>>21466623
YOU WILL OWN NOTHING AND YOU WILL BE HAPPY - KLAUS SCHWAB!!! UNREALISED TAX!!!
>>21466056, >>21466113, unrealized tax bun. b.i.s plan
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UNREALISED TAX, AKA CAPITAL GAINS TAX COMING IN THE U.K LABOUR (RACHEL REEVES) AND USA UNDER KAMALA IF SHE WINS !!
Note: this is a article from the telegraph which is behind a paywall, to read in full, use archive link for free to share. or in full below very long, just collecting primary sources atm.
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Labour may be plotting a devastating plan to make millions tax prisoners in their own homes
Political outriders are laying the ground for a new assault on property
Allister Heath
21 August 2024 • 7:58pm
https://archive.ph/odmGR
https://www.telegraph.co.uk/news/2024/08/21/your-home-not-safe-with-labour-prepare-assault-on-affluence/
This is the point of maximum danger for anybody who owns property in Britain. The Labour government is desperate for cash, and will never be as powerful as it is today. Rachel Reeves is expected to raise inheritance and capital gains taxes, but she is being urged by a bevy of influential voices to go even further, and to impose Britain’s first annual wealth tax on unsuspecting homeowners. This would be a calamity, the most explosive assault on private property since the 1940s, and must be opposed by all right-thinking people.
There has long been an influential body of opinion across the political spectrum that maintains that residential property isn’t taxed enough. Such people now believe that this is their moment, their once in 50 years opportunity to revolutionise Britain.
They are desperate to whack “rentiers”, to hammer “unearned” wealth and “landlordism”, to penalise “unfair windfalls” from rising house prices, to wipe out second home-owners, all in the aid of renters and “working people” (who, apparently, are defined as never aspiring to own anything). They dream of a Lloyd George-style “People’s Budget” for the 21st century; unlike in 1909, prosperous Middle England would be the principal target for punishment, not just large landowners.
The policy could take the form of a revaluation of council tax bands to clobber millions in the South, London and gentrified areas, or the replacement of council tax and stamp duty by a proportional, graduated annual levy on the value of all homes (forcing many to pay £10,000, £20,000 or more a year), or a “mansion” tax on homes deemed expensive, or a “garden tax” on land values.
The status quo is broken, but all of these “solutions” would be worse. Infused by flawed classical, Marxist or Georgist economics that claim, without a shred of evidence, that taxing property is necessarily less damaging than taxing income or consumption, they would ruin Britain’s residual attractiveness to global capital and talent.
The total value of all UK homes is £8.7 trillion; as if by magic, confiscating just 1 per cent of this wealth annually would exactly eliminate Britain’s budget deficit, expected at £87 billion for this year. The coincidence is freakish, especially given the dire fiscal context. The Tories turned on the spending taps, to no avail, in their last few months, and since then Labour have awarded scandalously high pay rises to their public sector cronies. Day-to-day central government spending surged 5 per cent between April and July; tax receipts “are, if anything, slightly behind” predictions, the Institute for Fiscal Studies notes, despite stronger economic growth than in other European countries. Borrowing is higher than forecast.
As if on cue, a series of articles and pamphlets have made the case for a radical “reform” of property taxation. Writing in the Financial Times, Charles Goodhart, a brilliant former central banker whose lectures at LSE I very much enjoyed in 1996-97, makes a sober case for a land value tax; he even believes it could raise enough to replace income tax. The Institute for Fiscal Studies has ridiculed council tax bands based on home values “when Mikhail Gorbachev was president of the Soviet Union and Chesney Hawkes topped the charts”.
Tim Leunig, economist at Onward and a former adviser to Rishi Sunak, wants to replace council tax by a 0.44 per cent levy on homes worth up to £500,000, with a minimum payment. He wants stamp duty to be replaced by a 0.54 per cent annual tax on homes worth above £500,000, with an extra 0.28 per cent supplement on values over £1 million. Welsh Labour, which is revaluing council tax bands, is keen to see its policy adopted by Reeves.
Labour last plotted to wage a war on wealth 50 years ago; the seminal text is A Wealth Tax Abandoned: The role of the UK Treasury 1974-6 by Howard Glennerster. By 1964, a Labour internal report came out “in favour of an annual Wealth Tax”, influenced by the Left-wing economist Nicholas Kaldor.
continued in first comment