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Vince Going On A Big House Tax Raid!

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Guest KingCharles1st

Wonder how this will go down?

"Treasury spokesman Vince Cable will announce plans for a 0.5% annual levy on the most expensive homes, raising £1bn, at the party conference later.

He will say it would help fund plans to get four million people earning less than £10,000 out of tax altogether. "

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no cuts, just more tax.

come on vince, you can do better. or is this the best politicians can think of...not enough tax to cover the spending, so lets tax some more.

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Guest KingCharles1st

Sometimes I really do wonder if ideas like this this are "floated" by the BBC on behalf of Labour to get public reaction, and start a "softening up process, after which Labour then go in and do exactly the same thing.

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Wonder how this will go down?

"Treasury spokesman Vince Cable will announce plans for a 0.5% annual levy on the most expensive homes, raising £1bn, at the party conference later.

He will say it would help fund plans to get four million people earning less than £10,000 out of tax altogether. "

It will go down well on this site, let me tell you!

I wonder if he realises the significance of what he's suggesting. It's an easy political policy, but would have massive implications on the housing market if we went down that route (in a good way, from our perspective).

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And the costs of valuing all properties? The legal wrangling, the disputes the appeals the new public sector jobs to manage it, the little old ladies being made homeless to pay for the tax as 50 years ago they bought a terrace in London.

What a numpty.

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I thought it was a weird proposal that begged too many questions - a political proposal rather than a financial or pragmatic one:

- How can you base a tax on a subjective `value'?

- What happens if a house is `valued' at £1.1M and then there is a 10% national fall in house `values'

- What if someone owns two or more houses with a total value of more than £1M?

- I could go on.

- What happens if someone has owned a house bought for a modest price on a modest income 40 years ago and now its market value (unbeknown to the occupant) has gone over the tax threshold?

- Would any EA dare value a house in a band between £900k and £1.1M (lower number vulnerable to a bit of HPI putting in the tax band)

Surely better to go for second and unoccupied homes and raise cash and/or increase the homes available for those currently without (thus saving money on the housing budget).

Y

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If it's ever brought in it like all taxes it'll soon go up from 0.5% to 1.0% and then higher. The £1M threshold sounds like it'll only soak the rich but with the magic of inflation we'll all be paying it in a few years time. Remember when £250K seemed alot for a house - well that's what £1M will be like sooner than you think.

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This should help the conservatives no end in the south. Vince really screwed up with this but then don't they always? They usually have a few policies that gain widespread support and then drop in a couple that most everyone finds unpalatable just to ensure that as a party, they remain pointless and powerless. Still, stuff like this will increase the conservative vote thus ensuring that labour get the kicking they deserve.

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And the costs of valuing all properties? The legal wrangling, the disputes the appeals the new public sector jobs to manage it, the little old ladies being made homeless to pay for the tax as 50 years ago they bought a terrace in London.

What a numpty.

Oh please, if you'd bothered to read the article you'd realise that the proposed tax would only apply to properties worth £1m+. Even London terraces don't fetch that much unless they're massive.

Anyway, this settles it, Libdem's have my vote.

Housing tax = bloody good idea, and my mum is earning less than £10k and doesn't have much to call her own after rent, council tax, bills etc. are all paid for. Her income tax doubled under Labour.

Millionaires being asked to throw a couple of grand at the working poor is a great idea. For once, this is a policy that isn't just "help the chavs", and should aid social mobility.

Tories = give feckload of money to the rich.

Labour = give feckload of money to the chavs.

Libdems = ???

Edited by DementedTuna

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Millionaires being asked to throw a couple of grand at the working poor is a great idea. For once, this is a policy that isn't just "help the chavs", and should aid social mobility.

Is that not what council tax is?

How much do these £1m+ owners pay in council tax?

How much does your mum pay in council tax?

This is a 'help the chavs' appeal and will aid social mobility by pulling more people down.

Thankfully, the libdems have no credibility and less chance of ever gaining power so this will never happen.

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Sometimes I really do wonder if ideas like this this are "floated" by the BBC on behalf of Labour to get public reaction, and start a "softening up process, after which Labour then go in and do exactly the same thing.

A bit like anti viagra

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no cuts, just more tax.

come on vince, you can do better. or is this the best politicians can think of...not enough tax to cover the spending, so lets tax some more.

I think your wrong on this, it's quite clever really give the low paid workers a huge tax break, it's nearly 100% certain to get spend in the economy as low wage workers tend to spend all the money they get. It's a way of stimulating the economy. For those at the top they can then compete to recover the tax back via business profit.

For a £2m house it was said the tax would equate to £5k a year.

A nice little boost to stimulate the economy.

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WOW!! Plans to raise an extra £1,000,000,000!!!

So that would cover 2 days of borrowing. We just need some more plans to cover the remaining 363 days...

:(

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Thankfully, the libdems have no credibility and less chance of ever gaining power so this will never happen.

The other two parties lack credibility. Anyone above the age of 30 (who isn't stupidly rich) should be able to recall what the tories were like...as for labour nobody believes a word they say.

I don't mean that libdems are therefore ok, just think that credibility within politics is irrelevent.

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Oh please, if you'd bothered to read the article you'd realise that the proposed tax would only apply to properties worth £1m+. Even London terraces don't fetch that much unless they're massive.

but they do in lib dem key marginals, like richmond park. Say goodbye Susan Kramer and hello Zac Goldsmith!

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WOW!! Plans to raise an extra £1,000,000,000!!!

So that would cover 2 days of borrowing. We just need some more plans to cover the remaining 363 days...

:(

It is a bad idea, as tax tresholds have a habit of not moving much once set. Also, the amount it will raise is bugger all really. They could easily save this amount on whet he government spends anyway, without taxing more.

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Sometimes I really do wonder if ideas like this this are "floated" by the BBC on behalf of Labour to get public reaction, and start a "softening up process, after which Labour then go in and do exactly the same thing.

Nick Clegg was just being exceedingly well grilled on R4 about this. Among other things the presenter was asking exactly who would determine the value of the houses, and precisely how, and wasn't this just an exercise in appealing to the left-wing vote.

NC was banging on about fairness, fairness, fairness...

All academic since they're never going to be in a position to implement it.

IMO just an exercise in securing some of the vote they're afraid of losing to the Tories.

Plus a few more op. poll points in the meantime.

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Wonder how this will go down?

"Treasury spokesman Vince Cable will announce plans for a 0.5% annual levy on the most expensive homes, raising £1bn, at the party conference later.

He will say it would help fund plans to get four million people earning less than £10,000 out of tax altogether. "

Makes sense to me. IN the US property taxes are based on the purchase price (in CA at least).

Just think, this could have a negative effect on all those expensive homes and bring houe prices down. :( *

* :lol:

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"Sometimes I really do wonder if ideas like this this are "floated" by the BBC on behalf of Labour to get public reaction, and start a "softening up process, after which Labour then go in and do exactly the same thing."

Yes.

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Nick Clegg was just being exceedingly well grilled on R4 about this. Among other things the presenter was asking exactly who would determine the value of the houses, and precisely how, and wasn't this just an exercise in appealing to the left-wing vote.

NC was banging on about fairness, fairness, fairness...

All academic since they're never going to be in a position to implement it.

IMO just an exercise in securing some of the vote they're afraid of losing to the Tories.

Plus a few more op. poll points in the meantime.

Did you hear his line "money doesn't grow on trees any more"? That raised a smile on a dreary Monday morning.

Edited by ma-ku

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I'm all for raising taxes on bigger houses as long as they are bigger houses than my quite big house! :lol:

Edited by blankster

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