Why are we taxed on our income and not on what we own?

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Jgco2chem
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I find that so many rich people escape tax by having little income but their money in shares. Income tax basically taxes the working poorer population whereas, If there it was tax on your property then then even if you have no income the millions in the bank can be taxed and this will be so much fairer. For example if you got taxed 5% of what you have the billionaire will give £50,000000.
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Quady
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(Original post by Jgco2chem)
I find that so many rich people escape tax by having little income but their money in shares. Income tax basically taxes the working poorer population whereas, If there it was tax on your property then then even if you have no income the millions in the bank can be taxed and this will be so much fairer. For example if you got taxed 5% of what you have the billionaire will give £50,000000.
So you haven't heard of stamp duty, capital gains tax or dividend tax?
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Refuse_censor
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(Original post by Jgco2chem)
I find that so many rich people escape tax by having little income but their money in shares. Income tax basically taxes the working poorer population whereas, If there it was tax on your property then then even if you have no income the millions in the bank can be taxed and this will be so much fairer. For example if you got taxed 5% of what you have the billionaire will give £50,000000.
Why not lower the taxes and stop benefits, then it might be worthwhile for a lot of people to work.

The state is far far too big. We are effectively living under a bigger state than former Soviet communism.


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Clip
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(Original post by Quady)
So you haven't heard of stamp duty, capital gains tax or dividend tax?
He clearly hasn't, and doesn't want to either.
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Quady
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(Original post by Refuse_censor)
Why not lower the taxes and stop benefits, then it might be worthwhile for a lot of people to work.

The state is far far too big. We are effectively living under a bigger state than former Soviet communism.


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Any evidence of that...?
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hukdealz
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Enforcement obviously lol
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CJKay
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VAT..?
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CurlyBen
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So you'd like to reward those who piss their money up against the wall, rather than saving? (I realise the government do this to an extent as it is...)
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Jgco2chem
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(Original post by Clip)
He clearly hasn't, and doesn't want to either.
No I clearly haven't, it was something that came to mind so I made a post without trying to find the answer first.
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landscape2014
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Just taxation is a requirement for a stable society and the philosophy behind a particular tax has to be obvious to those who pay it (however grudgingly). The development of centralized electronic bank clearing structures and sophisticated computer systems in the last quarter of the C20th presented governments with the opportunity to introduce just taxation by using computer software that removes fractional charges automatically from the payee‘s account into the UK Treasury (first proposed by John Maynard Keynes (UK) in 1936 – 50yrs later computer technology had made its adoption feasible). A fractional rate of tax on every transaction could automatically be deposited into governments’ treasury account (collecting the tax automatically before it disappears offshore) . The same rate would apply to all money movements thus taking most from those who are benefiting most from the financial system – its adoption would enable governments to eliminate many different taxes principally income tax, VAT and business taxes (In the UK CHAPS, BACS and LINK transfer about £70 trillion, £770 billion and £110 billion each year a ½% tax would produce over £350billion/yr – half UK government expenditure for 2013). This would not be the complete answer to the question of just taxation for the self indulgence humans’ display in the profligate and wasteful use of nature’s bounty requires that future generation’s patrimony be safeguarded and that responsibility requires the use of discriminatory taxation to control consumption.
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Jammy Duel
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(Original post by Jgco2chem)
I find that so many rich people escape tax by having little income but their money in shares. Income tax basically taxes the working poorer population whereas, If there it was tax on your property then then even if you have no income the millions in the bank can be taxed and this will be so much fairer. For example if you got taxed 5% of what you have the billionaire will give £50,000000.
I guess you don't realise you get taxed on things other than wages?
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SnoochToTheBooch
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Why the **** should anyone get a share of what I've got stored away in my bank account just because I've loads? That's not 'fairness', that's jealousy.
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Jgco2chem
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(Original post by SnoochToTheBooch)
Why the **** should anyone get a share of what I've got stored away in my bank account just because I've loads? That's not 'fairness', that's jealousy.
And you are GREEDY
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Quady
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(Original post by Jgco2chem)
And you are GREEDY
What is your net worth? (approximately)

How would your proposal impact you?

Sure its not you thats being greedy here...?
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landscape2014
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(Original post by SnoochToTheBooch)
Why the **** should anyone get a share of what I've got stored away in my bank account just because I've loads? That's not 'fairness', that's jealousy.
Quite right. So will you support a 0.5%tax on what you transfer from your bank account in place of income tax, VAT and business taxation?
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SnoochToTheBooch
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(Original post by Jgco2chem)
And you are GREEDY
Tough ****, it's MINE (hypothetically).
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SnoochToTheBooch
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(Original post by landscape2014)
Quite right. So will you support a 0.5%tax on what you transfer from your bank account in place of income tax, VAT and business taxation?
I don't know. That sounds like a good deal potentially but I don't know and can't really be bothered to go digging around to find out for myself. Very tired, didn't even wake up till recently.
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username91207
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So the fact that I've managed to scrape enough money together to cover myself so that I can look for another job (my current one has caused me to be signed off for stress and anxiety) is something I should be punished for?
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DJKL
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(Original post by landscape2014)
Quite right. So will you support a 0.5%tax on what you transfer from your bank account in place of income tax, VAT and business taxation?
So you are taxing someone who changes bank, lending money to family. There are myriad bank movements like these every day, often a large business with multiple bank accounts will sweep up excess funds on to an overnight deposit, the money comes back down the following day, you propose taxing this at circa 260 x 0.5%, so 130% over a year.

You need to be more clear what sort of transactions give rise to this charge.
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nulli tertius
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(Original post by Jgco2chem)
I find that so many rich people escape tax by having little income but their money in shares. Income tax basically taxes the working poorer population whereas, If there it was tax on your property then then even if you have no income the millions in the bank can be taxed and this will be so much fairer. For example if you got taxed 5% of what you have the billionaire will give £50,000000.
Because it produces a very high yield.

That is why those states with the infrastructure to impose income taxes have all chosen to do so. Poll taxes, wealth taxes, import and export taxes and inheritance taxes are much older and require less infrastructure to collect but are less efficient at recovering a high proportion of the theoretical yield of the tax.
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