What do you think of this idea of a wealth tax?

[LuluJakey1]

This is from The Guardian this afternoon. It is the third article I have seen in the Press two days promoting this idea.

www.theguardian.com/commentisfree/2020/jul/06/arts-wealth-tax-rishi-sunak-nhs-public-services?CMP=Share_iOSApp_Other

Personally, I think it is bonkers. She seems to be suggesting that ALL wealth in this country - houses, savings, pensions, shares/paintings etc should be subjected to a one off tax of 10% to get us out of the financial mess.

DH and I would have to find about £80,000 cash! We'd have to sell the house?

Yes- Yes it is a good idea and you are BU to criticise it.
No- It is an awful idea and you are right to criticise it.

Crazy idea, I’d be on the first plane to a tax haven

Sorry:

YABU - Yes it is a good idea and you are BU to criticise it.
YANBU- It is an awful idea and you are right to criticise it.

@Bringonspring

Crazy idea, I’d be on the first plane to a tax haven

Polly Toynbee is very mistaken, in my view, if she thinks people will want to do this to save 'the Arts' !

It would be pretty hard to get the money out the house - no ones going to lend me that extra

Will it apply to the Royals? I doubt it.

I am not averse to the principle of paying more eg 1p or 2p per £ on income tax and taxing the super-rich or second homes or Buy to Lets or houses over £1 million etc but to think 10% of the value of everyone's house and savings whatever their value, is reasonable is potty. There must be more acceptable and reasonable ideas.

Save the arts, bankrupt the people.

It's ridiculous and unworkable - pretty much no-one would be able to magic up 10% of the value of their house without selling. I'm not even sure we have 10% equity in ours!!

I think taxing wealth is better than just looking at income but this idea seems a bit out there.

Bonkers idea. I can’t imagine public support would be very high!

Tax the tax avoiders first (eg google and amazon), then follow on with people that have bought property with no intention to ever live in it (eg overseas investors), then people with an additional property portfolio (eg landlords), before you even look at the homes people live in

So someone who is 200K in debt - mortgage for example - would be on a tax rate of minus 10%?
They'd get a 20K windfall!

A lot of people are struggling and going to struggle for a while. How are they going to find the 10% of their house value AND be able to pay the mortgage, bills and feed themselves in a recession?
Stupid idea.

Yeah can't see many people being able to do thar without selling their homes. Plus what about defined benefit pensions. How would you pay tax on that?

Also, they won't do this. All their mates would have to stump up 100's of k's.

I always thought a luxury tax would be good, ie higher rate of VAT on luxury cars and yachts/ expensive paintings and wine / designer goods.

I don't agree with a tax on goods that already owned though.

Totally bonkers. I'd be on the street because I'd have to sell my house! As a pensioner, I have no means to increase my income (I doubt anyone would want to buy my old body).

I'd have to stump up a whole £30.30 and I still think its bonkers!

Its fucking shit. People who have used their money wisely to built assets and wealth might now have to bail out many people who have generally been feckless and lived beyond their means. As a footnote I have genuine sympathy for people in lowly paid jobs, they are obviously not included in the above.

Tax the tax avoiders first (eg google and amazon), then follow on with people that have bought property with no intention to ever live in it (eg overseas investors), then people with an additional property portfolio (eg landlords), before you even look at the homes people live in

Yes the first two suggestions, no to the third. If you tax LLs, it will be tenants who end up paying the tax.

Nice idea but workable.
How would you get 10% in cash from your possessions without putting the economy into freefall. Let's face it, Mr & Mrs Average won't be able to afford spending on other non essential items...

YABU - you obviously haven't read the article carefully. Clearly they are not going to demand 10% of the value of the average middle-class person's house.

Second homes, sure. But people shouldn't have those anyway, in general. No doubt half of the people on here are "accidental landlords" though and would object.

It is a great idea; probably one of the most equalising policies ever, if done well.

Wealthy powerful people will not support a tax which reduces their wealth and power

Of course we need things to be fairer but how can we do it it when the people who control the purse strings are the ones who benefit from the system as it is?

They can’t tax on mortgage though. It’s come from equity so 10% of equity in the home.

Yanbu terrible idea. Most people dont have 10% of their wealth sitting around to pay in. What if the bank wont increase your mortgage to pay your tax bill? People will just leave the country.