sector debt.
36
09/12/2020 10:50:02 4 3
bbc
This makes sense. There has been inadequate taxation over the past decade leading to increasing public and private sector debt. I know that we do have an inefficient wealth distribution but I am just amazed that just a 1% tax levy could generate £260bn!
59
09/12/2020 10:54:21 2 3
bbc
Except it won't. The usual pie in the sky nonsense that, if implemented, would result in far lower tax receipts than predicted.
87
09/12/2020 11:00:25 0 1
bbc
That's just propaganda nonsense. Too much wealth is in property which can't be shipped off abroad.
60
ljs
09/12/2020 10:54:24 382 104
bbc
They could always scrap child benefit after the second child

and hence reduce the OVER POPULATION as well !!!!!

A WIN, WIN situation
72
09/12/2020 10:57:02 231 66
bbc
Well said. In fact why do we pay people to have children at all?
160
09/12/2020 11:17:12 31 3
bbc
They already have, this was introduced in 2017
240
09/12/2020 11:20:17 12 15
bbc
Excellent, very valid suggestions. They never come up with this solution do they.
257
09/12/2020 11:39:23 42 15
bbc
Its the children today who are going to look after you when you're old or are you planning on euthanizing yourself when you're no longer ecomomically productive?
304
09/12/2020 11:49:26 16 21
bbc
They did that, so children have to live in poverty even though they had no say in their conception, children from poor families do less well at school and many of them will end up as burdens in the future because the government though it was OK to make them poor now. Lack of joined up thinking. Still as long as they appease the right nothing else matters.
326
09/12/2020 11:55:40 41 14
bbc
Child benefit - known as family allowance when introduced - belonged to a world where the wife was at home, girls did not have equal opportunities, and was designed after WW2 to ensure full employment for men. A key aspect was that it went to the mother - who then was also a wife - to stop the husband spending it on drink! Time it was abolished.
329
09/12/2020 11:56:08 41 14
bbc
Agreed, one of my friends daughter when asked what she was going to do when she left school.
Replied, get pregnant and get my own place from the council, then have a load more.
The fact that she could even think like this, speaks volumes about what is wrong with our benefit system.
384
09/12/2020 12:11:34 16 15
bbc
They could scrap the state pension as well....
411
09/12/2020 12:15:00 6 11
bbc
Fascist nonsense. That would simply plunge more families into poverty.
485
09/12/2020 12:39:34 1 0
bbc
I agree with where you are coming from but by scrapping it you are going to screw over a large number of poorer families causing them to be even poorer and deprived. I'd say scrap the benefits after the 2nd child but means test it so you are not creating a whole bunch of societal issues
509
09/12/2020 12:45:46 9 6
bbc
Topic is about a wealth tax so what does the Tory Bot Propaganda Machine do? It immediately distracts from the topic by talking about general taxation on the rest of us.

Based on wealth distribution the wealthy only pay around 1% tax in reality & given that wealth was produced by the masses in the first place we effectively pay their tax for them.

The wealthy are huge net takers from society!
520
09/12/2020 12:47:50 4 2
bbc
hear hear
584
09/12/2020 13:04:25 8 4
bbc
LOL What a laugh. The Tories already did this so there will be even more children in poverty due to them, take a bow Bozo and Theresa!
How about taking back some of the money the Tories lavished on their wealthy mates for "PPE" rather than making already impoverished people, who are mostly working, for the profit of the wealthy, even poorer due to your eugenics dogma garbage.
Primary school tosh!
587
09/12/2020 13:04:50 3 2
bbc
Hilarious that people still think the majority of people have children because they want that Child Benefit money. Plus you should only get Child Benefit if you are in a low income job.
658
Dee
09/12/2020 13:31:42 4 1
bbc
I really don't know anyone who has a third child for the sake of £20 a week!
670
09/12/2020 13:35:02 8 2
bbc
I agree totally. If you can't afford to have kids then don't have them. I want an Aston Martin but I can't afford it and don't expect the government to pay! How many that say they can't afford to feed their offspring in school holidays are sat there in front of giant smart TVs with SKY subscriptions and X-boxes which we're paying for while Jaden, Kaden and Layden tuck into another McDonalds?
701
09/12/2020 13:45:09 1 2
bbc
You were once a child.
704
09/12/2020 13:46:40 0 3
bbc
Not enough workers when they grow up to be insecure casual workers. We can no longer rely on EU cheap labour. It is all part of the plan for Employer Worker change to Master Slave relationship the Tories want to get back to.
714
09/12/2020 13:52:29 1 3
bbc
Best comment on here
723
09/12/2020 13:56:55 3 2
bbc
Look at any population density map and you will see England is one of the most densely populated countries in the world whereas population density is not a problem in the three Captive Celtic Colonies.

