Petition for Wealth Tax on richest multi-millionaires to billionaires

[WealthEqualizer]

Sign this petition for a wealth tax to fund the NHS and Schools! With rising costs, rising energy bills and much more issues we need the Labour government to tax the rich instead of cutting services like the tories. Just a 1% wealth tax could raise £60 Billion! JUST 1% (Currently the rich pay 0% wealth tax)

https://petition.parliament.uk/petitions/700319

Promote it with all your friends, and all your family members.

The rich already pay the most tax.

See, Read and Inwardly Digest

https://taxingwealth.uk/

Taxing Income is pretty straightforward

Taxing Wealth ISNT

Whats it worth, who owns it etc are far from simple

Last time there was high taxation in the UK, the rich just upped and left, taking their money and therefore tax revenue with them. There's an interesting analysis on previous attempts to introduce wealth tax here: https://eprints.lse.ac.uk/42582/1/Why_was_a_wealth_tax_for_the_UK_abandoned_%28lsero%29.pdf

Say you don't understand tax in one post!

Great idea - I’m sure this hasn’t occurred to them before, despite the wealth (excuse the pun) of academic documents written on this topic.

no, this is ignorant on so many levels

Do all people pay tax on their income?
I honestly don’t know -pensioners pay tax on their pensions once it’s over the personal allowance -if benefit receivers aren’t taxed on their income then that’s not right.
Someone was on the radio this morning arguing that the rich be taxed (of course if you are that rich you’d be able to live where you wanted and would move to Ireland or wherever to avoid the tax) but I would have liked to hear what their benefits payments are - £8,000 a year - well that’s v hard, £38,000 - that’s a lot ,especially if you get to keep it all.

So claimants should say what they are receiving when making demands like this (that won’t work anyway).

Rob the rich and give to the poor. Aye, clever stuff.

Everyone thinks a fair tax is one someone else has to pay.

The top 10% are already paying over 60% of the total tax receipts in this country.

The OP might not understand that 'wealth' off its own bat does not generate income. Especially in a country like the UK where 'wealth' might be bound up in bricks and mortar or farms. So 1% on 'wealth' might conceivably mean that a person has to pay more tax than they ever earn. We would be in that situation. We have a house we are fortunate enough to own outright in the South east and a small rental property that currently provides our only income. If we were taxed at 1% we would be paying tax on wealth at more than we actually earn before tax. We are not in the super wealthy range- but smart enough to actually work out the figures as they apply to us and extrapolate that up.

The UK is a total basket case and taxing the only people who are net contributors until they bleed out is stupid. I'd like to think the current government know that- but we already know they tax based on ideology not on fiscal sound-ness. In our case- well, I'm from another country and my Dcs are dual citizens and we are at the tipping point of abandoning the UK. Oddly enough the super wealthy (and even just the averagely solvent) have agency and energy and although they might take a reasonable tax and a reasonable approach to things and let that go, they won't be fucked over again and again and again. They'll leave. Without a backwards glance.

@MantleStatue

Everyone thinks a fair tax is one someone else has to pay.

Nail on the head.

It's a bit of a vague request.

Oh (not to bang on about the naivety of the OP) but the poster says currently the rich pay 0% of a wealth tax. What do you think IHT is? It's a wealth tax based on wealth that has already been taxed- usually multiple times at various points.

Nope. Halve the size of the state. Drastically reduce migration. Train up our own people rather than importing workers. Build more houses.

Simples.

"I'm poor, I'm upset, let's take it out on those who worked hard".

No. It would be yet another sticking plaster… until next time.

As for funding the NHS, it is just a black hole. Throwing money at it doesn’t even improve outcomes. Just like SEN and benefits, the more you pay, the more you pay, with little results. We need to change the system, not raise more cash for the existing one.

Unfortunately I feel many of the issues with the UK lie with the direction the public has taken in the last 30 years.

The Netherlands has a sort of de facto wealth tax on almost everyone. Everything that you own, apart from your primary residence and about €50,000, is assumed to be working for you and generating revenue (at variable rates depending on the type of asset), whether it actually is or not. You pay 36% of that theoretical rate of return. Shares in a business that you own a decent chunk of are taxed a bit differently, but basically, you are assumed to be making 3% or 4% or whatever, and the taxman takes 36% of that 4%. On the other hand there is no capital gains tax and no other tax on interest, and if your investments make more than the theoretical amount, that extra is tax-free. It seems to work pretty well and it encourages people to get their assets working (e.g., through investment in shares).

Spain also has a wealth tax — it varies by region but it's something like 0.2% over a million Euros per person, again after excluding your primary residence, going up to about 2.5% if you're mega-rich.

France has one that used to apply to all wealth, but Macron changed it so it now only applies to large property portfolios.

Taxing the “wealthy” even more doesn’t work. You only have to look at historical attempts - the richer simply up sticks and move abroad to countries with more favourable tax systems. The UK would then lose out on taxes they are currently paying whilst living here.

Many wealthy people are already leaving.
https://moneyweek.com/personal-finance/tax/where-rich-relocate-to

You can’t keep taxing the wealthy and expecting them to fund everyone else. There is no logic in trying to drive away those who already pay the most tax.

Absolutely not. They are already paying ridiculous amounts of tax, and are pretty much keeping the country going.
This is just "the politics of envy", and very unpleasant.

Totally correct.

There are very serious issues about the competence of the UK Managerial and Political classes.

Just look at Tax Rates under Thatcher though with Capital Gains aligned with Income Tax and a top rate of Income Tax at 60%

They cannot up and leave if they tax their assets. Assets are fixed in this country because it's property.

Politics of envy is an invented concept by capitalism. I appreciate you are cynical and actually I applaud your cynicism! There is a really interesting author called Gary Stevenson who just wrote a book on this subject, he has a YouTube channel as well. Very interesting!

The rich currently own the house prices in England and have already upped sticks by moving to the camen islands (apologies for spelling) and having Swiss bank accounts to stop them from paying taxes. They are NOT paying their equal share. After WW2 inequality was on the decrease in this country and many working class people were able to buy a house with reasonable mortgages, now you ge

https://www.politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014/

Worth reading, especially if you dont like tax. Writing a cheque to HMRC is much nicer that the experience of being on the business end of a pitchfork.