From Get Surrey:
Labour's plans to introduce a 'mansion tax' will not just affect the rich but in time "sweep up" middle income families, according to a Conservative MP in Surrey.
Dominic Raab made the claim following shadow chancellor Ed Balls' announcement this week that the party wants to slap an annual levy on properties worth more than £2m...
The MP for Esher and Walton said:
"Elmbridge and wider Surrey are full of people who have saved up for a nest egg, but may not have a particularly high income. It’s bad enough they are being targeted again by Labour and the Lib Dems.
"Worse still, the reality is that over time the net will widen, as it has with stamp duty, to sweep up many middle income families who have grafted hard for years only to be hit by another punitive tax on savers.”
Woah! Proper scientists try to control all factors but one and then compare like with like.
Owner-occupiers up North or in Wales work, or have worked, just as hard as people in London and the south east, and they have paid just as much tax on their earnings (i.e. too much).
The one big difference is that Baby Boomers up North and in Wales have seen the value of their homes increase by "only" £100,000 since they bought them, but plenty of people in London and the south east have seen the value of their homes go up by £1 million.
So however that difference in 'wealth' arose, it is not down the those affected by the Mansion Tax having worked harder to "save for a nest egg", is it? So logic says that the Mansion Tax is not a tax on hard work or thrift or savings. You save money by spending less than you earn; that land value gain was not the result of people down South spending less.
And more recent purchasers in London and the south east clearly do have very high incomes, or else they wouldn't be able to afford to buy. End of.
Monday, 29 September 2014
From Get Surrey:
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