The exponents of wealth taxes claim that they’re a great way of raising additional tax revenue. They forget just how hard it is for anyone to work out exactly how much they are worth. Such a tax would be an admin nightmare, and there are much better alternatives available. youtu.be/HQWJxuDMBy8?... - ThreadSky

richardjmurphy.bsky.social • 13 days ago

The exponents of wealth taxes claim that they’re a great way of raising additional tax revenue. They forget just how hard it is for anyone to work out exactly how much they are worth. Such a tax would be an admin nightmare, and there are much better alternatives available.

https://youtu.be/HQWJxuDMBy8?si=IMaWZcwYoXScmdqW

Comments

kismuil.bsky.social•13 days ago

The tax laws only need changed to stop people from putting money 'offshore' to avoid paying tax on it. If it's earned in the UK, it should be taxable in the UK. The trigger for Brexit was the EU intention to do just that.

cornishskipper.bsky.social•12 days ago

France & Spain eg already manage to have wealth taxes. New proposal in France to tax those with >€100m @2% would bring in €15bn pa from just 1800 households! #TaxTheRich #WealthTax https://www.thelondoneconomic.com/politics/french-wealth-tax-what-is-zucman-tax-ultra-rich-390086/

muralive.bsky.social•13 days ago

Agree, but if you increase rates for things already on tax return, maybe it is difficult to only target the wealthy as everyone else under them will also be subject to those increased rates? maybe we should make CGT progressive similar to income tax bands .

anti-authoritarian.bsky.social•13 days ago

Thresholds?

muralive.bsky.social•13 days ago

Ok, how did France and Spain impose wealth taxes for above €10m?

paulthorogood.bsky.social•13 days ago

Thanks for explaining how National Insurance could apply to the super rich’s income (it doesn’t currently) and how discounts on capital gains taxes could be removed on interest, rental income and dividends to help equalise this CG tax with income tax

anti-authoritarian.bsky.social•13 days ago

Tax, fiscal policy must join up with monetary policy. If we cut welfare, we’re taking demand out of the economy, hurting growth. If we threshold tax the rich, that won’t stop them spending, it will force their savings back into the economy, demand & growth. 🤷‍♂️

therapod.bsky.social•13 days ago

Switzerland has levied a wealth tax for decades. There just needs to be political will.

guybaily.bsky.social•13 days ago

But a property tax could be made to work presumably (on high value property)

bhrianmac.bsky.social•12 days ago

Makes perfect sense; but how do we convince Westminster, which seems to always favour taxing those that can’t afford it- their latest wheeze is it’s all really about getting the poor back to work because it’ll be really good for them.

iangrant25.bsky.social•12 days ago

Richard, business rates are based on the rent value of the asset. Why can't something similar apply to wealth? (I know there are lots of problems with business rates and the Valuation Office, but still...)

djaymanic.bsky.social•13 days ago

Monitor all their bank accounts, if it’s ok to monitor people on benefits accounts. 🤷‍♂️

psychoserenity.bsky.social•13 days ago

Personally I think the main need for wealth taxes is to tax the super-rich out of existence. I suppose you could do it via income with taxes above 100% at high thresholds.

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