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

I think we need to more non-monetary incentives for people to be pay more tax. For example maybe airport fast track could be for top rate tax payers only, or special carriages in trains for top rate tax payers. The more people were recognised for their contribution to society the more people would strive to contribute.

I would agree with you op because I think this country needs to encourage wealth creation right now, but you ruined your argument with the ‘working hard’ bullshit.

Most of the rich aren’t rich because they work “extremely hard”. My mate who lives hand to mouth works “extremely hard” as an A&E nurse.

People are rich because money gets money. Privilege is passed on. Social divide increases. This is what needs to be addressed. Taxing the rich is not as effective as they just evade it and the treasury gets less anyway.

I actually looked at this. The vast majority of these people aren't actually on UC. I think only around 15% of social care staff. And same with those in retail. I think only 7% on UC

I hate this idea which is used to decide that something that would really benefit many could not possibly be entertained.
Very rich billionaires live everywhere. But for those who base themselves here for tax there will be umpteen reasons as to why. They are so rich losing a couple of million will not see them upping sticks and leaving.
For some it is a bolt hole from politically unstable countries. For some it is home and they love it. They have houses elsewhere but no amount of giving what to them would be the equivalent of a small amount of money to everyone else is going to make them leave.
There are many reasons why people locate themselves here. And no, they will not all leave if asked to pay what, to them, would be a small amount of money.

Except that wealth tends to accumulate. So the 2% would be a tiny fraction of the total earnings from saying rent on your massive property empire**,.or profits from your multi-milliom business. Plus, currently if you want to avoid income or capital gains tax, you can avoid paying yourself or taking out profits and instead lborrow against your assets. Because said assets increase year on year you won't ever lose money doing this and basically enjoy a very high income while paying less tax total than your cleaner. Wealth tax partially closes this loophole.

**Some people might, eg, invest in London apartments and leave them unnocupied because they don't need the money from rent, the property is an investment which increases in value each year anyway. If those people have to rent their properties or sell them then that's not a terrible outcome. But 2% is unlikely to mean anything to those people anyway.

Super rich.. 10 million

Then it'll be super rich £50000.

Tax income and have more people earning an income.
That's be better for the country.

Taxing the super rich isn't taxing people on their earned income. It is taxing on assets. Huge assets that just sit there not contributing to the economy. The owners of this sort of wealth do not pay as high tax as most of us as they can afford to send it offshore etc. This tax isn't aimed at anyone with a job who earns well.

It's a nice idea but I think the kinds of people caught out by any wealth tax would not be taking the train. And if they were flying would already be flying first class or more likely by private jet anyway. They would never need to be queueing up at the airport (maybe there's some cool multimillionaire that does that because he's super low key. But then they would be less likely to care about being fast tracked)

For more ordinary high rate tax payers (income tax) maybe an annual thank you card and a picture of a tank or hospital beds their taxes bought or something would be cool.

Of course assets contribute to the economy - what a totally bonkers thing to say. Assets held by businesses that employ people contribute to the economy.

It's impossible to have a sensible conversation about wealth tax when most people don't have a basic understanding of economies and how they work. Like Gary Stevenson who describes himself as an 'economist'. Don't make me laugh.

Top rate tax payers should not get fast track at airports no.
Very rich people have their own plane. And get VIP treatment.

The two groups are vastly different.

Don’t be silly.
If you are asking billionaires to part with a fraction of their wealth for the betterment of all, it would not be moved down to £50,000 !

There's not enough of us capable of earning enough to pay enough. I keep saying this, but as a population we are too old and too unhealthy for the taxes of the ordinary people who can work to be enough to cover our costs.

A neurosurgeon works a lot harder than a barista..

Also USA nurses earns so much more than an NHS one. It's because the us nurse isn't constrained by an inefficient government run medical system.

Def needs to be a wealth tax. They won’t all up and leave , most of the assets are things you can’t just pick up and move.

Always surprises me when hundredaires defend millionaires and billionaires 😂😂😂

If I had 10 million I wouldn't mind paying £200,000, it's a drop in the ocean. No one needs that sort of money. But I guess the rich just want more, more, more to be ever increasing their ridiculously lavish lives.

Exactly!

Why would someone with millions begrudge giving a bit more so that children can have their own bed or a family get support to care for violent children?

Because they're already paying "a bit" a hell of a lot more than most, only to see it frittered away for little or no effect - just like average earners in fact

Even leaving aside the issue of tax evasion you'd think it obvious that a standard % of millions brings in much more than is paid by folk earning far less, but too many seem to lack the numeracy to work this out
Either that, or "soak the rich bastards" is as far as their thinking goes

In fairness, quite a lot of them say they wouldn't have a problem with paying a wealth tax. Even if you take the surveys done by lobby groups that 80% would be happy to pay it.with a pinch of salt due to bias.

If the millionaires/billionaires decide to fuck off. Good. This will be good for us, as it will bring prices down for all of us. Having so many here pushes the price of property etc up as they've got more money than they know what to do with...more assets, more property. Freezing people with more normal salaries out. A basic Google search will tell you this, you don't need my word for it. So good riddance parasites.

I think think many of the hundredaires appreciate that the millionaires already pay for their health care, and for their kids schooling, and for the road on which they drive.

I'm not defending them and I'm certainly not opposed to fair taxation. But a wealth tax is a blunt instrument being used because we have a very poorly designed taxation system in the UK. And it will have unintended consequences.

There's polling to show that people on lower incomes don't care whether taxes raise money as long as they are 'fair'. The VAT on school fees is often quoted. I'd rather taxes were used to better society irrespective of whether they are always perfectly fair.

Poor government decision making is to blame for current wealth inequality. Until that improves, no amount of wealth tax will fundamentally change things.

I don’t want you and similar approach to mess up tax receipts as well have less to spend.

I don’t think that is right. Some very rich people have said they would welcome this sort of tax.
A group who canvassed millionaires here found 72% would actually welcome it.

£50k might be a bit low but you're right in principle, MsGreying

When the money runs out - and it will, once the consequences of paying people not to work are felt in full and they find "those rich bastards" have transferred ownership of all their assets abroad - they'll need to come for someone else, and that's going to hurt

Politically a non starter. And people do not all think of rich people as ‘rich bastards’ either.
Not all assets can be moved abroad. And ‘they’ will not be able to put a rich tax on someone whose assets are £50,000 !!