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IMF's Property Tax Hike Proposal Comes True With UK Imposing "Mansion Tax" As Soon As This Year

Tyler Durden's picture




 

One could see this one coming from a mile away.

It was a week ago that we highlighted the latest implied IMF proposal on how to reduce income inequality, quietly highlighted in its paper titled "Fiscal Policy and Income Inequality". The key fragment in the paper said the following:

Some taxes levied on wealth, especially on immovable property, are also an option for economies seeking more progressive taxation. Wealth taxes, of various kinds, target the same underlying base as capital income taxes, namely assets. They could thus be considered as a potential source of progressive taxation, especially where taxes on capital incomes (including on real estate) are low or largely evaded. There are different types of wealth taxes, such as recurrent taxes on property or net wealth, transaction taxes, and inheritance and gift taxes. Over the past decades, revenue from these taxes has not kept up with the surge in wealth as a share of GDP (see earlier section) and, as a result, the effective tax rate has dropped from an average of around 0.9 percent in 1970 to approximately 0.5 percent today. The prospect of raising additional revenue from the various types of wealth taxation was recently discussed in IMF (2013b) and their role in reducing inequality can be summarized as follows.

  • Property taxes are equitable and efficient, but underutilized in many economies. The average yield of property taxes in 65 economies (for which data are available) in the 2000s was around 1 percent of GDP, but in developing economies it averages only half of that (Bahl and Martínez-Vázquez, 2008). There is considerable scope to exploit this tax more fully, both as a revenue source and as a redistributive instrument, although effective implementation will require a sizable investment in administrative infrastructure, particularly in developing economies (Norregaard, 2013).

We summed this up as follows: "if you are buying a house, enjoy the low mortgage (for now... and don't forget - if and when the time comes to sell, the buyer better be able to afford your selling price and the monthly mortgage payment should the 30 Year mortgage rise from the current 4.2% to 6%, 7% or much higher, which all those who forecast an improving economy hope happens), but what will really determine the affordability of that piece of property you have your eyes set on, are the property taxes. Because they are about to skyrocket."

Sure enough, a week later the Telegraph reports that UK Treasury officials have begun work on a mansion tax that could be levied as soon as next year, citing  a Cabinet minister.

"Danny Alexander, the Liberal Democrat Chief Secretary to the Treasury, told The Telegraph that officials had done “a lot of work” on the best way to impose the charge. The preparatory work would mean that a Government elected next year might be able to introduce the charge soon after taking office.  Mr Alexander said there was growing political support for a tax on expensive houses, saying owners should pay more to help balance the books.

After all it's only fair. It is also only fair, for now, to only tax the uber-rich, who are so defined merely in the eye of the populist beholder. However, said definition tends to be fluid, and what will be a tax on, i.e., £2  million properties tomorrow, will be lowered to £1  million, £500,000 and so on, in 2, 3, etc, years.

And in a world which as Zero Hedge first defined years ago as shaped by the "fairness doctrine", the one word that was so far missing from this article, can be found momentarily:

“There’s a consensus among the public that a modest additional levy on higher value properties is a fair and reasonable thing to do in the context of further deficit reduction,” he said. “It’s important that the burden is shared.”

There you have it: "fair." Because there is nothing quite like shaping fiscal (and monetary) policy based on what the du jour definition of fair is to 1 person... or a billion. Especially if that billion has a vote in the "democratic" process.

It gets betters:

Mr Alexander said the new tax would not be “punitive” and insisted that the Lib Dems remained in favour of wealth creation.

So if it's not "punitive" it must be... rewarding? And how long until the definition of fair, far short of the projected tax windfall, is expanded to include more and more, until those who were previously for the "fair" tax, suddenly become ensnared by it? As for wealth creation, perhaps in addition to the fairness doctrine it is time to be honest about what socialism really means: "wealth redistribution."

Telegraph continues:

That may be a seen as a challenge to Vince Cable, the Business Secretary, who first called for the mansion tax and has criticised high earners.

