tag:blogger.com,1999:blog-1141932539860553199.post6169291163608033074..comments2024-03-05T10:52:24.691+00:00Comments on Mark Wadsworth: City AM On the Mansion TaxMark Wadsworthhttp://www.blogger.com/profile/07733511175178098449noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1141932539860553199.post-50054681907243393192014-02-21T13:34:42.881+00:002014-02-21T13:34:42.881+00:00"And apparently a professor of economics. Jes... "And apparently a professor of economics. Jesus."<br /><br />I think "Judas" would be a better epithet.Bayardhttps://www.blogger.com/profile/15211150959757982948noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-3594371164448582242014-02-20T18:35:24.465+00:002014-02-20T18:35:24.465+00:00Good work, I couldn't even be arsed with his d...Good work, I couldn't even be arsed with his drivel, but you've covered most of the mistakes.<br /><br />Also...<br /><br />10) a tax on the rental value of land is a million miles from being a "wealth tax". In contrast, income tax, VAT and NIC are a wealth tax and are payable every time goods and services, i.e. real wealth, is exchanged for other wealth.<br /> <br />If it were a real "wealth tax", then the tax on a real mansion would be higher than on a small but valuable London home (buildings are real wealth or capital, indisputably). <br /><br />The nice large building is probably real wealth, the small one is less so.<br /><br />11) The people who own £2 million+ homes are those least likely to want to start a business.<br /><br />Either they are foreigners parking their money or they are Poor Widows. Most businesses are started by people who did not strike it rich in the house price lottery and who want to earn proper money from scratch.<br /> <br />There is a negative correlation between people who own expensive homes and who start businesses - that is back to front. What people do it start a business and if it is successful, sell up and buy a nice home and go into semi-retirement.<br /><br />12) He is a twat, the official proposed name is not "mansion tax", he just calls it that and then says it's not a tax on mansions. Well no of course it isn't, it's a crude but modest tax on the rental value of land.<br /><br />Then he and his ilk wail that it's not even a proper "wealth tax" because you can't offset mortgage debts (like with IHT). Well of course not because it is simply not a "wealth tax" in the first place.<br /><br />So what this adds up to is they apply two complete misdescriptions to the tax and then slag it off for not being what they just misdescribed it as.<br /><br />Its like saying that Tobacco Duty is supposed to be a tax on bicycles, but a) fails by not taxing bicycles and b) fails again because even if it were a tax on bicycles, bicycles are A Good Thing and should be encouraged.<br /><br />13) He is complete and utter stupid ****. Or did you already say that?Mark Wadsworthhttps://www.blogger.com/profile/07733511175178098449noreply@blogger.com