Wednesday, September 26, 2012

A wealth tax on the value of property is a bad idea

A wealth tax on the value of property is a bad idea

The government would raise a multitude of problems if it were to introduce any new wealth or property taxes on top of the taxes we already have. Here's why.

Posted by martingreen @ 10:21 AM (1508 views)
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3 thoughts on “A wealth tax on the value of property is a bad idea

  • An all-purpose excuse for doing nothing – doing something would upset the fine balance of what we already have, e.g., if you institute LVT you either dump stamp duty (so infuriating any recent purchasers), or keep it and have both taxes and ‘add to the misey of our tax system’. So, no way around this impossible dilemma then?

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  • Ic, who cares? If recent purchasers want the SDLT they have paid* knocked off their future LVT bills, then so be it. Those credits will be used up in a year or two, let’s just move on with our lives.

    * Of course, the SDLT was knocked off the purchase price, so the tax was borne by whoever sold the house, but hey. These socialists will always believe that the government can determine the economic incidence of a tax.

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  • (‘misery’ @1) MW – agreed. Dunno why she had a problem with this ‘dilemma’.

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