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Reality1
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28-02-2020, 03:09 PM
11

Re: Lisa Nandy on taxing wealth

Originally Posted by Muddy ->
I am not a billionaire that’s the problem .
Billionaires have accountants who can put their money into trusts for their children .
They can set them up in their lifetime.
They may also buy farmland and woodland which are exempt from inheritance tax.

No as the owner of a small house in an expensive location and with some savings I am the one who Ms Nandy seems anxious to deprive of my ‘wealth’ .
According to her children have no right to their parents money.
It’s needs to go to the government for the needy .
They blooming well are needy .
They have mortgages slung around their necks .
The had student loans ( which they have now largely paid )
I can give some of it to them now and hope to live seven years .
(The Chancellor is rumoured to make this much longer in his budget )
On the other hand I might ( god forbid) live to 95 and need the dosh to pay my nursing home fees . At £1000 + a week that will see it off smartly
Either way Ms Nandy who comes from Wigan and should know better believes that once your dead any savings ( wealth ) you have belongs by rights to the state .
As a life long labour supporter I would rather give it to the dogs home and I may well do so rather than a penny to those who would take it from my children .
Are you opposed to taxing wealth in principle? Why would you be opposed to taxing billionaire's wealth?
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Rainmaker
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29-02-2020, 10:10 AM
12

Re: Lisa Nandy on taxing wealth

Originally Posted by Reality1 ->
So you're saying reducing income tax will increase treasury receipts?

Is that right?

So by that logic we could set taxes tot zero and the treasury will be raking it in?

Maybe you could explain how and why that works in the long term Percy?

BTW Did you read and swallow that in the Express, Daily Mail, Sun or Telegraph?
Try this by way of explanation.

https://en.wikipedia.org/wiki/Laffer_curve

Or this.

https://www.thisismoney.co.uk/money/...exit-vote.html
swimfeeders
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29-02-2020, 10:58 AM
13

Re: Lisa Nandy on taxing wealth

Hi

We are spending more than we collect in Taxes.

Even so, our Services are diminishing.

This is a nonsense.
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The Artful Todger
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29-02-2020, 11:15 AM
14

Re: Lisa Nandy on taxing wealth

Originally Posted by Reality1 ->
Are you opposed to taxing wealth in principle? Why would you be opposed to taxing billionaire's wealth?
Because they EARNED what they have and invariably in most cases paid all taxes that they were required to pay while doing so.
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29-02-2020, 11:40 AM
15

Re: Lisa Nandy on taxing wealth

Hi

As a Government Employee I have always paid my Taxes.

There is no escape from them.

I will however be paying No Inheritance Tax.

My payments to my kids have been legal, paid out of Income, not Capital.

I downsized massively, so house price not an issue.

I am not a proud person, quite happy to live in an Ex Council House, the ground floor of which is smaller than the Conservatory of the house I sold.

Seriously not bothered at all.

My son is an Epileptic not even allowed to ride a bike.

It is walking distance to everything he needs.

Job done.

Comments from others?

Not an issue.

I have no need of a big house or a Posh Postcode.
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29-02-2020, 12:22 PM
16

Re: Lisa Nandy on taxing wealth

I guess you are one of the lucky ones Swim in that you have been in a position to plan out your assets and inheritance so well. Many people who die are unable to plan so well and leave their children to sort out the legal tangle.

Because of the policies of governments past and present many are now in a position where they have an inflated property price even though the property size/condition in no way justifies such a value. Asset rich/cash poor inflated property values should be adjusted down for inheritance tax purposes. It's ridiculous that a detached house in Scotland with acres of land can cost the same as a terrace in some exclusive part of London or the Home Counties. This valuation disparity has been created by government policies of letting the market run wild in the first place and so the state should be sorting it. It also means first time buyers cannot even get on the ladder.
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The Artful Todger
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29-02-2020, 01:02 PM
17

Re: Lisa Nandy on taxing wealth

Originally Posted by AnnieS ->
I guess you are one of the lucky ones Swim in that you have been in a position to plan out your assets and inheritance so well. Many people who die are unable to plan so well and leave their children to sort out the legal tangle.

