Let's Screw The Homeowner (For A Change!)...

Yet again, when looking for an easy target to tax, the motorist and homeowner are never far from their sights. Read this on the net this morning as the world (UK in this case) looks to claw back money lost during the pandemic:


The Social Market Foundation (SMF) warned on Thursday that, without “radical action” to raise significant taxation revenues, the UK could be facing years of stagnant growth that would “blight the lives of future generations.”

A so-called “property capital gains tax” on all homes sold in the UK would see homeowners pay a 10% levy on the increase in the value of residential properties they own since they were last sold.

Mind you, won't it just encourage sellers to pitch their asking price 10% higher?? Lose/lose...

Well its a Labour think tank and they tanked at the last election, so not paying much attention to the Gordon Brown fan club boys.

Taxing the asset rich but cash poor ends up with pensioners being evicted, not good headlines.

Better not factor in inflation. A lot of that increase in value isnt really an actual value increase just an increase in the number.

Looking here https://en.wikipedia.org/wiki/Social_Market_Foundation this think tank is not particularly left leaning. Although not very transparent on funding - so many of these organisations are like this.
Are there any other suggestions on sorting the UK finances without killing recovery? This cannot be the only option.
As regards the future, I reckon capitalism has run its course and in chasing lower production costs and greater profits for the few (not the many) it has fed a monster called China.
All a bit political, but then so much of life is!
Feeling to me like we're all screwed. Need to get out on my bike again. Ride planned for Sunday over Dartmoor
Andy

Same thing happening on this side of the pond.

While the people are expected to tighten their belts and get by somehow on their reduced revenues due to loss of income from Covid 19, the politicos seem to think otherwise. They not only want to increase taxes on homeowners and businesses to recover losses from Covid, they want us to pay for damages caused by rioters, which they have failed to thwart, and in some cases encouraged.

In the final analysis, regardless if business is taxed, or if insurance companies foot the bill for riot damage, we the people will pay ..... in the form of higher costs for products and services, and higher insurance rates on our homes and autos.

Slick

I shouldn't go off like a boring old fart, but it does irks me when youngsters I've worked with will think nothing of paying someone else £20 to clean their car, live on takeaway food, THEN tell me I'm 'lucky' I can afford a house!
(Whinge over )

I was so 'Lucky' I paid 15% on my Mortgage

The pain was worth it but I used already taxed income to pay for the house, why pay all over again.

It all depends on how old you are, where you stand. When Young and working 12 a day 60 a week on the factory floor, I read with serious consideration seriously left stuff. As middle age set in, I worked three jobs and saved it all. Now as old age knocks in I have the money but not the youth but it seems a fair trade right now.
There is no idea of working saving and postponement of the payoff.
I cannot see how government run anything will ever work. Just my experience as a government employee.

A taxpayer revolt is what this country needs BADLY.

Radically chopping government to pre-1950 levels, and ENTIRELY cutting off illegal aliens and able-bodied layabouts would save BILLIONS, if not TRILLIONS every year.

There are a thousand and twelve OTHER ways to save more billions, including cutting off golden parachutes from politicians who lose elections, and ESPECIALLY those that are convicted of any crime related to official duties.

Entirely eliminating government subsidies of anything and EVERYTHING would get us right as rain.

@grandpaul

Now a days, supporting even the idea of a tax payer revolt, will get you branded as a right wing terrorist.

Slick

texasSlick said:

Now a days, supporting even the idea of a tax payer revolt, will get you branded as a right wing terrorist.

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Not me, bro. It can be done TOTALLY peacefully.

If a significant number of constitutional purists would just STOP PAYING TAXES, the government could NEVER handle it. They'd be FORCED to deal with it by CUTTING SPENDING. The REAL key to our problems.

kommando said:

I was so 'Lucky' I paid 15% on my Mortgage

Click to expand...

Don't we just remember those days

Wasn't it: 'No Taxation Without Representation?' Sometimes I wish the reverse was true...

EstuaryBoy said:

I shouldn't go off like a boring old fart, but it does irks me when youngsters I've worked with will think nothing of paying someone else £20 to clean their car, live on takeaway food, THEN tell me I'm 'lucky' I can afford a house!
(Whinge over )

Click to expand...

I spend 40$ a week to feed myself, have no internet, no children, no car and make roughly twice the average salary in the U.S. which, adjusted for inflation is less than a full time waitress made in 1970.

I will never be able to afford property in the city I live in, the town or even county I was born in.

20$ here and there makes no difference. That is the problem, young folks have been shut out completely.

The "representation" doesn't represent you and surely doesn't listen to you.
Once in the bubble people simply are deaf to the real world.

kommando said:

I was so 'Lucky' I paid 15% on my Mortgage

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Yep, LUCKY. I paid 23% on balloon notes for three years, which added thousands to the cost of a mobile home to the point that when we finally got a 12% note, the amount financed was almost the price of a brick-and-mortar home! ah, the 80s...

