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)

I have no idea how they could do this if you already own your own home. Tbf certain parts of the country these are just the house prices for normal family homes. As crazy as that sounds. I remember a time that amount would have got you a mansion with a swimming pool. I'm in Devon btw. I was born here so unfortunately have been surrounded by the inflated costs all my life. I do love it here though. I couldn't afford a massive tax increase.

But let's pick up on the 'there's loads he isn't telling us' point.

If Starmer wants to do anything in the manifesto that is voted for - the HoL typically won't stop him. IF it's in the manifesto.

If he does anything outside the manifesto - they might. Now, what do we know about the HoL? Oh yes, it's stocked full of (Conservative) rich people.

Are they:
a) going to let him tax their wealth
or
b) veto it

If he genuinely wanted this kind of wealth tax, he'd have been an absolute fool not to bake it into the manifesto to prevent the HoL getting in his way because you can guarantee they will.

Further reading ( also for @Lopine )
If interested

Its not just a tax on the super millionaires
its businesses, farmers, landlords, second home owners ( holiday let’s etc ) and our ability to pass assets to our family members.

I’m not scaremongering.

these are my honest worries

and I’m not necessarily advocating voting con. My dh voted LD as he always has.

Well that does make me feel better as clearly I’m not sitting on £10m.

The Telegrah story is behind a paywall but the sub headline talks of taxing the "super rich". I strongly suspect a £500k home is not going to be a qualifier for that.

The Bloomberg story is also behind a paywall but the first few lines suggest it is not a story, it's an opinion piece, mulling over whether Labour are doing this or not.

The Guardian article is talking about changes in inheritance taxes and CGT - both of which (IMO) need an overhaul. See 6th Duke of Westminster for why and how people are avoiding massive amounts of IHT.

The Daily Mail article uses proposals that were REJECTED for the manifesto and pretends they are plans.

This isn't really further reading - it's just the top 4 hits if you Google "Labour Wealth Tax" and let the algorythm decide what you get.

I couldn’t read the telegraph article either. Which is why I read all the others.

I was pointing out to the PP that whilst the telegraph article is old there’s still lots of current articles discussing the tax.
ie…it’s not the only article for those who are interested

Why should we care how your husband voted?

I was defending myself against the accusations of being a Tory bot scaremongering.

you don’t have to care how my husband voted. What are you hoping I’ll say - because he’s a man and we should sit like good little girls and take note?