The rich ger richer

[newwave]

It is reported today that the richest section of our society has seen their wealth increase by 20% since the Tories came to power whilst the average wage has lost value.

Anyone suprised by this. Same old Tories

ttosca - I like your land tax link - thanks.

Firstly, it acknowledges that many people on the political right dislike what inherited wealth does to meritocracy and to productivity. (understanding other's ideology - not normally a Guardian strength.)

But also it draws a distinction between taxing wealth and taxing wealth creation. Very thought provoking.....

As I've said on here before - if you really want to tackle inequality, you must start by defining what you actually mean by it.

52% UK (50% tax and 2% NI I think when recent rises come into it ) and 56% Sweden. So the attraction of the UK is disappearing and we will do worse. we now have one of the highest tax rates in teh UK and those on PAYE which is most people who are high paid directors, many bankers etc can't avoid or evade as it's deducted at source so they ask to be based in Zug or somewhere hotter or wherever instead.

I think the "rich getting richer" thing has a lot to do with the stock market ove the last 12 months. As Quantitive Easing (well done Gordo) hits - the money has to go somewhere, the stock markets are not making "real money" - the figures are just rising with all the printed money.

From my pov, there's very little point whinging about the Rothschilds of the world - they always were, and always will be, completely untouchable.

MY DH and I own two houses and are looking to buy a third house as a family home. We'd happily pay a land value tax in return for lower income tax.

A land value tax would be a hugely sensible answer to a number of UK economic and social problems. More affordable housing, more efficient use of land, more reward for hard work and less reward for the privilige society has conferred on land ownership.

Unfortunately, it runs against the age-old Anglo-Saxon property fetish, pathetic and ludicrous as it is. Politicians of all flavours are in thrall to the property market and it's vested interests. The opposition from developers, land owners, landlords and media would be huge. It'll never happen!

You own 2 houses and are looking to buy a third ?

That's very interesting,be sure to find one with big doors so you can get your head through won't you.

bermuda ...

one house was bought by my DH for his retired parents to live in (he carried on renting since he wasn't certain which country he'd be working in); it allowed him to buy some property whilst also giving his mum and dad a nice house to live in.

the other was bought by me before we got married. i've saved up and paid off the mortgage.

why exactly is that a problem for you?

It isnt a problem for me.

But why did you think i needed to know that you've paid off your mortgage ?

You sound like one of those ostentatious brummies from harry enfields show,i imagine you're a very materialistic person and make sure everybody knows about it.
Your husband has my pity.

I don't think numbers of houses really matter. I know someone with 6 and they're worth less than mine I was surprised to hear. The number doesn't necessarily indicate particular wealth.

As money doesn't buy happiness why should those with less want more? There will always be someone with more than you and getting more is not some secret key to happiness as we all know.

Saisi - I suspect Bermuda may not have read the whole thread.

Bermuda - Siasi was just illustrating that even people who invest in property (and own several) may support the land tax idea (which is interesting).

Xenia - my understanding from ttosca's link; is that it's the value of the land the tax is based on. Land values vary by area, of course. But if you invest in your property, the tax remains the same.

But, I also agree with siasi - it's unlikely to happen anytime soon.

As money doesn't buy happiness why should those with less want more? There will always be someone with more than you and getting more is not some secret key to happiness as we all know.

Piss off Xenia. It's not about wanting as much as the next guy, it's about being paid a fair wage for a fair days work, and some - many - people don't have enough money to fulfill their basic needs in life.

Money doesn't buy happiness after a certain point, but until you reach that point, you're going to be unhappy if you don't have enough of it.

And to turn your nonsense around - if money can't buy happiness, then why not be satisfied with the first million pounds you own, rather than buying up houses and increasing property prices for everyone else? Money can't buy happiness after all - so why not just give rid of everything you own except for what you need to live a reasonably comfortable lifestyle?