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'Emergency' Tax on the Rich Roils Britain
cnbc ^

Posted on 08/30/2012 10:50:50 AM PDT by chuckee

As part of the global push to tax the rich, Britain is now debating an “emergency” wealth tax. But the idea has hit fierce opposition from conservatives, who say the “politics of envy” hasn’t made the country rich.

Deputy Prime Minster Nick Clegg, leader of the Liberal-Democrat Party, has proposed a one-time tax on the wealth (rather than the incomes) of high-net-worth Britons. The details aren’t clear, but Clegg says the country is facing an economic war caused by a prolonged recession, and needs to tax the rich in order to avoid social unrest.

He told the Guardian that unless the country “hardwired fairness” into the budget, “I don't think the process will be either socially or politically sustainable or acceptable."

Chancellor George Osborne shot back, saying the plan would chase out the rich and make the odds of full recovery even worse. Bernard Jenkin, the chair of the House of Commons' public administration committee, told the BBC that the tax could strangle the golden geese of Britain. “If the politics of envy made a country rich, we'd be very rich … Most rich people are contributing far more in tax than other people." ...

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Chit/Chat; Reference; Society
KEYWORDS:
The next step after confiscating income is confiscating assets on the road to utopian misery.
1 posted on 08/30/2012 10:50:52 AM PDT by chuckee
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To: chuckee

The beast needs to be fed and income taxes aren’t enough. Until they stop the spending, these taxes will continue to be entertained. The one small silver lining in the otherwise dark cloud is that a tax like this would hit a hypocrite like Buffett just like anyone else. He’s all for an income tax because he already made his money. Let’s see if he’s for a wealth tax.


2 posted on 08/30/2012 10:53:18 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: chuckee

But don’t you DARE call them Communists.


3 posted on 08/30/2012 10:56:01 AM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: chuckee

Britain is long down the road to wealth confiscation with stagger estate taxes for over 50 years. Britain in the seventies was a basket case, and it looks that they are headed back into the hamper.


4 posted on 08/30/2012 10:56:01 AM PDT by Lonesome in Massachussets (The Democratic Party strongly supports full civil rights for necro-Americans!)
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To: chuckee

No mention in the article as to whether it would apply to the royals who are probably the wealthiest in the country.


5 posted on 08/30/2012 11:00:07 AM PDT by carolinablonde
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To: chuckee

I expect we will be looking at this and worse of Obama manages to get another term.

They have been lusting after everyone’s 401K balance for over a decade now. Other taxes I think will be on the table are a VAT, the Tobin Tax (tax on financial transactions) and applying FICA to very high levels of income. Perhaps every last dime.


6 posted on 08/30/2012 11:04:44 AM PDT by Buckeye McFrog
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To: carolinablonde

I’m sure the royals believe they are above the law, just like our elected elites. I’ll respect Congress when they live under the same Social Security and healthcare as the rest of us.


7 posted on 08/30/2012 11:06:50 AM PDT by TexasRepublic (Socialism is the gospel of envy and the religion of thieves)
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To: Lonesome in Massachussets

Maggie Thatcher pulled them out of the toilet...That’s the kind of leadership we need now.

It’s a bitter pill, but it worked.


8 posted on 08/30/2012 11:09:15 AM PDT by SMARTY ("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)
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To: Opinionated Blowhard

“The beast needs to be fed and income taxes aren’t enough. Until they stop the spending, these taxes will continue to be entertained.”

When you get your spending under control as we in the UK have and you drag your credit rating back up to our triple-A, get back to me.


9 posted on 08/30/2012 11:10:15 AM PDT by Caulkhead
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To: chuckee
Do they actually sell Atlas Shrugged in Britain, or is it already considered a "hate crime" to read it? :)
10 posted on 08/30/2012 11:11:39 AM PDT by Mr. Jeeves (CTRL-GALT-DELETE)
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To: chuckee
Britain is now debating an “emergency” wealth tax

Does anybody not believe that Obamugabe wouldn't LOVE to do this, too?

Actually, I think the FedGov is doing taking wealth on the down-low NOW by pushing people's 401(k)s out of Money Market funds and into Government Bonds.

Check it yourself: did you lose your MM option on your 401(k) recently? We did.

11 posted on 08/30/2012 11:19:05 AM PDT by backwoods-engineer (My game is disruption. I will use lethal force --my vote-- in self-defense against Obama.)
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Comment #12 Removed by Moderator

To: chuckee

Those French emigres are just too juicy a target, aren’t they? BTT


13 posted on 08/30/2012 11:21:31 AM PDT by Billthedrill
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To: backwoods-engineer

...Does anybody not believe that Obamugabe wouldn’t LOVE to do this, too?

Re Elect this right of Lenin Marxist and see how fast he takes it by executive findings!


14 posted on 08/30/2012 11:23:01 AM PDT by bill1952 (Choice is an illusion created between those with power - and those without)
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To: backwoods-engineer
Does anybody not believe that Obamugabe wouldn't LOVE to do this, too?

Actually, I think the FedGov is doing taking wealth on the down-low NOW by pushing people's 401(k)s out of Money Market funds and into Government Bonds.

Check it yourself: did you lose your MM option on your 401(k) recently? We did.
______________________

If the government is grabbing my 401K, I'll drain every dime out while I can before the new year starts - regardless of penalty.

