To be scared of Labours Land tax

[Dragongirl10]

Just read about this, Labour are proposing a Land Value Tax on any land owned, could cost thousands a year for anyone even with a small house, not just the rich....they have not publicised this at all.

People with modest homes could be forced to sell or go into debt, or be repossessed...

I didn't say it wasn't a privilege. I did say that it is reasonable to expect to have some money left over after paying tax etc to spend as we choose. Don't tell me you have never spent any money on anything other than surviving. And don't tell me you would be happy to give up all your income and have the state organise everything in your life for you, because that is essential what increased taxes will do.

As it happens, I am not a higher rate salary earner, but my husband is. After tax, pension, student loan repayments and childcare I don't take home a penny in disposable income - not even enough to cover running a car to get to work. That doesn't feel too luscious to me. My husband's salary covers everything else - our mortgage, utility bills, my car... including the activities our children do. There are plenty of people who pay for something they care about by organising their finances carefully. It doesn't make them rich and it doesn't mean they have broad shoulders and deep pockets. It makes them vulnerable to tax increases and pretty terrified about what it around the corner right now.

Justanotherposter thank you, I appreciate the explanation, so you are saying its mainly increasing govt debt and income tax?

The second half of your explanation sounds good (I may be in that 5%, but I believe we should all pay our way) but I cannot see how the first paragraph will work to provide that money, can you explain more about the following points:

Who do we borrow from and at what rate and how do we pay them back? Isn't this just getting the country into more debt for our children?

I am in that 5%, and yes I am happy to pay some more tax, but there is a limit to that as stated above by me and others, if it stops being worth our while we won't strive to earn as much as there are normally compromises and sacrifices that come with those earnings. If we increase corporation tax companies are likely to move elsewhere as well so how are we going to get this increase in tax from the 5% and make it sustainable?

Also, if this formula is so great (Keynes was 1930s, so it's been around for a while) - why haven't other countries followed this successfuly?

@Doing, I'm not as left as Corbyn, but I am voting Labour as I want a fairer, more kind society. I have looked at the manifesto costings and they're as sound as any forward planning can be - prior to becoming disabled I was a lawyer so I'm pretty critical! The way I look at things, and what I think many people are missing, is that the whole manifesto is not going to happen overnight, we don't need billions at all once, these are measures that can be brought in over a managed period of time.

I've (hopefully!) attached a graphic detailing the main sources of funding. I'm definitely in favour of tax loopholes being closed - if work is done/ services provided here, they should be taxed here. Your point on corporation tax is a valid one, but it needs to be taken in context, we have greater corporation tax receipts because greater profits are being made, one follows the other. I don't buy the argument some make that companies will move elsewhere, we still have the lowest rates of the G7. Outside of that they may try to divert profits elsewhere, and that's where shutting down tax loopholes comes into play.

Everything is being taken completely out of context at present. The Tories have given no commitments tax wise (does anyone know their plans for council tax?), but they don't attract the same negative press (odd that, given who owns them!).

I hope that helps. Purely my take on things but if people (not yourself) stopped falling for what is essentially propaganda and supposition this would be a much fairer (and calmer!) campaign.

My council tax is about one tenth of my income. I dont think I could pay much more whatever they set it at. Perhaps I can look forward to a bill free stay at her Majesty's best hotels when I get taken to court

It's sad that people are being put in fear of debt and prosecution on something that hasn't even been said :-(

It's sad that people are being put in fear of debt and prosecution on something that hasn't even been said :-(

Maybe Labour shouldn't have even mentioned anything about it in their manifesto then.

It's been said though.
In the Manifesto.

Those of you quoting 7k bills etc are you basing it on your properties value or the value of the land it sits on as they are very different things.

Although the scare stories do not come from the manifesto, they come from the House Journals of the Tory marketing department.

fab

The campaign proposes a “standard rate” of 3 per cent of the value of land, which would be applied to 55 per cent of a home’s value (based on the assumption that land accounts for 55 per cent of a property’s value). The tax would be levied on 100 per cent of the value of vacant plots.

Its from the Telegraph....so not based on fact as such, but that is where the information is coming from

Thank you Bombardier25966 I think that is an excellent graphic and while I dispute some of the figures included I do agree with much of the sentiment behind it.

evolvepolitics.com/right-wing-press-lying-labours-land-value-tax-heres-truth/

For transparency its a left leaning website but the torygraph hasnt been nicknamed such without a reason

So often on threads like this, I see the assumption that anyone who lives in the south -east / London area, is wealthy, especially if they are slightly older and have seen the value of their property increase. It is often suggested that people in this position should 'downsize '. Downsize to what? Our house is a bog standard 3 bedroom mid terrace. No extension, nothing special at all. Distinctly average. Except that in this area it's worth around £350k - £400k, whereas similar properties elsewhere are around the £100k level. DC 1 rents a 1 bedroom flat nearby. Flats in the same development are currently selling for only around £50k less than my house is worth. That £50k would be swallowed up with stamp duty and fees, so nobody would be any better off. Unless those who advocate downsizing want us, and others like us (such as elderly MIL) to move away from the area? Away from the family support and care that are currently available, but which would not be possible if we/they lived miles away and would therefore put more strain on services in the new area.

The problem is that we do not know how much Labour are proposing to set this rate at, and it is not unreasonable to be worried about a tax which may threaten your home.

It seems unlikely to be less than the current Council tax.

Well, there wouldn't be any scare stories if it wasn't in the Manifesto, would they?

There wouldn't be a fabricated campaign of made-up stories if there wasn't an election in a week, and if Theresa hadn't done such an awful job that the Tories see their lead evaporating, and are terrified.

just
The countries been in a mess since the seventies?
Do you remember the seventies?
I remember sitting round a candle as the electric had gone off again!
Unemployment
Inflation at 20%
Do you remember inflation?

I suppose it's a great compliment to Jeremy that he has so totally outclassed Theresa, that the tory marketing journals have had to fall back on this nonsense.

No, PigletJohn. There would not be any scare stories about the land tax if the land tax it wasn't in the Labour Manifesto.
Theresa May didn't put it there.

pigletjohn in my view such comments do you little credit, there are people on here with jobs and lives built around the current system who are genuinely and rightly concerned. Some posters with a different view have taken the time and effort to explain why a different way of thinking may work and may not result in the outcomes people here are dreading. Please do not undo their good and inclusive work with such crowing and attempts at point scoring. Whatever the outcome we are all in this together and it is just about Jeremy and Theresa - frankly many of us wish it wasn't about either of them!

There would not be any scare stories about the land tax if the land tax it wasn't in the Labour Manifesto.

Obviously no one was supposed to read that bit

Not a labour voter - fuck its depressing that i feel i need to say that

According to their manifesto they are going to look into the demise of pubs

Differently

If you've read the manifesto, you know what it says.

Is there anything in what it actually says, that anybody can object to?

No there isn't.

That why the tory journals have got together to spread some made-up fantasies carefully calculated to arouse fear.

My dogs will be devastated at the demise of pubs.

Source or it didn't happen?

consider new options’ to reform council tax and business rates such as a Land Value Tax.

Thats all it says

All 'consider' and 'such as'...no definites or figures

What chardonnay

Was that to me or piglet