What Constitutes "Extreme" Wealth?

[ToraToraTora]

https://www.bbc.co.uk/news/articles/cx242gw70x7o

another genius Labour green eyed monster idea.

[Old_Geezer]

A fiver less that you have T³.

[newmodarmy]

It's been tried in some countries but I'm not sure how it can work. If someone has a £10 million pound house or business are they supposed to sell it or remortgage a bit to raise their £200000?

I can see tax avoidance  accountants and lawyers would have a field day.

Worth exploring though but perhaps start at 0.5 % or something like that for wealth of £50 million 

[THECORBYLOON]

The answer is in the second sentence in your link,

"The MPs have written to chancellor Rachel Reeves to demand a new 2% tax on assets worth more than £10m, which they claim could raise £24bn per year."

[newmodarmy]

No doubt it was a rhetorical question.😉

[Hymie]

If such a scheme was to come into effect, who would value the assets – all of a sudden TTT would be denying that he was a multi-millionaire.

[nicebloke1]

If they have that sort of money they are never going to worry over that tax. What you are all missing and wont accept is that this country is in a deep hole, and getting out of that hole will hurt EVERYONE. It's not about you or me, its about our youngsters future. Some countries have inflation of over 60% in some cases 80% Would prefer KS to just sit back and let this country go completely down the pan. As for WFA people who need it will still get it, and yes, some people fall through the net, the latter always happens no matter what desisions are made in government, thats life, nothing is perfect. Like it or lump everyone will pay the price and the debt for past money borrowed. You had a con government that just had an attitude of just spend spend spend.

[Ellipsis]

Can you figure out the value of your own assets? And, assuming that you can, would you want to (and afford to) pay 2% tax per year on it?

[nicebloke1]

^^ people with that sort of money dont sort anything they can afford accountants to do it for them and no doubt find a way round not having to pay some.

[newmodarmy]

Exactly . Worth exploring but unlikely to work effectively.

[New Judge]

"What you are all missing and wont accept is that this country is in a deep hole,..."

Not all of us.

But what some of us are also not missing (but many are) is that there are two sides to the balance sheet: money coming in and money going out. This government (and the last) have overlooked that.

There are huge sums being doled out that could be cut without making any difference to the public services in this country. I won;t list them now because it's late. But tthe reason the country's finances are in a mess and will continue to be so is because none of these huge sums are being targetted. Instead, all the government tells us is how much more money they need.

In fact they don't need any extra: all they need to do is to cut the enormous waste and cut the money being doled out to people who should not get it.

[Untitled]

they have made a huge cut to money being doled out to people who shouldn't get it

[newmodarmy]

And already spent it ( future pensioner WFA savings) on things New Judge will tell you are a waste of money, plus generous pay rises for public sector.

[Untitled]

i don't consider that a waste. 

[newmodarmy]

No, I didn't think you would.

[youngmafbog]

//all of a sudden TTT would be denying that he was a multi-millionaire.//

I dont think I have heard anyone on here claim that.  A millionaire yes but not multi.

It's interesting though how the green eyed monster rears its ugly head.  For those that bother to work hard, often go without in the early years and acrue wealth suddenly htose who didnt (usually the far left) want to take it from them.  

I wonder if Pensions would be included, that would get very interesting.

[Peter Pedant]

extreme wealth - top 1% of earners ( on earnings, not post code or weight or skin colour)

who also pay almost all of  the capital gains tax - ( 5% of payers pay £6 bn - I dontknow what the  total take is)

[Peter Pedant]

and never a house owner ( more than one -  house that is!) and therefore in the CGT category

[Atheist]

A bit like extreme right and extreme left. Different folks have different ideas depending on their circumstances.

[youngmafbog]

Very true Atheist, I wonder what are the views od say Musk and Besos? 😁

[naomi24]

Barmy - but then Labour never did understand that wealth generates wealth.