The English should solve their own OVER POPULATION problem instead of preaching to others. Only then can they be taken seriously.
766
09/12/2020 14:23:58 1 0
bbc
That happened several years ago. Do keep up.
836
09/12/2020 15:18:45 1 1
bbc
Slight adaptation - Give 12 months notice to allow informed decisions, then scrap Child benefit/tax credit/free childcare etc for all new children born.

In the meantime scrap IVF on the NHS, save £150 million a year & reduce births by 2.5% a year. Means 2.5% increase in spending per head for those that are born without increasing costs = better educational outcomes = lower burden on state?
838
09/12/2020 15:27:12 2 1
bbc
It already has been.... as with Universal Credit only for 2 children but the poxy Govt give so many exemptions nearly all children in the UK whose family are on benefits suffer from ADHD or as I call it "the coke on cereal diet"...….
857
09/12/2020 15:46:11 1 2
bbc
Have you any idea the amount of money this would raise? Or are you just clueless?
871
09/12/2020 15:55:28 1 2
bbc
Child benefit is a neccessity for many ordinary people. Tax the wealthy, not them.
61
Rob
09/12/2020 10:54:26 2 10
bbc
Great Idea....and start right at top...with the Royal Family. who I see are swanning about the country ,trying to look important and as though they actually do something .
71
09/12/2020 10:56:59 6 0
bbc
Why not start with Bono, Bob Geldof, Wayne Rooney and all PL players.
62
09/12/2020 10:54:27 3 8
bbc
Of course the current government would poo poo this idea-they are their to protect wealth and privilege-that is what Conservative means. Make all income tax returns public property and disclosed , its done in several countries that would force government to properly tax the very rich people who dont pay anything like their fair share and stop tax avoidance (evasion by another name).
76
09/12/2020 10:57:14 6 2
bbc
Except rich people pay a lot more than their "fair share".
14
09/12/2020 10:39:01 11 18
bbc
“Taxing those households an extra 1% above a £1m threshold could raise £260bn over five years”

If it wasn’t for Brexit we wouldn’t have lost a lot more than £260bn so why not get the Brexiters to make up the loss they’ve caused they UK? After all, it would be nice if they took some responsibility for it.
63
09/12/2020 10:54:39 1 2
bbc
I think you’ll find a large chunk of the Brexit costs have occurred due to remoaners refusing to accept the result !!!!!
1
09/12/2020 10:29:36 33 6
bbc
While this proposal will no doubt be beneficial in the current circumstances, they’ll be a whole host of lobbyists and media outlets who’ll go out of their way to stop any Government ever bringing in a policy like this.

In an ideal world external lobbyist contact with politicians gets banned, and the public will see through media vested interests, leading to sensible policies in fairer taxation.
64
09/12/2020 10:54:47 5 1
bbc
By fairer taxation I guess you mean to have other prudent, hard-working people fund your lifestyle.
40
09/12/2020 10:51:04 87 11
bbc
A couple live in a small two up two down in the London suburbs. Its worth £500k. Though graft they've just paid the mortgage off, at last. They've also saved for a pension over their life worth £500k, which will give them a meagre income of about £25k a year.

Does that make 'em wealthy ?

