How should covid be paid for?

[KenDodd]

I think there should be a small wealth tax (up to 1%) and before anyone starts saying I'm just jealous or whatever, I would be in for thousands of pounds that I don't have and would have to owe. I feel really strongly that we can't just load yet more debt onto the young, they have it much worse than my generation did already (I'm 51).

Yabu - No to wealth tax
Yanbu - Yes to wealth tax

If you vote No, please suggest an alternative that you think would be fairer.

Sounds reasonable though it will trigger those with the most means hiding their money. I would remortgage my house straight off,why should I be penalised for being conservative with money and not running up debts. My capital is all I have as I have lost my job due to covid

Wgat do you mean by “pay for COVID”? Are you referring to the costs of treating people, vaccine research, etc? Or providing money to struggling businesses and to individuals who have lost their jobs?

Many of the people who have to pay 1% of the house value as a tax would need to sell it to raise that kind of money

People working pay 20-40% tax on earned income. Why should unearned wealth be taxed less than work?

People working pay 20-40% tax on earned income. Why should unearned wealth be taxed less than work?

It’s a case of logistics. You’d have to turn the asset into money somehow.

The Tories will love everyone being in debt. Keeps their banking mates going for a bit longer...

The v wealthy pay more.

My friend has just retired at 55. She's lovely and will readily admit she had a lucky career. She definitely didn't work harder than teachers or healthcare.

We just (bizarely) seem to value jobs that move £ around rather than jobs that add to society.

@Flimflamfloogety

Legalise weed and tax the hell out of it.

You're welcome

Totally agree with this!

Primary residence is key as you don't want people living in million pound mansions not paying the tax vs renters having saved for a deposit on a cheaper property having to pay it.

Very good point. Lots of posters on here saying "yes to a wealth tax, as long as I don't have to pay it from the equity I've gained in my house over the years, those that are still renting and saving for a deposit can pay the wealth tax for me".

@KenDodd

Let me know when you're planning on implementing it, I'll max myself out in interest free credit cards and low interest loans. Always a loophole somewhere 😁.

@Dugee

Primary residence is key as you don't want people living in million pound mansions not paying the tax vs renters having saved for a deposit on a cheaper property having to pay it.

Very good point. Lots of posters on here saying "yes to a wealth tax, as long as I don't have to pay it from the equity I've gained in my house over the years, those that are still renting and saving for a deposit can pay the wealth tax for me".

Exactly that. And saying they’re living in a million pound house but can’t lay their hands on £10k. Are we really supposed to believe this nonsense?

www.thisismoney.co.uk/money/markets/article-8812261/How-rich-just-got-richer-UK-billionaires-wealth-soars-35.html

Tax the very wealthy who somehow manage to pay less than most.

Oh and I agree with legalise weed. It will also make it safer.

Exactly that. And saying they’re living in a million pound house but can’t lay their hands on £10k. Are we really supposed to believe this nonsense?

Tbh, if you can afford a million pound house, I don't believe you can't afford to have savings. If the savings are hidden away somewhere (tax efficient or abroad) then if you live in a million pound house, it's highly likely that you have access to credit. You have a million pound asset to borrow against to start with....

This will go down like a lead balloon with some people here, but I think the burden should rest more with the affluent section of the demography we're actually protecting from Covid, especially as that demography has already lucked out in many ways (final salary pensions, houses which have multiplied many times in value since they bought them). I'm glad Rishi Sunak is being really blunt about the need to pay for this, rather than just borrowing & borrowing (which is effectively dumping the burden on the young). Of course the problem is that middle class over-50s are the Tories' core demography, so I'll bet they'll screw the young instead.

This. I’m furious they’re keeping the triple lock on pensions again, all the while freezing and reducing working-age benefits.

This. I’m furious they’re keeping the triple lock on pensions again, all the while freezing and reducing working-age benefits.

But how else will the old MPs and Lords pay for their wives, children and girlfriends if they get their pensions cut? Got to cut the benefits, that's where the most money is and the peasants don't need to pay for afternoon tea every day.