Well, I don’t wanna say “I told you so” too much, but...

I said at the beginning of all this that you cannot just lock down an entire society and not expect big f***ing problems!

The amount the UK Gov is having to borrow because of lock down is staggering, it’s not just blah, blah folks, it’s unprecedented numbers.

Some folk seemed to think it was about ‘saving lives vs protecting the rich people’s wealth’... now they’re realising that is NOT the case. The rich will usually find a way of profiting, the poor will generally remain looked after to a basic level as they were before, it’s the miserable sods in the middle who are gonna have to pay for this. And for GENERATIONS TO COME!

Make no mistake folks, we are going to have to pay for this thing. And tax revenue is the only way. And with a few million more unemployed and thousands of business no longer contributing, they’re gonna have to take even more, from even fewer. And those who think that just taxing the rich is gonna solve this simply do not grasp the maths, it’ll be masses in the middle, all us home owning, car driving, working people who are gonna pay for this... but tax hikes aren’t the only cost.

A recent report in the UK predicted that lock down could cause up to 200k extra deaths in the UK in coming years. UNICEF are predicting up to 20 million extra ‘preventable deaths’ in African children as a result of wealthy countries cutting back on foreign aid due to lock down induced recession.

Painfully, shockingly, almost criminally, ironic that wealthy countries citizens are marching around with BLM banners whilst this is happening...!

I just hope global leaders have learnt a lesson. Blanket lock downs are not the answer. Sure, have local lock downs, make us wear masks, let’s have social distancing and hand washing and etc. But no more society killing blanket lock downs please....

NPeteN said:

I spend 40$ a week to feed myself, have no internet, no children, no car and make roughly twice the average salary in the U.S. which, adjusted for inflation is less than a full time waitress made in 1970.

I will never be able to afford property in the city I live in, the town or even county I was born in.

20$ here and there makes no difference. That is the problem, young folks have been shut out completely.

Click to expand...

Just a quick blatt round the internet for UK 'Averages':
'House Price 2020'... £231k
Repayment mortgage £231k (over 30 years)= £1.038k pm
'UK Average wage 2020'.... £1.95k pm
Okay... how accurate ANY of those figures are who knows, but all pulled from reputable websites. But on those figures I would have thought a couple of a similar mindset could get on the ladder? But again, hypothetical world...

Fast Eddie said:

Well, I don’t wanna say “I told you so” too much, but...

I said at the beginning of all this that you cannot just lock down an entire society and not expect big f***ing problems!

The amount the UK Gov is having to borrow because of lock down is staggering, it’s not just blah, blah folks, it’s unprecedented numbers.

Some folk seemed to think it was about ‘saving lives vs protecting the rich people’s wealth’... now they’re realising that is NOT the case. The rich will usually find a way of profiting, the poor will generally remain looked after to a basic level as they were before, it’s the miserable sods in the middle who are gonna have to pay for this. And for GENERATIONS TO COME!

I just hope they’ve learnt a lesson. Blanket lock downs are not the answer. Sure, have local lock downs, make us wear masks, let’s have social distancing and hand washing and etc. But no more society killing blanket lock downs please.... we simply cannot afford it...

Click to expand...

And then Mr Sunak announces 'Record pay rises' for 900,000 workers!! The day before the rest of us are warned of dark days ahead

Fast Eddie said:

Well, I don’t wanna say “I told you so” too much, but...

I said at the beginning of all this that you cannot just lock down an entire society and not expect big f***ing problems!

The amount the UK Gov is having to borrow because of lock down is staggering, it’s not just blah, blah folks, it’s unprecedented numbers.

Some folk seemed to think it was about ‘saving lives vs protecting the rich people’s wealth’... now they’re realising that is NOT the case. The rich will usually find a way of profiting, the poor will generally remain looked after to a basic level as they were before, it’s the miserable sods in the middle who are gonna have to pay for this. And for GENERATIONS TO COME!

I just hope they’ve learnt a lesson. Blanket lock downs are not the answer. Sure, have local lock downs, make us wear masks, let’s have social distancing and hand washing and etc. But no more society killing blanket lock downs please.... we simply cannot afford it...

Click to expand...

EstuaryBoy said:

Just a quick blatt round the internet for UK 'Averages':
'House Price 2020'... £231k
Repayment mortgage £231k (over 30 years)= £1.038k pm
'UK Average wage 2020'.... £1.95k pm
Okay... how accurate ANY of those figures are who knows, but all pulled from reputable websites. But on those figures I would have thought a couple of a similar mindset could get on the ladder? But again, hypothetical world...

Click to expand...

It's not so much about the mortgage. I'd love to be paying a mortgage over rent, it's the down payment that's the problem.

Unless mommy and daddy are willing/able to splash out a fat loan, it just ain't in the cards for average Joe.

But what do I know really, have no experience buying a house, maybe it's easy. Beats me.