Because of the policies of governments past and present many are now in a position where they have an inflated property price even though the property size/condition in no way justifies such a value. Asset rich/cash poor inflated property values should be adjusted down for inheritance tax purposes. It's ridiculous that a detached house in Scotland with acres of land can cost the same as a terrace in some exclusive part of London or the Home Counties. This valuation disparity has been created by government policies of letting the market run wild in the first place and so the state should be sorting it. It also means first time buyers cannot even get on the ladder.
No no a thousand times no! The government should keep a million miles away from free markets!

The only reason for the differences in property prices across the country is supply and demand which is precisely how it should be.

The ONLY place where there is a crying need for reform is in the case of the "royal" family and their squatting on lands originally stolen that should be returned into public ownership.
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29-02-2020, 01:08 PM
18

Re: Lisa Nandy on taxing wealth

Originally Posted by The Artful Todger ->
No no a thousand times no! The government should keep a million miles away from free markets!

The only reason for the differences in property prices across the country is supply and demand which is precisely how it should be.

The ONLY place where there is a crying need for reform is in the case of the "royal" family and their squatting on lands originally stolen that should be returned into public ownership.
It certainly is not just supply and demand. Successive governments have created this situation through freeing up lending to a nuts level and giving tax incentives to encourage this. Thatcher lit the touchpaper and now we have a right mess. The biggest con is interest only mortgages. There is an interest only time bomb sitting there waiting to go off.
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The Artful Todger
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29-02-2020, 01:25 PM
19

Re: Lisa Nandy on taxing wealth

Originally Posted by AnnieS ->
It certainly is not just supply and demand. Successive governments have created this situation through freeing up lending to a nuts level and giving tax incentives to encourage this. Thatcher lit the touchpaper and now we have a right mess. The biggest con is interest only mortgages. There is an interest only time bomb sitting there waiting to go off.
Governments have not eased on lending, banks and financial institutions have done that.

As to how the Thatcher government had anything to do with house price inflation beats me.

The transfer of tax payer owned houses into the private sector was a very good move because it freed local authorities from being responsible for the care and maintenance and in any case it's not the responsibility of government be it central or local to be landlords.

Interest only mortgages were a gamble that no-one with an iota of common sense would or did touch. I have no sympathy for those who did as apart from anything else the mortgage provider repeatedly advised them of their exposure once it became obvious that there would be any and they have had more than enough time to solve their exposure in a number of ways.

What I do feel some pity for are the mugs who bought leasehold and now face escalating ground rents and an unsaleable house. There's some sharp practice taking place there that will have to be addressed by law and soon.

Another area that has exposures that are never mentioned is equity release schemes. I wouldn't touch any of them under ANY circumstances.
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29-02-2020, 01:38 PM
20

Re: Lisa Nandy on taxing wealth

Originally Posted by The Artful Todger ->
Governments have not eased on lending, banks and financial institutions have done that.

As to how the Thatcher government had anything to do with house price inflation beats me.

The transfer of tax payer owned houses into the private sector was a very good move because it freed local authorities from being responsible for the care and maintenance and in any case it's not the responsibility of government be it central or local to be landlords.

Interest only mortgages were a gamble that no-one with an iota of common sense would or did touch. I have no sympathy for those who did as apart from anything else the mortgage provider repeatedly advised them of their exposure once it became obvious that there would be any and they have had more than enough time to solve their exposure in a number of ways.

What I do feel some pity for are the mugs who bought leasehold and now face escalating ground rents and an unsaleable house. There's some sharp practice taking place there that will have to be addressed by law and soon.

Another area that has exposures that are never mentioned is equity release schemes. I wouldn't touch any of them under ANY circumstances.
Changes to government legislation have eased lending. I was working in financial services when Thatcher's changes came in. There was an explosion of mortgages and buying. The whole endowment scandal. Financial advisers were in cahouts with providers at that point. The new rules and controls on financial services were not even a dream then.
Thank you for reminding me of the transfer of valuable council house stocks to private ownership at knockdown rates. I had a neighbour who made a packet on this.
If you want a mortgage on a buy to let you would have to take an interest only mortgage with the promise that the rise in property prices would pay it off in twenty years. The whole set up is a con and a perfect example of government policy allowing free reign of financial and residential market madness.
All of these things should have been addressed by government legislation but instead it's been ignored until it goes belly up and then there is a blame game instead of making sensible policies and keeping some control of the situation so that ordinary people are not led into a financial snake pit.
 
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