Taxing land

[pgk]

I see Martin Woolf has written a challenging and informative article in the FT on the merits of taxing natural capital assets such as land as a way of reducing tax rates on created capital assets and work. It would be very taxing on the millionaires and billionaires whose effective tax rates are often lower than a cleaner. The implications for absentee landlords could be huge.

 

[7610 super q]

And farmers.........

 

[Hindsight]

I see Martin Woolf has written a challenging and informative article in the FT on the merits of taxing natural capital assets such as land as a way of reducing tax rates on created capital assets and work. It would be very taxing on the millionaires and billionaires whose effective tax rates are often lower than a cleaner. The implications for absentee landlords could be huge.

Wealth has to be taxed more. QE since 2008 has been sucked into inflate asset values. The PAYE Income Tax and NI is at a level the ordinary person who has not benefited to the same extent from QE is struggling. The Tory Party is probably incapable ideologically of introducing wealth taxes targeted at items not only land and high end property but items such as art, classic cars, whiskies etc, etc. The Labour Party is poltically able to do so. Progressive centre left Tories know this has to be done. Somehow the government must generate daily revenue from the appreciating 'dead' assets that are so detrimental to the common ordinary voter.

 

[lloyd]

Can you show the full article pls?

 

[czechmate]

Wealth has to be taxed more. QE since 20008 has been sucked into inflate asset values. The PAYE Income Tax and NI is at a level the ordinary person who has not benefited to the same extent from QE is struggling. The Tory Party is probably incapable ideologically of introducing wealth taxes targeted at items not only land and high end property but items such as art, classic cars, whiskies etc, etc. The Labour Party is poltically able to do so. Progressive centre left Tories know this has to be done. Somehow the government must generate daily revenue from the appreciating 'dead' assets that are so detrimental to the common ordinary voter.

Classic Cars

 

[lloyd]

Classic Cars 

Yes afraid so you will have to down grade to an Austin Princess.

 

[czechmate]

My wife is enough Princesses for me

 

[chipchap]

Wealth has to be taxed more. QE since 20008 has been sucked into inflate asset values. The PAYE Income Tax and NI is at a level the ordinary person who has not benefited to the same extent from QE is struggling. The Tory Party is probably incapable ideologically of introducing wealth taxes targeted at items not only land and high end property but items such as art, classic cars, whiskies etc, etc. The Labour Party is poltically able to do so. Progressive centre left Tories know this has to be done. Somehow the government must generate daily revenue from the appreciating 'dead' assets that are so detrimental to the common ordinary voter.

The value of the pound in your pocket has been decimated.

The proportion of national earnings taken by government as tax has been rising for years. The government needs to get spending under control. It simply cannot increase the proportion of national earnings taken in tax any further.

The solution is to increase total national earnings, and alongside get to grips with controlling government spending. Otherwise the UK will be an economic basket case within a generation.

 

[caveman]

Classic Cars

Can't be a lot of wealth tax to be levied on a clapped out old esquirt that's the automobile equivalent to Triggers broom?

 

[czechmate]

Can't be a lot of wealth tax to be levied on a clapped out old esquirt that's the automobile equivalent to Triggers broom?

you might think so.
but then, you’ve been wrong before

 

[caveman]

you might think so.
but then, you’ve been wrong before

I was only ever wrong once... and that's when I thought I was.

 

[le bon paysan]

you might think so.
but then, you’ve been wrong before

You could hang a Blue Dolphin from the rear view instead of the dice.

 

[robs1]

Yep put more and more red tape on those that feed us, tie one hand behind the back of those that feed us, allow any crap food in from round the world to undercut those that feed us and if there is any money left tax those who feed us, where could it go wrong.
Sounds a bit like cuba

 

[ollie989898]

I was only ever wrong once... and that's when I thought I was.

Must be quite frustrating to know you could have reached absolute intellectual perfection in the same way I have.

 

[pgk]

Can you show the full article pls?

Think it may be behind the FT paywall, I read the actual paper FT

 

[HatsOff]

The value of the pound in your pocket has been decimated.

The proportion of national earnings taken by government as tax has been rising for years. The government needs to get spending under control. It simply cannot increase the proportion of national earnings taken in tax any further.

The solution is to increase total national earnings, and alongside get to grips with controlling government spending. Otherwise the UK will be an economic basket case within a generation.

Government spending as a proportion of GDP was falling for years, to below 40% (which is probably about where it needs to be for a modern state). It's the pandemic which made it rocket up again.

 

[robs1]

Government spending as a proportion of GDP was falling for years, to below 40% (which is probably about where it needs to be for a modern state). It's the pandemic which made it rocket up again.

Of course some government spending is very necessary and vital for a country, then you have layers of pen pushers doing absolutely nothing of use, that is the spending that needs stopping.
Saw a claim the other day that its 68 % in france,unbelievable IF true,

 

[pgk]

Government spending as a proportion of GDP was falling for years, to below 40% (which is probably about where it needs to be for a modern state). It's the pandemic which made it rocket up again.

Yep, all that spending on overpriced useless ppe, a failed track and trace system, paying 7 times the going rate for the vaccine, can soon burn through a 100 billion squids

 

[HatsOff]

Yep, all that spending on overpriced useless ppe, a failed track and trace system, paying 7 times the going rate for the vaccine, can soon burn through a 100 billion squids

Oh yeah I'm not defending it, just pointing that things weren't going mad until we got hit by covid. Boris was particularly keen to raise spending because there was some headroom.

 

[Still Farming]

Can't be a lot of wealth tax to be levied on a clapped out old esquirt that's the automobile equivalent to Triggers broom?

Road tax be the most so far possibly??