What are the arguments for and against the mansion tax? Watch

mathewchandy
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I cant find any good arguments for the tax ;/
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BBeyond
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for:

reduces government budget deficit, so they're more likely to balance the books (not that this will actually happen)

against:

old aged people who have lived in the same home for a long time will suddenly have to pay an extra cost which they may not be able to afford due to being on a pension, forces them to sell a home they have lots of memories in simply because it rose in price while they lived in it

it's legal theft

eventually mansion tax will have such a low lower threshold that it may as well be called house tax (stuff like inheritance tax started out as a tax only on the rich)
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Juno
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You might want to discuss price variation - a house in London will be more expensive than a house in the north. People will be penalised due to where they live.

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BBeyond
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(Original post by blondelocks)
For:

By taxing the super rich you can try to alleviate the tax burden on lower-income earners.

Taxing properties, particularly in the London area where there is a housing problem, which are unused by foreign investors.

Raises government revenue: it's got to be raised somehow, why not tax the haves, as opposed to the have nots?

Pay off the deficit.

Fund the NHS.

etc.

Against:

Some elderly people in properties which have simply risen in value over time may be taxed despite actually having very little money.

Basically it's a good idea.
4 of your for arguments are basically the same thing... They won't be happy with the amount they make using the current threshold so that will be lowered soon no doubt. Definitely not a good thing in my opinion.

(Original post by blondelocks)
The mansion tax is no more a legal theft than any other tax...?
Agreed, but stealing more money is still bad.
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Birkenhead
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(Original post by blondelocks)
For:

By taxing the super rich you can try to alleviate the tax burden on lower-income earners.
Any evidence that Labour will reduce the tax burden on anyone as a result of this tax? More likely is that they'll continue throwing money away as they've done before.

Taxing properties, particularly in the London area where there is a housing problem, which are unused by foreign investors
...also taxing the the vast majority who aren't foreign investors. A foreign investor mansion tax would be something I could support but this is not what is being proposed.

Raises government revenue: it's got to be raised somehow, why not tax the haves, as opposed to the have nots?
The haves have enough of their money taken from them already. You can't just continue raising taxes on them as nauseum, it's exploitative and there will come a point where they will simply pack up and go as many do already. We have enough revenue; the problem is not how much revenue we have but how we piss it away on things like NHS managers and HS2.

Pay off the deficit.
A more ethical way of going about this is to reduce spending. We waste far too much money as it is for it to be reasonable to demand more money from taxpayers.

Fund the NHS.
Already being funded by current taxes.
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BBeyond
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(Original post by Birkenhead)
Any evidence that Labour will reduce the tax burden on anyone as a result of this tax? More likely is that they'll continue throwing money away as they've done before.



...also taxing the the vast majority who aren't foreign investors. A foreign investor mansion tax would be something I could support but this is not what is being proposed.



The haves have enough of their money taken from them already. You can't just continue raising taxes on them as nauseum, it's exploitative and there will come a point where they will simply pack up and go as many do already. We have enough revenue; the problem is not how much revenue we have but how we piss it away on things like NHS managers and HS2.



A more ethical way of going about this is to reduce spending. We waste far too much money as it is for it to be reasonable to demand more money from taxpayers.



Already being funded by current taxes.
PRSOM... Can't remember repping you before but good post.
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MagicNMedicine
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Whether or not there is a "mansion" tax like this the taxation system for housing (ie council tax) is basically a 1991 system that hasn't really been reformed since then.

Now since 1995 there was an enormous rise in house prices which has massively changed the wealth distribution in the UK, owning property is now a major divide between the haves and the have-nots, it's not just about income differences.

Whilst there have been changes to income tax quite frequently, housing taxation has been left on an out of date system.
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