 

The Lib Dems and Labour are both in favour of a tax on expensive houses. Labour says the money raised could fund a new lower 10p rate of income tax.

 

The Lib Dems have suggested that the tax should fall on houses valued at £2  million and more.

 

The Treasury last year estimated that about 55,000 homes are in that range, though the Lib Dems say the figure is closer to 70,000.

To be sure not everyone is for the tax:

David Cameron has opposed a mansion tax but George Osborne, the Chancellor, is said to be more open to the idea. Most of the homes that might be affected are in London and the south-east of England.

 

Boris Johnson, the Tory Mayor of London, promised last week to oppose any move towards the tax, which he described as “brutally unfair on people who happen to be living in family homes”.

 

Some critics have questioned the practicality of the policy, asking how the State would arrive at valuations for houses.

Well, they will simply draw a redline above any number they deem "unfair", duh. As for the London housing bubble, it may have finally popped, now that all those who bought mansions in London will "suddenly" find themselves at the "fair tax" mercy of yet another wealth redistributionist government.

Unfortunately, for the UK, the "mansion tax" idea, , gloriously populist as it may be, may be too little too late.

As we reported late last week in "The Music Just Ended: "Wealthy" Chinese Are Liquidating Offshore Luxury Homes In Scramble For Cash", the Chinese offshore real estate buying juggernaut has now ended courtesy of what appears to be China's credit bubble bursting. So if the liquidation wave truly picks up, and since there is no greater fool left (you can forget about sanctioned Russian oligarchs investing more cash in the City in a world where asset freezes and confiscations are all too real), very soon London may find that there is nobody in the "fair" real estate taxation category left to tax.

But that's ok - because that's when one simply expands the definition of what is fair to include the not so wealthy... and then again.... and again.

Finally, if anyone is still confused, the IMF-proposed "mansion tax" is most certainly coming to the US, and every other insolvent "developed world" nation, next.

 

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Sat, 03/22/2014 - 09:54 | 4580045 I am a Man I am...
I am a Man I am Forty's picture

Might as well get your second passport now, that window's going to close soon.  

Sat, 03/22/2014 - 09:55 | 4580047 Motorhead
Motorhead's picture

The revolution will not be televised, bitchez!

Sat, 03/22/2014 - 10:10 | 4580078 fonestar
fonestar's picture

fonestar has always argued that land and property of any type is essentially a paper investment.  And one of the easiest paper investments for anyone with more guns than you to steal.

Sat, 03/22/2014 - 10:18 | 4580090 BigJim
BigJim's picture

Not at all! I'm sure this will only apply to the top 1%... just like income tax!

Oh, wait...

On another note, I think it's perfectly reasonable to tax monopoly access to a natural resource, like the underlying land, rather than any 'improvement' that may have been made to it. The first is a resource tax; the second is a 'value added' tax. There's no conceivable justification for the governmment to tax profits arising from value added activities, ie, income, manufacturing, retailing.

Sat, 03/22/2014 - 10:43 | 4580141 Troll Magnet
Troll Magnet's picture

What's the big deal? The ISRAEL Monetary Fund is simply asking you to pay your fair share. Killing Palestinean babies and upkeeping a stolen land cost money, you know.

Sat, 03/22/2014 - 11:21 | 4580237 Soul Glow
Soul Glow's picture

IMF is international and they care not for religion as long as you abide by one.  They are coming for all the dollars and euros and yen they can get their hands on.  From the quarterly IMF report, this one from October '13, titled Taxing Times (below) and from the second chapter - Taxing Our Way Out of or Into Trouble? - on page 49 sits this paragraph....

 

A One Off Capital Levy ?

 

The sharp deterioration of the public finances in many countries has revived interest in a “capital levy”— a one-off tax on private wealth—as an exceptional measure to restore debt sustainability.1 The appeal is that such a tax, if it is implemented before avoidance
is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair). There have been illustrious supporters, including Pigou, Ricardo, Schumpeter, and—until he changed his mind—Keynes. The conditions for success are strong, but also need to be weighed against the risks of the alternatives, which include repudiating public debt or inflating it away (these, in turn, are a particular form of wealth tax—on bondholders—that also falls on nonresidents).

