Super-rich prepare to leave UK 'within minutes' if Labour wins election
- Thread starter Sabin
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Upper middle class, south or not most middle class family's don't own 300k homes.
It's one of the reasons tax avoidance is hardly punished across most countries.
If you do punish them to full extend, you risk them leaving and then receive 0% taxes from them once they're gone.
The only way to put a stop to rich people tax surfing is global cooperation
Oh look Tory and Republican talking points already.
1. The government could just...begin simply enforce the tax code and close those loopholes, thereby actually making the policy a transfer from the rich to other groups. I can't speak for the UK but the US simply chooses to defund agencies and not enforce these things they had before and easily could.
2. The median wealth in the UK is nowhere near that high, and I'm sure the full Corbyn plans talks about exactly you plan the estate tax's mathematical curve, so to speak, to not include the middle class.
3. The idea that "the rich got away with it before, so they always will" is bunk, and dismantling the fact they live by different rules (including tax ones) than the rest of us is the force bubbling up under all of these progressive and left movements.
Reactions from people I know have been pretty negative, even amongst people who would consider themselves working class and traditionally vote labour.
Hopefully the focus on going after the super-rich will be popular enough to offset the bad taste of lowering of the inheritance tax threshold. But I really doubt it.
I expect it to die in a ditch even if Labour got into power because labour won't be getting into power without a coalition etc so there's no way most of their idea see the light of days but yeah it's a very poor policy to campaign on and even implement frankly.
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The ones actually investing in UK companies and the British markets won't go anywhere because surprisingly that's where they actually make their money and they're not stupid enough to allow others to take their place. Rich people who can willingly just move their money elsewhere (like they haven't already) provide no benefit to the country anyway.
My ancestors ruthlessly subjugated everyone in their village 2000 years ago, why should anyone in my family ever have to work again?
It would not happen, lol.
Remember so many celebrities threatened to leave US if Trump won in 2016? Remember so economist predicted UK economy would crash and burn if Brexit happened?
Remember so many celebrities threatened to leave US if Trump won in 2016? Remember so economist predicted UK economy would crash and burn if Brexit happened?
While I agree 125k is low, you're exaggerating. Your kids won't have to sell it, they can mortgage it and between the $125k exemption and they 60% of the taxable amount they keep they're still a huge step ahead.
But yeah, here in the US the exemption is $11m. Yes, that's millions. And the reason it's so insane is because Republican rubes buy into your "but they already paid the tax, why tax it again?" nonsense. Money is taxed when it changes hands. Income, sales, gift, etc. And when it comes to inheritance, that's a great way of letting the rich give even more advantages to their kids and restricting social mobility. The more you let people rest on their parents' laurels, the worse your society is for people who foolishly chose to be born to dirty poors.
They moved all of their money off shore a long time ago, so they might as well follow it.
Funnily enough, it's a lot harder to move assets, or a customer base. If you make your money off the British public you're still going to have to do business in Britain.
Funnily enough, it's a lot harder to move assets, or a customer base. If you make your money off the British public you're still going to have to do business in Britain.
because without it, the rich will get richer.
You might see that a limit of 125k on inheritance is unfair, while 80% of the population won't ever inherit anything or worse, inherit debts.
It's unearned income. I couldn't give two shits how much is taxed.
A lot do. Some because they bought them when they cost a lot more, some because that's just the price of a home in the parts of the country they live in and they've had to prioritise a house over luxuries.
Remain is divided between different parties, I wouldn't say the left is divided (in England anyway, obviously a bit more complicated when it comes to Scotland/Wales/NI).
Yes hence upper middle class. The medium family income in the UK is 28K per household. If your house is worth 300k whether inherented or not, that house puts you ahead of the majority of middle class families wealth capital even if the area is expensive there's nothing stopping you from selling it and buying a cheaper house in a cheaper area.
Not that it matters if they stay or not, they are probably fucking tax evaders anyway through tax havens and don't pay shit.
But, you know, for fun anyway, invest in a couple hundred of these:
And put one on every limb of those fuckers.
But, you know, for fun anyway, invest in a couple hundred of these:
And put one on every limb of those fuckers.
When my parents bought their house in the late 90s it was only worth like 40k. Now it's worth almost 400k. I wouldn't exactly say they were ever upper middle class. My mum worked as a midwife and my dad stayed at home. They have a comfortable life but that's mostly because they never went on holidays.
Houses are just severely overpriced these days. They're not a good measuring stick for where you are on the social ladder unless your house is worth millions.
They weren't then they are now. That's how all investments work. If I buy 100k worth's of shares 25 years ago and reinvested the dividends until their now worth a million does that not make me now an upper class millionaire?
All investments work like this. It's why people invest your net worth isn't solely dependent on the salary of your current job.
Yes valuations of your asset change just like the valuations of people's shares change that's how these things work.
If the house is overvalued they could have sold it and bought a house they considered undervalued and kept the surplus. Just because the house may drop in value doesn't mean your not upper middle class, it means if that happens and you still had the house that you lost money.
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Kids get enough benefits growing up rich.
You paid tax. Not your inheritors
Inheritance tax should be as high as possible.
This just puts Corbyn in a good light. If this is real, they're too chicken-shit to do this but if they even do, GOOD!
But taxing inheritance on £125k or even the current rate is hardly aimed at the rich, all houses in general greater London are over the current rate, so anyone wanting to pass on their house to their kids will have issues with inheritance tax.
I agree with inheritance tax when we're talking crazy high sums, but all it does is hinder the general public right now...
Well they can't leave until they're sure free movement will be protected. Why move now, when if the Tories win they'll be forced to move back?
Figured something like this would happen.
Which is why I'm buying my parents house for a fiver.
(PS I'm a Lib Dem)
Which is why I'm buying my parents house for a fiver.
(PS I'm a Lib Dem)