“Tax the wealthy” (RR budget) what does this even mean?

[gggddjkki]

I don’t remember anxiously waiting for budgets like we have the last few years earlier on in my adulthood. But when you read statements like this (as I have seen in the headlines today) what do you interpret it to mean? What does taxing the wealthy look like to you? Taxing higher earners more? From what point? Higher taxes on industry?

You do understand that investments come with risk, don’t you?

And that there is a cost of carry.

Tell me you understand this.

First-time buyers are sleepwalking into a new mortgage crisis under Labour, data suggests.

Some 40pc of first-time buyers took out mortgages between 90 and 95pc loan-to-value in July, according to analysis by UK Finance.
The number peaked at 41pc in April, after the Chancellor opted to end the stamp duty holiday.

It marks a worrying return to the levels seen in the run-up to the global financial crisis and means 34,992 people are being left “with very little equity buffer”, experts have warned.

Two years earlier, under the previous government, 33pc of first-time buyers were taking out these mortgages.

Go on, Reeves - do it - impose CGT on main residences!

Can you imagine paying 2% annually on the value of your house only to end up in negative equity and a forced sale in a property crash?

the government should be encouraging people to be financially independent - adding layers of costs onto pensions, savings and primary residences just makes it harder for people and more likely they will need to use the safety net at some point

Just to note, big league drug dealers launder their money (most capital assets can’t be paid for cash in hand these days) and they can’t afford to have the tax man getting curious so they pay full tax and don’t seek out borderline legal loopholes like people who haven’t earned their money dishonestly.

The street dealing addicts who spend their pay on the product don’t pay tax but none of them could be described as ‘wealthy’.

Just no

we have to live somewhere and it’s expensive to buy another property even if you downsize.

Yes I can totally relate to this scenario

house prices are crazy in SE

and I’ve never worried about a budget in my entire life

the government disgusts me

That's most of the south east of England. She'd be signing her own P45

Yes this.

This budget is going to be make or break for her.

if she messes it up the markets will react as they did to Truss and they’ll have to scramble to reverse things

This totally.

Even more so, celebrities who preach to ordinary people.

How would this work in practice? Our home hasn’t been valued in 20 years since we bought it.

The admin cost to do this would be huge

they could use something like Zoopla but then they’d be challenged constantly as it’s impossible to extrapolate an accurate value that way unless the houses are identical

It's all feeling very:
🔊 "house price crash in-coming"
isn't it😳

I'm trying not to think about it. I live in the south east so my very average, scruffy house is worth over £500k. I'm in my 60s, my income is dropping as I approach the end of my career, I'm a single mum and my ds is about to go to university, with all the costs that entails.

2% tax on my house value is half my income. 😳

It tends to mean anyone earning approximately £10k more per year than the speaker.

I suspect looking at comparable properties in the area that have sold recently. Though the way things are going I wouldn't be surprised if a SWAT team kicked your door and and held you hostage until a surveyor had been out to value.
Joking... not joking😅

I really feel people like you. It will fuck my retired parents over too. Let us hope it doesn't come to this.

They’ve talked about rolling it up so if you are asset rich and cash poor you pay the tax when the house is sold.

the expression about nothing being certain except death and taxes has never felt more pertinent!!

Hopefully.

Surely it would have to be based on last sale price, similar to Switzerland, as Zoopla or other would only be able to give a prediction?

But then you have someone in a house worth the same not paying the tax because they bought it 10 years earlier? I guess they could base it on council tax bands

it would totally stall the market

Then you would be taxing a property itself rather than any increase in value since date of purchase. Don't know which one RR will go for.

If you truly believe that, why don’t you short-sell the banks most exposed to the UK residential mortgage market? Or buy a put option on one or two of them.

But you are not going to do that, are you?

People won’t do home improvements, which they pay tax on already, to increase value of property.

All this because Labour can’t and won’t address the growing welfare/benefits burden..
I sense a poll tax moment is looming.