 

1 As for instance in Bach (2012).

  

They are coming for all the money in bank deposit accounts, which, are unallocated.

Taxing Times:

http://www.imf.org/external/pubs/ft/fm/2013/02/pdf/fm1302.pdf

Sat, 03/22/2014 - 12:09 | 4580335 strannick
strannick's picture

Barbarous relics are better stores of vale than Mcmansions

Sat, 03/22/2014 - 12:37 | 4580397 AlaricBalth
AlaricBalth's picture

Since 2009, the Bank of England has been engaged in a massive Quantitative Easing program. According to Dallas Fed president Fisher, QE has been nothing but a gift to the wealthy which has lead to a far greater gap between the plutocracy and the rest of us. Now the British government is considering a wealth tax on property and many people are up in arms over the "fairness" of this confiscation. Seems to me, this is a case of the Lords giveth and the Lords taketh away.

Sat, 03/22/2014 - 16:53 | 4580833 mjcOH1
mjcOH1's picture

"Barbarous relics are better stores of vale than Mcmansions"

Yep.   6 years post-crash, with wear and tear by your average under-water McFamily who've avoided all but minimal expenditures to maintain habitability.....if they haven't tossed that idea out the door and stripped every cabinet/light fixture/appliance/copper wire....and "fixer-upper" has reached a new level of understatement.

Sat, 03/22/2014 - 20:43 | 4581268 kaiserhoff
kaiserhoff's picture

Yaz, that's the ticket.  Drive all the rich folk into the sea.  Replace them with some good Anglish Liverpudlian soccer thugs.

   Ticket to where, exactly?

Sun, 03/23/2014 - 11:50 | 4582361 MontgomeryScott
MontgomeryScott's picture

So, it begins.

They like to call it 'predictive programming', or some shit.

EAT THE RICH. LIFE IS A BITCH.

http://www.youtube.com/watch?v=0XmKbIxnl9I

They don't even hide it, anymore.

Plank #2 is a HEAVY PROGRESSIVE OR GRADUATED (INCOME) TAX.

Work hard? save money? Build a nice home? YOU don't deserve that. HOW DARE YOU!

Sat, 03/22/2014 - 12:52 | 4580433 Pairadimes
Pairadimes's picture

Unless you are a member of the Rothschild family, it was never really yours anyway.

Sat, 03/22/2014 - 13:42 | 4580520 actionjacksonbrownie
actionjacksonbrownie's picture

Raisng property taxes on mansions? Really???

 

How about simply making them proportionate to lesser valued homes?

 

Here, a $200,000 home is taxed approx. $3000/yr.

 

A $3,000,000 home is taxed $8000/yr.

 

Please excuse me if I am not heartbroken over the coming "unfair" treatment of the wealthy mansion owners.

Sat, 03/22/2014 - 14:56 | 4580631 effendi
effendi's picture

It is unfair. Both owners get one vote, both get one Public Library card and both get one garbage bin pick-up. So what extras worth $5,000 does the mansion owner get for the money extorted by the taxing powers of the state?

The only truly fair tax is a Poll Tax and only those who pay that tax should get to vote.

Sat, 03/22/2014 - 15:29 | 4580691 Soul Glow
Soul Glow's picture

So the difference between your ideal system and the current one is we won't hide the fact that the poor are not represented in politics.  At least your way is honest.

Sat, 03/22/2014 - 16:57 | 4580839 mjcOH1
mjcOH1's picture

I believe he's saying that the poor are not only represented in politics....they're compensated by it.  

Luckily, there are a few tax-donkeys who remain employed to keep the monthly EBT payments showing up.   What could go wrong?

Sun, 03/23/2014 - 05:58 | 4581946 EscapingProgress
EscapingProgress's picture

You assume that the votes are counted in spite of the fact that there is no such evidence.

Sat, 03/22/2014 - 23:27 | 4581613 Antifaschistische
Antifaschistische's picture

Here's my take...

