The Politics Thread (Home & Abroad)

Ro Khanna is teaming up with Bernie to push for a wealth tax in the US. It would apply to the 900 odd billionaires in the US.

It won't pass but it's interesting that Ro Khanna is busting moves. He's big on the Epstein files too.

Would America elect an Indian president? Maybe it doesn't matter anymore?

It's good to see actual lefty ideas being pushed in the US.
 
BodyButter said:
Ro Khanna is teaming up with Bernie to push for a wealth tax in the US. It would apply to the 900 odd billionaires in the US.

It won't pass but it's interesting that Ro Khanna is busting moves. He's big on the Epstein files too.

Would America elect an Indian president? Maybe it doesn't matter anymore?

It's good to see actual lefty ideas being pushed in the US.
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Wealth taxes are a joke. They don't work.
Labour back benchers are pushing for one.
Idiots.
 
BodyButter said:
Why do you say that?
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They just don't work BB.
Just about every country that has tried them have withdrawn them after a couple of years. Millionaires and billionaires are rich enough and resourceful enough to circumvent them. They cost a lot of money to enforce and only collect a fraction of what was intended.
The only notable country that has one is Switzerland, but they don't have a national inheritance tax and all foreign property and investment is exempt from local taxes.
With labour it's pure political dogma.
They hate anyone that works hard.
It's gets dragged out every time they get in government.
 
This one made me laugh, Labour are trying to ban porn which depicts sex acts between “relatives”. I wonder if Starmer will eventually try to ban all sexual positions apart from missionary with the lights off.

All this despite that fact that in some communities first cousins are still getting married and having children, despite all of the obvious risks this entails.

What a bizarre country.
 
wittonite said:
Wealth taxes are a joke. They don't work.
Labour back benchers are pushing for one.
Idiots.
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I don’t know much about them thought intuitively I don’t like it. You can be asset wealthy, though likely have a lot of debt. That doesn’t necessarily mean you have cash.

I have a mortgage on a house, let’s say it’s worth £300k for arguments sake and the mortgage is £250k. A wealth tax of 1% is £3k per year which is an incredible amount money even on that small example. I know wealth taxes are aimed at the ultra wealthy rather than the average home owner so it’s not for the likes of me to be concerned, but I can’t see it ending well if we want to keep wealthy people in the country.
 
danvilla2 said:
I don’t know much about them thought intuitively I don’t like it. You can be asset wealthy, though likely have a lot of debt. That doesn’t necessarily mean you have cash.

I have a mortgage on a house, let’s say it’s worth £300k for arguments sake and the mortgage is £250k. A wealth tax of 1% is £3k per year which is an incredible amount money even on that small example. I know wealth taxes are aimed at the ultra wealthy rather than the average home owner so it’s not for the likes of me to be concerned, but I can’t see it ending well if we want to keep wealthy people in the country.
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If you have a £300k house and £250k in debt, your wealth is £50k. Your 1% wealth tax would be £500.

I bet you pay a lot more in income tax than 500 quid.
 
BodyButter said:
If you have a £300k house and £250k in debt, your wealth is £50k. Your 1% wealth tax would be £500.

I bet you pay a lot more in income tax than 500 quid.
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And that is exactly why they don't work.
All is not what it seems, and it takes an army of civil servants too collate and then to deal with the appeals.
 
I think the thing with a wealth tax is that you have to put extra taxes on retirees. Since they put such a burden on the state in terms of pensions and healthcare, it's only right that they pay higher rates than hard working young people.
 
BodyButter said:
If you have a £300k house and £250k in debt, your wealth is £50k. Your 1% wealth tax would be £500.

I bet you pay a lot more in income tax than 500 quid.
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Yes, if that’s how the government calculate the wealth tax. Landlords for example, get taxed on basically what they bring in on rent less some deductions, though can’t deduct the mortgage interest payment in full so who knows.

Also, for the ultra weathy, it won’t be as linear as the assets they own or buying and the debt.

Perhaps I just don’t understand it, now
I can’t stand people like Jim Ratcliffe as much as the next person but there is a tipping point.
 
wittonite said:
As much as some people despise them they pay a very large proportion of the UKs taxes, and they are leaving in droves.
The labour left cant see beyond their copies of Das Kapital.
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My entire Marx volumes barely take up 0.05% of my total book collection, and I increased it in 2025 with some Tory recommendations after deciding what shelf they should live on.
 
danvilla2 said:
Yes, if that’s how the government calculate the wealth tax. Landlords for example, get taxed on basically what they bring in on rent less some deductions, though can’t deduct the mortgage interest payment in full so who knows.

Also, for the ultra weathy, it won’t be as linear as the assets they own or buying and the debt.

Perhaps I just don’t understand it, now
I can’t stand people like Jim Ratcliffe as much as the next person but there is a tipping point.
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He hasn't lived here for years for tax purposes.
 
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