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A property wealth tax is the only fair way to pay for the Covid-19 crisis


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1 hour ago, NoHPCinTheUK said:

Anyone here happy to get a 20% pay cut to get HPC? 

mixed feelings given that I am about to buy, then again I am buying for the long term so dont really care if it goes down for a decade or two on paper. 

They wont stick it on VAT, I really cant see that. Income tax maybe, pensions maybe. 

A digital tax and a closing of intellectual property licencing loopholes would work wonders, but they wont do it. We cant have companies paying tax when they are using paid for public resources....that wouldn't do at all.

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1 hour ago, Chunketh said:

I am hearing a lot of squeals from you about pensions. Seems that you want everyone but you to pay tax.

As one has already stated, the axe is being sharpened, and yeah I expect it to hit pensions, but I also expect it to hit the people farmers a lot harder. About ****ing time too.

 

 

Yeah the axe will hit stock market farmers who make shares very costly to buy for young people. Stock market speculative gains will be ******ed too. Yeah its a ******ing time and yeah will buy another property next year. ?

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1 minute ago, Simhadri said:

Yeah the axe will hit stock market farmers who make shares very costly to buy for young people. Stock market speculative gains will be ******ed too. Yeah its a ******ing time and yeah will buy another property next year. ?

I dont think you even remotely understand the stock market.

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1 minute ago, Simhadri said:

Oh really, so you understand housing market ? So many geniuses here waiting for 20 years ?

Ill do you a favour, not that you will understand it. You can buy in from a ton a month so your ridiculous idea of people being "priced out" of the stock market is a crazy as your faith on the property market.

https://www.vanguardinvestor.co.uk/

You're welcome.

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7 minutes ago, Simhadri said:

Oh really, so you understand housing market ? So many geniuses here waiting for 20 years ?

I was too busy getting high and laid to be fiscally responsible, let alone actually realising the idea of farming people for a living.

Stupid, yeah. Fun, Yeah.

I am happy that I aint a parasite though.

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4 hours ago, AAA said:

 

All this furlough nonsense was done mainly to prevent house prices from falling. So taxing capital gain on houses would be a fair way to repay furlough costs.

Well those who weren't furloughed might feel hard done by. How about convert furlough money into a student loan debt vehicle with student loan interest rates so many age groups get a taste of the 'help' being given to young people? :)

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7 minutes ago, Save me from the madness! said:

Well those who weren't furloughed might feel hard done by. How about convert furlough money into a student loan debt vehicle with student loan interest rates so many age groups get a taste of the 'help' being given to young people? :)

Lol. Like it. 

Personally sick and tired of covering furloughed workers and burning myself out doing so, then looking at the team calendar and seeing them having 25 days leave left....seriously annoying.

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5 hours ago, AAA said:

The capital gain tax on primary residence should have been introduced long time ago.

Trudeau floated that idea a few weeks ago.

For about two days.

Needless to say, Boomers don't want to be screwed to pay for his massive spending program.

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Trouble is, capital gains tax on selling makes people less willing to buy and sill, more willing to sit tight.

Better surely to have an annual property tax. That way people can choose freely whether they stay where they are or whether they sell up and move, without a penalty for choosing one way rather than the other.

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12 hours ago, nome said:

A furlough tax code makes sense to me, even if it only goes a small way to repaying the cost at least it will be a constant reminder for all the piss takers who have spent the last 4 months sat in their Argos inflatable hot tubs watching netflix and boredom shopping on Amazon.

This. 

This suggestion is a nice soundbite for hpcers but in practice will just stop people selling properties if the tax is only payable upon completion of the transaction. Much like the triple lock, it's a nice thing to see pulled down for a bit of vengeance but in the cold light of day it's just another perk the boomers enjoyed which people want to see denied to future generations.

Also, should people who live in their only house (often a modest home at that) really be the ones to pay for this? Surely it's the business owners who've had their payroll or profits subsidised by the taxpayer (including the Tesco's and Amazon's of this world who've been able to enjoy record sales thanks to the fact furlough staff were stuck at home but still had money) who should be on the hook, not to mention at least a token gesture from people who had their job protected by furlough (as above)? 

