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Exclusive: Cut stamp duty now, says Jacob Rees-Mogg, as he reveals his vision for the Conservative Party

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All part of a coordinated campaign by the Telegraph and their backers to influence the upcoming November budget...... cut stamp duty for the asset rich, roll back on some of the BTL tax changes Osborne introduced.....

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There was some guy from LSE whose "research" was suggesting this and now you here a few people talking about the need to reverse some changes. I wonder if the guy from LSE secured outside "funding" for his research. Looking at the donors to so many think tanks, Im very suspicious of all of it.

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I dont mind JRM

I also dont mind seeing stamp duty changed in return for sounder money and the end of HTB and TFS.

If he is low tax.... fair enough as long as he is free market on the other hand.

 

Edit:   No wonder he does not seem to love Mark Carney

http://www.standpointmag.co.uk/books-may-14-sound-money-unsound-men-jacob-rees-mogg-kwasi-kwarteng

 

Edited by Fromage Frais

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40 minutes ago, skomer said:

All part of a coordinated campaign by the Telegraph and their backers to influence the upcoming November budget...... cut stamp duty for the asset rich, roll back on some of the BTL tax changes Osborne introduced.....

+1

Jacob Rees Muppet

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Housing is my number 1 influence on voting right now. As it stands Corbyn is amazingly well ahead of anyone else, even though I have some major issues with him. The moment I hear a Tory contender offering true conservative policies for all hard working people, not just rich hard working people  who offers true aspiration for those who work for it then I am back like a shot.

Just had a weekend family get together where a distant cousins 17 year old beautiful but lazy  airhead daughter is playing the system to get ahead of the housing  queue, including a story that she has been thrown on the street and the boyfriend is not on the scene, all BS,  f****g annoying, was dying to show my true thoughts but was diplomatic. But that's what gets you housing, not a dull story like they are educated, working and paying taxes.

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All that would happen in the absence of Stamp Duty is vendors would raise prices , oh the buyer doesn't have to pay stamp duty so he can afford to pay another 10k etc ....

Stamp duty is an issue because prices are too sodding high !!

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7 minutes ago, wotsthat said:

Housing is my number 1 influence on voting right now. As it stands Corbyn is amazingly well ahead of anyone else, even though I have some major issues with him. The moment I hear a Tory contender offering true conservative policies for all hard working people, not just rich hard working people  who offers true aspiration for those who work for it then I am back like a shot.

Just had a weekend family get together where a distant cousins 17 year old beautiful but lazy  airhead daughter is playing the system to get ahead of the housing  queue, including a story that she has been thrown on the street and the boyfriend is not on the scene, all BS,  f****g annoying, was dying to show my true thoughts but was diplomatic. But that's what gets you housing, not a dull story like they are educated, working and paying taxes.

hate the game not the playa yo

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9 minutes ago, wotsthat said:

Housing is my number 1 influence on voting right now. As it stands Corbyn is amazingly well ahead of anyone else, even though I have some major issues with him. The moment I hear a Tory contender offering true conservative policies for all hard working people, not just rich hard working people  who offers true aspiration for those who work for it then I am back like a shot.

Just had a weekend family get together where a distant cousins 17 year old beautiful but lazy  airhead daughter is playing the system to get ahead of the housing  queue, including a story that she has been thrown on the street and the boyfriend is not on the scene, all BS,  f****g annoying, was dying to show my true thoughts but was diplomatic. But that's what gets you housing, not a dull story like they are educated, working and paying taxes.

She won't get social housing. She will just get LHA (for a private rental), at shared level.

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58 minutes ago, AdamoMucci said:

There was some guy from LSE whose "research" was suggesting this and now you here a few people talking about the need to reverse some changes. I wonder if the guy from LSE secured outside "funding" for his research. Looking at the donors to so many think tanks has a massive f**king mortgage , Im very suspicious of all of it.

 

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9 minutes ago, Nabby81 said:

All that would happen in the absence of Stamp Duty is vendors would raise prices , oh the buyer doesn't have to pay stamp duty so he can afford to pay another 10k etc ....

Stamp duty is an issue because prices are too sodding high !!

No Stamp duty is an issue because it adds cost to the transaction which should be simple. 

