This is the more interesting part of the article imo:
Asked if fuel duty will remain at current levels, or if that is included in Labour’s pledge not to raise taxes on ‚working people‘, the minister said: „I don’t know.“
Finally, Wilfred asked if, given the chaos in the world, the government might have to break some of its manifesto pledges.
Morgan replied that they want to „go further and faster on delivering our plan for change“, and did not address the point.
Nukes-For-Nimbys on
If I was more conspiratorial minded, Id assume all this wealth tax narrative is controled opposition.
Having so mamy people piss their passion up the wall on something that will definitely not work. The billionaires will be laughing their arses off.
RaymondBumcheese on
Cue the massive influx of fictional ‘Millionaire Flight’ articles from the Tory Broadsheets.
smokedhaddie on
Wait and see this will be on people making 80k and not people making 8000000000
Immediate-Charge-450 on
So they will tax wealth and not the salaried class? Is that what they are saying?
teachbirds2fly on
I assume broadest shoulders will mean those on like £50k lol
Internal-Hand-4705 on
I am a dual national (French)
France repealed the majority of its wealth tax as it caused a net negative. By all means look at it – but do not expect a panacea. They never raise as much as ‘predicted’ and can do more harm than good
KumSnatcher on
This government is going to lose the next election in a landslide if they continue to pursue failed policies and neglect making the obvious, hard choices about public spending that would fix this issue.
HeavyPie4211 on
They will wack those paying the higher rate. Anyone above £50k.
Mrmrmckay on
Lol Reeves has already watered down the non dom tax rises that were meant to pay for everything. Reeves has created a 30 billion blackhole, increased debt and gone out of her way to wreck the economy. Labour won’t tax the rich they will attack the middle class
Kiardras on
Land value tax.
After the first whatever (I dunno, pick a fair size portion for anyone to own) 30% value tax each year.
Different rules for agricultural use, provided its an actual farmer and not „rich bastard hiding money“ and genuine commercial use.
Double tax if owned by a corporation and not an individual, so no hiding land that way.
jack5624 on
I’m generally against wealth taxes as they kind of just feel like stealing. It’s the government going “you have too much money so we are going to take some”. With other taxes they are paid as part of a transaction ie sale of house or income. Ultimately being wealthy doesn’t mean you have cash in the bank to pay for things.
Also most countries that have tried a wealth tax have found that they just don’t really work.
TeaBoy24 on
I doubt it.
There are not enough rich people in the UK for a wealth tax to significantly help.
What more, they can leave.
They will have to do a whole tax reform.
It’s gone sad. People think 60-80k salary is „rich“. It’s not. 60-80k salary is middle class. I say that as someone who grew up in a run down council house and who h
, zas no inheritance in the UK.
And they do NOT want to tax this category because it will daft discourage people under that bracket from aspiring, getting better jobs and being more productive.
I think land tax will have to become a thing and VAT will increase.
showmethemundy on
1) calculate the cost of the all the services Gov should be providing
2) work out how much tax to charge to cover the cost of services
3) charge and collect the tax
Regarding historic debt and interest on that debt:
4) who gained under the old system, leading to that debt – the „wealthy“
5) windfall tax them, proportionately, to repay the gov/country debt
Voila!
dynesor on
As others have suggested – a home or land value tax would be an appropriate way to ‘tax wealth’
MogwaiYT on
It’s inevitable. With the backtracking on welfare reform, which is already a HUGE chunk of the budget, and the commitment to 5% defence spending, how else will these things be paid for?
Karazhan on
I mean I know I am privileged to be earning around 50k, I can’t complain too much, but sometimes it just feels like I slapped a target on my back saying „tax me harder!“. I honestly don’t mind paying a bit more in taxes for like, making sure kids eat free at school and that people are looked after. But like, what is this even for? Where is it going? And why can’t they pay it?
RebelliousInNature on
Well duh, but can you really hit those not paying a proper income tax on their shares. And income over a million.
middleofaldi on
Tax capital and the wealthy will move it offshore. We need a land value tax if we are serious about fixing this country
wsionynw on
Landlords should be taxed to oblivion. They provide nothing. If you believe they do then I have some magic beans to sell you.
BlueyDivine on
You won’t solve a problem caused by low productivity and inefficient spending by increasing taxes.
Federal-Star-7288 on
The PAYE person can’t take much more, please look past us!
No_Durian90 on
Can’t wait for this to happen, followed almost immediately by another MP pay rise.
Gopal87 on
This should be an inheritance tax.
Tax dead people, their children haven’t done anything to be gifted a free ride.
Click4-2019 on
Like I replied in another post,
The motto is,
Rich people are scummy because they have money.
If you try and become rich so that you become less of a burden on the welfare system… then you become scummy and they just take away your money to try and bring you back down to poverty with taxes.
But being poor, receiving council tax discounts, tax credits, benefits, and working a 0 hour contract job struggling to put money on the table is fine because we will go after the rich to keep you ok.
Just don’t you dare ever try to get out that hole and become rich as then we will come after you.
We should be helping and encouraging people to become rich, not penalising the rich and keeping people poor.
Minimum-Geologist-58 on
It’s worth noting that even the Wealth Tax Commission didn’t recommend an annual wealth tax in the UK. It recommended potentially a one off tax and then reform of existing wealth adjacent taxes like council tax.
