AIBU to think a 2% wealth tax on the rich is unfair?

[Mrspepperpotpot]

i just saw an article and petition from oxfam saying if we taxed the ‘super rich’ 2% it would solve a lot of problems. They were suggesting 2% on anyone worth 10 million. Everyone in the comments agreed

I just don’t understand this mentality. High earners are hit at every turn. They usually use private health and private schools, pay the most tax, get hit with tax on savings, IHT, land tax, pensions etc etc Why on earth should people earn money to be taxed on it, to then be taxed on it again and again.

Why do people begrudge others having money when they’ve worked extremely hard to get it? Why isn’t there uproar about benefits instead?

I know this will never actually happen but the amount of people who seem to want it to is astonishing

That's untrue.

I am a middle earner and do not feel jealous of people who are smarter/better qualified than me/financially astute/risk takers who made their own business. Why should the money they earn should be made available to me via taxes? As a UK citizen I had all their opportunities to make something of myself. they soared, I plod.

By the same token, I studied hard, made wise decisions to get where I am and work hard every day. I do not feel inclined to pay more taxes either, just because I have more money than those who made less of themselves, despite having access to the same standard of education and access to books.

You reap what you sow.

(I also "tax myself" additionally by sending money abroad via charity to children who are not in receipt of adequate food, education, medical care and opportunities that my kids have had, thanks to UK taxpayers).

Why indeed, EasternStandard?

I'm not privy to the financial arrangements of those mentioned in the Guardian's tiresomely predictable article, but remembering that you can prove anything with "polls" I also have to wonder how many of that 400 have already moved their assets beyond most tax jurisdictions, so can prate knowing that they personally are untouchable

They could just set up the voluntary tax society and send in millions. Job done.

Mark Ruffalo could head it up.

There's somewhere between 58 and 157 depending on whose data you use.

This article claims they're leaving already.
https://the-european.eu/story-60807/uk-billionaire-count-falls-as-wealthy-quit-britain-sunday-times-rich-list-shows.html

“We have also seen a sharp rise in the number of British nationals now resident in Dubai, Switzerland and Monaco. As UK nationals these people remain on our Rich List – wherever they now live.”

The Sunday Times Rich List is based on identifiable wealth, including land, property, art, racehorses and shares in publicly quoted companies. It does not include bank accounts, to which the newspaper has no access.

You can't alter things to go after wealth in land, property, art, racehorses without unintended consequences.

The inheritance tax row on farmers land and businesses will continue to damage the UK as a whole.

The govt change in ISA limits is an interesting one - in effect they are going after 'the rich' but actually it'll affect anyone wanting to save efficiently and avoid the stock market.

Tax income. That's fairer.

It pisses me off when people think the rich have worked harder than people with less. I have a good income, which is more than doctors, nurses, teachers etc. Do I work harder than them? NO! I don't work anywhere near as hard as them and am just lucky I fell into a career path that pays what it does.
I don't know why anyone wants/needs more than 10mill either.

Switzerland has a wealth tax but it's absolutely tiny and all other taxes are low.

So you dont pay into your pension?
You would hope a higher rate taxpayer would understand the difference between a wealth tax and an income tax... but apparantly not.

These doctors would make oodles more in America. We have a socialised medical system where there's no competition for the skilled labour.

They could, EasternStandard, but I wouldn't hold your breath

That said, it's only fair to mention that a significant number of HNW individuals are heavily into philanthropy and do give a great deal off their own bat.
Okay so often they're buying influence too, but at least others benefit from this in a way they might not if the ££££ was simply given to governments to piss up the wall - something which I'm sure they fully realise

You don't fall into a career path. You actively choose it and even if you stumble into to, pay details can be googled.

You don’t know anyone who have developed a multimillion pound business and is looking to expand?

I think it's very fair. But maybe if I had £10m I would think it was unfair.

I do understand the difference however as a large proportion minimise the amount they pay on income tax maybe imposing a wealth tax will balance things a bit.

Andy Burnham better work out whether he wants the tax system to a) raise money to fund public services or b) to punish those who have done well for themselves. These two are mutually exclusive. Put a punitive tax on wealth and the tax take will fall. But hey if you’re a lefty and all your fans loathe ‘the wealthy’ it might help you get re-elected.

How quickly will that £10million tax threshold become £5 million, then £1 million? At £1 million with pension benefits and a house bought in certain areas 30 years ago plus a modest inheritance you will start to find nurses and teachers are included in that tax.

One in five households where?

I feel we are going back to the split of key (public) workers being good and worthy, and private sector non key workers being exploiting.

And that's mad. 80k should not be in the top 3%. It should be the top 10% at least if not more.

Those with the broadest shoulders and all that. Do you have £10mill? If so you should be embarrassed to be that stingy.

Although we need to get a handle on how disability is defined. This is one of the key issues.

There seems to be a lot of arguments that we shouldn’t tax the wealthy because they’ll close up business and go elsewhere. But this is what leads to wealthy not paying taxes because everyone is too scared.

The details are essential here. But it’s amazing how many businesses somehow manage to turn over hundreds of millions of dollars, and have owners that live very extravagant lifestyles, and yet somehow don’t earn any money and don’t pay income taxes.

US kind of sets a minimum taxation rate for citizens There’s been proposals of minimal taxation rates in international trade arrangements. With so many countries battling tax avoidance practices there are solutions, and the fact people can avoid isn’t a reason not to tax the wealthy.

Why is it fair that some people can work full time and still not be able to afford a house or a basic standard of living?

The fact is that most people become super wealthy by exploiting other people and paying them the bare minimum.

That's the worry isn't it - and especially when you factor in that those with billions already have all the advice they need in order to protect themselves

Those consumed with the politics of spite often forget that it doesn't actually matter where the very wealthy live, and that them f*cking off would make very little difference. It's where their assets "live" which counts, and since successive chancellors will know this perfectly well I suspect their main motivation is tasty headlines and pointless promises of "We'll make them pay for you"

It's just jealousy

People are always generous with other people's money and resentful of anyone who has more than they have.

Not a single thought given to how economy actually works, just punish the "rich" who don't deserve to be rich.