Wealth tax

[Gibbon]

A wealth tax will be introduced in the UK at some point, except it won't hit the truly wealthy. It'll be designed to maximise tax-take from the middle classes as usual.

Yep, as the MC are fairly static targets compared to Messrs Green etc.

[AtW]

A sensible option would have been to allow offsetting reasonably small (1% max) wealth tax against income tax paid in the same year, but that’s too sensible for this to be reality

[NotAllThere]

A wealth tax will be introduced in the UK at some point, except it won't hit the truly wealthy. It'll be designed to maximise tax-take from the middle classes as usual.

Of course. That's were the bulk of the wealth is. You rich bastards deserve it.

[NotAllThere]

Argentina already has a wealth tax - it was 0.75% in 2019. They've just increase it rather massively at the top end. It is entirely unrelated to income. If you've got assets but no income - you pay. Sell your assets if you want to eat.

Canada, France, Spain, the Netherlands, Norway, Switzerland and Italy have wealth taxes. And it only hits people with substantial assets. Like a house - but only the paid-off portion.

[ChimpMaster]

A wealth tax will be introduced in the UK at some point, except it won't hit the truly wealthy. It'll be designed to maximise tax-take from the middle classes as usual.

[AtW]

Fixd.

Inneresting

[jamesbrown]

Only comradely, innit?

Fixd.

[nomadd]

Health tax

[AtW]

They will vary the percent slightly on each of the annual iterations.

Only fair, innit?

[jamesbrown]

It's a one off

They will vary the percent slightly on each of the annual iterations.

[AtW]

Absolutely insane.

Your lucky to earn 3.5% off your wealth... Meaning this could be equivalent to 100% income tax. Absolutely insane.

It's a one off

[jayn200]

Absolutely insane.

Your lucky to earn 3.5% off your wealth... Meaning this could be equivalent to 100% income tax. Absolutely insane.

[SueEllen]

I was trying to read how corrupt Argentina was on the world corruption index but Saturday night TV entertainment has distracted me.

[AtW]

"Argentina has passed a new tax on its wealthiest people to pay for medical supplies and relief measures amid the ongoing coronavirus pandemic.

Senators passed the one-off levy - dubbed the "millionaire's tax" - by 42 votes to 26 on Friday.

Those with assets worth more than 200 million pesos ($2.5m; £1.8m) - some 12,000 people - will have to pay.

Argentina has recorded close to 1.5 million infections and almost 40,000 deaths from the coronavirus.

It has been hit hard by the pandemic, becoming the fifth country worldwide to report one million confirmed cases in October despite only having a population of about 45 million people - making it the smallest nation at the time to surpass that figure.

Lockdown measures have further dented an economy struggling with unemployment, high poverty levels and massive government debt. Argentina has been in recession since 2018. "

One of the law's authors said it would only affect about 0.8% of taxpayers (AtW's comment: at claimed 12,000 affected that is 1,500,000 total taxpayers from 44 mln population of Argentina ). Those affected will pay a progressive rate of up to 3.5% on wealth in Argentina and up to 5.25% on that outside the country.

AFP news agency reports that of the money raised, 20% will go to medical supplies, 20% to relief for small and medium-sized businesses, 20% to scholarships for students, 15% to social developments, and the remaining 25% to natural gas ventures."

Covid: Argentina passes tax on wealthy to pay for virus measures - BBC News

One off