The Labour Government

[johnnytapia]

No, not really. There are not enough super rich and anyways the super rich are extremely mobile and have huge flexibility in how they can manage their affairs to minimise their taxes. If taxation becomes too penal, they bugger off, leaving those of us on moderate incomes left behind having to pay even more.

From CNN: “The continuing exodus from the UK — 16,500 millionaires left between 2017 and 2023 — is part of a global mass migration of the rich that appears to be accelerating. The Henley Private Wealth Migration report found that 128,000 millionaires are set to relocate this year, beating last year’s record by 8,000.”

“Of the 15 places with most resident millionaires, the UK is suffering more than most — only China will lose more HNWIs (15,200) in 2024”

 

[Vic]

Its the friend of many on here for sure. But I think the statement is nonsense and irrelevant.

But it sure isn't socialist claptrap.

 

[Chippy_boy]

I think you could raise inheritance tax to “eye-watering” levels and it would barely shift the needle in terms of revenue.
We all seemingly want Nordic standards of healthcare etc with US income tax rates. Alas East is East, and West is West, and never the twain shall meet'.

What pisses me off more than anything is the seemingly pervasive attitude that people want “other people” to pay more. And even more gaulling, these types seeking to claim the moral high ground as if it’s some massive virtue to be generous with someone else’s money.

 

[gordondaviesmoustache]

What pisses me off more than anything is the seemingly pervasive attitude that people want “other people” to pay more. And even more gaulling, these types seeking to claim the moral high ground as if it’s some massive virtue to be generous with someone else’s money.

Actually a hike in IHT on dwellings will impact on me significantly as things stand. Not everyone is a selfish ****.

 

[Vic]

There was a thoughtful model that a few universities were using that was in the public domain for a fair while, last time I looked for it the link was broke but I'll try and find it. But if I just take my own life...

Born white western european male at a time when that was still like winning the lottery (still not a bad gig even today).

Born to working class parents who were determined that I had a better education and prospects than they did and were prepared to make sacrifices for that to happen. Something that didn't happen for a number of my equally capable friends.

Raised in a council house where there was surety of tenancy and so no real disruptions to family life. Despite also raising a severely disabled son, my parents managed to always keep the wheels on the road and a stable family environment.

Born at a time when social mobility was seen as important so able to get a free higher education and a means tested living allowance.

Through higher education, developed a more rounded understanding of what the world offered and without even being aware of the words, built up social and cultural capital that I was then able to use to gain some economic capital.

First good job I got, there were way better candidates than me but I just hit it off with the interviewers and they offered the job to me when it should probably have gone to others.

2 years into that job, the team I was leading made a fairly catastrophic error. Had my boss been the person I was working for 3 months earlier, I 100% know I'd have been thrown under the bus and fired. But my new boss told me to go home and do nothing while he peeled the MD off the roof.

A company I was working for was bought by a US company and in an early management meeting the simple fact I had a British accent meant that at the point everyone was arguing about something, my voice cut through and within a couple of years I had an exec position.

I could go on but I think the reality is that life is full of both big and small sliding door moments. I also think people often have access to a variety of social and cultural advantages that they don't even realise are advantages.

I'm doing ok but none of that's really down to me if I'm honest. I've messed up as many times as I've done a good job. I wasn't born with a silver spoon in my mouth but I was born into a loving environment with strong values at a time when a commitment to social mobility was peaking. I was able to take advantage of that and I've been in the right place at the right time at a number of points in my life and when things have gone wrong I've had always been blessed to have someone or something to fall back on.

Indeed. I once got a job only to find that 20 other people in the same role had got a union claim in for a higher grade because of the responsibilities of the post. Effectively I got a promotion backdated to before I started!

 

[Churchlawtonblue]

But it sure isn't socialist claptrap.

You are free to think whatever mate.

 

[Vic]

What pisses me off more than anything is the seemingly pervasive attitude that people want “other people” to pay more. And even more gaulling, these types seeking to claim the moral high ground as if it’s some massive virtue to be generous with someone else’s money.

Is it pervasive? Or is that just the right wing media?

 

[Vic]

You are free to think whatever mate.

You were caught.

Don't make it worse by being free to think Adam Smith was a socialist.

 

[Chippy_boy]

Completely agree. The sustained increase in property values has created enormous wealth among a certain class of people who have had little to do with that outcome. That metric has created an egregiously unfair inbalance in our society between the generations that desperately needs tackling - and the only feasible way that can happen is to tax those assets in a way that isn’t currently in force.

I guess we should take 50% of peoples’ lottery wins off them as well then? How about their winnings on their annual Grand National flutter?

What about when someone risks a lot if their wealth on an investment and they get an unexpectedly high return?

My point is that there are a million cases where people gain wealth they did not “earn”. Why should we only penalise those who have done well with their house price, if your “unfair imbalance needs tackling”. Is it unfair when someone wins at the roulette table when the bloke sitting next to them doesn’t win?

 

[I'm With Stupid]

There is a global tax regime coming in. These companies have took the piss for too long.

Aye I’ll believe that when I see it. And even if it does happen, I can’t imagine getting everyone to agree to anything other than the bare minimum. Let’s be clear, one of the main reasons for brexit was the prospect of the EU threatening the UK and it’s many territories’ status as the leading purveyor of tax evasion.