Should billionaires and multinationals pay fair tax?

[SirGalahad]

Just a reminder those with the lowest incomes pay hardly any income tax and the majority of income tax is paid by those earning £60k or more with 28% of all income tax paid by the 1% who earn £180k or more.

Hardly billionaires.

You conveniently forget that those on the lowest income also pay a higher percentage of their income in indirect taxes.

So Tax capital at the same level as income. Each time you think you are defending this you end up providing evidence in support.

Not the sharpest knife. This is mottie levels of analysis.

 

[SirGalahad]

wealthier people have got considerably wealthier under the Conservatives

poor people have got poorer under the Conservatives

Moto keeps on thinking the point he is making is defending his position when it's the opposite.

He has about as much clue about economics as Mottie does about International Trade - they need us more than we need them innit.

 

[aveatry]

UK has much worse levels of wealth inequality


I have no problem with the very wealthy being very wealthy,

So which is then ? You first imply a difference is a bad thing (worse ) then you say you don't have a problem with it

I do have a problem with the fact that there are millions of people who work very hard but can barely afford to live

So what is your answer to this then, maybe higher wages perhaps.

 

[SirGalahad]

So which is then ? You first imply a difference is a bad thing (worse ) then you say you don't have a problem with it

So what is your answer to this then, maybe higher wages perhaps.

Been repeated on here loads of times. Tax capital at the same rate as income - it's only fair. I thought you were all for fairness?

Should a GP pay a higher rate of tax than a Hedge Fund manager?

Boggles the mind how the peasants keep defending the billionaires as if one day they will become like them.

 

[Notch7]

So which is then ? You first imply a difference is a bad thing (worse ) then you say you don't have a problem with it

Yes, I’m sorry that it sounds contradictory but actually Wealth inequality and individual wealth are not the same thing


What I am saying is that it is wrong that the U.K. has a lower standard of living for an awful lot of people compared to most other countries

Sweden, Denmark, Germany, France etc all have lots of wealthy people but they also have fairer wealth distribution, better standard of living for the majority and working public services.


If other countries can manage it, why can’t the U.K. (and America)

 

[Notch7]

Been repeated on here loads of times. Tax capital at the same rate as income - it's only fair. I thought you were all for fairness

There has been a constant shift from wages to assets over the last 14 years

Example:

Poor people live in rented accommodation, their wages pay for their rent
Rich people own houses that they rent out, they receive money from poor people and that money goes to increase the assets of the rich person

Same thing with government: U.K. govt owns no assets, it’s all in the hands of the wealthy, so the wealthy continue to increase their assets.


That’s where the problem lies

Taxation of capital is the only way to reverse it

 

[aveatry]

Poor people live in rented accommodation, their wages pay for their rent
Rich people own houses that they rent out, they receive money from poor people and that money goes to increase the assets of the rich person

Taxation of capital is the only way to reverse it

But the capital gains tax will only be raised if and when they sell, what if they don't sell

 

[carmanmemoranda]

So what is your answer to this then, maybe higher wages peperhaps.

Higher wages per se is not the answer, if prices go up.

It's the cost of living which is exacerbated by the gap between the rich and the Middle and the poor.

Taxation could help.

Nobody is arguing to bleed the rich til they pop. Just fairer. If they have the wealth, that's where it has to come from

The only other choice is to tax those at the lower levels more. Does anybody other than mbk think that is the way to achieve fairness.

 

[carmanmemoranda]

Even if we taxed the rich more to raise another x billion, due to government incompetence, bureaucracy etc the actual socioeconomic benefits would hardly be noticed if at all.

Tax the rich more!! GRRrrrrrr!!! They have more than me!!!! Not fair!!!!!

Make your mind up.

Tax them more than the poor, or less ?

 

[SirGalahad]

But the capital gains tax will only be raised if and when they sell, what if they don't sell

LVT - Land Value Tax.

 

[aveatry]

LVT - Land Value Tax.

Great so a landlord will be paying a tax on the land that the rental house sits on - and what you think will then happen to the cost of the rent -- are you expecting it to go down because the owner is paying more tax.

 

[SirGalahad]

Great so a landlord will be paying a tax on the land that the rental house sits on - and what you think will then happen to the cost of the rent -- are you expecting it to go down because the owner is paying more tax.

Landlords can't pass the tax on. If they are renting out a property for £10k and have to pay £2k tax on it - every other landlord will do the same - renters won't be able to pay and leave.

So the Landlord options are no tentant and pay £2k tax or a have a tenant and still pay £2k tax. Tell me which they will choose?

 

[aveatry]

Landlords can't pass the tax on. If they are renting out a property for £10k and have to pay £2k tax on it - every other landlord will do the same - renters won't be able to pay and leave.

So the Landlord options are no tentant and pay £2k tax or a have a tenant and still pay £2k tax. Tell me which they will choose?

No the landlord will not be able to pass on the full 2k but it WILL end up increasing the rent. Anyway most landlords are not billionaires or multi nationals so you are off topic.

 

[SirGalahad]

No the landlord will not be able to pass on the full 2k but it WILL end up increasing the rent. Anyway most landlords are not billionaires or multi nationals so you are off topic.

You brought up Landlords - and now are swerving.

LVT and tax capital the same as income.

Why are you so against this?

 

[SirGalahad]

Make your mind up.

Tax them more than the poor, or less ?

They are just bots. They can't think. They are from the school of 'They need us more than we need them'.

They are well trained monkeys to repeat the same claptrap but never question it.

It's as if they are afraid of seeing the light - prefer to live in darkness.