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Taxing assets only works if people are cash rich.
Remember, it's easier to criticise than create!
The problem with only taxing people if they are cash rich is that they just get rid of (or hide) their cash.
Well, it can't happen in one country, it would need to be an agreement across most/all to be effective.In an ideal world that is true, but in reality the working bottomies are busting their balls and backs for peanuts, they don't get to live to 93 nor do they get to take early retirement and usually end the last of their days in constant pain living in the damp unable to afford to heat the place. The local Surgery can't even attract a GP for £90k. The sheer amount of complicit and flamboyant greed these days and guilt free acceptance of a parallel low wage economy when people cannot afford even the basics is staggering.
Of course if you wanted to have all kids have an equal chance you would ban inheritances and send them all to the same school but thsat will never happen because it's communism.
Man owns company worth £50 million - pays himself £100K and takes a small dividend (all tax legally paid)
His company makes a profit and pays corporation tax, VAT and NI. His employees pay tax so overall the guy is providing tax and employment so isn't a parasite.
What are you going to tax and how?
Remember, it's easier to criticise than create!
If you want to maximise tax yields to pay for certain things then you take one approach. If you want to attempt some sort of wealth distribution you take another approach.
Either way, you will alienate a lot of people.
Am I a bad person? Would I be a morally better person if I worked less, earned less, paid less tax, and had less money?
Cos some make it sound like the answer is yes.
How about I come round and value your guitar collection and then tax you 10% on it? You own assets but my tax computation won't take into whether you can pay it.
Remember, it's easier to criticise than create!
re: How on earth is living in a house generating wealth?
example:
two 21 year olds leave uni and start work.
the first has access to a cash lump sum (gift, inheritance, trust fund, etc) which enables them to put a deposit down on a house and begin paying off a mortgage.
alternatively they may have the opportunity to move back home and live rent free, which enables them to quickly save a deposit as they are relieved of their greatest weekly outgoing.
the second has no access to a cash lump sum, or opportunity to live rent free, and enters into the rented sector. they try to save a deposit but, as house price growth and rent increases dramatically outstrip wage growth, the deposit required increases and the amount the person is able to save towards a deposit decreases.
the mortgage and rent payments start out about the same, but soon rent payments start to rise relative to the mortgage payments as they stay pegged to inflation, while the mortgage payments, in relative terms, do not rise but decrease in real relative terms.
after 25 years the first student receives 25 years worth of accommodation plus a house, often (uk) worth many times the original price they paid for it.
after 25 years the second student receives 25 years worth of accommodation only.
how on earth is living in a house not generating wealth?
each year a mortgage-payer is paying off their mortgage they are effectively ‘earning’ 4% (1 year of 25 years) of the market value of that house, plus the full value 100% of any increase in value between starting and paying off the mortgage. this is often many times more than the 4%. compare house price values of 25 years ago to now.
re: 3 - As soon as you decide to make special rules to take even more from a certain demographic of people, those people will disappear. Especially when they're the ones with the most means to do so.
if they have benefitted handsomely, and continue to benefit, from that society in terms of health, education, employment opportunity, welfare system, stable social structure, legal system, infrastructure, etc, are yet feel no obligation to put something back in the pot (appropriate to their means) to support those who come after them, they are effectively parasites and welcome to leave. they should even be encouraged to do so.
the sooner the better.
two possible futures: choose one.