I support a proposal of an annual 2% tax on wealth above £10 million. That means everyone with wealth below £10m is unaffected.
This 2% annual tax would affect around 20,000 people in the UK – or under 0.04% of the population. To reiterate, they would only pay the tax on their wealth above £10m.
One of the common criticisms of a wealth tax is that it would be impractical to collect.
This assumption is often based on historic wealth taxes in other countries.
In these examples, the threshold for the tax was often much much lower e.g. in the hundreds of thousands of pounds, or low millions.
This meant many more people were liable to pay it – making collecting the tax more cumbersome.
The wealth tax we propose would affect only 20,000 people, making administering it much, much easier for HMRC.
Like inheritance tax, it would involve a self-declaration of asset values by the tax payer, backed up by a compliance team at HMRC.
HMRC could also further develop registers of assets. This would help crack down on dirty money too.
Won’t rich people just leave?
Research suggests that between 7 and 17% of the potential revenue could be lost due to changes in behaviour, for example by moving abroad or trying to hide assets.
Even taking this potential behavioural change into account, the wealth tax proposed would still raise circa £24 billion a year. So much more than savings in benefit cuts.
Fraud is very low, almost zero.
PIP is for people that have already gone through a thorough process. It is to help will additional costs of their disability and is not a OOW or means tested benefit. Removal of it will NOT 'help people back into work'. It will also affect Carers Allowance payments.
Currently an estimated 184b a year is being saved by unpaid carers (another NHS). If they were forced to go back to work the costs would be passed onto Social Services, NHS etc.
The numbers just don't add up. An influx of disabled jobseekers competing with current non disabled jobseekers for a limited amount of available jobs. I think we can all see the issue here, employers would choose a 'box ready' worker as opposed to a disabled worker that, quite rightly, should have adjustments made for their disability.
The 'concessions' like the bill itself are abhorrent IMO. To say that if some has the same accident, with near identical affects before a certain date would be entitled to PIP and some after a date wouldn't? Also the government are being very 'shifty' as to whether this applies to children currently on DLA, then going onto PIP at 16.
I guess I would say I'm against it as a disabled parent of a disabled child. My husband (higher tax payer earner) family are also of the same opinion. However, if we as a society want a well funded functioning welfare system, it needs paying for. Otherwise, whats the point?
This welfare bill makes no ethical, moral or if you're not interested in those reasons economic sense IMO.