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If that would have been the actual response, it wouldn't have made sense to proceed with the reform. The goal of treasury should be to maximise social welfare,
by brainwad 1y ago
If that would have been the actual response, it wouldn't have made sense to proceed with the reform. The goal of treasury should be to maximise social welfare, not lose tax money just to dunk on the ultrarich.
- hermitcrab 1y agoBut a lot of them are paying little or no tax anyway, due to trusts, shell companies and other financial engineering.
- bluecalm 1y agoIf they come and live in 10M house it's 300k/year right there if you tax properties/land (you can use progressive rate so it's higher on most valuable properties). Add consumption taxes and every rich Chinese/Arab kid is sponsoring welfare for few dozens people per year.
- hermitcrab 1y agoThe yearly council tax of a £10M house in central London is the same as a £320K house: https://www.westminster.gov.uk/council-tax/council-tax-bands-and-charges https://www.westminster.gov.uk/council-tax/council-tax-bands... So where did you get £300K/year from? Or are you saying that is what it should be?
- bluecalm 1y agoYes, I am saying tax land/real estate instead of complaining rich people want to live in it.
- brainwad 1y agoThey still had to pay at least the basis charge, which was 30 or 60k per head depending on how long they were here for. That alone should have more than covered the cost of providing civic services to them.