I don't get the Lib Dems

[Zulu Elephant]

Used to vote Lib Dem until I realised how closed minded they were ideologically

[Dauphin]

that these will all be paid for by the wealth tax

I oppose wealth taxation, higher income tax on high income earners for sure, but no wealth taxes please.

[Zulu Elephant]

Originally posted by Dauphin

that these will all be paid for by the wealth tax

I oppose wealth taxation, higher income tax on high income earners for sure, but no wealth taxes please.

What is the distinction?

[Flubber]

Originally posted by Zulu Elephant


What is the distinction?

To most people, a "wealth tax" is a tax on assets or wealth rather than on income. A lot of people who accept progressive income taxation also oppose a wealth tax

[Zulu Elephant]

Originally posted by Flubber



To most people, a "wealth tax" is a tax on assets or wealth rather than on income. A lot of people who accept progressive income taxation also oppose a wealth tax

Like a house? Or money sitting in a bank account?

[Flubber]

Originally posted by Zulu Elephant


Like a house? Or money sitting in a bank account?

Depends on the type as to what is included but you have the idea. You pretty much have to tax all asset value or it would be an easy tax to avoid by purchasing assets of the exempt class.


Most proponents favor taxing the wealthy if their "assets " exceed certain thresholds. I have seen people mention this as a possible annual tax while others seem to try to target inheritences and wealth transfers

[Flubber]

Oh and personally I am not a big fan of wealth taxes. Income taxes have taken between 15 and 40+% of everything I earn and I paid an additional 7% to 15% VAT on pretty much everything I have.

So I got taxed on earning and I got taxed on acquiring-- I don't really think it is fair to tax me again for "having" if I happen to hit some threshold like a million dollars some day

[Dauphin]

I'm opposed to it primarily because I don't believe recurrent taxation of the same asset is particular fair, unless that particular asset has a cost to maintain that is not reflected other than by such taxation.

[Zulu Elephant]

Cheers.

However i dont see how being for progressive taxation and higher inheritence tax (a wealth tax) are ideologically mutually exlcusive.

[Flubber]

Originally posted by Dauphin
I'm opposed to it primarily because I don't believe recurrent taxation of the same asset is particular fair, unless that particular asset has a cost to maintain that is not reflected other than by such taxation.

Understandable

Besides most people face a form of wealth tax in their municipal property assessments anyway. Its unrelated to service usage ( our water is metred) but the guy in the million dollar home faces a municipal tax bill 4 times as high as the guy in the 250,000 home.

This is actually becoming an issue here in Calgary as the inner city home valuies skyrocket. Many older folks don't have enough money to pay the tax bill for their home and end up having to sell. While they can do well on such sale, there's something about the whole thing that just feels wrong

[Flubber]

Originally posted by Zulu Elephant
Cheers.

However i dont see how being for progressive taxation and higher inheritence tax (a wealth tax) are ideologically mutually exlcusive.

They're not . Some people support both. Personally I happen to support only one. I think income taxation combined with a VAT are the way to go. If you need revenue, get it from those means.

[Dauphin]

ZE. They're not, Lefties could well support both.

[Ramo]

I'll put in my two pence and say that VAT (and other regressive taxes) are crap.

[Dauphin]

Originally posted by Flubber

Besides most people face a form of wealth tax in their municipal property assessments anyway. Its unrelated to service usage ( our water is metred) but the guy in the million dollar home faces a municipal tax bill 4 times as high as the guy in the 250,000 home.

This is actually becoming an issue here in Calgary as the inner city home valuies skyrocket. Many older folks don't have enough money to pay the tax bill for their home and end up having to sell. While they can do well on such sale, there's something about the whole thing that just feels wrong

Council tax is an interesting one. With council tax the concept of the wealth tax for its own sake is often lost. Its often not based on the ability to pay, which is an ideological basis for wealth taxes.

[Flubber]

Originally posted by Ramo
I'll put in my two pence and say that VAT (and other regressive taxes) are crap.

I actually don't much like VATs either but I accept one in preference to a tax on wealth.