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Taxing the wealthy would be the best way to save economy from Covid - UK experts
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12-09-2020, 08:16 AM
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#1
- BraneyGumble
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- BraneyGumble
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Taxing the wealthy would be the best way to save economy from Covid - UK experts
Last week it was Argentina, now UK probably getting cucked.
https://www.independent.co.uk/news/u...-b1768522.html
Report says government could raise £260bn if it levies a wealth tax of 5 per cent on individuals with total assets worth more than £500,000
A leading panel of tax experts, academics and policymakers have recommended a “one-off wealth tax” as a way for the UK to repair the damage wrought by the Covid-19 pandemic on the economy and public finances.
The Wealth Tax Commission, a panel of experts from LSE and the University of Warwick, found that such a measure would raise about a quarter of a trillion pounds over five years, and said it should be considered rather than levying increased income tax or VAT.
A wealth tax would see individuals taxed only once based on the net wealth they owned at the time of reckoning, the commission said, and could raise up to £260bn if levied at 5 per cent on those with assets worth £500,000 or more. The commission’s report found that an alternative threshold such as £2m or above would raise a third of that, about £80bn in total.
At thresholds of £500,000 and £2m per person, a wealth tax would respectively cover 16 per cent and 1 per cent of the adult population in the UK.
The tax would apply to a person’s total wealth including their home and any other properties, pension pots, business holdings and bank accounts.
https://www.independent.co.uk/news/u...-b1768522.html
Report says government could raise £260bn if it levies a wealth tax of 5 per cent on individuals with total assets worth more than £500,000
A leading panel of tax experts, academics and policymakers have recommended a “one-off wealth tax” as a way for the UK to repair the damage wrought by the Covid-19 pandemic on the economy and public finances.
The Wealth Tax Commission, a panel of experts from LSE and the University of Warwick, found that such a measure would raise about a quarter of a trillion pounds over five years, and said it should be considered rather than levying increased income tax or VAT.
A wealth tax would see individuals taxed only once based on the net wealth they owned at the time of reckoning, the commission said, and could raise up to £260bn if levied at 5 per cent on those with assets worth £500,000 or more. The commission’s report found that an alternative threshold such as £2m or above would raise a third of that, about £80bn in total.
At thresholds of £500,000 and £2m per person, a wealth tax would respectively cover 16 per cent and 1 per cent of the adult population in the UK.
The tax would apply to a person’s total wealth including their home and any other properties, pension pots, business holdings and bank accounts.
12-09-2020, 08:17 AM
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#2
- atgbrahsrs
- ToningWasTooHarshForMe
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- atgbrahsrs
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it wont happen cuz the wealthy will pick up and move elsewhere and their money and the commoner would get even poorer and will riot
communist until you get rich
rightwing until financially secure
atheist until the plane starts falling
slootist until you get married
muslim after you get married
12-09-2020, 08:20 AM
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#3
12-09-2020, 08:25 AM
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#4
- BraneyGumble
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- BraneyGumble
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Originally Posted By CougarP01⏩
brb oven ready dealBecause everything the UK has done since March has been wildly successful.
12-09-2020, 08:26 AM
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#5
- BIGJIMSLADE22
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- BIGJIMSLADE22
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History. Not even once.
12-09-2020, 08:27 AM
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#6
- Tornach
- OG @ Castle Grayskull
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- Tornach
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So a person has a 500,000 pound house.
And zero cash in the bank.
How does he pay this 5% tax?
And zero cash in the bank.
How does he pay this 5% tax?
Rustling NPCs' jimmies without even trying crew
"I've watched a lot of movies, I know what I'm doing."
"The Best Revenge is Massive Success"
Not going to be a Darkseeker crew.
RIP Duckenheimer
RIP SemperFudge
12-09-2020, 08:29 AM
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#7
12-09-2020, 08:29 AM
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#8
- BraneyGumble
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- BraneyGumble
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Originally Posted By Tornach⏩
Sounds like a very realistic scenario.So a person has a 500,000 pound house.
And zero cash in the bank.
How does he pay this 5% tax?
And zero cash in the bank.
How does he pay this 5% tax?
Guess they'll die of hunger in their 500k mansions since they don't have any money they could spend on groceries.
12-09-2020, 09:02 AM
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#9
- Contribution05
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- Contribution05
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Originally Posted By BraneyGumble⏩
While not a common scenario, there could easily be a few instances where this does exist and would kinda screw those people over if no exceptions were made.Sounds like a very realistic scenario.
Guess they'll die of hunger in their 500k mansions since they don't have any money they could spend on groceries.
Guess they'll die of hunger in their 500k mansions since they don't have any money they could spend on groceries.
1) Someone won money either lottery or settlement check and bought a house they normally wouldn't be able to afford.
2) Inherited a valuable house, but same as above, it's a house out of the new owners pay grade.
Actually came across scenarios like this often when in the delinquent tax property business.
12-09-2020, 09:10 AM
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#10
Originally Posted By BraneyGumble⏩
£500K hardly buys you anything there.Sounds like a very realistic scenario.
Guess they'll die of hunger in their 500k mansions since they don't have any money they could spend on groceries.
Guess they'll die of hunger in their 500k mansions since they don't have any money they could spend on groceries.
A bowl of pho there was £10 15 years ago, probably £13 now, that's like $26 Canadian pesos.
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