U.K. Wealth Tax

Jason P
Jason P Posts: 19,305
edited August 2012 in A Moving Train
I thought our taxation liberals were bad. The rich in the U.K. are already getting taxed 45% on their income and now liberals are proposing a one time "wealth" tax. :?

http://finance.yahoo.com/news/emergency-tax-rich-roils-britain-163209092.html

If is was super rich, I'd have all my assets in the Cayman Islands, for sure. :geek:
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Post edited by Unknown User on

Comments

  • hostis
    hostis Posts: 441
    Jason P wrote:
    I thought our taxation liberals were bad. The rich in the U.K. are already getting taxed 45% on their income and now liberals are proposing a one time "wealth" tax. :?

    http://finance.yahoo.com/news/emergency-tax-rich-roils-britain-163209092.html

    If is was super rich, I'd have all my assets in the Cayman Islands, for sure. :geek:

    to be honest most don't pay 45% tax anyway as they always find some loop hole.

    The liberals have virtually no say in the lib-dem party and they are desperate to head line grabbing items and the 45% tax is not on everything, its a staggered tax rate....

    the loop holes should be closed for sure so that people are paying what is fair and proper.
  • Lerxst1992
    Lerxst1992 Posts: 7,891
    Not exactly UK...

    POLITICO: Biden to propose new tax on the uber rich.
  • Bentleyspop
    Bentleyspop Craft Beer Brewery, Colorado Posts: 11,420
    Lerxst1992 said:
    Not exactly UK...

    POLITICO: Biden to propose new tax on the uber rich.
    And the dumbass QtRUmplican sycophants will be against this tax but will support raising taxes for the middle and lower classes.
  • 1ThoughtKnown
    1ThoughtKnown Posts: 6,155
    edited March 2022
    Lerxst1992 said:
    Not exactly UK...

    POLITICO: Biden to propose new tax on the uber rich.
    Quoting POLITICO is hardly using a balanced resource. It is owned by the German outfit axelspringer which is owned by the American private equity firm KKR. Wikipedia states “KKR & Co. Inc., formerly known as Kohlberg Kravis Roberts & Co., is an American global investment company that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and, through its strategic partners, hedge funds”.

    According to other information Politico is heavily funded by the wealthy contractors who make large sums of money from the Military industrial Complex known as the US.  Raytheon and Lockheed Martin specifically. 

    My point being, it would not be in Politico’s best interests to report on this with a balanced approach as the platform is owned by the uber-rich people this may target. Please note - I am not politically aligned and do not vote in the US. 
  • Lerxst1992
    Lerxst1992 Posts: 7,891
    edited March 2022
    Ok, here is link from NYT and wapo.


    https://www.nytimes.com/2022/03/26/us/politics/biden-billionaires-minimum-tax.html?referringSource=articleShare




    Per wapo, it would raise only $36B per year. I dont think it’s a terrible idea. But, considering it will likely never get 50 senate votes in this term, and will likely unleash a firestorm of attacks from the center and right as being socialist, one has to consider how smart of an idea it is to announce a few months before the midterms.
  • mickeyrat
    mickeyrat Posts: 44,433
    what it appears at first glance to do , is ensure those ultra wealthy pay something. States 20%. Like a flat tax or minimum.
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  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,663
    Bentleyspop said:
    Lerxst1992 said:
    Not exactly UK...

    POLITICO: Biden to propose new tax on the uber rich.
    And the dumbass QtRUmplican sycophants will be against this tax but will support raising taxes for the middle and lower classes.
    That is exactly what they would like to do.  It's already in a proposed "11 point plan for America" (or some such dumb label) being planned if the Republicans win the majority  in November.

    If you're like me and make less the $100K per year and are aware of how rapidly prices are going up on good, these coming elections could easily broaden the gap between the "haves and have nots" and wil affect many of us.  This is a good time to brush up on your budgeting skills and get used to living a simpler life (which, believe me, beats the alternative).  And the poorest among us will suffer greatly.
    So raising taxes on the uber-rich?  HELL yes. 

    "It's a sad and beautiful world"
    -Roberto Benigni

  • Lerxst1992
    Lerxst1992 Posts: 7,891
    brianlux said:
    Bentleyspop said:
    Lerxst1992 said:
    Not exactly UK...

    POLITICO: Biden to propose new tax on the uber rich.
    And the dumbass QtRUmplican sycophants will be against this tax but will support raising taxes for the middle and lower classes.
    That is exactly what they would like to do.  It's already in a proposed "11 point plan for America" (or some such dumb label) being planned if the Republicans win the majority  in November.

    If you're like me and make less the $100K per year and are aware of how rapidly prices are going up on good, these coming elections could easily broaden the gap between the "haves and have nots" and wil affect many of us.  This is a good time to brush up on your budgeting skills and get used to living a simpler life (which, believe me, beats the alternative).  And the poorest among us will suffer greatly.
    So raising taxes on the uber-rich?  HELL yes. 


