Mansion Tax Madness
So Vince “increasingly unstable” Cable has decided to resurrect the Lib Dems “Mansion Tax”. To quote Uncle Vince
“..it is counter-productive to tax personal income and corporate profit to uncompetitive levels…But a progressive alternative is to shift the tax base to property and land which cannot run away and represent, in Britain, an extreme concentration of wealth”.
Simplify Tax Collect It Efficiently
We now have the most complicated tax laws in the world. The current rules stretch to around 9,000 pages. Obviously these are still full of loopholes which are actively exploited by them that can afford it but a little common sense would seem to suggest that simplifying these rules and then efficiently and effectively collecting the resultant taxes would have a double benefit of increasing the tax collected while reducing the cost of collecting it.
Don’t Let Anyone Escape!
One area where we are obviously missing a trick is that of foreign domiciles and non-dom tax exiles. Most other countries have a uniform tax method that ensures that all their citizens regardless of where they live pay their fair share of tax, and anyone living in their country does likewise. The fear of losing some friendly Russian Oligarchs and Bob Diamond from these shores should not stop us pursuing this route.
Why punish the innocent?
Any attempt to refocus tax onto property and land seems to be yet another attempt to punish those who have already worked hard (and paid their taxes) and managed despite the best efforts of government to get a decent house to live in. Many of these people will be pensioners who already struggle to pay exorbitant council taxes, the majority of which seem to be spent on funding the pensions and salaries of under-employed council employees. Obviously what Vince wants is for these people either to downsize (“how outrageous of you to live in a large house when you’re a pensioner – time to move into that high rise block of flats in an inner city Grannie Smith”), or better still to keep working to have enough money to pay the mansion tax, and also of course to keep paying income tax as well. Yet another double-whammy to the innocent.
Back off Mr Business Secretary
I sincerely hope that our current Business Secretary’s bluster on this is quickly consigned to the large and well used dustbin full of ideas from previous Lib Dem Conferences and Manifestos and he is able to get back to his day job as a member of the coalition Government.
Please focus on simplifying taxes, collecting what’s owed from those that try and avoid it, and leave them that has paid their dues already to enjoy the fruits of their previous labours (and taxes)….
Just a thought…