I notice "City" AM stays pretty quiet on that front. 

"Property tax" is not the answer to absolutely everything, just like "house prices" are not the reason behind every one of society's ills. 

Anyway, it's pointless having this conversation as we all know in the end the Tories will decide this is all too complex and alienates their base so they will just hit us PAYE mugs again. Can't upset the wealth creators now. 

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14 hours ago, Switch625 said:

Decrying the impoverishment of a generation of younger people in this country by a select group that have manipulated a basic human need to further their own ends isn't jealousy.

Laughing at those that have been unfairly disadvantaged by the unscrupulous actions of others is however fustian and conceited.

Stock market investors have impoverished next generation by getting massively benefited with low stock prices and then expecting young people to buy same shares at massive prices.

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15 hours ago, Simhadri said:

Please tax UNEARNED gains in stock market first.

They should pay their fair share.

They are. CGT is payable on gains, dividends are subject to taxation.. 

And if you borrow to buy on leverage you get no tax deduction whatsoever unlike BTL

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23 minutes ago, captainb said:

They are. CGT is payable on gains, dividends are subject to taxation.. 

And if you borrow to buy on leverage you get no tax deduction whatsoever unlike BTL

Because banks don't want people to gamble on shares with borrowed money whereas bank can repossess a physical asset like property if borrower defaults. But with shares ? lol

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4 minutes ago, Simhadri said:

Because banks don't want people to gamble on shares with borrowed money whereas bank can repossess a physical asset like property if borrower defaults. But with shares ? lol

This is about tax.. Not sure why you are rabbiting on pointlessly about banks.

Taxation is set by hmrc, interest by the lender. 

Pretty basic

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15 hours ago, Switch625 said:

Decrying the impoverishment of a generation of younger people in this country by a select group that have manipulated a basic human need to further their own ends isn't jealousy.

Laughing at those that have been unfairly disadvantaged by the unscrupulous actions of others is however fustian and conceited.

+1

Housing is the mechanism used for exploitation and wealth transfer.

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2 hours ago, erat_forte said:

Trouble is, capital gains tax on selling makes people less willing to buy and sill, more willing to sit tight.

Better surely to have an annual property tax. That way people can choose freely whether they stay where they are or whether they sell up and move, without a penalty for choosing one way rather than the other.

Assuming no HPC, sitting tight is just increasing your future profit, and therefore increasing your future tax.

Now, if there's an HPC instead, capital gains tax won't matter for people who buy in the short-term and medium-term.

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1 hour ago, Simhadri said:

Because banks don't want people to gamble on shares with borrowed money whereas bank can repossess a physical asset like property if borrower defaults. But with shares ? lol

Are you kidding me? The modern retail bank is a full-service casino. They want you trading on margin. They'll front-run your trades when they think you're going to win and take the opposite side when you look like losing.

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5 minutes ago, GodlessEndeavor said:

Why is this fairer to pay for sitting on an unsold house than paying capital gains tax after making a profit?

I think it just makes sense we move to the US system. it would mean 3k+ bills for some but if you want local schools etc. then it has to be pad for  

Edited by Warlord
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Just now, Warlord said:

I think it just makes sense we move to the US system. it would mean 3k+ bills for some but if you want local schools etc. then it has to be pad for  

The US system meaning much lower overall taxes? Or do you want to the high property tax to the already high UK taxes (VAT, council tax, PAYE, stamp duty etc)?

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30 minutes ago, Warlord said:

Property taxes should be levied by local councils like they do in the US and it would be like 2-3% of current value... that would be a big hike for some but its only fair 

Excellent idea, that's make the cost of living in the UK even more exorbitant by allowing local coucils to levy "wealth taxes" on top of council tax to "punish" those who live in a slightly better house than the basic UK Victorian "two up two down" band A terrace. Crikey where I live band C CT is already touching 2k a year half of which is going to fund ex council employees who retired at 52 "for health reasons" with their pension made up. People being forced to pay 5k+ in local taxes to live in just mediocre 300k semi would cause chaos.

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