    Dems need to win the hearts and thoughts of independents to hold congress. Not sure a wealth tax will do that. One would hope this is a trial balloon for the left caucus, prove it at the polls this year or moderate. No more 3.5T of debt for new spending unless voters show up to support it, like they wanted last fall. Somehow I doubt the progressives would ever admit their ideas don’t really work on Election Day.
    .
  • brianlux
    brianlux Moving through All Kinds of Terrain. Posts: 43,663
    Lerxst1992 said:
    brianlux said:
    Bentleyspop said:
    Lerxst1992 said:
    Not exactly UK...

    POLITICO: Biden to propose new tax on the uber rich.
    And the dumbass QtRUmplican sycophants will be against this tax but will support raising taxes for the middle and lower classes.
    That is exactly what they would like to do.  It's already in a proposed "11 point plan for America" (or some such dumb label) being planned if the Republicans win the majority  in November.

    If you're like me and make less the $100K per year and are aware of how rapidly prices are going up on good, these coming elections could easily broaden the gap between the "haves and have nots" and wil affect many of us.  This is a good time to brush up on your budgeting skills and get used to living a simpler life (which, believe me, beats the alternative).  And the poorest among us will suffer greatly.
    So raising taxes on the uber-rich?  HELL yes. 


    Dems need to win the hearts and thoughts of independents to hold congress. Not sure a wealth tax will do that. One would hope this is a trial balloon for the left caucus, prove it at the polls this year or moderate. No more 3.5T of debt for new spending unless voters show up to support it, like they wanted last fall. Somehow I doubt the progressives would ever admit their ideas don’t really work on Election Day.
    .

    Yes, good point about Dems needing to win over independents.
    As for admitting progressive don't work, how could they?  They continually get voted down or blocked.  People say to progressive and  economic ideas things like, "That's socialism!" and to strong environmental issues, "That goes to far!" or, "That costs too much!"
    Meanwhile, America  continues to grow more and more weak (even the NY Times recently admitted America has become weak) because too many people are too afraid to try something new, or believe the b.s. spewed by social media, and the real powers-that-be continue to use there leverage to maintain their short-sighted super-yacht lifestyles while the country and the world continue to degrade.  We must change or perish.
    "It's a sad and beautiful world"
    -Roberto Benigni

  • 1ThoughtKnown
    1ThoughtKnown Posts: 6,155
    Lerxst1992 said:
    Ok, here is link from NYT and wapo.


    https://www.nytimes.com/2022/03/26/us/politics/biden-billionaires-minimum-tax.html?referringSource=articleShare




    Per wapo, it would raise only $36B per year. I dont think it’s a terrible idea. But, considering it will likely never get 50 senate votes in this term, and will likely unleash a firestorm of attacks from the center and right as being socialist, one has to consider how smart of an idea it is to announce a few months before the midterms.
    The NYT is owned by a publicly traded company with Class A and B shares. One of the share classes is private and belongs to the heirs of the owner of the paper since 1896. This private ownership constitutes 90% of the company. The board of directors of the NYT:
    The Washington Post is owned by Jeff Bezos.

    I think you see where I am going with this. I do not pay one bit of attention to mainstream media sources any longer.  The truth is out there, I just choose to dig for it. 
  • Lerxst1992
    Lerxst1992 Posts: 7,891
    1ThoughtKnown said:
    Lerxst1992 said:
    Ok, here is link from NYT and wapo.


    https://www.nytimes.com/2022/03/26/us/politics/biden-billionaires-minimum-tax.html?referringSource=articleShare




    Per wapo, it would raise only $36B per year. I dont think it’s a terrible idea. But, considering it will likely never get 50 senate votes in this term, and will likely unleash a firestorm of attacks from the center and right as being socialist, one has to consider how smart of an idea it is to announce a few months before the midterms.
    The NYT is owned by a publicly traded company with Class A and B shares. One of the share classes is private and belongs to the heirs of the owner of the paper since 1896. This private ownership constitutes 90% of the company. The board of directors of the NYT:
    The Washington Post is owned by Jeff Bezos.

    I think you see where I am going with this. I do not pay one bit of attention to mainstream media sources any longer.  The truth is out there, I just choose to dig for it. 

    Not surprising valuable things are usually owned/managed by the wealthy. Here’s to hoping most NYT subscribers can read a story and form an independent opinion. I was tHinking mostly about independent midterm voters on my original comment, and dems getting attacked for proposing a brand new tax, that has little chance of passing based on the current senate.
  • Spiritual_Chaos
    Spiritual_Chaos Posts: 31,473
    edited March 2022
    Jason P said:
    I thought our taxation liberals were bad. The rich in the U.K. are already getting taxed 45% on their income and now liberals are proposing a one time "wealth" tax. :?

    http://finance.yahoo.com/news/emergency-tax-rich-roils-britain-163209092.html

    If is was super rich, I'd have all my assets in the Cayman Islands, for sure. :geek:
    If you don't agree with the tax philosophy that is the foundation of the country you live in, why not have backbone enough to move to the Cayman Islands and change citizenship then?

