Is wealth inequality causing the big issues of our day?

Agreed, re a proper wealth tax.
However, some of the wealthy, like the less well off, will always argue that the cut off point is unfair to them.
The difference is that the wealthy also have the funds to pay for strategies to avoid being above the cut off point or to ensure they are below the cut off point.

The middle classes are being taxed to the hilt by Labour. Billionaires are geographically mobile and don’t have to stay in the UK. Isn’t Dublin the place to be?
I hope that middle income householders won’t be targeted more than they are already. Labour has introduced a mansion tax which kicks in at £2 million which isn’t attacking the super rich by any stretch of the imagination. Rather the middle class.

No, ronib, the vast majority of the "middle class" does not have £2 million.

Mollygo

Agreed, re a proper wealth tax.
However, some of the wealthy, like the less well off, will always argue that the cut off point is unfair to them.
The difference is that the wealthy also have the funds to pay for strategies to avoid being above the cut off point or to ensure they are below the cut off point.

We aren’t talking about the ordinary wealthy or very well off, we are talking about the vastly wealthy whose accumulation is beyond most people imagination, like the billionaires or even now trillionnaires, whose wealth is counted not in income but assets etc.

The assets and wealth emanating from them are what must be taxed.

£2 million is the price of a standard middle class house in the South East.

ronib

The middle classes are being taxed to the hilt by Labour. Billionaires are geographically mobile and don’t have to stay in the UK. Isn’t Dublin the place to be?
I hope that middle income householders won’t be targeted more than they are already. Labour has introduced a mansion tax which kicks in at £2 million which isn’t attacking the super rich by any stretch of the imagination. Rather the middle class.

You must look much much further up the scale than you are doing, to understand the issue. Rest assured the middle classes and the “normal” wealthy etc can lie relaxed in their beds.

I wholeheartedly agree, WWM. It's the way Dad described it to us when we were very little, "sharing it out a lot better".

And as you point out, it's not for example those in the current top tax band which does need looking at in terms of its starting level imo as regionally costs vary so very much. Be better graduated. And hit those harder with incomes/investments of the super rich.

My sis and her husband pay that rate and do so willingly, as they were doctors in the NHS and know whats needed (he has some family money finvested from unexpected deaths way back in the family)

But - she says the financial help they get managing the investments, the bloke is constantly telling them how they could squirrel away bits of money for tax evasion and how many people he helps do this. Its being done on a huge huge scale

Yes Ronib that why I said the starting levels need looking at because (mainly) housing costs in parts of the country.

The gap in house prices is a top dilemma really, how can we fix that?

But it's not all about costs, it's about availability. All those empty properties in London owned as 2nd or 3rd home owners or just investments.

The whole issue of vast wealth and the ability to accumulate and influence needs reform as a matter of urgency, as it is running away from us at a huge pace

ronib

£2 million is the price of a standard middle class house in the South East.

Ronib

“The average house price in South East England is approximately £377,000 to £382,000 for standard mortgage-backed sales. For properties coming onto the market, average asking prices sit between £441,000 and £489,500, with wide variations based on property type and specific location.Regional property values have generally remained flat or experienced slight annual declines compared to previous years.

Average Prices by Property Type:

Detached houses: £719,850
Semi-detached houses: £472,260
Terracedhouses: £408,950:
Flats: £250,000”

I think the ‘standard middle class person’ (whatever that is) should be OK.

The billionaire class will simply up sticks.

In the past houses were homes and few people actually bought their home, renting was normal. Now houses are seen as investments and have become one of the many entitlements that modern people see as normal.

For instance, someone the other day on the BBC was reported as angry because their flat in the former Olympic village could only sell for £50,000 less than their £450,00 asking price. They were losing out because of the cladding fiasco and fire risk, their response was to rent out the flat and buy a second house elsewhere! Mind boggling to me. I'm afraid I have no sympathy, they had bought the flat as an investment. Well sometimes you lose but the mindset now says someone else must pay for this and I must not lose out on my wealth accumulation.

