Keir Starmer and possible wealth tax

[errjql]

Here is a Financial Times article (from 2020) where Starmer is quoted as having said that the "government should look at the idea of a wealth tax".

The model that the report authors chose would mean that 8 million of us would pay a 5% one off payments on net assets over £500k - and those assets include the primary family home.

Charging 8 million people a minimum of £25k each (with no maximum!), simply for existing, is absolutely shocking. Plenty would have to remortgage to liquidate that kind of cash from a 500k home.

If you are voting labour, you need to be wary of what kind of fuckery they have planned but not bothered sharing. They've only shared vote winning stuff.

No I am not a fucking tory bot. Vote anything you bloody want. But do it with your eyes open and not just because you "hate tories". Tories for sure are twats. But labour might be simply be straight up robbers.

One-off 5% wealth tax would raise £262bn to cover Covid costs, study finds (ft.com)

Review any manifesto from two decades ago and it will be different.

Times change, this is not news.

Middle class people are hammered by lack of investment in public services. There are far more middle class parents with kids in state schools than in private schools.

And how expensive is private dental care, private health care etc? Paying for the basics because public services have been broken is expensive.

Apart from the very obvious scaremongering the idea does not make sense. What about mortgages? Would they offset?

The vague talk about no personal tax increase worries me ... Because council tax is our biggest bill and that going up will actually bugger us up properly.

I am not a Tory bot FFS - that is such a ridiculous thing to say.

I am a genuinely scared person.

because the tories have been poor, we are scheduled to vote in Starmer, almost unchecked.

Starmer is a liar or a person so tied to idealistic principles that he would watch family suffer . He said he wouldn't use private healthcare if a member of his family was on a waiting list.

I am not a bot, I am a person who doesn’t want this man as PM.

Yes he’ll raise money. He will hurt people who’ve done the right thing. And flush it right down the shitter.

I’m more concerned the explicitly haven’t ruled out removing APR and BPR. That could have humongous repercussions for farming and businesses.

there’s loads he hasn’t ruled out as he only telling us his vote winning policies.

The article proposes that mortgages would offset, yes.

Do you understand politics?

You surely don't believe that the Conservatives are telling you the downsides of their own policies?

Feeble last minute attempt to dissuade people from voting the Tories out. So sorry @errjql but I think you’ll find that ship’s sailed. The country’s had enough.

Starmer will make it compulsory for googly eyes to be installed on all front doors.
Makes about as much sense as the OP's notion anyway, and at least it would be funny.

The article which you have posted OP and the figure if £500,000 relates to the introduction of a wealth tax or rather inheritance tax on farmers and family businesses I believe.

In terms of farmers they have always been protected from this in order to maintain our farming community as they produce food. The affect of the tax would mean
pockets of land sold off in order to pay the tax.
resulting in less land to produce food
an even heavier reliance on imports
more building on farmland as developers buy the land
more roads for new home owners in order to get to work, schools and infrastructure
more pollution (until all vehicles are electric )
reduction in wildlife, woodland and hedgerows

The list is endless as I’ve only worked through one scenario and as this seems to have been costed ( article ) is very worrying.

Inheritance tax on family businesses over£500,000 could lead obviously to them closing and a loss of jobs.

Theres also the potential I understand to clamp down on property, assets (possibly money ?) being passed before death to family members. Again to gain from inheritance tax and I assume so there’s more in the pot for those who can to pay for care.

Im not convinced a wealth tax on assets charged whilst people are alive would work. That requires people to have lots in savings to pay it……I think it’s unworkable

As other taxes aren’t going up and the rates are set by local councils I expect the council tax to rise above and beyond. I think it’s inevitable unless we get a handle on outgoings. The cost of social care to all those over 18yrs has been rising massively over the years and is part of that bill.

Single children homes are extortionate and numbers going up.

The revaluation is a real option on the table. Things never go down when they meddle.

Please be accurate, he looked into the benefits of stealing your cat, eating your porridge and peeing in your garden. Here’s a paywalled source for more info:

What’s a single children home, I haven’t heard of that before

It's not a possible wealth tax, it's going to happen. People with more money will be taxed harder than they already are.

Yes that’s inevitable I think
The worry is it will affect our farming community and ability to feed ourselves
our businesses and ultimately jobs
and will make saving pointless

It could be done brilliantly. I’ve always been an advocate of a tractor test for APR. none of the bollocks about if you’re farming in hand or not, if you can back a trailer into a corn shed, pass a Red tractor assessment with no advisor, calve a cow or fix an egg packing machine you could be exempt.

There is a huge farming issue with people buying land to avoid IHT. However, the reason it’s there is a bloody good one and somehow that reason needs to stay.

I think it will mean many more businesses will pack up and leave. This country is already quite unprofitable as it is.

Even on that small quote from a four year old FT piece I’d have to have a subscription to read in full, I take it that the wealth tax would be 5% on the part of the assets that are over £500k. So if my house is worth £600k, divided by the two us who own it, we’re still not paying anything unless we also have other assets.

However I’d be happy to pay more tax if it was going to be spent properly on essential public services, rather than being channelled to Tory donors for dodgy PPE, which is what a significant part of the post-pandemic higher taxes seem to have been spent on.

I agree
the idea of putting inheritance tax on farmland is very dangerous and I worry it will be sold off to pay the tax bill and built on.

I appreciate Labour are costing this but it’s madness and extremely worrying.

We do need to stop farmland being bought ( by non farmers ) to avoid IHT but in a way if it’s still being farmed and if we do not allow a change of use then we don’t affect our ability to produce food.

If you Google the subject area there are other articles on it that are more recent aswell.
I wasn’t able to read all of the threads article either as I also have no subscription

Even the Greens (who have actually proposed a wealth tax, unlike Labour) have said 1% on assets over £10m.

The idea that Labour would introduce 5% on £500k assets is risible. The article is based on numbers suggested by the authors, not taken from anything Labour have said.

Other articles are based on what’s been looked at, financially, so far by Labour.

(I couldn’t read the ft one, no subscription.)

yep, it's this, isn't it?