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| Britain |
| Think tank: Britain needs new wealthy tax |
| 2004-08-23 |
| via Wash Times Any comments from our cousins? Is the IPPR "think tank" an ISM front? August 23, 2004 A think thank said Sunday Britain's super-rich should be hit with a 50 percent inheritance tax to allow cuts for the middle classes. The Institute for Public Policy Research said the chancellor could raise $267,731,277 a year and cut death duty for up to 90 percent of people, the BBC reported. It institute said estates of more than $1,471,611 could be taxed under a banded system. The organization said Gordon Brown should use the overflow to help Britain's poorest children through the Child Trust Fund. A new inheritance tax structure would allow the amount invested on behalf of every child to be raised. Between 1991 and 2001 wealth held by Britain's wealthy increased from 47 percent to 56 percent and a third of Britain's riches are owned by 2 percent of the population, according to the IPPR. And UK Socialism Marches Forward... |
| Posted by:.com |
| #10 Think tank: Britain needs new wealthy tax Cannibalism is always so much more palatable when you dress with a child's rags. "Won't someone please think of the children!" [/Mrs. Lovejoy] |
| Posted by: Zenster 2004-08-23 1:41:38 PM |
| #9 "Should five percent appear too small, Be grateful I don't take it all..." -- The Beatles, "Taxman" |
| Posted by: mojo 2004-08-23 1:23:12 PM |
| #8 But guys, it's For The ChildrenTM!! |
| Posted by: Raj 2004-08-23 1:17:47 PM |
| #7 I also worry about a growing elite class that never earned their wealth and power but instead married it or inherited it. I doubt that growing up super rich instills values and experience that help the US. Consider Teresa Heinz or look at the 527 donors. I don’t know how to deal with the problem. High taxes will drive the wealth to other countries. The super rich can also afford the tax lawyers and accountants and have the political power to avoid most taxation. So far too much wealth in the hands of the super rich hasn’t been a major problem in the US because new created wealth continues to be spread through out most of society. The super rich are a problem in Latin and South American countries. |
| Posted by: Anonymous5032 2004-08-23 12:59:53 PM |
| #6 ...In one of his books, Rush Limbaugh tells a story about a congressman, who, as an excercise, asked the CBO to figure out exactly how much money would be raised if the US Government simply confiscated every dime we made. The CBO crunched some numbers, came back and said: "In fiscal OX, we'd get whatever. In fiscal OY, it would go up by so much percent to..." In other words, they were working on the assumptions that either A): we'd sit here and let them do it, B): we wouldn't all move somewhere else, or C):We wouldn't rise up and tear the whole thing down. Sounds like these guys now work in the UK. Mike |
| Posted by: Mike Kozlowski 2004-08-23 11:20:23 AM |
| #5 There's a problem with people who have absolutely no pattern recognition: "Ow! My hand hurts! I wonder what happens when I hit myself on the hand with a hammer? Ow! My hand hurts! I wonder what happens when I hit myself on the hand with a hammer? Ow!, etc. The same applies to the Left and economics. |
| Posted by: Anonymoose 2004-08-23 10:18:24 AM |
| #4 Chase "the wealthy" into tax exile again, as happened in the 70's. Boffo idea. Not. |
| Posted by: eLarson 2004-08-23 10:08:51 AM |
| #3 We have room for more rich people in Indiana. We don't change tehm much because they tend to bring jobs with them. |
| Posted by: Super Hose 2004-08-23 9:40:17 AM |
| #2 IPPR (Institute for Public Policy Research) is a left-wing |
| Posted by: Jack is Back 2004-08-23 4:02:14 AM |
| #1 Great Olde Idea: squeeze the sh*t out of the golden goose to get more eggs. The rich brits will just start taking their money elswere, the golden geese will leave a dump on the lawn and the UK socialists will just have a big pile of sh*t on their front yards. Bunch of maroons. |
| Posted by: Alaska Paul 2004-08-23 3:38:02 AM |