Monday, September 21, 2009
Is this a type of LVT?
Lib Dem plan for £1m-property tax
The Lib Dems are to outline plans for a tax on owners of £1m-plus homes, using the proceeds to help low-paid workers. 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.
Posted by flintster1994 @ 07:19 AM (1503 views)
11 thoughts on “Is this a type of LVT?”
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mark wadsworth says:
Yup, this is exactly how not to implement Land Value Tax, by making it a “jealousy surcharge” on top of Inheritance Tax. Even the Co-operative Party did much better than that (who included in their manifesto recently).
uncle tom says:
The politics of envy never seems to deliver votes in this country..
~~~
The LibDems seem completely bereft of a message at the moment, and in recent elections have clearly failed to pick up the spoils of Labour’s demise.
They have been obsessed with attacking the Tories over the last few years, instead of taking on Labour. They were even deluded enough to think they could ‘decapitate’ the Conservatives, by focusing on the seats of shadow ministers at the last general election.
Now, as we approach the next general election, there is little evidence that they are prepared to snatch many – if any – seats from Labour; and face near obliteration in the House of Commons.
dbc reed says:
Would n’t it be nice,as the Beach Boys say,if the Labour Party returned to its land -taxing roots and outflanked the Lib Dems by proposing proper LVT, forcing developers with thousands of plots with planning permission to build houses which is what they’re supposed to do (not create an artificial scarcity to keep house prices/profit levels up)?
But New Labour would rather break ranks with its partners in the Co-Operative Party than show disloyalty to the Great Homeowners Alliance which transcends party,national boundaries and common sense. How homeownership has totally taken over the political process globally should perhaps be the subject of the next Dan Brown book.
mark wadsworth says:
Will Dan Brown’s book mention the fact that the 1914 war was started to distract attention from The People’s Budget?
the number cruncher says:
I say Hurrah – and least it gets the LVT on the agenda.
I think its a great idea and worthy of my vote. from little acorns do mighty oaks grow. It would certainly help lower house prices. It would put the tax raising machinery into preparation for a possible wider application of LVT.
Pauly_boy says:
I’m equally in favor of this, but how will the values be judged? They also need to put the same tax on non-owner occupied homes and homes that are vacent for more than 3 months a year.
Gordiji says:
I don’t know if it is the ‘ politics of envy’ , lets not forget it’s the wind fall ie unearned gains on the rising value of land that are being taxed.
Yodiggity says:
Does anyone really care? There’s more chance of me being elected as the majority party than them.
Now if they were going to chocolate coat the moon, then they’d get my vote.
drewster says:
I agree with number cruncher – it’s a small step in the right direction. It plants the idea in people’s heads and it enforces the point that LVT only hurts people who “over-occupy” housing. Over the years the £1m limit can be reduced, or fiscal drag can slowly draw more houses into the net. Issues like taxation of empty homes, pensioners, and owners of multiple properties can be addressed while it remains below the political radar. At a starting limit of £1m, it’ll only affect a tiny proportion of the population too.
Sadly it’s a Lib Dem idea, so the chances of it seeing the light of day are slim to none. Maybe Labour will steal it and implement it before next May.
uncle tom says:
“Maybe Labour will steal it and implement it before next May”
Do seriously expect Labour to pi*s off its party donors just before an election?
letthemfall says:
This is not the politics of envy – is there such a thing? – but an attempt to introduce a more progressive tax system, long overdue. The Conservatives have always loved the envy phrase, often trotted out to defend injustice. The £1m figure is arbitrary but then so is the high rate tax margin. Good for them. A pity it won’t happen. The politics of greed, unlike envy, is real.