65
09/12/2020 10:55:17 5 9
bbc
Short answer yes! I think what is being proposed has merit even though I will fall into the bracket. If you take a long term view by paying off the debt incurred quickly then there will be more money in the pot for spending. If more money is being spent then I and others who will fall into this bracket will make more money on the long term. A short pain for long term gain!
20
09/12/2020 10:42:42 5 2
bbc
It'll be unworkable in this form.

Pension pot valuations, house valuation, other assets etc. it takes months as it is for this.

Older people with houses (esp in South East) and final salary pension pots probably won't have the cash to pay. £0.5m per person isn't loads for many especially if you ignore mortgage debt!

Taxing large amounts of bog standard cash is a different matter.
66
09/12/2020 10:55:51 1 2
bbc
You are making a lot of false assumptions here.
287
09/12/2020 11:45:52 0 0
bbc
Fair point with my "probably wont have the cash to pay" part - should have said "many or some".

It would catch 1,000's of Public Sector workers, NHS, Police, Fire, Teachers etc. or people who bought houses ages ago, who a lot of people wouldn't count as rich.

It won't be workable - they'd never even be able to value the houses correctly / quickly enough for starters.
35
09/12/2020 10:49:36 182 12
bbc
Taxing wealth never works, people just take their money elsewhere, that's why Hamilton & Ratcliffe live in Monaco.

Better to close the loop on taxing IT & Online sales companies who move profits to places like Ireland.
67
09/12/2020 10:55:53 143 3
bbc
Indeed - the suppressing of taxable profits in the UK via "transfer pricing" (coffee company buying its beans through Dutch office and selling them more expensively to its UK stores so the profit remains in Holland) or "Intellectual property" (IT co charging royalties from its Irish "base" to its UK sales) is one of the real culprits here, not someone who has saved well for their retirement.
185
09/12/2020 11:25:00 8 1
bbc
That's what Jeremy Corbyns wife does
68
09/12/2020 10:56:39 2 2
bbc
Everyone thinks it is someone else's responsibility to pay more tax.

And every time a tax is increased or new tax proposed, the media focus on the 'losers' and the government generally cave.

Every lobby group thinks 'their' industry should be supported with tax breaks or have taxes removed.

We need to rip it up and start again. Given how shopping has changed an one;inbe sales tax is a must
167
09/12/2020 11:18:32 1 0
bbc
If we don't tax the richest more, who is going to pay for the all the free Soup kitchens and Food parcels, for the serf's who sleep in shop doorways every night. ?
69
09/12/2020 10:56:43 4 1
bbc
Of course it will be avoided by emigration and asset transfer. It also breaches a fundamental of the tax system for thirty years that spouses tax affairs are separate. Why should a "poor" partner / wife pay tax on her modest possessions?
36
09/12/2020 10:50:02 4 3
bbc
This makes sense. There has been inadequate taxation over the past decade leading to increasing public and private sector debt. I know that we do have an inefficient wealth distribution but I am just amazed that just a 1% tax levy could generate £260bn!
70
09/12/2020 10:56:45 1 1
bbc
it wont as it will be largely avoided but it's a political stance as much as a practical one so dont let details get in their way.
61
Rob
09/12/2020 10:54:26 2 10
bbc
Great Idea....and start right at top...with the Royal Family. who I see are swanning about the country ,trying to look important and as though they actually do something .
71
09/12/2020 10:56:59 6 0
bbc
Why not start with Bono, Bob Geldof, Wayne Rooney and all PL players.
344
Rob
09/12/2020 11:59:28 0 0
bbc
I've no problem with taxing these people extra ,and the so called "Brits " like Lewis Hamilton ,Phillip green etc who live abroad and exploit tax loophole....and that takes me back to Royal Family.....
60
ljs
09/12/2020 10:54:24 382 104
bbc
They could always scrap child benefit after the second child

and hence reduce the OVER POPULATION as well !!!!!