    Or are you still gonna reap the benefits of the taxes, but moan about them?
    Post edited by Spiritual_Chaos on
    "Mostly I think that people react sensitively because they know you’ve got a point"
  • 1ThoughtKnown
    1ThoughtKnown Posts: 6,155
    edited March 2022
    Lerxst1992 said:
    1ThoughtKnown said:
    Lerxst1992 said:
    Ok, here is link from NYT and wapo.


    https://www.nytimes.com/2022/03/26/us/politics/biden-billionaires-minimum-tax.html?referringSource=articleShare




    Per wapo, it would raise only $36B per year. I dont think it’s a terrible idea. But, considering it will likely never get 50 senate votes in this term, and will likely unleash a firestorm of attacks from the center and right as being socialist, one has to consider how smart of an idea it is to announce a few months before the midterms.
    The NYT is owned by a publicly traded company with Class A and B shares. One of the share classes is private and belongs to the heirs of the owner of the paper since 1896. This private ownership constitutes 90% of the company. The board of directors of the NYT:
    The Washington Post is owned by Jeff Bezos.

    I think you see where I am going with this. I do not pay one bit of attention to mainstream media sources any longer.  The truth is out there, I just choose to dig for it. 

    Not surprising valuable things are usually owned/managed by the wealthy. Here’s to hoping most NYT subscribers can read a story and form an independent opinion. I was tHinking mostly about independent midterm voters on my original comment, and dems getting attacked for proposing a brand new tax, that has little chance of passing based on the current senate.
    The truth is too valuable a thing to leave in the hands of the uber-wealthy. 
    Post edited by 1ThoughtKnown on
  • Go Beavers
    Go Beavers Posts: 9,559
    Lerxst1992 said:
    brianlux said:
    Bentleyspop said:
    Lerxst1992 said:
    Not exactly UK...

    POLITICO: Biden to propose new tax on the uber rich.
    And the dumbass QtRUmplican sycophants will be against this tax but will support raising taxes for the middle and lower classes.
    That is exactly what they would like to do.  It's already in a proposed "11 point plan for America" (or some such dumb label) being planned if the Republicans win the majority  in November.

    If you're like me and make less the $100K per year and are aware of how rapidly prices are going up on good, these coming elections could easily broaden the gap between the "haves and have nots" and wil affect many of us.  This is a good time to brush up on your budgeting skills and get used to living a simpler life (which, believe me, beats the alternative).  And the poorest among us will suffer greatly.
    So raising taxes on the uber-rich?  HELL yes. 


    Dems need to win the hearts and thoughts of independents to hold congress. Not sure a wealth tax will do that. One would hope this is a trial balloon for the left caucus, prove it at the polls this year or moderate. No more 3.5T of debt for new spending unless voters show up to support it, like they wanted last fall. Somehow I doubt the progressives would ever admit their ideas don’t really work on Election Day.
    .
    There's zero chance dems keep the House and they might lose the Senate. It sucks but I don’t see it going any other way. 
  • Lerxst1992
    Lerxst1992 Posts: 7,891
    Go Beavers said:
    Lerxst1992 said:
    brianlux said:
    Bentleyspop said:
    Lerxst1992 said:
    Not exactly UK...

    POLITICO: Biden to propose new tax on the uber rich.
    And the dumbass QtRUmplican sycophants will be against this tax but will support raising taxes for the middle and lower classes.
    That is exactly what they would like to do.  It's already in a proposed "11 point plan for America" (or some such dumb label) being planned if the Republicans win the majority  in November.

    If you're like me and make less the $100K per year and are aware of how rapidly prices are going up on good, these coming elections could easily broaden the gap between the "haves and have nots" and wil affect many of us.  This is a good time to brush up on your budgeting skills and get used to living a simpler life (which, believe me, beats the alternative).  And the poorest among us will suffer greatly.
    So raising taxes on the uber-rich?  HELL yes. 


    Dems need to win the hearts and thoughts of independents to hold congress. Not sure a wealth tax will do that. One would hope this is a trial balloon for the left caucus, prove it at the polls this year or moderate. No more 3.5T of debt for new spending unless voters show up to support it, like they wanted last fall. Somehow I doubt the progressives would ever admit their ideas don’t really work on Election Day.
    .
    There's zero chance dems keep the House and they might lose the Senate. It sucks but I don’t see it going any other way. 

    If they want to change the world (wealth tax, climate laws, etc). Dems need to figure out how to break the trend and win when they are expected to lose

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