New Home Owners And Snagging Forum
General Categories => Current Affairs => Topic started by: The Prophet on March 01, 2013, 09:22:49 am
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If introduced, the vast majority will end up paying wealth tax within 50 years.
The UK budget deficit is more than 8% of GDP.
In other words, the government is spending £115billion MORE than it receives through various taxes and duties each year.
But the government is running out of new things to tax.
Vat is already 20% and any rise will kill off what is left of the high street.
The 50% income tax was already 'too high' compared with other nations that it 'had to be cut' to 45%.
The standard rate cannot be increased any further, families dealing with 5% real inflation on what they need to buy each week, cannot afford to have any more of their pay taken away before they get it.
So the only thing left to tax is your wealth.
According to the Office of National Statistics (ONS), British households have total assets including property, savings and pensions of £10.2trillion.
The top 10% of them have assets of around £1million. The top 1% has £2.8million total assets.
Easy to find, easy to tax.
But don't assume that a wealth tax will only be paid by the very rich.
As time goes on, all taxes gradually become payable by most of the general population. Look higher rate income tax and inheritance tax are examples. Introduced on the basis that the tax would be paid by the rich few and now paid by an ever-increasing number of people.
When Income tax was first introduced most people didn't have to pay it. Even by 1920 when the rate was just 6%, only a very few paid.
Gradually it was revised and extended and now captures 20% -55% of nearly every worker's pay. Even the poorest pay it - even if it means they need benefits to survive.
Wealth tax will mean every homeowner or anyone with a pension, some shares or an ISA will be paying it within a generation.