A WIN, WIN situation
72
09/12/2020 10:57:02 231 66
bbc
Well said. In fact why do we pay people to have children at all?
181
09/12/2020 11:24:08 16 9
bbc
To create more people to pay tax
221
09/12/2020 11:32:11 54 18
bbc
Ah...mis-conception. We're not paying people to have children. We're accepting that people (not always those you would select?) will have children and we dont want the innocent child to suffer through poverty. Poverty is a killer. Lets not go down the wrong road....you leave too many people behind on the way.
312
09/12/2020 11:50:34 22 10
bbc
You will need someone to wipe your posterior for you when you are old.
Removed
729
09/12/2020 13:59:02 1 1
bbc
Because otherwise the kid grows up badly and you end up paying more.
Please don't have any kids. We don't need any more morons like you Removed
866
09/12/2020 15:52:55 0 3
bbc
It would be nice if we got paid to have children, "You must have a child Madam, we will pay you £10,000 on conception" . "Bonking is now part of the Government training scheme".Drop the winter fuel allowance, the £10 Christmas "bonus" for the sick and disabled, drop pension credit, that should do it.
870
VBB
09/12/2020 15:55:15 1 1
bbc
So we have enough to pay your pension.
948
09/12/2020 17:07:57 1 2
bbc
Without children the country and the economy will rot. That is it will rot even faster.
Removed
74
09/12/2020 10:53:32 3 1
bbc
Depending on where you are as 'person' in the argument, its either fair or unfair. Its also massively complex with many variables in play. I would not like to be the one to make a decision on this matter because there will always be so-called disadvantaged people in the outcome. I would err to say that the most wealthiest are paying more tax and at a certain level wouldnt miss it as much.
75
09/12/2020 10:57:08 65 22
bbc
"Tax the wealthy"

You do realise that the richest 1% of earners contribute almost 30% of the total tax take already ?

Or is it just another divisive click bait headline for you ?
104
OwO
09/12/2020 11:04:14 28 1
bbc
Read the whole article:

"Our progressive tax system means the top 1% of income taxpayers are projected to pay over 29% of all income tax, and the top 5% over 50% of all income tax in 2019-20."
111
09/12/2020 11:05:34 5 2
bbc
People forget about the amount of VAT they pay on their luxury goods and the like, that is a massive contribution so they do pay a fair amount.
148
09/12/2020 11:13:56 10 4
bbc
Do you know, that about 25 people own half the world, and everything in it, on it, and even under it. And most of their billions are safe from the taxman in the Cayman Isles or Switzerland, and most have never paid a cent in tax in their lives. But they do use our schools, N.H.S. and police force to keep them safe.
152
RJL
09/12/2020 11:00:32 5 1
bbc
Yes and they own 99% of the wealth......
220
09/12/2020 11:32:01 0 0
bbc
Exactly
668
09/12/2020 13:34:49 5 2
bbc
Well you could argue that the 1% actually leverage the resources of 30% population to get that wealth. The state provides the educated workforce. The 1% should pay their taxes and not effectively steal from the less well off who are subsidising them
719
09/12/2020 13:53:20 2 1
bbc
As this 1% earns 17% of national income, they are earning 20 times the other 99%. Shouldn't they be able to pay more? However the question is of ownership rather than earnership. Average assets of the 1% are infinitely more than the average assets of the many disadvantaged in the nation.
884
09/12/2020 16:04:58 1 0
bbc
They can afford to pay more, ordinary people cannot.
62
09/12/2020 10:54:27 3 8
bbc
Of course the current government would poo poo this idea-they are their to protect wealth and privilege-that is what Conservative means. Make all income tax returns public property and disclosed , its done in several countries that would force government to properly tax the very rich people who dont pay anything like their fair share and stop tax avoidance (evasion by another name).
76
09/12/2020 10:57:14 6 2
bbc
Except rich people pay a lot more than their "fair share".
140
09/12/2020 11:00:00 1 0
bbc
Such an Orwellian leftie mantra that phrase
77
09/12/2020 10:57:18 6 5
bbc
Yeah right! As if the Tories would hit themselves and their rich supporters in the wallet

Dyson, Ineos, Rees-Mogg wealth will have long since left the UK by the time this came in anyway
100
OwO
09/12/2020 11:03:48 2 0
bbc
This is a proposal by a niche group of socialists, nothing at all to do with the government.

