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...

Monkey - they really won't. They won't for the exact same reasons that the existing high earners will leave.

Epoxy - actually I don't think any of the current shower will do a good job. It makes me want to cry thinking about any of them in charge. I think we need to clear out the whole lot of them and start again. But in the absence of that fantasy, it's going to have to be LD on the basis that I hate them the least.

and Corbyn's is 0.5%

Evidence please?

I'd honestly possibly rather be poor than live in a country full of grasping capitalists

I agree with Oliversmumsarmy - people who see their hard earned money going on higer rates of tax - tax which they have no control over how they want spending - will leave or downgrade/ live more cheaply to go under the tax band (My DH is talking about quitting for a job that means we are taxed less).

I am not an expert but the prospect of a post-Brexit economy (if it does eventually enable Britain to flourish I can only imagine the next few years are going to be expensive and rocky as the financial powerhouses navigate the practicalities of it etc) plus higer taxes/ less income really scares me. The average wage earner will have less in their pockets and the economy itself may well be suffering at the same time. It will be a serious period of austerity.

Like it or not the country NEEDS a healthy proportion of over £80,000 with disposable money. If those people are taxed so heavily that their expenditures go down who do you think suffers? Not just those people themselves but all the small/ medium businesses who rely on people having a disposable income to fuel their businesses!

Thriving societies need cash flow. Cash being 'taken back' and pumped into black holes which people have no control over does not bring about social utopia.

I've probably written this really badly but I'm genuinely really scared about a Labour government coming in and driving this country onto its knees. People are doing exactly the same as Brexit - talking emotionally about Corbyn being a 'lovely bloke' rather than thinking about the cold hard facts. I don't give a f*ck if my political leader is someone I'd invite round for a cup of tea. I just want them to do a good job. I hate all these stupid FB memes with Theresa May looking like a pantomine baddie and all sorts of sentimental tripe passed around about Corbyn. It's childish, simplistic, and dangerous.

I worry about the country waking up to a Corbyn victory and having the exact same 'er, wait a minute....' moment that happened after Brexit. The reality of Corbyn as our representitive on the world stage and a huge tax bill that hurts MANY (amongst other things) and there's going to be a hell of a fall to the earth. Rainbows aren't going to explode out of the sky with bouncing fluffy bunnies and the NHS won't suddenly be cured of all its ills. Corbyn isn't a lovely cuddly bloke who is going to be your mate, (why would he?! Why would you care?! It's like in the US when people said they'd vote for Trump because they hated Hilary Clinton You don't have to like her. You just have to trust that person is better qualified to do the job!!)

I don't especially like Theresa May but I think the Conservative party are the better party to take Britain through the choppy post-Brexit years. They might be self-serving but right now we need a party who cares about a country with a flourishing economy because we can only pay for the NHS and education with one. Surely that's logical?

Most of my friends work in finance and only a handful of them have jobs that are moving if passporting rights aren't kept. But yes, some will definitely be going.

Can't live on fresh air and principles, monkey.

MovingOnUpMovingOnOut

www.independent.co.uk/news/uk/politics/labour-robin-hood-tax-city-financial-traders-shares-ftt-general-election-latest-manifesto-a7734566.html

Bombardier25966 Yeah i did say at the beginning that we were already considering it. Whoever wins would change the likelyhood and the timeline though.

Excellent post, LittleMouseontheDairy.

Not talking about people who would have to live on fresh air if they had principles though, are we?

Its people who want to have extra lots instead of just lots.

I listened with interest to an economist from the IFS last week who pulled apart both the Tory and Labour spending plans- the Tories for vastly underestimating how much they would need to spend and Labour for vastly overestimating how much they will raise and therefore be able to spend. Interestingly, I know the economist has historically been a Labour supporter.

All the 'news' on this is made up from using London data figures to push up the average.

Spoiler alert - most people will actually pay less with a LVT, which is a system recommended by various think tanks on both sides of the political spectrum, backed by the Greens and the Lib Dems, and is already used across Europe.

Not that it matters, because the manifesto only says they want to REVIEW council tax, POTENTIALLY find a new system which is fairer, and that MIGHT be a Land Value Tax.

Thanks Rhayader but that looks pre manifesto to me - is that right? I had a quick look at the manifesto and couldn't see a figure any where just that they will be extending Stamp Duty Reserve Tax (an existing tax) to cover more assets.

Some of the reporting on the leaked manifesto hasn't come to pass.

That said I'm on my phone and can't do a search and I don't really fancy reading 128 pages of manifesto!

Why do only rich people have 'hard earned money'?

MovingOnUpMovingOnOut

www.standard.co.uk/news/politics/labour-manifesto-2017-whats-in-jeremy-corbyns-radical-plan-for-government-if-he-wins-the-general-a3543816.html

The standard reported it as a headline when the manifesto was released so I assume it made the cut.

Sorry what am I looking for in the Evening Standard article? It doesn't mention a figure the same as the manifesto.

Apologies if I'm being dim. I've not had my lunch yet :)

Yeah it doesn't, you're quite right. John Mcdonnell just before the manifesto was released said it would be 0.5%. And then the news are reporting that it is in the manifesto - I'm sure there would have been more coverage if it was actually dropped or changed - but it's possible that the manifesto doesnt have a figure and 0.5% was made up on the spot in the interview with the press.

Even so, Sweden's 0.003% tax lead to a decrease in transactions of 85% - it's really not a great idea at any level. Especially in the UK where the finance industry is responsible for more than 10% of tax.

Corbyn has always supported this type of tax, as has Mcdonnell. Although that doesnt mean much because Corbyn has always been extremely pro brexit but campaigned for remain and Mcdonnell used to support a top rate of tax of 100% and a one of wealth tax of 50%. (I accept that this is not limited to those 2 politicians, its pretty much across the board, no matter what colour rosette you have)

I thought we were. Easy to say "go on fuck off you selfish unprincipled prick and take your high taxes with you" - but then what?

Easy to say you'd rather be poor and principled. Not so easy to do in practice when there's not enough people for JC to tax.

Rhyader we will probably go too. DH is currently job hunting and being asked if he will consider international. So long as we can make it work educationally we will go. My dad has already said that he's off of the tax increases come in and has done serious research as to how to do that. I'm happy to pay additional tax if it's properly spent but absolutely not for labour to piss it up the wall which is what will happen.

I am going to bow out of the thread because greedy people make me feel unwell.

Thanks sysysysref I didn't think that we were the only ones. To be honest the most painful bit is losing the tax free allowance. It takes a particularly generous person to feel happy about paying 62% marginal tax rate.

I love it, normal people would pay less and would hit landlords. FAB idea.

I think it's a good idea. Restores the idea of land being a common good for all, rather than the private property of a few.

It would make the economics of e.g. landbanking very different.

I see it as a rebalance of some of the effects of Enclosure.

Rhayader - I think it takes lots of people to feel happy about other people paying 62% tax! Look at monkey's posts above, calling that greed

Thanks Rhaydar that's makes sense. I would hope there would be some sensible people brought in who actually understand the city before any figures are settled on. There are enough of them in the Labour Party so it shouldn't be too big an ask.

I'm not a massive McDonnell fan. I think he's too radical.