UK Conservatives raise Capital gains tax to 40%

what?

 

I changed the thread title and put "UK" in front of conservatives to clarify a bit. I almost had a heart attack.

 

according to wikipedia, the tax take from CGT in the uk is 5 billion.

so doubling the rate would generate 10 billion in total (in theory)

but the CGT rate on business asset gains is not going to increase much, if at all.

so the tax take in theory might go up to say 8billion.

however when you consider that people will be discouraged from investing/speculating or will hold on to assets that might have otherwise have sold had the rate been lower eg second homes. as well as all the increased evasion/non reporting.

The extra tax collected from this is likely to be not much at all.

 

The point of investing is to make a profit above inflation, not to have it taken by the government. It's difficult for those feeding on others to understand.

 

It has been like this for a while. The conservatives are really a kind of socialist. The only real right wing party is ukip.

 

I live in england and I am having one.

 

Didn't David Cameron said that he was going to cut taxes if I'm elected to Prime Minister ?

The Tories are raising taxes against themselves if they pass this. They should fight this.

 

"Conservatives" in the country of Fabian Socialists is not the same thing as American conservatives.

In the socialist countries of Europe, the "conservatives" are only slightly to the left of the far left wing of the Democrat party whereas the European "liberals" are very far to the left of the far left wing of the American Democrat party.

More productive people will leave the UK and it will turn into the nightmare it was in the 1970's and it will eventually become another Greece.

Greece.

That's where the West is headed because when you start giving everyone the right to other people's labour, you take away any incentive to labour and everyone ends up living in shit. When you punish wealth creation, you don't get wealth creation.

 

This was extremely predictable as the rate was only cut a couple of years ago, just before the whole financial crisis kicked off. With the lurch towards the politics of pitchforks there was no real way to justify an 18% tax on billionaires while police officers and teachers pay 41% marginal rate. OFC the best solution would be cut income taxes down to a reasonable level, but that is unlikely to happen any time soon as it would require evisceration of half the welfare state.

Anyway, this just confirms the UK's slide back to Euro-socialism. Pretty soon it will become a poorer version of Sweden or France.

One nice aspect though is that it makes the pound sterling an even better long-term short. Parity against both Euro and Dollar is a more and more likely prospect in the coming years.

Oh, and there is more to come. Check out Vince Cable's promises on banker bonuses:

"1. No cash bonuses: £2,500 is your limit. You’ll have to wait 5 years to redeem them. And Clegg will stop you from using them as security in the meantime.

2. Ban on board level bonuses: bank directors will have to make do with salary and “golf club membership”.

3. No bonuses at loss-making banks: if you’re making millions and but your bank is making a loss, you won’t be allowed a discretionary bonus. A real vote winner at RBS.

4. Tell everyone what you’re paid: publish names of all bankers earning more than £200,000. (Every banker, of course, would then be appalled that he’s earning less than Fred X and ask for a pay rise.)

5. Punish the directors: If the bank breaks guidance on bonuses, the board members are personally fined."

 

40%?Huh policemen earn that much in Britain?