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.

🎯

I have told you what I’d focus on. What’s the issue?

s maddening. Building lots of housing would transfer wealth away from the rich but it a constructive, pro-growth

I agree and all that benefit money going to private landlords could go back to councils if there was more social housing.

You need money to provide services that help the children. Taking a fatalistic view of children in these circumstances is immoral and actually not beneficial to society.

I think you’re the one being daft. Or you don’t understand simple economics. Wealth is mobile. It leaves.

Ever heard of Laxmi Mittal? The guy, along with millions of other paying majority of taxes are leaving this country. Taking their wealth and taxes to other countries.

@EasternStandard I am specifically asking you about taxes as you were the one who responded to my post which mentioned that that they were inevitable now.

Yes it’s the wrong question to start with. What can we tax v what should we change to get growth.

Start with a basic concept of how growth occurs not taxes.

Yeah and money doesn’t grow on trees. You can tax, borrow or print. Borrowing and printing has made this country poorer already.

and the 1% paying 30% of taxes are leaving, taking their wealth with them. You can’t feed children platitudes.

It's why they should have never increased employer NI etc

I think this clearly demonstrates the huge issues we have though. This policy hasn’t worked but a lot of european countries have higher employer social security taxes which helps to fund better public services.

Start with a basic concept of how growth occurs not taxes.

If it’s so basic why did it elude the Tories for years?

The Tories kept that rate for 3 years, i don't know about any genuine increase in tax collected, it was on PAYE rates, so its almost impossible to avoid.

When was the private sector thriving? unemployment hit 8% in the mid 2010's

& it was increasing in the 1st and 2nd quarters in 2024, at 4.4%, its 5% now, still historically low.
Numbers in work are at record highs.

All tax rises have impacts, if not NI, which ones? or wouldn't you fund the NHS, public services, pay out PO and blood scandal compensations or increase defence?

As usually no one wants tax increase but everyone has their own pet thing that has to be funded eg SENDs mentioned up thread.

I think you are assuming people who think money would help think the money should go direct to individuals?

Im not sure thats what a lot of people are thinking. They might be thinking sure start on steroids, increased mental health services, improving transport in rural areas, incentives to good teachers to go to poorer areas, lots of schools already do good things with pupil premium that could be improved more. One school I work for has amazing results for its looked after children.

Yes. I personally don’t particularly care whether the new housing is socially or privately owned so long as there is lots of it.

I’m also a landlord and probably a rich person in terms of this debate. I’d be delighted if my wealth takes a hit becuase the govt is doing pro growth things like building housing, replacing SDLT with a property value tax, etc. But it’s pretty dismal to see the govt continuing to not fix the main thing they said they would address, repeatedly being surprised that they’ve run out of headroom again, and endlessly casting around for people to tax for it.

Are they? What's your source for this data?

There’s this thing called google……

with millions and millions of news sources.

You should try it sometime.

Why are suggestions met with looking backwards? Is it a pro Labour response

If people can look forward and agree on a basic concept then we might get out of this business hammering mindset.

Tell me you know nothing about the current jobs market without telling me.

@Marshmallow4545 You are writing about chaotic families as social services call them. Money will not save some families or help them make the right decisions.

Very occasionally a child makes it out of a chaotic family and does well. I am that child. I have cut huge swathes of my family off. When you live in it and manage to get out of it it gives you an unusual perspective. This isn’t about a poor family and that’s where MN generally just doesn’t understand because there are plenty raised poor but with families that support and parents that sacrifice and they are still ‘respectable ‘. This is alcoholism, abuse, drugs, crime, prison it’s their way of life. Why am I different ? academically I did very well, the rest just weren’t interested and if I’m totally honest they are all of low intelligence. Maybe I will get criticised for that but that is the big difference. Researchers conclude poor housing, chaotic environments, poor nutrition all contribute to poor academic performance. Certainly makes it harder and no disputing that but my siblings and I all grew up in that environment. They lack critical thinking skills. I did my absolute best with the sister that’s close in age to me when we were teenagers because I could see the road she was travelling down. She did once say you were right and I bet you are pleased, I wasn’t, it broke my heart. I cut her off many years ago I will not consort with criminals.

@GeneralPeter but why is there such a reluctance I don’t understand?

@EasternStandard I am just surprised you think it’s such an easy obvious fix? It’s nothing to do with partisan politics! Are you going to answer my question on tax?

https://www.devere-group.com/why-are-millionaires-leaving-the-uk/

Interesting read.

Oh right so you don't know is your reply, you just believe everything you read on the internet, this is why we are screwed!

To be fair, the latest stats on how many British nationals have left are recently published and widely available.

Personally I don’t think fixing UK productivity is going to be simple & easy. History suggests otherwise for one.

Imo it will take years and involve long term strategies and therefore need cross party solutions. As a result I think growth will continue to elude us and we are stuck in a doom loop of paying more for less

Nothing’s easy. It doesn’t mean you stop going for growth of SMEs or whack an extra tax in the form of NI which will hamper them.

At least decide on what is being aimed for and then work out the details which actually match, not do the opposite as the NI policy does.

I missed the tax question, what was it?