Pay attention.
78
EGB
09/12/2020 10:58:35 7 1
bbc
There's a good few adjectives to describe these self proclaimed academics, expert isn't one of them.
17
09/12/2020 10:40:37 121 12
bbc
How do you measure wealth? If you take pensions in to it, every doctor and dentist over 40 would be caught by a £1m limit when you add the value of their house. The chances are they aren't particularly cash rich so where's the money coming from? This is exactly the kind of 1960's early 70's tax policy that saw the wealthy leave for warmer climes taking their money with them. Tax must be fair.
79
09/12/2020 10:58:36 41 108
bbc
it's only on the wealth above £1m and all people can afford that, even if they are doctors. So if the couple are 40, with a £1m house, no mortgage, £1m pension pot they would pay £10k extra tax. Sounds fairer than hiking taxes such as income and VAT for poorer people to also pay. Will people leave for other countries which will also increase taxes?
201
09/12/2020 11:29:08 7 0
bbc
You just mean an extra 10 grand out of income or in other words an income tax not a wealth tax!
205
09/12/2020 11:29:49 3 1
bbc
Portugal are offering a no tax system for people who want to retire on their pensions
229
09/12/2020 11:33:34 10 0
bbc
Its unjust. YOu cant use the argument "if youve got the money then you can afford it - give it to me"....its just immoral.
476
09/12/2020 12:35:58 0 0
bbc
Sort of OK but the suggestion excludes mortgage relief so you need to remove 'no mortgage' from your argument.
479
09/12/2020 12:37:20 8 1
bbc
So they have to cash in their pension to keep their house because the people dont like the fact that they have more money than they "need". I think you have more money than you need too, give me some of it... Oh, its only fair if it applies to someone else? Maybe you need to look up the definition of "fair" and then cross compare with "selfish".
533
vk
09/12/2020 12:50:57 4 0
bbc
10k on a 100k salary is a 10% hike and after you already pay 47k (ish). Primary residence and inaccessible pensions should not be part of the wealth calculation.
563
09/12/2020 12:57:51 2 1
bbc
ALL PEOPLE CAN AFFORD THAT!!!! Why should people who have worked say 30 years extra hard and in those 30 years paid their tax only to find they are going to be taxed again. You sound like Captain Hindsight.
574
09/12/2020 12:41:35 1 0
bbc
I don't know anyone aged 40, with a £1m house and no mortgage.....and I'm 49, have a decent salary and professional career background (and still 12 years left on my mortgage)
960
09/12/2020 17:15:10 0 0
bbc
In France the wealth tax allows a reduction of 30% on the value of the family home before tax is applied and no tax is applied on sums invested in equities.
10/12/2020 09:52:10 0 0
bbc
What rubbish, many who don’t consider they are rich will be caught. In the south East and particularly London, a modest house can be worth £500k, and a pensioner getting £20k from a private pension has an effective pension pot of over £700k, so would be caught despite having an income below the national average
19
09/12/2020 10:42:20 6 2
bbc
The same arguments were used in 2008 following the global financial crash.

It didn't happen then and it won't happen now.
80
09/12/2020 10:58:48 0 1
bbc
It should have happened then so that the people who gained, paid for it. As it didn't happen them we have had inadequate taxation and increasing public and private sector debt, both already at high levels.
81
Ben
09/12/2020 10:58:53 85 12
bbc
If we tax the wealthy more then they will just move their money offshore. We all know it will be those on middle incomes who bear the brunt. They earn enough to make a meaningful contribution but not enough that they have the means to avoid paying tax. I'm still being punished by the last recession.
93
09/12/2020 11:01:50 22 4
bbc
Surely they've already done that.

