If a wealth tax brought in zero revenue to the government, would people still support it? If yes, why?

[percypiggy200]

I’m curious and I’d love to know people’s reasoning.

Yes exactly which is why they can’t stick to this

Rachel Reeves was interviewed by Trevor Phillips around the time of last years budget. In that Reeves said: “It’s now on us. We’ve put everything out into the open, we’ve set the spending envelope of this parliament, we don’t need to come back for more, we’ve done that now, we’ve wiped the slate clean.”

www.theguardian.com/politics/2024/nov/03/rachel-reeves-i-was-wrong-to-say-no-big-tax-rises-would-be-needed

Yes it was "sad".
Oh yes he is changing industries and moving from 6 fig salary to 40K. Bonus is he now won't be hated for doing well and we can claim some things we weren't able to before.
So from contributors to takers. That's what Labour want though so it's a win/win.

Oh FYI his job and industry have moved to the US so has the tax revenue.

Amazing what you can do with stats isn't it?

In the three months to September 2025, there were 34.19 million people in paid employment in the UK, and the employment rate for those aged 16 to 64 was 75.0%. This number represents an increase of 417,000 people compared to the previous year, according to the Office for National Statistics.

• Total number in employment (aged 16+): 34.19 million
• Employment rate (aged 16 to 64): 75.0%
• Year-on-year change: An increase of 417,000 people

Not at all saying it hasn't had negative effects, it most certainly has, but what you and others never say is how you would have raised the money needed immediately for Hunts NI cuts (thats 10bn right now) PO and Blood compensations, Defence, NHS... disadvantaged kids, Roads, Schools etc etc, all immediate demands.
Can't wait for the economy to grow, something the previous Govt never managed in 14 years.

& when Labour announce Welfare cuts, you re up in arms about that too.

If Labour think everything is great and they’re doing well they won’t listen to the CBI which is a shame and will impact everyone.

Well not done Chagos for a start. That would have freed up £30B+.
Not given train drivers a wage increase

Those are 2 things.

Given how stamp duty has egfectively ballooned on very ordinary property in the SE over the last 20 years, I am absolutely certain that this so called wealth tax would be due on a normal SE suburban semi within 20 years.

Carbon capture is another one.

It was Labour MPs who stopped the welfare reforms, not posters on MN.

Chagos is 30bn over 100years, so 300m per year.

Train drivers strike cost 135m to settle.

So how will you go about finding the remain £29billion 565million?

This does seem to be a recurring theme.

Some migrants, yes. Refugees, no.

So if you're living in your French home - with property valued under €1.3 million - you're only paying Taxe Foncière. How is that different to council tax?

Which ones?

What are you on about? where did i reference "who stopped the welfare reforms?"

I was quite plainly addressing posters on here but thankyou for your input, invaluable.

Being unable to understand simple sentences is indeed a recurring theme.

How did 'austerity' make you redundant? Is that where your anger towards the tories is rooted?

I pay an EXTRA tax because my property is worth more than €800k. I’ve literally just paid it for the first time this year.

I also pay tax fonciere. Anyway I have stuff to do so I can pay that €tax. A bientot.

You keep banging on about poster's opinions on welfare reforms (without evidence), not me.

Labour’s failure to implement welfare reforms is nothing to do with posters on here.

Those who do not qualify according to the rules. Overall, I think immigration is beneficial to the UK but obviously numbers can’t be unlimited unless services and infrastructure are scaled up accordingly, which isn’t going to happen.
I would also end sentences in UK prisons for migrants found guilty of crimes. Instead, they should be deported immediately. Whether their country of origin will take them back is another matter of course.

I agree with this, particularly deporting those soundly convicted of serious crimes.

If they have not renounced their original citizenship I think their country of origin must accept them, although they may require a new passport. Anyone with a second passport can be deported immediately.

On the basis high earners already pay for the majority of the welfare state your attacks are ridiculous

Looking at other countries we see ours as an outlier in the divide of taxes with lower earners paying far less. This is why we are loosing so many net providers.
If we continue to do so, with the backing of the left thinking, then we will need more workhouses because there won’t be any money to support the increasing benefits.

The bank of net providers collapses in the exodus there will be no money.

A short sighted ‘grab it off others’ mentality will ruin this country
We either all work to keep our services and support afloat or we watch it crash and only have ourselves to blame

Abroad…anywhere people chose to move.
Admin…the cost of running a tax

If the cost of running a tax outweighs its introduction there’s no point.
We all know tax avoiders aren’t chased unless there’s a net gain. One only has to look at the cgtax to see that.

A bit of a diversion from having a go at anyone who leaves such as the op.

If people not in that group can leave and arrive as they like there’s no need to be sickened.

It’s nieve to point out we are not all the same
Obviously!!! We are not all the same and posts on SM will be referring in generalisations.

To say the wealthy keep taking and including ,for example, food is in itself not taking account of how businesses work. Businesses employ people
ni has increased
min wage has increased
raw material prices have increased
producers and middle men need to make a profit
That's business

A single person working full time on min wage gets £22,222. They pay taxes and contribute to society. This is not a problem they are creating.
If people are not working full time don’t do so because they lose benefits then there is a problem. Much the same as higher earners not working more to avoid a cliff edge. We need to encourage working not discourage

In terms of suppression of wages. The increases in min wage are currently causing an issue with those who study for degrees as I’m sure you are aware of and with the additional debt this is another area that needs focus by our Governments.

As is rent. The loss of so many landlords has created rents most cannot afford. Along with us not building enough one and two bedroom properties. Your average higher earner is not to blame here . These are problems created by our Government.

Lastly
We have not had decades of ‘my’ approach. We’ve had decades of increases in the welfare state and not supporting small businesses.
The more we strangle aspiration the less we have to spend

I am not agreeing or disagreeing with the politics of introducing a wealth tax.

I was only pointing out (using easy to follow figures) how a situation could arise where a new tax brings in revenue but overall costs income.

The UK government has about £50bn worth of tax in litigation at the moment. This is where HMRC think a company (mainly companies) owe tax (mainly corp tax and VAT) and the company have an argument about as to why they don’t and it’s in the process of being litigated. Full litigation takes about 5 years and costs millions and millions in legal costs for both sides. The valuing of a persons assets is so open to interpretation I can see so many cases just joining the litigation queue. This is not a quick and easy tax take. This isn’t ‘we’ll have 45% of whatever your employer pays you”. It’s about agreeing on an open market value for your house, or your limited company etc.