He has done it! The toolmakers son has resigned!

NotSpaghetti all I understand is that there’s a big debate going on and nothing has been resolved so far….. too early to have any answers?

So what did you mean then when you said:

^ Burnham’s senior economic adviser is apparently advising against a wealth tax. I hope Burnham listens. More tax will be lost than paid.^

Please explain, ronib

I think but don’t guarantee it that the very wealthy are a highly mobile class of very privileged people who can choose anywhere in the world to live. If the tax regime doesn’t fit with their lifestyle/agenda then they can relocate elsewhere. Thus the Treasury will lose revenue….. citizens of the world? Not the Uk!

But if a tax is imposed on the UK ‘physical’ assets of this group of fabulously wealthy, privileged people, they will still be liable for that tax … even if they choose to pi** off elsewhere. Can’t take a mansion with you!

Oh, one might say, that will ‘force’ these ‘poor’ privileged people to sell their UK assets. Who will buy them … other fabulously wealthy, privileged people who will pay tax.

Simples🤷‍♀️

Wait and see?

Lizziedrip- I agree.

Offshore companies and trusts probably hold ownership of the wealthiest properties…. tracking ownership might not be that easy?

“In Britain, like much of the developed world, the wealth of the ultra-rich has ballooned dramatically in recent decades, while ordinary workers have faced stagnant wages and prolonged austerity and there are record numbers of children growing up in poverty. In 1990 the Sunday Times rich list recorded 15 UK billionaires. By 2023, that number had risen to 171, holding an average of £4bn each.

Today the richest 1% in the UK own more wealth than the bottom 70% and, according to Oxfam, UK billionaires pay “effective tax rates close to 0.3% of their wealth”. Advocates say a wealth tax is a fair way of redistributing a small proportion of that money to help those most in need.”
The Guardian

The ordinary folk of the UK are not being shafted by immigrants or ‘benefit scroungers’. We are being shafted by fabulously wealthy, privileged billionaires.

If AB is to be the next PM, I want to see him bring in some sort of wealth tax, and focus on the redistribution of wealth in the UK.

LizzieDrip

But if a tax is imposed on the UK ‘physical’ assets of this group of fabulously wealthy, privileged people, they will still be liable for that tax … even if they choose to pi** off elsewhere. Can’t take a mansion with you!

Oh, one might say, that will ‘force’ these ‘poor’ privileged people to sell their UK assets. Who will buy them … other fabulously wealthy, privileged people who will pay tax.

Simples🤷‍♀️

No it's not simple because many "assets" are company owned their company may own several homes, yachts, cars properties in other countries as well as the UK.

Traded shares the value can be tracked, private companies cannot, so a wealth tax very difficult to determine and they have the money to fight any tax demand.

Burnhams idea is better, a Land Tax based on UK property this is much easier to collect, although introduced as a new tax would need a lot of time to implement. Increasing rates on existing taxes is much easier and would raise just as much revenue.

David being a bear of very little brain I have absolutely no experience or knowledge of ‘traded shares’ (?) etc.

However I believe, if there’s a political will to redistribute a bit of wealth, no matter how complicated and difficult that might be, it should be undertaken.

The finer points of how that’s done are above my pay grade. Presumably they’re not above AB’s pay grade (should he become the next PM).

LizzieDrip

David being a bear of very little brain I have absolutely no experience or knowledge of ‘traded shares’ (?) etc.

However I believe, if there’s a political will to redistribute a bit of wealth, no matter how complicated and difficult that might be, it should be undertaken.

The finer points of how that’s done are above my pay grade. Presumably they’re not above AB’s pay grade (should he become the next PM).

AB seems to be very sensible in most things to me, what he is saying currently is pretty moderate, the financial markets are steady, sterling is holding its value. Taxes do need to increase, don't expect to get much from billionaires

All good so far, let's hope that continues

But we should expect to get more from billionaires David!

We should expect it and I hope we do, one way or another or another...

All that money in offshore accounts. Who does it benefit? The workers in the country who manufactured the wealth?

I find it obscene that we hear “… many "assets" are company owned their company may own several homes, yachts, cars, properties…” so don’t expect the billionaires to contribute any more to the country; and we’re all expected to go, oh that’s alright🤷‍♀️

and we’re all expected to go, oh that’s alright then🤷‍♀️

Yet in the same breath, people will slag off single mothers, the disabled, working people earning a disgustingly low wage … and call them ‘benefit scroungers’.

Oops pressed too soon. Bit of duplication but I suppose you get it he gist (if anyone’s bothered)

the gist grr, what’s wrong with my fingers!

They get bigger in hot weather. 😬

Yes, I feel as cross about those shenanigans too. Because they abuse their position in terms of press manipulation and ownership and now power in terms of SM.