Some of them are moving their businesses offshore as well.
112
09/12/2020 11:05:55 3 1
bbc
Absolutely agree, it's always the hard-working, industrious, sensible, 'middle classes' that bear the brunt, not the super-wealthy elite.
644
09/12/2020 13:27:00 0 0
bbc
Property (land) value makes a substantial part of the nation's wealth and much more than there is money. You cannot move land offshore, except by global warming.
749
09/12/2020 14:08:56 0 0
bbc
Inheritance tax came in to get money from the aristos and landed gentry. Now it affects anyone with a 3-bed semi in greater London. I see Philip Green and Lewis Hamilton - they are very rich. I'm not rich, but neither can I afford a tax accountant to minimise my costs. That's unfair.
881
09/12/2020 16:03:32 1 0
bbc
Never worry about taxing the rich, they remain richer than most people afterwards.
82
09/12/2020 10:58:58 99 11
bbc
So how does this work then? A good 4 bedroom house in the S.E. costs over £600k. Add a fairly average pension pot and few other assets like a car or two and folk are over the £1m. That's comfortably off, not rich. Do they have to pay 1% of that, i.e. £10k per year. If so, where does the money come from? Such folk don't necessarily have a high income with £10k spare.
176
09/12/2020 11:22:53 44 5
bbc
I would assume like normal income tax, you would only pay above the threshold of £1m . So, if your 'wealth' came to £1,000,001.00 you would only pay the 1% on the £1 above the threshold.
349
09/12/2020 12:00:28 1 4
bbc
Downsize. The govt ponzi scheme created the monster house prices in the SE. It was only a matter of time until they came looking for a bit of it back. I only have limited sympathy; the crazy house prices are locking out the young. Those working will remortgage to avoid the tax anyway, it's only those not working who will be asked to cough up.
373
09/12/2020 12:08:54 2 6
bbc
sell something like poor people have to
407
09/12/2020 12:18:45 2 1
bbc
The crux of this issue lies in the fact that instead of building homes we need in places people want to live and work, we've created a scarcity of supply. This has meant that people who own assets like housing have increased their wealth without increasing their earnings — often in fact their outgoings increased too. This tax doesn't fix that issue but creates a new distortion. A terrible idea.
412
09/12/2020 12:20:39 1 0
bbc
As you rightly point out, this is an attempt to add a cost on income. This extra income penalty would mean to adjust for a wealth inequality borne out of a supply scarcity, and would create a new onerous and pointless tax that reduces economic efficency and its means of implementation is double taxation — taxing money earned that's already been taxed once.
486
09/12/2020 12:39:52 2 0
bbc
The article coverd that, you would have to cash in some of your pension or sell assets (stocks/shares/hour-house). You dont need to live in a 4 bedroom house, plenty of people live in smaller houses. This is not intended to be fair it is intended to "take from teh rich cause they deserve it" - its the classic sterotype "the rich dont pay enough tax", its ok to sterotype rich people...
880
09/12/2020 16:02:45 0 0
bbc
No, you are in the top group. Stop bleating and pay up! Two thirds of UK workers earn the average wage or less. Leave them alone.
907
09/12/2020 16:26:26 0 0
bbc
I assumed everyone in London living in a £1m terrace gets a bill for £50k plus pension tax etc, if you are lucky then you can pay in 5 instalments.
53
09/12/2020 10:53:10 14 5
bbc
Idiotic suggestion. Tax anyone not obeying Covid rules as they are lengthening the economic impact. What people fail to realise is that the wealthy face a significantly high tax burden via vat on purchases, high rates of stamp duty etc. In addition to this the top 1% of earners account for 28% of the total income tax take. If we remove entrepreneurs we really are doomed.
83
09/12/2020 10:59:47 5 0
bbc
nearly All PL footballers are rich so start Taxing them more just look at Mesut Osil earning 450,000 PW for not even playing.
241
09/12/2020 11:21:03 0 0
bbc
They all pay million in tax. Every penny has to ho through PAYE under Prem League rules. I think they are entitled to 50% of what they earn.
50
09/12/2020 10:52:10 30 12
bbc
In the eyes of politicians, yes.

