Say you have £100M net worth. The proposed wealth tax is 2% on assets over £10M… so you’d owe £1.8M every year in additional taxes.
To pay the additional £1.8M each year (2% on £90M) you would need to pay a £4M dividend. Of that £4M dividend, you get zero ALL of it is tax (see calculation below).
Given that most scalable assets pay less than 4% yield as it is, there is no point in owning UK assets. Especially because you’d also be paying tax to buy the assets, to employ people to run the assets and you’d be losing CGT or IHT if you sell them or die.
All serious investment would dry up and the economy becomes a backwater, stagnant economic wasteland rapidly.
@AlistairCarns@andyburnham The British people should be led by someone they voted for. Not someone whom the labor party have anointed.
Poor form from @UKLabour
@Keir_Starmer Is there anyone in government who has worked outside of government? Maybe run a business? Someone who understands how the economy functions for the rest of us?
Asking for a friend…
How would the UK afford this? Is it even possible for renewables to give the UK its current energy requirements, never mind the future energy requirements if it wishes to remain globally competitive.
Cheap and abundant energy is the route to universal prosperity. Once the UK has that, it should then plan how to shift more energy production to cleaner sources.
Unfortunately Zack, this statement is hot air. Pun intended.
@Jeremybtc@zerohedge I hate to break it to you. But there is a direct correlation between States that have strict gun control laws and violent crimes.
Ultimately, people are less willing to FAFO in a state where post people are carrying.
It’s worse. It’s not that they don’t learn. They genuinely do not care. There are pragmatic fixes to most the problems if they were focused purely on achieving strong outcomes for the military.
However they all politic! They focus on achieving their own political objectives at the expense of the military and the British people!