What needs to be taxed is holding the property, hence having a land value tax.

One creates a barrier to entry, the other one keeps in check people wishing for HPI.

One is a one time payment, the other one creates a stream of money. So yes stamp duty really is bad.

One is tax dodgeable ( Duke of Westminster ?) the other one is not

Edited by Freki

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1 minute ago, fru-gal said:

She won't get social housing. She will just get LHA (for a private rental), at shared level.

Do you know what fru-gal, I have zero idea how welfare or social housing works, I think it is still ingrained into my genes from my parents that you work hard and the rest will follow. Have to say this, I am a massive fan of the concept of welfare and helping the weaker, but the times the so called "weaker" have got one massive headstart on the rest of us and then stuck their fingers up as they looked back at me/us is just galling.

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I've been thinking more and more that JRM's affable persona is all an act.

Also, he's starting to remind me of a posh John Redwood i.e. superficially principled and plausible but really just an apologist for the rich.

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26 minutes ago, wotsthat said:

 

Just had a weekend family get together where a distant cousins 17 year old beautiful but lazy  airhead daughter is playing the system to get ahead of the housing  queue, including a story that she has been thrown on the street and the boyfriend is not on the scene, all BS,  f****g annoying, was dying to show my true thoughts but was diplomatic. But that's what gets you housing, not a dull story like they are educated, working and paying taxes.

can a single man do the same ?

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I can't read the whole article and don't trust politicians in general, but Rees-Mogg usually strikes me as one of the sane ones. I want people in power that believe in individual liberties and he seems to tick that box.

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Maybe JRM would benefit from lower stamp duty if he increased his rental portfolio?

 

His register of interests now states a rather vague, is it a house worth over £100k and/or rental income

Quote

 

6. Land and property portfolio: (i) value over £100,000 and/or (ii) giving rental income of over £10,000 a year
Farmhouse, land and related buildings in Somerset: (i) and (ii).
Residential property in London: (i) and (ii).

https://www.theyworkforyou.com/mp/24926/jacob_rees-mogg/north_east_somerset#register

 

 

Before the MP excuses scandal we got a more detail about rental income that has since been phased out.

Quote

 

8. Land and Property
Farmhouse, land and related buildings in Somerset, from which rental income is received.
Residential property in London, from which rental income is received.

https://www.theyworkforyou.com/regmem/?p=24926

 

JRM also sees no need for rentals to be 'fit for human habitation' as he voted against it.

When asked why he perhaps saw no reason why he had to justify himself to plebs.

Jacob Rees-Mogg

Has yet to respond.

http://www.somersetlive.co.uk/news/somerset-news/conservative-mps-jacob-rees-mogg-116725

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4 hours ago, Freki said:

No Stamp duty is an issue because it adds cost to the transaction which should be simple. 

What needs to be taxed is holding the property, hence having a land value tax.

One creates a barrier to entry, the other one keeps in check people wishing for HPI.

One is a one time payment, the other one creates a stream of money. So yes stamp duty really is bad.

One is tax dodgeable ( Duke of Westminster ?) the other one is not

Stamp duty is a bad tax, but that's the danger here.  JRM 'Boris Johnson II: the nanny's curse' doesn't really give a damn about the housing crisis, and is just using it to get a tax break for landowners.

Scrapping stamp duty will immediately push up prices.  That's a well established law of economics.

Worse still, working people will have to make up the difference in tax, since we're still in 'austerity measures'.  

So who benefits?  Him and his friends, mostly.  

'But think of the poor first time buyers', he'll say.  And people will fall for it, because they loved the original 'Boris Johnson', except for the ending.

If he actually cared about the crisis, or fairness or economic efficiency, he'd call for measures to compensate for this effect.  

Scrapping stamp duty would be a good thing, but only if measures are in place to ensure that the benefit isn't sucked up by the same old scroungers.  

Edited by DrBuyToLeech

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1 minute ago, doomed said:

How would scrapping stamp duty increase the cost of buying a house?

The cost of a house is set by ability to pay. Ability to pay is reduced by stamp duty. 

All else equal, the price will increase by the amount of the stamp duty, and this is observed in practice. 

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