Overall, if the wealthiest people in the UK had paid tax at the same percentage on their incomes and increases in wealth between 2011 and 2020 as people paid on their incomes alone then £170 billion more tax could have been raised in the UK each year.
He’s talking about taxing unrealised capital gains.
Idiocy
43.5% of total wealth is owned by the top 10% of people. The top 20% of wealth owners have 63% – or almost two-thirds – of UK wealth between them. The bottom half of the population has just 8.7% of all wealth in the UK.
Guess what? He’s not adjusted for age.
That’s pure cretinism.
Most newly minted graduates. have negative wealth, so would be in the minus 10%. But the graduate premium still exists (though diminishing).
So basic rate income tax is 20% on the income you spend and 40% on any that you don’t – once you get to “additional tax” level Murphy tax on pension contributions (exempt from normal income tax) is 45%, on any savings outside pensions it’s 90%.
Any positive returns in your ISA get taxed at your marginal tax rate on income.
What would ECHR say about that breach of contract?
My wealth has doubled with the ‘value’ of my house since we bought it more than 20 years ago. But my income has reduced significantly because I have retired.
In real life (ahem!) our house is worth just a house – I cannot realise my wealth unless I trade down or rent. Why should a government tax me on something I cannot realistically realise?
How much tax has he paid on the unrealised gain on his house in Ely? If this scheme was brought in how would he pay it?
I think he’s thought this one through even less than usual.
Tim
He wants to steal everyone’s money and assets – that’s the ultimate goal. Everything (and by extension everyone) belongs to the state as without the state’s benign presence you wouldn’t have anything.
That’s his ideology and has been for decades. He is as close to pure evil as any being who is not currently incarcerated, and maybe even more so than many that are. Certainly in my volunteering which involves spending time in various HM prisons I’ve encountered no inmates with as little empathy or ability for self-reflection as Murphy.
I wonder what would happen if you included all pension wealth in those figures. Are state final salary scheme values included in those figures, I suspect not?
Included is funded pensions. So, state pension no. Nor unfunded (ie, near all ) public sector pensions.