ENGLAND: New Wealth Tax Proposed

[CG6468]

New Wealth Tax Proposed
 
Now they want our jewellery, paintings and furniture
 
- Anna Grayson (Bio and Archives)  Thursday, February 28, 2013
 
London, England-A new wealth tax is being proposed by the leftist wing (The Liberal Democrats) of our coalition government that will come with unprecedented powers to enter our homes and root through our personal possessions to value rings, necklaces, paintings and furniture, anything that might raise more taxes. If we refuse to be inspected or get our own valuations wrong, we would be facing fines, maybe even a jail sentence.

This brainchild was conceived by the Lib Dems for their next election manifesto and is part of a series of measures planned to tax the better off.  Taxpayers would be required to ‘self assess’ their net worth, which would be checked by inspectors under the auspices of HM Revenue and Customs. Currently this government department has no power to enter a person’s home.

This is already being done in France where a person’s ‘global assets’ – everything from his car to his mother’s antique silver fork was taxed at .25% when introduced, and inspectors there have the right to enter private homes.

Once a tax is levied, it’s only a matter of time before politicians start to tinker with it to squeeze yet more from their victims. That is exactly what new socialist president Francis Hollande did when he raised the tax to .55%. And if the rioting and austerity protests don’t abate, he’ll probably raise it again.

My neighbour has family property in France and noted the week before the tax came into force, those who could piled all their paintings and antiques into their cars and drove them over to the UK. He said the ferries were bulging with cars crammed with treasures.  If this idea takes hold, they will have to load up the truck and move to ... Switzerland or Lichtenstein where wealth is welcomed and appreciated, along with the cash-poor Brit that inherited a Piaget and mink coat from a relative.

France has just passed a Robin Hood tax on all financial transactions

But that’s not all. France has just passed a Robin Hood tax on all financial transactions. Americans take note. If you own shares in a French company, you will be taxed 0.2% every time you trade them. So if you hold $100K worth of shares in a French company and you sell, you owe the French government $200. And if you holiday in France and want to exchange $1000 into Euros, that’ll cost you $2. Not to worry though, it’s all going to a good cause in supporting developing countries, where France wants more influence. It’s only a matter time before the Brits pick up on this one.

Being just a proposal at this stage, the UK jewellery tax can and is being pooh-poohed as ridiculous and unenforceable. But that doesn’t stop British liberals. One of our Lib Dem MPs, Tessa Munt said that the jewellery tax was ‘an interesting idea’. As long as one of them thinks this is a good plan, they will not rest until it gathers enough momentum to try and get it passed into law.

Mansion tax

Take the so-called mansion tax. This was an idea put forward, again by the Lib Dems and they wanted to introduce a new tax on privately owned real estate valued at more than £2million. Initially it was £1million, but after an outcry from people who were cash poor, but who had a family home that had accumulated value over the generations, was re-thought to a higher level.  It doesn’t matter that people who buy these homes are likely to be buying their property after having paid 40% income tax on their earnings, or that their properties are already subject to higher council taxes, or that the owners will have paid a hefty stamp duty tax just to buy the darn thing in the first place. That is simply not enough blood, in an era of wealth envy and redistribution politics.

The idea was so tempting that the main opposition party - Labour - has picked up on it and will put it into their manifesto. Seeing as there is a real chance they may get into power in two years time, this tax will become law. And just like the French, the numbers will be raised to the point where no one will want to buy a house anymore and before you can say, ‘Happy Anniversary Darling’, that necklace you bought will be next on the list.

Liberals lead such unhappy lives. They aspire to nothing more than plotting against other people and their aspirations. Even if they have piles of money themselves, which they guard jealously, it is still not enough. Nothing can assuage the perceived injustices they see in the world. It is as though if they stopped trying to redistribute, they would have no reason to exit. They are screwed from two angles. One, redistribution never works, no matter how high you raise the ante, so they are permanently frustrated, and second, envy of what you don’t have rots the soul, so they are permanently frustrated there as well.

Bold mine.......

It'll be the libs' next plan  

[thundley4]

I recently read that some Dems in one of the eastern liberal states was considering a "wealth tax" on corporations.  They would tax the cash reserves of businesses to force them to invest their money. 

Frelling idiots don't realize that companies keep "cash" for the hard times , just like people try and keep "rainy day" funds.

[Dori]

I recently read that some Dems in one of the eastern liberal states was considering a "wealth tax" on corporations.  They would tax the cash reserves of businesses to force them to invest their money. 

Frelling idiots don't realize that companies keep "cash" for the hard times , just like people try and keep "rainy day" funds.

Why doesn't this surprise me. 

They have already formed think tanks and committees discussing the take over of our 401K's.

I hope the people in the UK wake up and smell the coffee.  Looks like France is only going to have third world immigrants left, they way they are going.

[JohnnyReb]

Why doesn't this surprise me. 

They have already formed think tanks and committees discussing the take over of our 401K's.

I hope the people in the UK wake up and smell the coffee.  Looks like France is only going to have third world immigrants left, they way they are going.

Just a DUmb question from a stupid redneck here..............could this rumor of taking your 401K's from you be what is driving the uptick in the stock market? People taking their 401K's out and then handling their own investments?.....you know, if it ain't in a 401K, they can't take it......yet.

[Dori]

Just a DUmb question from a stupid redneck here..............could this rumor of taking your 401K's from you be what is driving the uptick in the stock market? People taking their 401K's out and then handling their own investments?.....you know, if it ain't in a 401K, they can't take it......yet.

I don't think that's what is driving the stock market now.  I believe they are being influenced more by Bernanke and his QE4 printing 85 billion a month.  I remember thinking before the stock crash that Wall Street's numbers were insanely high, and I feel that way now too.  They certainly aren't paying much attention to the other indicators of our stagnet economy. 

[Eupher]

All they're doing is opening the doors for an even greater exodus of jolly old England.

Hell, Sir Paul just might leave if they start harassing him about his bling.  

[Dori]

All they're doing is opening the doors for an even greater exodus of jolly old England.

Hell, Sir Paul just might leave if they start harassing him about his bling.  

What about Queen Elizabeth's jewels?

[DumbAss Tanker]

All they're doing is opening the doors for an even greater exodus of jolly old England.

Hell, Sir Paul just might leave if they start harassing him about his bling.  

Considering he's a dyed-in-the-wool moonbat dumb enough to marry a self-propelled freakshow without an ironclad pre-nup, probably not.

[thundley4]

I don't think that's what is driving the stock market now.  I believe they are being influenced more by Bernanke and his QE4 printing 85 billion a month.  I remember thinking before the stock crash that Wall Street's numbers were insanely high, and I feel that way now too.  They certainly aren't paying much attention to the other indicators of our stagnet economy. 

[DumbAss Tanker]

I don't think that's what is driving the stock market now.  I believe they are being influenced more by Bernanke and his QE4 printing 85 billion a month.  I remember thinking before the stock crash that Wall Street's numbers were insanely high, and I feel that way now too.  They certainly aren't paying much attention to the other indicators of our stagnet economy. 

All that's really driving it is the vast amounts of cash Bernanke keeps pumping into the system, and since he's doing that, the only place you can put it to get an ROI above flatline is in the stock market...which is only going up because of the same cash.  It's a baseless upward spiral, not exactly a bubble and not exactly inflation (Since wages and prices aren't going up with it), but it's a value-neutral shell game.  Those that understand it are making money on it, but the needle isn't really moving on the actual economy.