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Lib Dem emergency tax may force millions to reveal personal wealth - keep society "cohesive"
Telegraph - UK ^ | August 29, 2012 | Robert Winnett

Posted on 08/30/2012 1:16:22 AM PDT by Cincinatus' Wife

Millions of people would be forced to disclose the value of their homes, investments and assets under Liberal Democrat plans for an emergency tax on wealth.

The Deputy Prime Minister believes that the proposed tax, which would see an annual levy of about half a per cent on the value of a person’s total wealth, could raise billions of pounds to prevent deeper public spending cuts.

Experts warned that it would prove “impossible to administer” and other countries were abandoning similar taxes because of the complexities involved.

George Osborne said it might also “drive away wealth creators”. The Chancellor said: “I am clear the wealthy should pay more which is why in the recent budget I increased the tax on very expensive property transactions.

“But we also have to be careful as a country we don’t drive away the wealth creators and the businesses that are going to lead our economic recovery.”

Senior Tories described the tax plan as a “kite-flying exercise” by Mr Clegg which was highly unlikely to become government policy. The Lib Dem leader caused confusion when he said higher taxes on the rich were necessary if society was to “remain cohesive”.

Mr Clegg said: “If we want to remain cohesive and prosperous as a society, people of very considerable personal wealth have got to make a bit of an extra contribution.”

Tim Farron, the Lib Dem party president, said: “Income tax is one way of raising money. It’s probably more effective to do so by taxing wealth and assets. There are a range of things that can be done.”

He said the new taxes would involve Britons “opening their books” to HM Revenue and Customs.

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Foreign Affairs; Government; News/Current Events; United Kingdom
KEYWORDS: communism; greatbriton; tax; wealthy

1 posted on 08/30/2012 1:16:30 AM PDT by Cincinatus' Wife
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To: Cincinatus' Wife

It sounds like a prime opportunity for Mitt Romney to fix the tax code, if he becomes president.


2 posted on 08/30/2012 1:19:15 AM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: Cincinatus' Wife

I almost wish I was a real estate agent in New York City, Beverly Hills, Dallas or Connecticut. They’ll make out like bandits when all those UK millionaires bail out.


3 posted on 08/30/2012 1:30:39 AM PDT by 2ndDivisionVet (You cannot invade the mainland United States. There would be a rifle behind every blade of grass.)
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To: Jonty30

Excellent point!


4 posted on 08/30/2012 1:31:07 AM PDT by Cincinatus' Wife
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To: 2ndDivisionVet

I guess Madonna and her circle will be campaigning for Romney??


5 posted on 08/30/2012 1:39:35 AM PDT by Cincinatus' Wife
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To: Cincinatus' Wife
Madonna will just move to a tax haven in the Caribbean or someplace.
6 posted on 08/30/2012 1:41:17 AM PDT by 2ndDivisionVet (You cannot invade the mainland United States. There would be a rifle behind every blade of grass.)
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To: Cincinatus' Wife

They’d generate a lot more revenue if they had an emergency tax on liberal stupidity.


7 posted on 08/30/2012 1:42:07 AM PDT by Rennes Templar
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To: 2ndDivisionVet; All

“.....Chancellor George Osborne hit back today warning such a move could drive away the rich needed to help Britain’s economy grow.

Calls for a new tax to soak the rich are also likely to antagonise the Tory Right, who argue that cutting taxes is the best way to boost growth and persuade the well-off to pay more.

The Liberal Democrat leader gave little indication of where he thought the new tax should be levied, although he suggested it would be in addition to the party’s existing proposal to levy an annual ‘mansion tax’ on homes worth more than £2million.”........

http://www.dailymail.co.uk/news/article-2195038/Lib-Dem-leader-Nick-Clegg-says-Hit-rich-emergency-tax-help-poor.html


8 posted on 08/30/2012 1:42:30 AM PDT by Cincinatus' Wife
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To: Rennes Templar

No kidding. But for now they’re following the Willie Sutton Law — go where the money is. Soon, no one will be left to tap and the progressive “utopia” will have happened.


9 posted on 08/30/2012 1:57:47 AM PDT by Cincinatus' Wife
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To: Cincinatus' Wife

Does this mean Gwynneth Paltrow will be returning to the USA? God only knows how she will be able to explain this to the kids.


10 posted on 08/30/2012 2:22:14 AM PDT by Artie
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To: Cincinatus' Wife
A tax on wealth is unconstitutional, or rather was, until Robert's Obamacare ruling.
11 posted on 08/30/2012 2:44:26 AM PDT by Jacquerie (Exterminate rats.)
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To: Artie

They certainly are a preening, self-absorbed, sanctimonious lot.


12 posted on 08/30/2012 3:04:05 AM PDT by Cincinatus' Wife
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To: Cincinatus' Wife
The Deputy Prime Minister believes that the proposed tax, which would see an annual levy of about half a per cent on the value of a person’s total wealth, could raise billions of pounds to prevent deeper public spending cuts.

just another moron

you somehow raise taxes because your debts are too high... but then you don't reduce spending in the least.

the problem isn't the lack of money to spend... it's the amount of money already being spent

if you're plan doesn't include cutting spending below your levels of income... the problem will just get worse. basic logic that seems to escape the tards on the left

13 posted on 08/30/2012 3:52:40 AM PDT by sten (fighting tyranny never goes out of style)
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To: Cincinatus' Wife

This same thing will happen right here in America if Obummer gets re-elected.

Another reason to stop him on Nov. 6th.


14 posted on 08/30/2012 3:53:06 AM PDT by Progov
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To: Cincinatus' Wife

looks like the French fleeing to Great Britain better rent

Imagine a tax on your “imputed” wealth

John Galt is still smarter than tax bureaucrats

Somewhere in the world is a sanctuary nation waiting to be populated by wealth creators, another Hong Kong waiting to be born. Wouldnt it be great if it was Romney’s America??


15 posted on 08/30/2012 3:53:47 AM PDT by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: Artie

skinny Gwinnie just bought a $10 million mansion in Hollywood and is enrolling her rocker kids in US schools

So much for walking the walk


16 posted on 08/30/2012 3:55:29 AM PDT by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: Cincinatus' Wife

The man with a cardboard box to live in is rich compared to the man with no box to live in.

Tax the rich guy with the cardboard mansion.


17 posted on 08/30/2012 5:31:56 AM PDT by IMR 4350
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To: 2ndDivisionVet

Also, there will be some massive activity before Dec 31, 2012,

because people will be willing to take a bit less on their houses for sale before the 3% house sales tax kicks in under 0bamacare.


18 posted on 08/30/2012 5:38:39 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working fors)
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To: IMR 4350

“Tax the rich guy with the cardboard mansion.”

tax the poor, they are the ones using the tax dollars!!!!


19 posted on 08/30/2012 6:00:28 AM PDT by dalereed
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