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Sure. To copy from above:
"I don't think the rich keep a huge, large, or even substantial amount of their wealth tied up in the value of their home."
To add to that, I don't think they don't know what there investments and assets are doing either. And not all assets need to provide the flow of income directly.
If I have wealth of £5m, and lets indulge you and say £1m is tied up in my home. Another £2m in long term term investments, and £2m in investments that are more liquid (equities, bonds, funds, etc). If my assets increase by even 5% over a year and I need to find £50k from that to cover the wealth tax. Well, my £2m invested in equities, bonds, and funds will probably return at least double that. If it doesn't, and for some highly unusal reason I managed to get rich by not knowing what I was doing or didn't use IFAs, or aliens came and stole it all, I would still have a approximately £100k from my slightly less liquid assets. Again, double the amount required.
I am sure you can do the sums for similar scenarios.
That is very very different to accumulation of value in a residential property. Your residence is not, and IMHO should not be seen as something you have to pay capital gains tax on. Again, IMO that is immoral and close to theft.
Copy and pasting from above:
"I don't think the rich keep a huge, large, or even substantial amount of their wealth tied up in the value of their home."
"Take these three items, some WD-40, a vise grip, and a roll of duct tape. Any man worth his salt can fix almost any problem with this stuff alone." - Walt Kowalski
"Only two things are infinite - the universe, and human stupidity. And I'm not sure about the universe." - Albert Einstein
Simple envy.
Remember, it's easier to criticise than create!
Non-savings income is normally allocated against your tax bands before savings, dividends and capital gains, so to find out at what rate interest on your savings is taxed, you must add this to your other taxable income.
Higher-rate and additional-rate taxpayers must declare any dividend income on their tax return. If you don't normally complete a tax return and and are a higher-rate taxpayer who receives dividends, you need to let your tax office know.
Do keep up Bond.
Remember, it's easier to criticise than create!
Not fully. If I have £5m invested, that easily earn £300k/year long term. When compounded that is phenomenal increase. For someone with £100m, it is obviously even higher. And existing tax structures don't impact this significantly.
More people used to recognise this as a problem which is partly why for several decades, due to higher tax rates in the US, UK and other places, the gap between rich and poor shrank, and the middle class developed. Or at least the growth in the gap slowed. Since the 80's that trend has reversed, and the gap is on course to be bigger than ever. Maybe you think that is fine. I don't think it is particularly healthy.
And please don't say simply envy. You have no idea of my motivations. Like probably everyone here, a larger redistribution of wealth would make me worse off financially because (again like probably everyone here), I am pretty privileged compared to most people in the world.
What do you mean by "not fully"? Do you mean that Capital Gains only kicks in after ~£10k profit? Or that people have ~£10k free savings in ISAs? Or do you simply mean that the investment returns aren't "fully" taxed because the tax rate isn't 100%.No it is that the tax isn't working well enough to close that gap, like it used to if you go back 50 years.
If people stopped hiding stuff, I am not sure if that would be enough either. We are probably already at the stage where the richest 1% own more than the other 99%. What happens when the richest 1% own not 50%, but 75%? 90%? 99%? That could be a long way a way. It could never happen, but what do you think is going to stop that happening?
Remember, it's easier to criticise than create!
You pay stamp duty when you buy a house, which in itself is enough tax on residential property, again IMO. I don't agree with stamp duty either.
this whole idea of taxing personal assets though. FFS what is this - The People's Republic of England or something? What next, a tax on how many shoes you own??? Mental.
Remember, it's easier to criticise than create!
Why should anyone care how much the rich own? If the 99% suddenly became twice as rich (in real terms) and the top 1% got 6 times as rich then they would indeed own 75% of the world's wealth. Would that continue to upset you? Even though the 99% were still twice as rich?
My take on inequity of property is "mind your own f*cking business". The only wealth that matters to me is mine.