Outside the marginals

A commentary on the politics that followed the UK 2010, 2015 & 2017 elections (and THAT referendum)

Archive for the tag “the rich”

All in it together

A personal fortune of £100m is now required to become one of the 1,000 richest people in the country, up £15m compared with last year’s entry point of £85m.

In 1997 it took a fortune of just £15m to join Britain’s richest 1,000 people.
BBC News Website 26 April 2015 : Music boss Len Blavatnik named as Britain’s richest man

What does this annual reporting of the Sunday Times Rich List? Read more…

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Taxing Property

George Monbiot writing yesterday about the distorted property market concluded:

Why should capital gains tax not apply to first homes, when they are the country’s primary source of unearned income? Why should council tax banding ensure that the owners of cheap houses are charged at a far greater relative rate than the owners of expensive houses? Why should Rinat Akhmetov pay less council tax for his £136m flat in London than the owners of a £200,000 house in Blackburn? Why should second, third and fourth homes not be charged punitive rates of council tax, rather than qualifying, in many boroughs, for discounts?

The answer, of course, is power: the power of those who benefit from the iniquities of our property market.
The Guardian 2 June 2014: The only way to fairness in housing is to tax property

Oh, please, let’s get a bit deeper than blaming all the above on “power”. We need to examine why those “who benefit from the iniquities of our property market” seem to have such a hold over our parliament.

Read more…

Playing the percentages

Commenting on the benefit changes today (2 April 2013) a number of politicians seem to be saying that if you are poor / unemployed it is fair if you get a lower percentage increase in your income than the “strivers”.  When that increase is less than inflation you are faced with taking a cut – and that hits the poorest regressively – something many Tories either won’t or can’t recognise.

Looking at some examples surely illustrates this: Read more…

Impoverish the poor or soak the rich?

Suppose you want to raise £1M per week? How might you do it? I suspect the two sides of the coalition will have different views. Read more…

Being charitable towards the rich

If a non tax-payer donates £100 to charity the rest of us do not top up his donation.

If a standard rate tax-payer donates £1,000 to charity the rest of us top it up with “gift aid” of £250 (The charity receiving £1,250 – we contribute 20% of that amount to support the individual’s charity)

If a maximum rate (currently 50%) tax-payer donates £1,000,000 to charity the rest of us top it up with “gift aid” of £250,000 (The charity receiving £1,250,000) and then we give a further £375,000 back to the maximum-rate tax payer to “support his philanthropy” – we contribute 50% of the amount the charity receives.

So the richer someone is, the more we have to support their charitable urges – we have to be charitable to them – at the expense of other things on which our taxes could be spent. How so? Read more…

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