The recognition of all sources of increase in the financial well-being of a person as being of equal value to that person and that all such sources should, as a result, be subject to equal rates of taxation.
The recognition of all sources of increase in the financial well-being of a person as being of equal value to that person and that all such sources should, as a result, be subject to equal rates of taxation.
Of course he is. It’s a fashionable leftist stupidity.
The only real question is why it took him this long to embrace it.
As someone insightfully said yesterday – will this apply to the gains he has made on his semi in Ely. If so will he be a leader as he claims to be and voluntarily send the tax
Christmas gifts of cash from the grandparents
Lottery winnings
Finding a Lady in the grass after the fair
A lift by a mate to or from the airport (blooming marvellous increase in well-being when this happens)
Free bus pass.
Man’s a loon.
Taxation of capital gains on owner-occupied housing. Taxation of marriage or setting up house together. Taxation of the tax advantage of an ISA or pension or Premium Bonds or Jimmy O’Gobblins. Taxation of going to live abroad in a cheaper country. Taxation of buying cattle class tickets rather than first class. Taxation of buying a bicycle rather than a car. Taxation of buying a second-hand car. Taxation of buying yellow sticker tucker at the supermarket. Taxation of old coots who needn’t pay for a TV licence.
Apart from the taxation of criminals has this stupid proposal got any merit at all?
I’m all in favour. House prices have gone down by an average of £14k this year, so please can I have my taxable allowance. And then we can get change back again to the current system.
This screamingly ignores the “ability to pay” axiom in taxation 101. Unless the taxpayer is mis-managing his affairs such that he has arouind one-quarter of his/her wealth sitting idly in cash (or nearly idle in other liquid assets) the only way to pay such tax is to sell illiquid assets or take out a “lifetime mortgage”.
Quite often it is impossible to sell illiquid assets for more than the tax due within the time limit for payment – has he never noticed all the Stately Homes now owned by the National Trust handed over in lieu of Death Duties? (There are hundreds of paintings in the Nationasl Gallery, National Portrait Gallery etc handed over in lieu of Death duties but I don’t expect Murphy to have seen them).
All these rich folks selling off shares to raise the tax (would the realized gains also be taxable on top of the unrealized ones?) could swamp the market. Share prices drop. You retirement plan is squashed. However, if the rich have more of the wealth in shares than does the average person worried about their retirement plan, wouldn’t the crushing of retirement accounts reduce the average person’s wealth by a smaller percentage than a rich person’s? And would that lead to a narrowing of Geni coefficients? I suppose that depends a lot on how much home values also fall. It sounds like a liberal’s dream. Make everyone poorer, not just the rich, but possibly narrow the wealth gap.
And what do we do about privately held firms? Require annual appraisals with the government then taking an equity stake each year?
We can’t say we haven’t been warned
Providing me with hope that I will both be going full pelt and be driven by anger at injustice when I am 80:
The idea that there’s potentially two more decades of this crap is one of the more depressing posts on the blogosphere – I’m reminded of a post by the late Peter Simple (almost the ‘Anti Murphy’)
‘the sun goes out, and a mass of chewed cardboard fills my universe’
Having a book published gives you a future revenue stream. It therefore increases your financial well being. He is arguing that he should pay tax on his expected book revenue at point of publishing, possibly at point of signing the book deal. I’ll leave it to spud himself to estimate if his next book will likely generate £50k or 50p.
There are plenty of unrealised losses too. Can I offset the unrealised losses on my car against the unrealised gains on my house?
How much of unrealised gains is just inflation.
Enquiring minds want to know how this is going to work… or is the whole idea to generate more middle class taxman jobs to keep track of it all?
Discoveredjoys
One of his main paymasters is the Civil Service Union (s) – certainly the PCS put his breakfast on the table and pay for the house in Ely so of course your last paragraph is spot on.
DJ, perhaps he has seen the United States IRS take on 87,000 more agents – armed agents, willing to use deadly force, and fancies it could work over here.
Fact check: Reuters and others say it’s all bollocks, which of course means it isn’t – Quote from the IRS job application:
“Major Duites:
Maintain a level of fitness necessary to effectively respond to life-threatening situations on the job.
Carry a firearm and be willing to use deadly force, if necessary.
Be willing and able to participate in arrests, execution of search warrants, and other dangerous assignments”.