Skip to comments.Lib Dem emergency tax may force millions to reveal personal wealth - keep society "cohesive"
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 persons 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 dont 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. Its 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 ...
It sounds like a prime opportunity for Mitt Romney to fix the tax code, if he becomes president.
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.
I guess Madonna and her circle will be campaigning for Romney??
They’d generate a lot more revenue if they had an emergency tax on liberal stupidity.
“.....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 partys existing proposal to levy an annual mansion tax on homes worth more than £2million.”........
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.
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.
They certainly are a preening, self-absorbed, sanctimonious lot.
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
This same thing will happen right here in America if Obummer gets re-elected.
Another reason to stop him on Nov. 6th.
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??
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
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.
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.
“Tax the rich guy with the cardboard mansion.”
tax the poor, they are the ones using the tax dollars!!!!