Well, yes Polly, but

Wealth taxes only deliver 5.9% of revenues, mostly in council tax

And that\’s still well above the percentage of tax revenue that other OECD countries get from taxing property/wealth. Your little statistics there is showing us how much more of this we do than other countries.

12 thoughts on “Well, yes Polly, but”

  1. Just think how much we could raise by seizing the second homes of upper middle class socialists…not much in the great scheme of things but it would be fun to hear the squeals as they are hoist by their own petard.

  2. Wealth taxes only deliver 5.9% of revenues, mostly in council tax (which often falls on renters, not owners).

    Welcome to the tax incidence brigades Ms. Toynbee.

  3. its funny, i saw yesterday a Yank had his “flat” repossessed because of an error. it noted his property taxes were $13,000 over two years: For a Flat!.
    My US partner on Long Island pays $70,000 per annum property tax on 2 acres. i believe the top rate in Wandsworth or Westminster is about $3000?

  4. “It comes out of the landlords potential rent does it not”

    No, it’s levied on the tenant and paid directly by the tenant. It’s an occupier of property tax, not a property tax.

  5. or put it another way council tax comes out of what tennants are prepaired to pay to live in there, and so it comes out of the landlords potential rent

  6. But some good news: Land Value Tax is now mainstream having been included in The Economist’s Growth Manifesto (See 9th March).Let joy be unconfined!

  7. Dinero, you’re right. Renter needs to read up on tax incidence. The person who writes the cheques is of no consequence.

  8. So Much For Subtlety

    DBC Reed – “But some good news: Land Value Tax is now mainstream having been included in The Economist

  9. So Much For Subtlety

    DBC Reed – “But some good news: Land Value Tax is now mainstream having been included in The Economist-s Growth Manifesto (See 9th March).Let joy be unconfined!”

    How is that good news? One of the main reasons African Americans are so poor is that they have missed out on increasing housing prices. At least until recently. That is, White people buy houses which becomes worth even more as time goes on. Allowing the White working class to become the White middle class and retire in some comfort. But African Americans try to get the hell away from other African Americans so they buy houses in White neighbourhoods. Unfortunately more African Americans follow them so their houses start out expensive and become cheaper over time. Until they are worth roughly nothing. As African Americans often bring other less desirable habits that making everyone’s homes worth less.

    What you want to do is reduce everyone to this situation. Which is fine, I suppose, but you would have to make a case why it is a good thing to do and not simply assume it.

    On top of which, virtually all the good things about the British countryside and British towns have been caused by private landowners. They have shaped and preserved Britain. You only have to compare the wisdom of the Dukes of Westminster when it comes to inner city London to the shameless greeed of the Rockerfellers of New York – or the lack of care by governments – to see we are all vastly better off with the upper class we have as well as their interest to own land. Penalising them for doing so would be a tragedy beyond words.

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