Should the government take 10% off any savings over 50,000 pounds?

Poll

Should the government introduce a 10% levy on 50k+ savings?

I think there are many practical solutions to help with the crisis we are facing at the moment. People are losing their jobs and many are struggling with some of their most basic needs to be met. I think it is now time for some more radical measures. People who are very well off NEED to share some of the burdens that the nation is facing. A 10% levy on savings over 30-50k seems like a reasonable step to take.
What do you think?

Reply 1

londonmyst

19

No, I don't agree.
I think now is the time to lighten law abiding people's financial burdens and for the government to try to earn some goodwill.
Maybe by offering a small grant under £500 available to almost all British adults or a system like the UBI.

No

Original post by TrotskyiteRebel

I think there are many practical solutions to help with the crisis we are facing at the moment. People are losing their jobs and many are struggling with some of their most basic needs to be met. I think it is now time for some more radical measures. People who are very well off NEED to share some of the burdens that the nation is facing. A 10% levy on savings over 30-50k seems like a reasonable step to take.
What do you think?

Nahhh. Savings don't necessarily reflect how well off you are. Many people save over numerous years and for specific reasons at that. That is a lot to ask of people, even if they are rich. Naturally, if i was rich i would assume I've fulfilled my obligations by paying taxes and it should be left to the choice to donate or not. Honestly, this whole post gives me communist vibes or even worse lazy vibes maybe we should stop thinking about taking the money of people who worked hard for their money

(edited 4 years ago)

Reply 4

Cheesybread

18

People may need their savings to buy a house or car, it doesn't necessarily mean that they are rich, it seems unfair.

Reply 5

TrotskyiteRebel

OP

18

Original post by londonmyst

No, I don't agree.
I think now is the time to lighten law abiding people's financial burdens and for the government to try to earn some goodwill.
Maybe by offering a small grant under £500 available to almost all British adults or a system like the UBI.

Yea exactly we should lighten people's financial burdens and my proposal can help gather some of the resources for that. If your 50k turns into 45k, you won't bear too much financial burden during the course of this crisis.

Reply 6

Rakas21

21

Original post by TrotskyiteRebel

I think there are many practical solutions to help with the crisis we are facing at the moment. People are losing their jobs and many are struggling with some of their most basic needs to be met. I think it is now time for some more radical measures. People who are very well off NEED to share some of the burdens that the nation is facing. A 10% levy on savings over 30-50k seems like a reasonable step to take.
What do you think?

I would strongly oppose that particular proposal on the basis that savings are a very liquid asset (so unless you did it immediately money can be withdrawn) and in addition you could well be punishing those of relatively average means who simply with to avoid a 30 year mortgage by saving more cash.

The government already spoke of two measures before the budget which will return next year given the situation..

1) Some form of property tax

2) Reductions in high rate tax relief

Reply 7

Em.-.

18

No.. that’s not “well-off”. That money could have been earned through hard work and choosing to save money rather than spend it on holidays, cars or other expensive stuff..

Billionaires and many multimillionaires is fair enough, but that amount is too low.

Reply 8

username3118454

19

Original post by TrotskyiteRebel

Yea exactly we should lighten people's financial burdens and my proposal can help gather some of the resources for that. If your 50k turns into 45k, you won't bear too much financial burden during the course of this crisis.

What if someone doesn't have much money in savings but has assets like an extra house?

Reply 9

TrotskyiteRebel

OP

18

Original post by Cheesybread

People may need their savings to buy a house or car, it doesn't necessarily mean that they are rich, it seems unfair.

Millions of people found themselves in a situation where they have no idea how to pay their rent or where their next mean meal is coming from. I think people can postpone buying a house or a car for the time being. We are responsible for one another, at least to some extent.

that title scared me

Original post by paul514

I think you are a communist div.

Thanks for asking

They're always looking for an emergency to capitalise upon, like the vultures they are.

Reply 12

Em.-.

18

How is this not a troll though.. (or is it?)

Reply 13

Pyrothe9th

2

My mum and I have been saving for the last 12+ years skipping meals and buying the cheapest things possible to be in a better position in the future just to later hear that a self-entitled communist leech is going to take my money. Here is an idea, do your own saving through your own means rather than taking money from people whos been a bit more sensible with money, to say the least. Just keep your hands away from my money bruh.

Reply 14

Cheesybread

18

Original post by TrotskyiteRebel

Millions of people found themselves in a situation where they have no idea how to pay their rent or where their next mean meal is coming from. I think people can postpone buying a house or a car for the time being. We are responsible for one another, at least to some extent.

I'm not saying that. I'm saying punishing them is unfair on those people. Those people have paid tax and will pay tax, look at the ricardian equivalence if you'd like, it explains it far better than your idea.

Reply 15

StriderHort

21

God no, the idea that those who can contribute more should do so is valid, but certainly not through an arbitrary savings raid. Personally I'd like to see us actually enforce the rules and polices we've already got on tax dodgers before just demanding everyone else take a collective hit...again.

What do you think would happen to consumer confidence in the banking system when it was clear the Government could just help itself? Almost everyone who gets stung then takes their remaining savings out as cash/moves it offshore to stop it happening again and you've got another financial crash.

Reply 16

username3118454

19

Original post by Pyrothe9th

My mum and I have been saving for the last 12+ years skipping meals and buying the cheapest things possible to be in a better position in the future just to later hear that a self-entitled communist leech is going to take my money. Here is an idea, do your own saving through your own means rather than taking money from people whos been a bit more sensible with money, to say the least. Just keep your hands away from my money bruh.

Reply 17

Reality Check

22

Original post by TrotskyiteRebel

I think there are many practical solutions to help with the crisis we are facing at the moment. People are losing their jobs and many are struggling with some of their most basic needs to be met. I think it is now time for some more radical measures. People who are very well off NEED to share some of the burdens that the nation is facing. A 10% levy on savings over 30-50k seems like a reasonable step to take.
What do you think?

I think your username suits you.

Reply 18

Ciel.

21

Original post by TrotskyiteRebel

I think there are many practical solutions to help with the crisis we are facing at the moment. People are losing their jobs and many are struggling with some of their most basic needs to be met. I think it is now time for some more radical measures. People who are very well off NEED to share some of the burdens that the nation is facing. A 10% levy on savings over 30-50k seems like a reasonable step to take.
What do you think?

lmfao. keep your hands to yourself babe.

Reply 19

the_queen

20

Original post by TrotskyiteRebel

Millions of people found themselves in a situation where they have no idea how to pay their rent or where their next mean meal is coming from. I think people can postpone buying a house or a car for the time being. We are responsible for one another, at least to some extent.

God protects people from persons like you!
You are definetely a communist.
Some people have money because they saved for some reasons, others dont have because they are neglijent or less lucky. This doesnt mean they have to share each other. Shut up, man!

(edited 4 years ago)

Should the government take 10% off any savings over 50,000 pounds?

Should the government introduce a 10% levy on 50k+ savings?

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