Compass: proven ignorant.

71% agree with a new wealth tax on earnings above £250,000;

Wealth is a stock, income or earnings a flow.

A wealth tax is thus a tax on the stock of stuff that people already have. A tax on earnings would be a tax on the flow and would be an earnings or an income tax.

A "wealth tax on earnings" is thus simply a stupidity. Proposed by those too stupid or too ignorant to know the difference.

Sigh, if these bongheads cannot even get these simple thing correct then what hope for their glorious ideas about taking us back to 1976 style corporatism?

8 thoughts on “Compass: proven ignorant.”

  1. Describing it as a “wealth tax” is one way of not having to describe it as “income tax”; maybe it’s deliberate obfuscation. Or they’re using the language in the question to push the answer the way they want – a time-honoured practice.

  2. What formertory says. Let’s remember these are the types who are all about process and framing an argument. The correct term was undoubtedly work-shopped to death in some dreary Compass/Pro-tax committee. “Wealth” has such a nastier tinge in the mind of the redistributionists.

  3. Oh come on they mean an income tax on the wealthy , picker of nits .The IFS have shown that if the past is any guide we about as progressive as does any good

    (Less so than the US which is a bit counter intuitive , we have more tax obviously )

  4. This used to be called a ‘super tax’ (it’s still one of the Chance cards in Monopoly, or it was when I were a lad). It has all the grisly features one would expect, most notably the almost frantic scramble to avoid generating economic activity that might pull one under its ambit.

  5. “Oh come on they mean an income tax on the wealthy”

    Just to carry on with those tasty nits, but would that mean that someone with debts exceeding assets but a high income wouldn’t pay? Or someone with high net assets but a low income would pay? Or is it merely a high income, and those with high incomes are automatically assumed to be “wealthy”?

    Or is this all just leftie jargon where words mean what they want them to mean (like “progressive” and “fair”)?

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