Males me want to throw up.
84
OwO
09/12/2020 11:00:00 11 0
bbc
This was a report by "academics and tax experts", not politicians.
85
09/12/2020 11:00:08 4 6
bbc
Massively tax second homes, and even more third, forth and fifth homes !
109
09/12/2020 11:05:10 0 1
bbc
Why?
12
09/12/2020 10:38:06 341 71
bbc
Hmm - so I've worked for a little over 30 years, didn't have kids, saved when I saw my friends spend, invested when I saw my friends holiday, put in extra hours to climb up the greasy pole when my friends didn't, and now as well as paying higher income tax all my life than them, I also get a tax on what I've saved & invested for my retirement?
86
09/12/2020 11:00:16 11 15
bbc
Yes
59
09/12/2020 10:54:21 2 3
bbc
Except it won't. The usual pie in the sky nonsense that, if implemented, would result in far lower tax receipts than predicted.
87
09/12/2020 11:00:25 0 1
bbc
That's just propaganda nonsense. Too much wealth is in property which can't be shipped off abroad.
51
09/12/2020 10:52:18 3 1
bbc
That isn't on the same scale. Just a 1% tax on wealth will generate £260bn!
88
09/12/2020 11:00:35 0 1
bbc
you really believe the headline figure designed like clickbait to draw attention? that's like believing the initial budget that is used to sign off a large public infrastructure project such as HS2. starts out at 10bn and magically ends up 50-100bn and no one ever seems to get punished for the inherent fraud.
89
09/12/2020 11:00:39 5 12
bbc
There is a far easier target than this. The £150bn a year the country spaffs on pensions to the most indulged generation in British history. End triple lock and cut pensions by 1/3 for the next 5 years and COVID is paid for

Seems only fair as the over 65s have benefitted most thanks to the sacrifices made by younger generations. They've not paid a dime either, clapped the NHS is about all.
150
09/12/2020 11:14:19 2 1
bbc
Don’t forget those pension were paid for, the fact that governments did nothing towards investment to cover rising costs is hardly the fault of someone becoming a pensioner, in fact I had 7 years over the needed contributions that I and many other got nothing for, As for the triple lock just stops the pension pay out becoming worthless. Osbourne did more to reduce the short term amount.
306
Rob
09/12/2020 11:49:29 1 0
bbc
The U.K state pension is the lowest in the developed world.......
90
09/12/2020 11:00:46 26 12
bbc
Ignore the trash.

Bbc at ut as usual.

Found some group called ##the Wealth Tax Commission## who stated their obvious and bbc desired answer.

Not tax experts, expert axe grinders with a poitical bias.
107
09/12/2020 11:04:42 18 4
bbc
Indeed - they're a lobby group who want to take other peoples money and the Beeb lap it up as though they are some sort of impartial tax group.
09/12/2020 21:09:55 1 1
bbc
'The Wealth Tax Commission, a body made up of academics, policymakers and tax practitioners' - in other words a bunch of virtually unemployable communists who have never built anything real from the ground up through hard work, grit and determination, that have formed yet another quasi-pressure group/think tank to milk some gullible, equally make-believe, left leaning nonentities.
10/12/2020 11:28:14 0 0
bbc
You do realise that this is on multiple websites?
38
09/12/2020 10:50:59 1 5
bbc
Love the say they think anyone getting a dividend is rich.

My top marginal tax rate is now 66%.

If they raise it any more I'm taking a pay cut. It's not worth it and I hate the Governemt that much.
91
OwO
09/12/2020 11:00:53 1 0
bbc
This proposal is not being made by the government, just a niche group covered only by 2 other far-left outlets.

