So Britishland is going to implement a wealth tax — whereby one is taxed (annually) not just upon income, but upon one’s total “wealth”, including such things as property.
How do I know this? From this statement by their Labour Government:
A minister has opened the door to Labour introducing a wealth tax at some point amid pressure from backbenchers to change course ahead of sweeping welfare cuts.
Emma Reynolds said that the Government would reject demands for a 2 per cent levy “for the time being” but did not rule out such a tax at future financial events.
If you’re at all familiar with politician-speak, “did not rule out” means “we’re gonna do it, and sooner than you think”.
And lest you think this villainy is confined to places across The Pond, be aware that it’s a staple position among the Wealth Envious (i.e. most Democrats) Over Here as well.
Step forward, Sen. Pocahantas Warren:
The wealth tax is a cousin of the property tax, but it encompasses all forms of wealth: cash, stocks, jewelry, thoroughbred horses, jets, everything. Warren calls the policy her “Ultra-Millionaire Tax.” It would impose a 2% federal tax on every dollar of a person’s net worth over $50 million and an additional 1% tax on every dollar in net worth over $1 billion. Economists estimate it would hit the 75,000 richest households and raise $2.75 trillion over ten years.
The minute you hear the “t” word (“trillion”) applied to tax revenue, you can see the Socialists’ ears prick up.
Now here’s the fun part.
In 1990, twelve countries in Europe had a wealth tax. Today, there are only three: Norway, Spain, and Switzerland. According to reports by the OECD and others, there were some clear themes with the policy: it was expensive to administer, it was hard on people with lots of assets but little cash, it distorted saving and investment decisions, it pushed the rich and their money out of the taxing countries—and, perhaps worst of all, it didn’t raise much revenue.
Lest you think that this precedent would prevent socialists like Warren and the Labourites from initiating such a tax, you don’t know much about Socialism — where history (especially of failure) is always brushed aside with the airy comment of “But this time, we’ll do it better!”
After the loathsome Emma Reynolds’s little aside, that roaring you hear will be the sound of more (taxable) private jets being readied for takeoff on one-way flights out of the UK — although it should be noted that the roaring has been going on ever since Labour was returned to power last year.
” —and, perhaps worst of all, it didn’t raise much revenue. ”
Because the very rich have better Tax accountants and better Lawyers and Lobbyists who actually write the laws that the politicians vote on. Don’t know how it works in Britian but here, you would just put alot of “Extra” wealth above the $ 50 mil ceiling into a Trust. The Trust is a legal entity that files it’s own Tax return and thus resetting the $50 Million ceiling. You are the beneficiary of the Trust that pays you however it is set up but not the owner.
Lieawatha said: “It would impose a 2% federal tax on every dollar of a person’s net worth over $50 million and an additional 1% tax on every dollar in net worth over $1 billion. Economists estimate it would hit the 75,000 richest households and raise $2.75 trillion over ten years.”
That’s the same shit they told American citizens in 1916 about the Income Tax; “Don’t worry; it’s only going to affect those Evil Rich Bastids”
Four thing you can count on for laws like this:
1. The lower limit for taxation will be lowered and the taxation rate will be raised.
2. Evil Rich Bastids will find ways to shield their income and assets from the taxes, leading to:
3. Revenue from this new tax will never raise the projected amounts, so repeat #1.
4. Any revenues generated will never be applied against existing debt but be applied to (mostly) finance
profiligate new spending to buy votes. The deficit will force a repeat of #1.
I don’t remember who said it, but I agree: “That’s the thing about wealth; you can only steal it once.”
I believe the only cure for this in USA is term limits for Congress, but the parasitic buy votes class will never vote themselves out of their self-enriching sinecure.
Term Limits only open the seat for new opportunists.
The real solution is easy access to backhoes (Shoot, Shovel, and Shut-Up).