Zero sympathy for people who had £10 million worth of jewellery stolen

[TwoCreamEggs]

People are struggling to heat their homes, feed their kids and pay their rent - whilst this 'millionaire influencer' has £10 million worth of jewellery stashed in a safe at home - I find this morally abhorrent and have zero sympathy. They have so little insight and social conscience that they feel it appropriate to flash jewellery and other signs of huge wealth all over social media. I'm glad no-one was injured obviously but hope the stolen jewellery is used to re-distribute some of their enormous wealth.

That is a massive, massive loss. Yes, I do feel sorry for her. Must also be dreadful to feel that your home was invaded and wonder if they'll come back.

Some people have no empathy whatsoever if someone is rich. It's pure jealousy. While huge riches must be very nice, they are pretty useless against the worst things in life, such as heartbreak, bereavement, serous illness.

circular argument

Baddaybigcloud · Today 15:19

SunnyAugust · Today 15:17
Let’s storm Buckingham Palace then
I would love to!

Why don’t you? French and Russian revolutionaries managed to round up large crowds to storm royal residences without the modern communications of today so it would be easy to alert thousands of like minded people of your plans at the press of a button.
All you need is a few battering rams, a trebuchet or two, maybe some hand grenades and other firearms and off you go.
You may have to kill a few people who attempt to stop you but the end justifies the means.

Well, yes. That's what earning more money means, after tax, you have more leftover.

I earn minimum wage, but I pay the same % tax as someone earning £50,000. They will, obviously, have more money left over.

But lets tax everyone down to the same level, shall we?

It's estimated that the basic cost of living is £2,500 per month in the UK. To add a tiny safety net (but not too much, of course!) let's sat that's £3,000 per month. £36,000 per year.

Whether your base salary is £50,000 or £500,000, you get £36k per year.

If you're on less than that, the government tops it up. Brilliant, right? The wealth is redistributed!

People will lose their homes, of course. Businesses will fail, because people can't afford luxuries anymore. But wealth has been redistributed, for all of a year.

It would never work. Encouraging upwards social mobility is far better than advocating for bringing people down.

No, let’s not tax everyone down to the same level. No-one I’ve seen is suggesting that here other than you (presumably sarcastically).

You can encourage upward social mobility all you like. All of the facts and figures say things are going in the opposite direction and have been for decades

How poor does someone need to be before it's morally acceptable for them to be burgled?

I haven't read the whole thread, but your general point is that if someone isn't on the bread line, they are fair game for thieves.

Guess you would have been rubbing your hands together with glee when my parents who live in a nice area, were broken into whilst on a nice holiday and my mum had her engagement rings and her recently deceased mums wedding ring stolen. Serves then right for going on holiday huh!

But if you have that much money - is it not better to spend it and hence share the wealth around, than leaving it just sitting in the bank ?

@oakleaffy

Dad had a safe, but when I looked after their house he never told me the numbers so “ It couldn’t be beaten out of me”.

That's awful .

Okay, so what is your suggestion?

We're all going to be the losers if the jewellery isn't recovered. A payout of £15m by insurers will be recovered from higher premiums across the board so we'll all end up paying for this.

Tax assets (or more specifically asset value growth) at the same or even slightly higher level as income. What’s yours?

Windfall taxes on energy companies, fine utility companies to the total value of their assets to bring them under public ownership. Invest in them, eventually lower costs - creates jobs and puts money in people's pockets. Society would function better, things get better etc etc.

A tax on assets just leads to all homeowners being taxed. You can't tax unrealised gains, because they are exactly that - unrealised.

Tax them when they are realised. And exceptions can be made potentially (like your main residence).

I agree with your suggestions too.

You are being ridiculous. It’s all relative. Somebody poorer than you might think you deserve to be burgled. Nobody deserves to be burgled. It doesn’t matter how much they have.

Didn't take long did it?
Your faux abhorence of their (imagined by you) wealth does not cover your naked envy and inability to be subtlety bitchy.

What? Why?

Tax them when they are realised

We do. It's called capital gains tax.

Yes I know, which is why I said make it the same or slightly higher than taxed income. It is too low currently.

They have, they raised it in the recent budget.

But not to the same level as income tax.

Pretty much bang on the basic rate, or higher (24% and 28% also apply to certain gains).

So if I invest the profits from a business, which have already been taxed, into growing the business, by opening a new shop or building a new factory, creating jobs, then I am taxed again on that even if I just keep holding it, and reinvesting the profits. Where does the money to pay the tax on the growth in the asset come from? It can either come from the profits after tax, but that means they’re no available for reinvestment. Or it comes from selling part of my company. Shoes going to buy a fraction of a small, privately owned company?

And how many people with assets earn at the basic rate? It should be the same or slightly higher than income tax, so 40% or 45%

It just wouldn't work.

Increasing CGT will also just lead to people hoarding them more, and then the CGT uplift comes into effect and a huge chunk of tax is lost