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The days when capital gains are taxed at half (or less) of the rate on income from work should be long gone. This is tax injustice however you look at it.

1) Shares in companies – at least – are lower by the amount already taken in corporation tax on their profits.

2) A higher CGT rate would require an inflation offset. It’s not obvious that this would either raise more revenue nor increase tax bills.

3) Standard economics – Mirrlees got the Nobel for this – tells us that of course we want capital taxation to be at lower rates than income or consumption taxation. Don’t be a damn idiot. But then this is Spud……

11 thoughts on “Guess who?”

  1. “The days when capital gains are taxed at half (or less) of the rate on income from work should be long gone.”

    Is that a demand that higher rates of income tax be cut?

  2. I have noticed the way they’re increasing the assessed value of my house, and thus the tax, dearieme.

  3. “Danny Blanchflower and I sent this letter to the FT yesterday. It did not get in, so I will share it here instead:”

    Perhaps there is still some hope for the FT?

  4. Someone has again asked that Murphy publish his own tax returns – his blog on Rishi’s tax return.

    Murphy has again refused.

    Given that Murphy has added a “like’ button facility to his blog, I’ve taken to liking any critical post from contributors. Childish but satisfying.

  5. Dennis, Pointing Out The Obvious

    What this tells us is Murphy doesn’t have an investment portfolio.

    Spent too much on libel payments and little choo-choos.

  6. In (I guess) the majority of cases, Capital Gains tax is merely a tax on inflation… Most “capital gains” are purely illusory.

  7. @Boganboy… My Parish Council precept has been increased for the coming financial year by 21.9pct. Doesn’t add up to a huge amouth in the grand scheme of things, but even so…

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