Should billionaires and multinationals pay fair tax?

[motorbiking]

Really? Because you don’t come across as someone with much experience of running a business.

 

[motorbiking]

So you've got the figures then? Please show them.

Or is it

C) just guessing and hope somebody will believe you

They are all here

Summary Statistics

www.gov.uk

And much more

Search

Find content from government

www.gov.uk

 

[noseall]

Really? Because you don’t come across as someone with much experience

Hasn't stopped you posting about the law and business.

However, when it comes to hatred of women, you get it spot-on.

 

[Notch7]

Because it will increase rent.

You don’t understand how Land Value Tax works

The aim of the tax would be to reduce the amount of land in 'sub-optimal' uses, such as vacant or underused sites, or land being held back speculatively in the hope of increased land values. Encouraging more land to come forward would meet London's housing need in terms of numbers and have an impact on affordability

 

[Notch7]

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

CGT is not the only way to tax capital

The problem in this country is the poorer people and the govt are losing assets and the wealthier people are gaining assets

Until that is reversed, the majority of the public will continue seeing living standards and public services fall…..do you have a solution for that?

 

[Notch7]

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

This is the problem

Large numbers of people at the lower end of the earning scale don’t get paid enough to maintain a decent living standard…whilst the people at the higher end make their money from assets not wages.

 

[slipery]

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.

While raising wages is important, without a fair tax system it will not solve the problem of inequality. It is important not just to raise taxes for everyone, but to use these funds wisely.

 

[Notch7]

While raising wages is important, without a fair tax system it will not solve the problem of inequality. It is important not just to raise taxes for everyone, but to use these funds wisely.

It’s impossible to use tax revenue wisely when almost everything is privatised, govt is at the mercy of sovereign wealth funds, housing associations, private investors etc etc.

The govt needs its own assets

 

[carmanmemoranda]

While raising wages is important, without a fair tax system it will not solve the problem of inequality. It is important not just to raise taxes for everyone, but to use these funds wisely.

Who is arguing that tax should not be used wisely ?

 

[carmanmemoranda]

They are all here

Summary Statistics

www.gov.uk

And much more

Search

Find content from government

www.gov.uk

No. That doesn't show the detail you claim.

Try again. But I'm not doing the searching for you. If you have the specific figures discussed just show them.

 

[diy_fun_uk]

When you consider the question posed in this thread, no type of consensus is ever going to be reached, because 'pay fair tax' is a completely subjective thing. Newsflash (not really) some will think billionaires aren't taxed enough, some will think they're overtaxed, some will think they're taxed about right.

Perhaps even more so on a forum such as this, the debate will just go round and round.

 

[carmanmemoranda]

When you consider the question posed in this thread, no type of consensus is ever going to be reached, because 'pay fair tax' is a completely subjective thing. Newsflash (not really) some will think billionaires aren't taxed enough, some will think they're overtaxed, some will think they're taxed about right.

Perhaps even more so on a forum such as this, the debate will just go round and round.

There does seem to be a majority verdict though, with only 1 and a half disagreeing with the majority

 

[Notch7]

When you consider the question posed in this thread, no type of consensus is ever going to be reached, because 'pay fair tax' is a completely subjective thing. Newsflash (not really) some will think billionaires aren't taxed enough, some will think they're overtaxed, some will think they're taxed about right

I would like to think most people understand we have a problem with too many people struggling to make ends meet despite working full time.

People in normal jobs like nursing, teaching etc should be able to afford food, heat, home.....but thats not happening.

taxation is only one of the solutions, but it may be the only one in the short term

 

[SirGalahad]

Really? Because you don’t come across as someone with much experience of running a business.

Yet you voted for Bojo and the Tories.

 

[JohnD]

There does seem to be a majority verdict though, with only 1 and a half disagreeing with the majority

The concept of taxing the rich is no longer unthinkable.

(Except inside motorbiking's head)




"The global corporate tax reform that came into effect this year was something of a miracle. Less than a decade ago, few would have thought it realistic that most countries in the world would ever agree to close loopholes for corporate taxation, institute a global minimum rate, and decide how to apportion the new tax take — set to be more than $200bn a year — among themselves.

Yet here we are. Some parts of the global corporate tax reform are still to be ratified, but the minimum level is now being widely implemented. And if one miracle is possible, why not two? That is how we should look at recent stirrings of something similar: a multilateral effort to overhaul the flawed system for taxing super-rich individuals.

In February, the economist Gabriel Zucman — a scourge of wealthy tax optimisers everywhere — presented G20 finance ministers with a proposal for a global billionaire’s tax, at the request of Brazil. Brasília, which currently holds the group’s presidency, is keen to move to the next stage of the global tax agenda, which could be to close the loopholes that allow the world’s richest individuals to pay very little tax.

It was the first time the topic had been raised at a G20 meeting, Zucman told me, yet “most ministers who spoke in São Paulo praised Brazil for raising it”. He observed that the wealth of the very richest had grown by 7-8 per cent annually in recent decades — on top of inflation — compared to the 2-3 per cent growth rate of average wealth.

Zucman proposes an annual levy of 2 per cent of the wealth of the world’s roughly 3,000 dollar billionaires. It is not quite a wealth tax as much as a hybrid between a wealth and income tax, premised on the idea that the ultra-rich find it easy to define their revenues out of any taxable categories"

FT.com