Autumn Budget 2022

[HACO]

Texas does leverage annual tax on property at the assessed house value.

Property Tax Assistance

In Texas, local governments collect property tax and set rates. The Comptroller's office provides resources for taxpayers, appraisers and others.

comptroller.texas.gov

Texas state doesn't have property taxes. There are local counties in Texas that do (like all over the US). However, other states such as California or New York have state property taxes (on top of other local property taxes).

So your whole argument that this only works in Texas was just nonsense. It exists and works in California, NY and many other states that have high income tax, high sales tax, and high property taxes.

I think it’s pretty clear it won’t work. If we want a wealth tax then we need to step back on taxes in other areas. Swiss level of income tax for example. Otherwise we just do a France.

Yeah all the land will pack up and leave the UK!

However, I agree that we tax income too much and they should go down in favor of wealth.

 

[Firestar_3x]

Property Tax Assistance

In Texas, local governments collect property tax and set rates. The Comptroller's office provides resources for taxpayers, appraisers and others.

comptroller.texas.gov

Texas state doesn't have property taxes. There are local counties in Texas that do (like all over the US). However, other states such as California or New York have state property taxes (on top of other local property taxes).

So your whole argument that this only works in Texas was just nonsense. It exists and works in California, NY and many other states that have high income tax, high sales tax, and high property taxes.

As I said in my post, Tax is leveraged annually on your home per county.

I'm sure people in California are remunerated appropriately to deal with the taxes in place.

In retirement I have no intent to pay an analogue to income tax, leveraged against my house instead of my wage.

 

[delta0]

Property Tax Assistance

In Texas, local governments collect property tax and set rates. The Comptroller's office provides resources for taxpayers, appraisers and others.

comptroller.texas.gov

Texas state doesn't have property taxes. There are local counties in Texas that do (like all over the US). However, other states such as California or New York have state property taxes (on top of other local property taxes).

So your whole argument that this only works in Texas was just nonsense. It exists and works in California, NY and many other states that have high income tax, high sales tax, and high property taxes.



Yeah all the land will pack up and leave the UK!

However, I agree that we tax income too much and they should go down in favor of wealth.

A real race to the bottom. Land will just be worthless until someone changes the tax and some rich person will just buy it all. How will someone with no or not enough income pay for it? It’s not their fault if the price has increased when they have lived in an area for the last 20-30 years.

 

[Mysterae_]

It wouldn't be council tax anymore. The value should depend on many factors, something from 5K upwards (to a maximum of 10k) would be reasonable and inline with other countries. Some proposals also exempt the mortgage balance from taxations, e.g. someone owning a £500k house with £450k mortgage would only pay the tax on the £50k equity they own, the rest is levied against the bank, alongside proper regulations so that this charge isn't passed as interest to the buyer.

Ah okay. I'd like the bit about it only being rated on the equity - take out an interest only offset mortgage* at 95% LTV meaning you'd only pay tax on the 5% owned. So somebody in a £1m property would only pay £1,000 at 2% in the above scenario.

*Offset mortgage meaning the person could have £800k in the bank which is offsetting the mortgage amount.

 

[Mercenary Keyboard Warrior]

Moving the primary tax receipt to being based on property ownership.
Sheesh even Truss couldn't draw up a plan that bad.

We should be looking to install a wealth tax I agree, it should be on total wealth, across most logical categories with small de minimis per category
So property, land, car collections, stocks and shares etc

At the same time we should reduce income taxes to create a more balanced, 3 main sources, of taxation (income, wealth, consumption)

Young people would pay less than now, income only in effect, easier to get going
Young middle aged would pay around the same, income should be improving and tehy should be starting to accumulate wealth
Late middle aged would pay more, should be on good income and have highish assets, also should have cashflow to be taxed more
Retired would pay less, limited income but probably good assets

Thats basically how I would look to balance the equation for those performing averagely.

 

[n111ck]

Moving the primary tax receipt to being based on property ownership.
Sheesh even Truss couldn't draw up a plan that bad.

We should be looking to install a wealth tax I agree, it should be on total wealth, across most logical categories with small de minimis per category
So property, land, car collections, stocks and shares etc

At the same time we should reduce income taxes to create a more balanced, 3 main sources, of taxation (income, wealth, consumption)

Young people would pay less than now, income only in effect, easier to get going
Young middle aged would pay around the same, income should be improving and tehy should be starting to accumulate wealth
Late middle aged would pay more, should be on good income and have highish assets, also should have cashflow to be taxed more
Retired would pay less, limited income but probably good assets

Thats basically how I would look to balance the equation for those performing averagely.

So everyone would have to submit a tax return every year? How much would this cost and how would it be funded? Money spinner for accountants I'd imagine..

 

[Mercenary Keyboard Warrior]

So everyone would have to submit a tax return every year? How much would this cost and how would it be funded? Money spinner for accountants I'd imagine..

You would yes, just like in many countries

I'm not sue why accountants would be needed outside those deliberately creating complex situations to avoid tax

 

[Martynt74]

You would yes, just like in many countries

I'm not sue why accountants would be needed outside those deliberately creating complex situations to avoid tax

Yeah, even a normal tax return now isn't particularly difficult to manage yourself for most people.

 

[n111ck]

You would yes, just like in many countries

I'm not sue why accountants would be needed outside those deliberately creating complex situations to avoid tax

Lol whilst I've heard 'tax doesn't have to be taxing' suggesting that 10's of millions of more tax assessment is some how a better solution is just laughable.