Plain selfishness has become the norm. p.s. if a £2 million pound house is now a middle class norm, I must be less than a peasant in my 'under half a million' semi!!

ronib

The billionaire class will simply up sticks.

And the statistics on this have been shown to be absolute rubbish, the UK with its lax laws on taxation and the ability of billionaires and others to hide their cash makes it well worth staying here. One of the lobbies behind Brexit was those wanting to avoid forthcoming EU legislation about declaring overseas investment.

ronib

The billionaire class will simply up sticks.

They haven’t in countries that have introduced a wealth tax. That is propaganda put out by the vastly wealthy.

But tbh that isn’t the point. Their assets like property/ stocks etc remains and this is what is being taxed.

The problem with resenting paying taxes arises when government after government squanders ££££’s on vanity projects like HS2…

ronib

£2 million is the price of a standard middle class house in the South East.

Not in all parts of the South East. I know many many people with so-called middles class backgrounds/jobs in the South East who don't live in houses worth £2 million.

The trouble is that some people just don't know how ordinary/middle class people live (no wonder Reform does so well! )

GrannyGravy13

The problem with resenting paying taxes arises when government after government squanders ££££’s on vanity projects like HS2…

Yep! That's the problem with Conservative governments!

Granatlast007

ronib

The billionaire class will simply up sticks.

And the statistics on this have been shown to be absolute rubbish, the UK with its lax laws on taxation and the ability of billionaires and others to hide their cash makes it well worth staying here. One of the lobbies behind Brexit was those wanting to avoid forthcoming EU legislation about declaring overseas investment.

Of course they won't up sticks, even if they do have residences in other countries. The UK offers too much to people with money and it's just a good place to live.

I get there are disproportionate differences in the amount of the wealth or the lack of it between the very rich and the poor. I’m not sure tax is the way forward however. To me one of the major factors is the amount of money that the top bosses earn. Even their bonuses are obscenely high. One poor family could live comfortably on that bonus for years.

twaddle

GrannyGravy13

The problem with resenting paying taxes arises when government after government squanders ££££’s on vanity projects like HS2…

Yep! That's the problem with Conservative governments!

I hate to point this out, but HS2 was initiated by a Labour government.

There was a 'point' to it; to relieve congestion on the West and East coast mainline routes, which were to continue taking freight and 'ordinary' passenger traffic while HS2 was for fast services to connect the north and south.

IMO it has suffered from poor procurement and profiteering, as well as delays in the planning process. It's now a bit pointless as it has to stop short of 'the North'.

Non Uk nationals who are billionaires are moving out. Dubai, Monaco, Switzerland and Italy are their favoured destinations.
Yet another failed economic experiment by Labour?

25Avalon

I get there are disproportionate differences in the amount of the wealth or the lack of it between the very rich and the poor. I’m not sure tax is the way forward however. To me one of the major factors is the amount of money that the top bosses earn. Even their bonuses are obscenely high. One poor family could live comfortably on that bonus for years.

If tax isn't the way forward then what is?

And how do you go about curbing excessive pay and bonuses?

MaizieD

25Avalon

I get there are disproportionate differences in the amount of the wealth or the lack of it between the very rich and the poor. I’m not sure tax is the way forward however. To me one of the major factors is the amount of money that the top bosses earn. Even their bonuses are obscenely high. One poor family could live comfortably on that bonus for years.

If tax isn't the way forward then what is?

And how do you go about curbing excessive pay and bonuses?

Exactly MaizieD. It is a terrible spiral. The higher the tax they pay the higher salary and bonuses they want to increase any real rise. Just how much do these people need and how do they spend it all I wonder.

The words of Aneurin Bevan ring loud in our ears today:

“How can wealth persuade poverty to use its political power to keep wealth in power? Here lies the whole art of Conservative politics in the twentieth Century.”

Of course, the wealthy will threaten to ‘up sticks’ if they fear some of their vast wealth might be distributed a bit more fairly.