There is no difference between Property Tax and Rent.

If an individual or entity can kick you off ANY piece of property because you don't pay the rent (or property tax) then I have a surprise for you....YOU DONT TRULY OWN IT.

and if I don't truly own it, why do I accept all the costs of maintenance and bear all the risk of depreciation, etc...this is the big American Dream Scam.

sure, we have families and wives that influence us and that's a good thing, but if there is any tax revolt in America it ought to start with property taxes.

Sat, 03/22/2014 - 15:08 | 4580645 Renfield
Renfield's picture

<<Unless you are a member of the Rothschild family, it was never really yours anyway.>>

Key point.

Are any of these property or mansion taxes going to hit the cunt 'queen', who (surprise!) has more mansions than anyone else? Are they going to be imposed on anyone surnamed 'rothschild'?

Are they going to be imposed on any EU aristocracy? How about the 'elected' political aristocracy? What percentage of owned mansions do THEIR property tax exemptions cover?

Reminds me of the 'window tax'. Anyone remember that one?

You could tell who was hit by the tax, and who wasn't, by which oppressed citizens resorted to bricking up their own windows. How many of their own windows did the monarchy have to brick up? Was it zero?

Sat, 03/22/2014 - 18:09 | 4580956 RichardParker
RichardParker's picture

Yep, people started to brick over their windows, then came a "brick tax",  Wish I was joking about this...

Sat, 03/22/2014 - 18:02 | 4580943 RichardParker
RichardParker's picture

Horatio Bunce summed it up best, "The power of collecting and disbursing money at pleasure is the most dangerous power
that can be intrusted to man."

Sun, 03/23/2014 - 05:10 | 4581923 trader1
trader1's picture

that's why we need to give that power to human and earth loving aliens.  or to open source androids with the highest IQ and EQ.

 

Sat, 03/22/2014 - 10:42 | 4580145 BlindMonkey
BlindMonkey's picture

Whatever. The wealthy will bribe the politicians to create loopholes. Historic property exemptions, agriculture (any of you seen the tech giant's office in Irving Tx where they have cattle and corn surrounding the buildings to they get ag tax rates), etc. this is only going to apply to a few now and will get redefined as stated. Much like the AMT.

Sat, 03/22/2014 - 10:48 | 4580164 Hobbleknee
Hobbleknee's picture

Exactly, and anything larger than a cardboard box will be labeled a mansion.

Sat, 03/22/2014 - 13:13 | 4580467 Urban Roman
Urban Roman's picture

You have a cardboard box? I'm sorry, you will have to pay the mansion tax ...

Sat, 03/22/2014 - 13:44 | 4580525 DCFusor
DCFusor's picture

I think of it this way - spreading the wealth is equal to spreading the poor...Making the wealthy poor doesn't make the poor rich, since it's not the poor who benefit from taking from the rich - it's the government toadies and job security for them in their little cubicles.

Sat, 03/22/2014 - 13:33 | 4580502 RafterManFMJ
RafterManFMJ's picture

Exactly, and anything larger than a cardboard box will be labeled a mansion.

Sweet! My casa caja de refrigerador pays off yet again! Pro tip - boxes that contained fruit are often waxed and make excellent, if flammable, roofing tiles.

Sat, 03/22/2014 - 14:03 | 4580549 zhandax
zhandax's picture

Why do none of these fucktards talking about 'fair' ever think of a bankster tax?  Could they know on which side their bread is buttered?

Sun, 03/23/2014 - 00:23 | 4581721 TheReplacement
TheReplacement's picture

If you asked a politician what is wrong and how to fix it do you think you would hear a peep about politicians?

If you asked a CEO what is wrong and how to fix it do you think you would hear a peep about CEOs?

It's the same if you ask a banker, a taxpayer and voter, union member, yada yada.

Sun, 03/23/2014 - 09:26 | 4582079 zhandax
zhandax's picture

Interesting point since my premise concerned two allegedly dissimilar occupations.  Do you suggest there is little difference between banksters and politicians, or that they answer to the same master?