That's without the extra cost and chasing late assessments..

 

[HACO]

As I said in my post, Tax is leveraged annually on your home per county.

I'm sure people in California are remunerated appropriately to deal with the taxes in place.

In retirement I have no intent to pay an analogue to income tax, leveraged against my house instead of my wage.

Let us renumerate the people appropriately just like California then.

A real race to the bottom. Land will just be worthless until someone changes the tax and some rich person will just buy it all. How will someone with no or not enough income pay for it? It’s not their fault if the price has increased when they have lived in an area for the last 20-30 years.

So countries like the US or Canada with much better growth and wealth than ours are a race to the bottom. Land have become worthless there and people are defaulting on their properties taxes?

This is beyond satire.

Ah okay. I'd like the bit about it only being rated on the equity - take out an interest only offset mortgage* at 95% LTV meaning you'd only pay tax on the 5% owned. So somebody in a £1m property would only pay £1,000 at 2% in the above scenario.

*Offset mortgage meaning the person could have £800k in the bank which is offsetting the mortgage amount.

Such loopholes should obviously be closed. Someone who can afford an offset mortgage should just pay their taxes.

 

[200sols]

Own Goals in Latest Budget Raise UK Inflation and Debt Interest Spending

For the Best News, Forecasts, Exchange Rate Data and Transfer Comparisons

www.poundsterlinglive.com

 

[delta0]

So countries like the US or Canada with much better growth and wealth than ours are a race to the bottom. Land have become worthless there and people are defaulting on their properties taxes?

This is beyond satire.

If we are going to get paid like they do and also have taxes reduced elsewhere so the total tax intake remains the same then sure. Somehow I don’t think this will happen.

 

[Mercenary Keyboard Warrior]

Lol whilst I've heard 'tax doesn't have to be taxing' suggesting that 10's of millions of more tax assessment is some how a better solution is just laughable.

That's without the extra cost and chasing late assessments..

If its too hard for you I am sure someone can help

Its (would be) a couple of hours work for most, and would end up in a better system.
Taxing primarily income is a poor approach, don't think I know anyone who thinks its working now

 

[platinum87]

Lol whilst I've heard 'tax doesn't have to be taxing' suggesting that 10's of millions of more tax assessment is some how a better solution is just laughable.

That's without the extra cost and chasing late assessments..

The issue is not the complexity of tax forms to submit, the issue is the communists think wealth is finite, and thus increasing taxes is a solution, adding new taxes, and so on.

 

[n111ck]

If its too hard for you I am sure someone can help

Its (would be) a couple of hours work for most, and would end up in a better system.
Taxing primarily income is a poor approach, don't think I know anyone who thinks its working now

It’s that sort of arrogant attitude that demonstrates how ignorant you are and how stupid an idea it is.

But yes I‘m sure all those low paid teenage McDonald’s workers will be happy to do this lol.

..and that’s still ignoring how you are funding this…

 

[Goodie]

It’s that sort of arrogant attitude that demonstrates how ignorant you are and how stupid an idea it is.

This could be a cut and paste response for 99% of your posts.

 

[dlockers]

Ah okay. I'd like the bit about it only being rated on the equity - take out an interest only offset mortgage* at 95% LTV meaning you'd only pay tax on the 5% owned. So somebody in a £1m property would only pay £1,000 at 2% in the above scenario.

*Offset mortgage meaning the person could have £800k in the bank which is offsetting the mortgage amount.

Quagmire of loopholes in a different flavour, basically.

 

[n111ck]

This could be a cut and paste response for 99% of your posts.

if you disagree with one of my posts then reply in the relevant thread..

in this instance your lack of critique suggests you agree with me..

 

[Mercenary Keyboard Warrior]

It’s that sort of arrogant attitude that demonstrates how ignorant you are and how stupid an idea it is.

But yes I‘m sure all those low paid teenage McDonald’s workers will be happy to do this lol.

..and that’s still ignoring how you are funding this…

I guess its too hard, or maybe you didn't read it properly?
Do you understand what "small de minimis per category" means?

So these teenage workers in McDonalds would likely fall below the de minimum in all categories, unless you suggesting they have large share portfolios, exotic car collections, large valuable houses etc?

I suspect they would prefer the system that taxed wealth (which they likely don't have see above) equally or similarly at least to income a hell of a lot more than the current system that sees them paying more in comparison.
If we sought to collect the same amount with a roughly 50/50 split they would be likely paying half the tax, which is the point, lower paid and low assets would pay less.

 

[n111ck]

I guess its too hard, or maybe you didn't read it properly?
Do you understand what "small de minimis per category" means?

So these teenage workers in McDonalds would likely fall below the de minimum in all categories, unless you suggesting they have large share portfolios, exotic car collections, large valuable houses etc?

I suspect they would prefer the system that taxed wealth (which they likely don't have see above) equally or similarly at least to income a hell of a lot more than the current system that sees them paying more in comparison.
If we sought to collect the same amount with a roughly 50/50 split they would be likely paying half the tax, which is the point, lower paid and low assets would pay less.

So now it’s not ‘everyone‘ that has to do it - but if they don’t how would you combat fraud? Make your mind up…

plus those that don’t would you criminalise or just fine? Tax on the poor etc etc