Mikhail Liebenstein Posted April 30, 2014 Share Posted April 30, 2014 It's all rigged to stop post-boomer generations accumulating any wealth. Which is why even high-earners (by historic measures) are bitching. The weight of tax is on income and there is very little on wealth itself. So anyone who has accumulated wealth can live at relatively low expense (£1500 council tax etc.) even though their assets are in the millions. Assets become ever more expensive to buy, whilst the after-tax income of most is going in the opposite direction. It's a special club and you're not invited. Agree entirely. I wouldn't mind paying a wealth tax, if was allowed to accumulate some wealth. I think a 1% annual levy of the value of houses over £1m and £2% over £2m would be a good start, as long as there was an offsetting 10% cut in income tax. Quote Link to comment Share on other sites More sharing options...
Errol Posted April 30, 2014 Share Posted April 30, 2014 Taxes need to fall to around 10% (flat rate on everything). The state should decrease in size by 50%+. Quote Link to comment Share on other sites More sharing options...
wherebee Posted April 30, 2014 Share Posted April 30, 2014 Agree entirely. I wouldn't mind paying a wealth tax, if was allowed to accumulate some wealth. I think a 1% annual levy of the value of houses over £1m and £2% over £2m would be a good start, as long as there was an offsetting 10% cut in income tax. +100 internets. One key reason we moved to Hong Kong was that without a tax on income of under 20% (around 10-15% here all in) I could see it was impossible to ever save enough to buy a place outright before we hit 50. We're saving >40% of monthly income here and still able to live life. Quote Link to comment Share on other sites More sharing options...
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