For reference the kind of figure they were thinking of was net assets of 500k, so if you’ve paid off that two bed flat in London you’d pay it.
nikhilsath on
What’s with all these stupid comments. This is absolutely something we all want, yall have too much time if you’re actively looking for something to complain about when nothing has been announced
AveragelyBrilliant on
I would’ve expected Labour to do this first, rather than shafting pensioners and those on disability benefits.
I guess they’re all conservative now.
Current_Pitch8944 on
1.1 trillion we make in taxes for 70 million people. Wtf are we spending it on
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This is the more interesting part of the article imo:
Asked if fuel duty will remain at current levels, or if that is included in Labour’s pledge not to raise taxes on ‚working people‘, the minister said: „I don’t know.“
Finally, Wilfred asked if, given the chaos in the world, the government might have to break some of its manifesto pledges.
Morgan replied that they want to „go further and faster on delivering our plan for change“, and did not address the point.
If I was more conspiratorial minded, Id assume all this wealth tax narrative is controled opposition.
Having so mamy people piss their passion up the wall on something that will definitely not work. The billionaires will be laughing their arses off.
Cue the massive influx of fictional ‘Millionaire Flight’ articles from the Tory Broadsheets.
Wait and see this will be on people making 80k and not people making 8000000000
So they will tax wealth and not the salaried class? Is that what they are saying?
I assume broadest shoulders will mean those on like £50k lol
I am a dual national (French)
France repealed the majority of its wealth tax as it caused a net negative. By all means look at it – but do not expect a panacea. They never raise as much as ‘predicted’ and can do more harm than good
This government is going to lose the next election in a landslide if they continue to pursue failed policies and neglect making the obvious, hard choices about public spending that would fix this issue.
They will wack those paying the higher rate. Anyone above £50k.
Lol Reeves has already watered down the non dom tax rises that were meant to pay for everything. Reeves has created a 30 billion blackhole, increased debt and gone out of her way to wreck the economy. Labour won’t tax the rich they will attack the middle class
Land value tax.
After the first whatever (I dunno, pick a fair size portion for anyone to own) 30% value tax each year.
Different rules for agricultural use, provided its an actual farmer and not „rich bastard hiding money“ and genuine commercial use.
Double tax if owned by a corporation and not an individual, so no hiding land that way.
I’m generally against wealth taxes as they kind of just feel like stealing. It’s the government going “you have too much money so we are going to take some”. With other taxes they are paid as part of a transaction ie sale of house or income. Ultimately being wealthy doesn’t mean you have cash in the bank to pay for things.
Also most countries that have tried a wealth tax have found that they just don’t really work.
I doubt it.
There are not enough rich people in the UK for a wealth tax to significantly help.
What more, they can leave.
They will have to do a whole tax reform.
It’s gone sad. People think 60-80k salary is „rich“. It’s not. 60-80k salary is middle class. I say that as someone who grew up in a run down council house and who h
, zas no inheritance in the UK.
And they do NOT want to tax this category because it will daft discourage people under that bracket from aspiring, getting better jobs and being more productive.
I think land tax will have to become a thing and VAT will increase.
1) calculate the cost of the all the services Gov should be providing
2) work out how much tax to charge to cover the cost of services
3) charge and collect the tax
Regarding historic debt and interest on that debt:
4) who gained under the old system, leading to that debt – the „wealthy“
5) windfall tax them, proportionately, to repay the gov/country debt
Voila!
As others have suggested – a home or land value tax would be an appropriate way to ‘tax wealth’
It’s inevitable. With the backtracking on welfare reform, which is already a HUGE chunk of the budget, and the commitment to 5% defence spending, how else will these things be paid for?
I mean I know I am privileged to be earning around 50k, I can’t complain too much, but sometimes it just feels like I slapped a target on my back saying „tax me harder!“. I honestly don’t mind paying a bit more in taxes for like, making sure kids eat free at school and that people are looked after. But like, what is this even for? Where is it going? And why can’t they pay it?
Well duh, but can you really hit those not paying a proper income tax on their shares. And income over a million.
Tax capital and the wealthy will move it offshore. We need a land value tax if we are serious about fixing this country
Landlords should be taxed to oblivion. They provide nothing. If you believe they do then I have some magic beans to sell you.
You won’t solve a problem caused by low productivity and inefficient spending by increasing taxes.
The PAYE person can’t take much more, please look past us!
Can’t wait for this to happen, followed almost immediately by another MP pay rise.
This should be an inheritance tax.
Tax dead people, their children haven’t done anything to be gifted a free ride.
Like I replied in another post,
The motto is,
Rich people are scummy because they have money.
If you try and become rich so that you become less of a burden on the welfare system… then you become scummy and they just take away your money to try and bring you back down to poverty with taxes.
But being poor, receiving council tax discounts, tax credits, benefits, and working a 0 hour contract job struggling to put money on the table is fine because we will go after the rich to keep you ok.
Just don’t you dare ever try to get out that hole and become rich as then we will come after you.
We should be helping and encouraging people to become rich, not penalising the rich and keeping people poor.
It’s worth noting that even the Wealth Tax Commission didn’t recommend an annual wealth tax in the UK. It recommended potentially a one off tax and then reform of existing wealth adjacent taxes like council tax.
For reference the kind of figure they were thinking of was net assets of 500k, so if you’ve paid off that two bed flat in London you’d pay it.
What’s with all these stupid comments. This is absolutely something we all want, yall have too much time if you’re actively looking for something to complain about when nothing has been announced
I would’ve expected Labour to do this first, rather than shafting pensioners and those on disability benefits.
I guess they’re all conservative now.
1.1 trillion we make in taxes for 70 million people. Wtf are we spending it on