Thanks for the heads up, will check out our options.

15 posted on 08/30/2012 11:27:10 AM PDT by KittenClaws
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To: chuckee

Wow, the “Conservatives” actually doing something conservative for once, opposing the communist liberals and labor. I still think they lost all spine after Thatcher. Lib/Lab/Con are as bad as each other nowadays and have passed power around while selling the nation’s sovereignty to multi-national bureaucrats and allowing a silent Muslim invasion. It’s hard to have sympathy. I am waiting patiently for Europeans to wake up to the fact that Breivik’s methods were evil, but his concerns were correct. Europe’s leftist leaders are putting a gun to the continent’s head in more ways than one, and if we re-elect Saul Alinsky 2.0, we’ll be doing the same.


16 posted on 08/30/2012 11:33:33 AM PDT by Viennacon
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To: chuckee

Where do the Rothchilds reside? I’d bet not in England, as if it would matter anyway. It was reported recently (do a web search) the Rothchilds family’s combined wealth is approx. $500 trillion. I recall in 1969 it was reported in the Sacramento Bee that the Rockefeller family wealth was more than the entire US governments. One can imagine what it is today. Bill Gates is deemed the richest person in the world but in comparison, he’s a piker compared to the old wealth that exists. Paul Warburg represented the Rothchilds banking empire in 1913 and both the Rothchilds and Rockefeller families were instrumental and obviously huge benefactors in the getting the Federal Reserve Act of 1913 signed into law. I understand that a family member (David Rockefeller) or a representative of each family still sits on the executive board of the US Fed Reserve. These families are literally wealthy beyond belief and the US is now broke. Go figure.


17 posted on 08/30/2012 11:33:33 AM PDT by drypowder
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To: chuckee

You may get some of them...once. After that they flee the country like the White Russians fled the USSR.

18 posted on 08/30/2012 11:42:33 AM PDT by Snickering Hound
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To: Snickering Hound

This is what our country is facing. While Rome is buring the media is fiddling with race and abortion issues. A cover for the real story.


19 posted on 08/30/2012 11:54:21 AM PDT by Cowgirl
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To: Snickering Hound

“You may get some of them...once. After that they flee the country like the White Russians fled the USSR. “

As long as they do not flee across the channel to the Eurozone. As in fleeing Hiroshima for Nagasaki. If Britain can propose this insanity of asset tax first, continental Western Europe which is generally to the left of the UK must be asleep at the switch.Once the social entitlements start getting squeezed and the millions start showing up in the public square,wealth tax proposals are not far behind. Obama would not even need a crisis to propose such a thing.


20 posted on 08/30/2012 12:05:21 PM PDT by chuckee
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To: TexasRepublic
I’ll respect Congress when they live under the same Social Security and healthcare as the rest of us.

They earn $175,000 a year. There is no reason for the public to pay them one more thin dime. Nor is there any reason to continue paying for benefits for any previous member of congress, nor any appointed officials. These are not terms of employment - they were either elected or select to their positions. They can pay their own way.

Oh, and I'm all for an immediate refund of any contributions they've made to any retirement or benefits program. A pittance compared to their yearly embezzlement of public funds.

21 posted on 08/30/2012 12:18:32 PM PDT by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: chuckee
Here you go Labour and Liberal-Democrat Party: a one-time confiscation of all properties, bank accounts, and anything of value from “The Rich”. That also applies to the House of Commons, House of Lords, and Royal Family — everyone not living on the dole [that is, welfare]. Then the UK can go down the crapper and everyone can live in a failed, Third World hole like Zimbabwe. Hmmmm, I wonder what the Muslims will do? Go back home? How will they afford the airfare?
22 posted on 08/30/2012 12:23:59 PM PDT by MasterGunner01
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To: chuckee

How do they think this would even work? “The rich” don’t have mattresses stuffed with cash. Most of their holdings are assets, which would need to be liquidated (ie, sold). Who is going to buy these assets, other rich people? And what would the selling price be, if masses of assets were suddenly dumped onto the market around tax time?


23 posted on 08/30/2012 12:38:18 PM PDT by MissNomer
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To: chuckee
a one-time tax on the wealth

Anyone seriously stupid enough to believe the phrase "one-time"?

24 posted on 08/30/2012 1:19:04 PM PDT by techcor (I hope Obama succeeds, in being a one term president.)
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To: SMARTY

People are saying that they really think too much is being taken out of the pay packet for someone to spend on their behalf, and they’d rather be left with more, and it’s now well-known that Socialist Governments put up taxes and Conservative Governments take them down. It’s part of our fundamental belief giving the people more choice to spend their own money in their own way.

...Now if you run up the public sector, you can only do it by draining money out of industry and commerce. But that’s where the jobs are. And one of the reasons why you have to cut public expenditure is to get the money back—one of the reasons why you have to cut public expenditure is to get money back out of the public sector, into industry and commerce, so that they, in fact, can invest, and improve, and expand; because that’s where the secure jobs are. It’s very complicated.

...and Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them.”

Feb 5, 1976
Margaret Thatcher

http://www.margaretthatcher.org/speeches/displaydocument.asp?docid=102953


25 posted on 08/31/2012 5:09:08 AM PDT by thackney (life is fragile, handle with prayer)
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