“Tax the wealthy” (RR budget) what does this even mean?

How would this work in practice? Our home hasn’t been valued in 20 years since we bought it.

The rumour is they will be going after home owners whose house is valued over £500k. Basically taxing you to live in your own home! Imagine being a mortgage free retired couple getting slapped with a 2% of your house value 'wealth tax,' you'd be paying £12k a year just to live in your £600k house. I think part of the idea is to force old people into smaller properties to free up homes for families.

I have to say I've never been so concerned about an incoming budget in my life!

DH and I are often talking about where we will move to once the kids are fully independent and our parents are gone.

When ever people say tax the wealthy they nearly always mean the same thing - tax people wealthier than me.

Then you get the virtual signalers who come along saying they would love to pay more tax but funnily enough they never actually do in practice. .

The rumour is they will be going after home owners whose house is valued over £500k. Basically taxing you to live in your own home! Imagine being a mortgage free retired couple getting slapped with a 2% of your house value 'wealth tax,' you'd be paying £12k a year just to live in your £600k house. I think part of the idea is to force old people into smaller properties to free up homes for families.

I have to say I've never been so concerned about an incoming budget in my life!

DH and I are often talking about where we will move to once the kids are fully independent and our parents are gone.

She will go for anyone with a house valued over £500,000 I reckon.

i have posted about this before but it is seriously worrying to me. I am in my 50s and am not at all wealthy - live a very ordinary life in London - no car, no investments. For the first time in decades I am earning a decent salary and already pay huge amounts of tax. It would seriously piss me off if I suddenly had to pay a “wealth” tax just because I have put all my life’s earnings into a very small house. I don’t even have much of a pension pot!

First-time buyers are sleepwalking into a new mortgage crisis under Labour, data suggests.

Some 40pc of first-time buyers took out mortgages between 90 and 95pc loan-to-value in July, according to analysis by UK Finance.
The number peaked at 41pc in April, after the Chancellor opted to end the stamp duty holiday.

It marks a worrying return to the levels seen in the run-up to the global financial crisis and means 34,992 people are being left “with very little equity buffer”, experts have warned.

Two years earlier, under the previous government, 33pc of first-time buyers were taking out these mortgages.

Go on, Reeves - do it - impose CGT on main residences!

Nor do I (absent those who built their wealth from say drug dealing) which is why I’m interested to know exactly what PP wants to be taxed.

Surely owning a property in London counts as owning an investment?
Essentially you are complaining that a property which you purchased has vastly increased in value and that makes you wealthy.
To put it another way you are complaining that you got lucky and had a large windfall.

Penalised punitively?
Could one be subject to a penalty that is not punitive?
I'd rather think that would be oxymoronic!

Surely owning a property in London counts as owning an investment?
Essentially you are complaining that a property which you purchased has vastly increased in value and that makes you wealthy.
To put it another way you are complaining that you got lucky and had a large windfall.

i have posted about this before but it is seriously worrying to me. I am in my 50s and am not at all wealthy - live a very ordinary life in London - no car, no investments. For the first time in decades I am earning a decent salary and already pay huge amounts of tax. It would seriously piss me off if I suddenly had to pay a “wealth” tax just because I have put all my life’s earnings into a very small house. I don’t even have much of a pension pot!

No that’s a tax on working people, and income tax which they said they wouldn’t touch.

Maybe a couple of US regional banks causing a lower borrowing cost will help out.

Just read in The Times that she expressly ruled out a property based wealth tax at the IMF in Washington, though, so I think everyone here is panicking needlessly. I think she’ll raise tax on the higher rate tax band, currently 45%, but may go up to 47% - maybe going higher still to a straight 50%. People who are tied to the UK will have to suck it up, but a percentage who are not will leave. Some corporations may have to mitigate it with payrises next year to soften the impact and keep employees, so Labour will lose their support too (if they still have it after the NI fiasco).

I do think this may be her last budget. I think she will be gone in due course, in part as a last ditch effort by Starmer to save his position. Not sure that will work, though. I doubt he’ll be standing at the PM at the next GE. I’d be surprised if Labour stay in for the full 5years as at some point Starmer will try to save his skin by timing a GE when he has an uptick in approval or when he knows (I think like Sunak knew) that things were/are only going to get worse before the GE so best bail sooner rather than later and let Reform/Tories deal with the mess.

What worries me is the talk about taxing pension pots. Public servants have protected pensions which are good value and protected but the rest of us are not going to be so lucky from what I’ve read with talk of taxing the 25% and cutting allowances; it’s all very scary.

What about people who ‘hoard’ their talent, their risk appetite, their entrepreneurial nature, their willingness to study hard, to work long hours, to sacrifice their personal lives for their chosen profession?

Should they be penalised, punitively?

Really? If that’s not just a rumour they are mad.