Pay attention.
92
09/12/2020 11:00:54 25 13
bbc
Sounds like dangerous socialism to me.
108
09/12/2020 11:05:05 3 6
bbc
Tell that to COVID-19
231
09/12/2020 11:34:45 2 1
bbc
isn't all socialism dangerous, people in power wanting to spend other peoples money
81
Ben
09/12/2020 10:58:53 85 12
bbc
If we tax the wealthy more then they will just move their money offshore. We all know it will be those on middle incomes who bear the brunt. They earn enough to make a meaningful contribution but not enough that they have the means to avoid paying tax. I'm still being punished by the last recession.
93
09/12/2020 11:01:50 22 4
bbc
Surely they've already done that.

Some of them are moving their businesses offshore as well.
94
09/12/2020 11:02:23 5 2
bbc
Just Tax all who earn more than a Million a month. e.g. Mesut Osil Aresnal plyer earns 450,000 PW and is not even in the first team squad. Tax SKY, BT, Virgin etc.
25
09/12/2020 10:45:26 34 4
bbc
A number of companies (for example in construction) have repaid the furlough monies claimed in the first lockdown

Why not tax the other companies and/or people that received monies through furlough - companies/people repay over time as their business improves, rather like student fees.

A lot of people worked throughout the lockdowns, why should they pay any more tax personally.
95
OwO
09/12/2020 11:02:39 15 3
bbc
The whole point of furlough was protecting jobs. If you start taxing those companies who needed it, you'll just kill off those jobs anyway.

Granted not everyone needed it the same, and good on those who paid it back, but blanket taxes on those who didn't is a terrible idea.
163
09/12/2020 11:18:04 0 4
bbc
It was silly to dish out furlough in the first instance.
10/12/2020 10:21:47 0 0
bbc
If you only tax a profit though then I don't see how it reduces economic activity
96
09/12/2020 11:02:48 10 0
bbc
Bad idea.

There is this thing called GLOBALISATION.

People can just leave or move their money elsewhere.

The best way to raise tax and LIFT the UK???

Create QUALITY British businesses.

Improve our technical manufacturing base.

Create the next British "Google" or "Amazon".
128
09/12/2020 11:08:23 1 4
bbc
The problem with the British is they're great coming up with ideas but very poor at running business.
11
09/12/2020 10:37:44 4 4
bbc
Everyone knows the richest of the rich have their wealth offshore and by putting this article out, the rest will follow suite. They couldn’t pry a penny off them for years so why would it change now?
97
09/12/2020 11:02:59 0 0
bbc
Rich people move incomes abroad to avoid tax whereas this taxes wealth regardless of where it is held (I guess). other countries will also be increasing taxes so maybe rich will have less places to move to.
46
09/12/2020 10:45:54 6 3
bbc
I’m a doctor driven to retire by tax on my ‘virtual’ public service pension pot. I couldn’t afford 30% extra tax of take home pay on top of other deductions. I have a good pension but if I die in less than 20y I won’t have received its ‘pot’ value. If I die of covid-I’m back at work to help- it just vanishes. I own a house in the South. Overall that looks like a 20k annual bill to me. Fair?
98
09/12/2020 11:03:26 1 5
bbc
On such likely pay and excessive pension yes.
99
09/12/2020 11:03:30 34 1
bbc
"The Wealth Tax Commission was established in Spring 2020 to provide in-depth analysis of proposals for a UK wealth tax"

It's interesting how so many interest groups are trying to not let a good pandemic go without shoehorning their proposals onto the back of it.
903
SM
09/12/2020 16:24:28 0 2
bbc
Good opportunity as any I’d say since when else will they get listened to.
As someone said in a previous post, you have to take your opportunities!
Only the well off, greedy and selfish would object to this kind of initiative.
77
09/12/2020 10:57:18 6 5
bbc
Yeah right! As if the Tories would hit themselves and their rich supporters in the wallet

Dyson, Ineos, Rees-Mogg wealth will have long since left the UK by the time this came in anyway
100
OwO
09/12/2020 11:03:48 2 0
bbc
This is a proposal by a niche group of socialists, nothing at all to do with the government.

Pay attention.