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...

One thing i have noticed about a lot of the threads is if a subject comes up for example

What are the tories going to do about tax

You get

OMG labour and tax...money tree...uncosted...etc

Nothing positive about tories, just labour negatives

Happy to agree that it also happens the other way round, ive not seen it but that doesnt mean it hasn't happened

Piglets might fly more like, pigletjohn. "Please explain in 100 words or less"? Who on earth do you think you are?!

The. Figures. Are. Totally. Dependent. On. Raising. Taxes. Beyond. That. Which. Can. Be. Reliably. Predicted. And. The. More. They. Are. Raised. The. Less. The. Government. Is.Likely.To.Recover. This is not a difficult concept to grasp. Unless you have a vested interest in failing to grasp it.

Tories dont need detailed figures

My brain hurts that people can write this shit and believe it, a woeful state of education when someone lacks critical thinking skills

I.knew.you.couldn't.really.think.of.any.sensible.justification.for.preferring.an.uncosted.wishlist.to.a.document.that.shows.how.the.authors.intend.to.achieve.their.objectives

If you dont know the answer just say dan

Well, no. The real question is, how do you think it is justified? Do you really think labour will be able to raise those levels of taxes for that wish list, year after year? And if so, where's YOUR proof/sources?

In 100 words or less!

I don't think he will raise the right amount of tax. That's my answer. Plain and simple.

I don't think he will raise the right amount of tax. That's my answer. Plain and simple.

And I don't think the Tories will give our workforce the skills they need to be able to pay tax, plain and simple. So I'm not sure how they've reached their future projections.

I don't think either is perfect is my opinion but right now we need investment for the future or we are frankly stuffed, good and proper.

I am not a labour supporter

I have no idea if it is justified

I have no idea whether they will raise that amount of taxes

I dont need to prove myself to you because i am not making statements

But i like your answer

I was talking about this with someone yesterday, and it is a totally flawed idea.

Let's say my land tax was £6000. Well, I couldn't pay that out of taxed income, so I'd either have to sell or the council would have to take a lien on my property (like people going into care homes).

I'd put my house up for sale but people would not want to buy at the specified price due to the £6K land tax so the price and therefore value of house would go down. Possibly enabling me to stay in my own house if I could prove that it was now cheaper and less valuable...

If the council accept liens on people's homes then a) council would be waiting a long time in many instances and b) how would this impact on a mortgage if someone else had an interest in it and c) who else would buy it if the council owns part of it?

A charge over a house is worth jack shit if there's a first charge (usually a mortgage, but there are others, eg married couples used to be able to put in place a trust/debt that had the practical effect of doubling IHT) and the house is worth less than the mortgage. Because of terrible economic policies.

So even if the council had a charge, it would only get any money at the end if there were sufficient equity taking into account any charges with priority.

This is less of an issue for May's dementia tax, as elderly people will probably not have a mortgage left to pay, which is why deferring it until the house is sold is more realistic for that option.

Of course, the council might then pursue the unfortunate homeowner in a few years' time for the debt, just as all the banks did last time there was a house price crash

Yanbu to be scared, op. I'm scared of butterflies, we can't help fears, be they reasonable or not.

YABU to start another labour-bashing thread to try and sway floating voters that haven't read either manifesto, but you know this.

I'm much more scared of 5 more years of the Tories, because I use the NHS & value our police force and our schools.

I haven't read much of this particular thread but I do believe that the land value tax is a distinct possibility under Labour.

It's mentioned on page 86 of the Labour manifesto and also on the Shadow Chancellor's own web page here - 'What John stands for':
"John campaigns for .........., a land value tax..."
www.john-mcdonnell.net/about_john_mcdonnell

In 2015 the Financial Times named John McDonnell as a member of the Labour Land Campaign - their website here;
www.labourland.org/

If the Shadow Chancellor doesn't influence Labour tax policies then who does?

Oh lady!

You have constructed a fantasy based on a tax which is not a party policy, and a rate which is not a party policy, and a charging structure which is not a party policy.

Of course you can make up a frightening story if you do that.

In your fantasy, will your imaginary £6k be on top of your current council tax, or replacing it? If you and everybody else starts paying twice as much to your local council, what will your local council be spending the money on? Unicorn-grooming parlours?

Oh PigletJohn!

It'your fantasy the unicorns throw magic dust and milk and honey flows to join the oceans of gold where everybody frolics
under the benevolent smile of the Dear Leader.

You have constructed a lovely fantasy and willing everyone else the be wrong.

Open your eyes. See the reality.

PigletJohn never did come back to explain how Saint Jeremy of Islington will be able to raise the funds. Somewhat irresponsible to encourage people to vote for him so vehemently when you can't even answer that question, really.

I bet piglets answer will be similar to yours dan

Piglet I think he will raise the right amount of tax. That's my answer. Plain and simple.

Dan I don't think he will raise the right amount of tax. That's my answer. Plain and simple.

And i dont think you should be telling people who not to vote for when you can't even tell me how his figures are wrong

And again...not a labour or jezza supporter

Sorry

Smiley face as i am just teasing

But I can tell you how his figures are wrong. It's all over the thread from PPs! I agree with them that high earners will leave and I think that taxes will drop. Just as they did in France when they tried a high tax rate. He is assuming that the tax take will remain steady. I just don't think it will.

Lady

Let's say your land tax was £6 a year. Well, I'm sure you could easily pay that out of taxed income.

But since neither the tax nor the amount have been proposed by any political party, you are wasting your time going on about it.

Will it matter to you if Theresa sets the Dementia Tax Cap at £10million? She's actually said there will be a cap (though her manifesto says not) but she won't say what it is. So have you carried out your estimates of affordability and effects on your estate?

Important reading:

<a class="break-all" href="https://www.google.co.uk/amp/s/amp.theguardian.com/news/2017/jun/03/the-big-issue-labour-manifesto-what-economy-needs#ampshare=www.theguardian.com/news/2017/jun/03/the-big-issue-labour-manifesto-what-economy-needs" rel="nofollow" target="_blank">www.google.co.uk/amp/s/amp.theguardian.com/news/2017/jun/03/the-big-issue-labour-manifesto-what-economy-needs#ampshare=www.theguardian.com/news/2017/jun/03/the-big-issue-labour-manifesto-what-economy-needs

More important reading:

<a class="break-all" href="https://www.google.co.uk/amp/news.sky.com/story/amp/corbyn-wins-backing-from-over-40-economists-10348576#ampshare=news.sky.com/story/corbyn-wins-backing-from-over-40-economists-10348576" rel="nofollow" target="_blank">www.google.co.uk/amp/news.sky.com/story/amp/corbyn-wins-backing-from-over-40-economists-10348576#ampshare=news.sky.com/story/corbyn-wins-backing-from-over-40-economists-10348576

But if its not a land value tax where with JC get all the money to pay for his shopping list of everything?

Your second link was from 2015, May.

Bit out of date, no?

Also, 40 out of how many?

To think that is is only going to be the corporations and the top 5% paying more tax is naive.

Rebecca Long-Bailey said in an interview the other day that "we have laid out our initial tax plans in the manifesto". They will have to raise more tax to pay for their enormous list of promises they have made everyone. They might not raise income tax for the 95% but they will bring in Land Value Tax. It is something JM wants to do and he is the Shadow Chancellor.

Of course, I'm sure Labour voters will be perfectly happy with this as they obviously agree with the "redistribution of wealth" policies.