The campaign group, which is calling for a “fairer tax system that actively redistributes wealth to tackle inequality”, suggests five “wealth tax reforms” that it said could bring in an additional £37bn in tax income. It said:
Equalising capital gains tax with income tax could raise up to £14bn a year. At present many well-paid people collect their salaries via sole trader or business partnership companies, and can pay capital gains tax at a rate of 20% rather than income tax, which is as high as 45% for earnings over £150,000. CGT also applies to income from renting out a second home, and dividend income on stocks and shares.
So that’s a load of bollixy cobblers. You don’t, in fact, switch to CGT by gaining your salary through being a sole trader or a business partnership.
Now, of course, it could be The Guardian that doesn’t know what it’s talking about. Wouldn’t surprise. But then that just shows the stupidity of sending the press release out for publication before you publish the report. Because it’s not possible (yes, I have looked) to read the report to find out whether it’s The G or TJN that is wildly ignorant.
And CGT applying to dividends and rental income? Which of the two is insane here?
Rupert Neate Wealth correspondent
@RupertNeate
Tue 25 Oct 2022 22.00 BST
Well, that’s one person who needs to be fired given the pile of shite being spouted here. Journalists are expected to have at least some familiarity with their specialty, no?
And yes, Neate gets worse:
The UK Wealth Tax Commission last year recommended that a one-off 1% wealth tax on households with more than £1m, perhaps payable in instalments over five years, would generate £260bn – more than enough to cover a year’s funding of the NHS and social care spending.
No, the suggestion is 1% a year, each year, for five years.
Having just sumbitted my tax return that includes rent from a shop, bollockys bollocksy bollocks. Income is taxed as income tax. Capital Gains Tax is charged on, well the hint is in the name, gains you make when you dispose of capital.
Quick check. Yep, Guardian. Yup, No Comments Allowed.
“CGT also applies to income from renting out a second home, and dividend income on stocks and shares.”
They’ve now corrected the article so ‘renting out’ now reads ‘selling’ but still think CGT is paid on dividends. What garbage.
Enough of this semantic nit-picking: let’s call all kinds of tax “tax” for which the simple super-flexible criterion is “Gimme” as defined from hour to hour by the Tax Just Is Network.
Fuck you, cut spending.
“The UK Wealth Tax Commission last year recommended that a one-off 1% wealth tax on households with more than £1m, perhaps payable in instalments over five years, would generate £260bn – more than enough to cover a year’s funding of the NHS and social care spending.”
Thats it? You f*ck over your entire economy and all you get is 5 annual payments of £50bn? If you even get that of course. When the State already spends over £1tn per year anyway? An extra 5% on government spending is going to transform the entire UK into a land of milk and honey where everyone has an above average income, a house in the country and a pony? What happens in year 6 (probably year 2 or 3) when its all gone?
What’s going to happen Jim?
They import Zimbabwean mercenaries to keep the evil white plebs in line??
Fuck you, cut spending.
Yep and we know exactly where to start.
Remember the claims, championed by the Guardian, that 100% of the work could be done by 100% of the workers in 80% of the time, meaning they only really needed to work a 4-day week?
Well, it also means that 80% of the staff can do 100% of the work in 100% of the time so we can now lop 20% off the civil service staff budget right away.