This thread sums up the mentality of everyone wants to raise taxes but no one wants to pay. This is most true of socialists and lefties, which are plentiful in supply on these forums. So there we have it, raising taxes is a bad idea, as if it needed to be confirmed.

@BuggerBognor

It needs to be on income (HR and BR imo) and consumption - for expediency if nothing else.

It’s all very well saying tax Statbucks, Amazon and Russian oligarchs but if there was an efficient way of taxing wealth, we’d already be doing it. Those agile people and companies who can shift jurisdictions - taking their employment and cash with them - employ accountants to subvert anything HMRC imposes.

This is a cop out though - a lot of those US multinationals pay their corporate taxes in the USA. If they can't even manage that here we don't need or want them. It gives a massively unfair advantage to the likes of Starbucks vs a small business person wanting to start an independent coffee shop, for example.

sst1234 and your idea is?

Please don't say austerity, as that shrinks economies which means the government gets less income then it saved by making cuts.

@Dugee

Exactly that. And saying they’re living in a million pound house but can’t lay their hands on £10k. Are we really supposed to believe this nonsense?

Tbh, if you can afford a million pound house, I don't believe you can't afford to have savings. If the savings are hidden away somewhere (tax efficient or abroad) then if you live in a million pound house, it's highly likely that you have access to credit. You have a million pound asset to borrow against to start with....

Exactly that.

I think some sort of tax based on how much a house has gone up in value between purchase and sale/death should be introduced instead of stamp duty but I dont know if it would raise money or just feel fairer.
I think we need to be investing in the green economy in a way that will create good quality jobs. We dont need more taxes we need more tax payers. Isnt it something like 30k before you become a net contributer? We need to invest in skills and hood quality employmeng to get more jobs at that level.

@sst1234

This thread sums up the mentality of everyone wants to raise taxes but no one wants to pay. This is most true of socialists and lefties, which are plentiful in supply on these forums. So there we have it, raising taxes is a bad idea, as if it needed to be confirmed.

Quite a few "lefties" like me on here have said we don't mind paying more so at least keep your sneering accurate.

I'd like to see properly funded Police, NHS etc - I'd be happy to pay more tax for that and the people doing the jobs would be paying taxes too, but oh no, we have to march to Tory tune of everything (except ludicrous executive remuneration) is too expensive.

How much would the valuation side of a wealth tax cost? I mean we can't go on self valuation can we. Inlaws have loads of small but high cost assets (jewelry, massive stamp collections, coin collections, guns etc), I suspect if left to Fil's own devices none of that would count. It's a bit pointless if it costs more than it pulls in.

I'd abolish NI, increase tax to compensate across the board including for pensioners. Harsher penalties for tax dodging both for individuals and companies. I'd also look at inheritance tax (and yes, dh and I are probably going to inherit close to a million as things stand so we have something to lose). I'd probably go for something like you can inherit x amount and then it's taxable at a set rate. Everything from the proceeds would go into social care. I'd be tempted to legalise euthanasia too because I can't stand the thought of needing a care home and I wouldn't want to die with dementia. According to dh that's too much though.

I'd also want better scrutiny of everything we spend money on. No more failed IT systems, no more pay rises for MPs when everyone else suffers.

The ultimate focus would be on getting everyone back into sustainable ideally enjoyable work (taxable of course) with as a streamlined simple to understand taxation system as possible.

This thread sums up the mentality of everyone wants to raise taxes but no one wants to pay.
Did you miss the bit where I said that I would have to cough up thousands of pounds that I don't have and would have to borrow to pay the wealth tax I'm suggesting? As did plenty of other 'lefties' on the thread.

How much would the valuation side of a wealth tax cost?

House prices, they could just use Zoopla or similar and people could pay a £100 fee if they wanted to challenge the valuation. Savings/debts/mortgages/shares etc, submit paperwork. Other assets, such as art, declare what you have, online valuation.

Not perfect but good enough. Stiff tax evasion penalties for the dishonest (if they are caught).