21 Mar '12, 5pm

#Budget2012: Inequality set to rise

#Budget2012: Inequality set to rise

Don’t be fooled into thinking this is a mansion tax - this is a one off payment for the super-rich who are buying up ‘super-prime’ property in London. Previously the rate was 5 per cent; at 7 per cent they will be paying an extra £40k on properties of £2 million. The fact is that most buyers of super-prime property are foreign nationals, they will not be paying the top rate of tax. While I would agree that such a tax is needed to deter foreign buyers from pushing up house prices (and hiding their money from their own tax collectors), these are not the same people that will win from a reduction in the top rate of tax on earnings. So this policy effectively taxes foreign billionaires to provide a tax break for the top 1 per cent of earners in the UK. This is far from a Mansion Tax or a much-needed wealth tax.

Full article: http://www.neweconomics.org/blog/2012/03/21/budget-2012-i...

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