Sat, 03/22/2014 - 11:32 | 4580260 Dollarmedes
Dollarmedes's picture

That can only go on for so long, because the government's need for money is great...and real. The politically connected will skate by for a while until people notice. When the outcry becomes great enough, they will be thrown under the bus.

Sun, 03/23/2014 - 00:20 | 4581717 TheReplacement
TheReplacement's picture

Don't bet on it.  Of course they will try but this smells like a big setup.  The rich are going to be blamed for everything.  If there is a "one off" wealth tax, who will benefit?  Will you?

Sat, 03/22/2014 - 14:50 | 4580619 effendi
effendi's picture

Here in Australia all land is taxed at the "Unimproved Capital Value". That is the value that a property is worth without any improvements. 

My state (NSW) also applies an additional Land Tax to the 1,000 most valuable residential properties (mostly waterfronts and dress circle oversized blocks) and has done this for about 10 years. England is slow.

Sat, 03/22/2014 - 21:56 | 4581451 G-R-U-N-T
G-R-U-N-T's picture
-Britons rate Russia more positively than EU, poll shows-

Next up civil unrest!

http://news.yahoo.com/britons-rate-russia-more-positively-eu-poll-shows-...

Sat, 03/22/2014 - 10:21 | 4580093 philipat
philipat's picture

You are a total asshole. Assets of non-Americans can be parked wherever because, ONLY the Land of the Free, of all OECD countries, taxes income worldwide. They OWN you, especiially the Middle Class as Tax donkeys. Bitcoin, when they are ready, will be destroyed. MtGox was jsut a warning which can be applied whenerver and wherever they want. The Alpahbet soups are already all over it AND the encryption is already well broken all the way down the Blockchain.

 

Dream on. Good luck!!

Sat, 03/22/2014 - 10:22 | 4580102 CheapBastard
CheapBastard's picture

Property tax Hike?!

Unpossible!

[wait untilt hose McMansions in Cali are taxed to pay for Brown's Superhighway from Mexico to LA!]

Sat, 03/22/2014 - 10:50 | 4580170 Troll Magnet
Troll Magnet's picture

Would that be an underground superhighway?

Hmmm...Mexico...LA...Mexico...LA...Mexico...Mexico..

Sat, 03/22/2014 - 10:58 | 4580193 fonestar
fonestar's picture

Moron. It's far easier for a government to blow up your house or just one RPG through your living room window than it is for them to do anything substantial against Bitcoin network.

Sat, 03/22/2014 - 11:32 | 4580257 richsob
richsob's picture

Honest question for you, Fonestar: Do you really believe that if the President of the United States gave a direct order to the NSA, FBI, CIA, etc. to "take Bitcoin down...now!...I want it dead, dead, dead within a week" that it wouldn't be possible?  Come on, man.  Anything that exists now is at the mercy of organizations and people with powers that are truly scary.  There is an old saying: There never was a woman who couldn't be rode, there never was a man who couldn't be throwed".  Do you truly believe Bitcoin is immune to the U.S. government going after it tooth and nail?

Sat, 03/22/2014 - 11:52 | 4580296 fonestar
fonestar's picture

There's nothing your gov, POTUS, FBI, CIA, NSA can do about Bitcoin.  They can try and ban math and the whole world will laugh at them.

Sat, 03/22/2014 - 12:30 | 4580379 richsob
richsob's picture

I have been giving you the benefit of the doubt about Bitcoin, fonestar, but if you really believe what you just said (that the resources of the entire U.S. government could not take down Bitcoin if that was a #1 priority) then you, sir, are delusional.  You are as bad as the people who believe gold is immune to any future government actions.  Or someone who thinks having a dozen firearms and several thousand rounds of ammo makes him invincible.  

Sat, 03/22/2014 - 14:59 | 4580637 fonestar
fonestar's picture

No these losers cannot take down Bitcoin.  What the fuck, do you think they can ban gravity too?

Sat, 03/22/2014 - 17:45 | 4580917 kareninca
kareninca's picture

Do you literally wear a cheerleader outfit when you put up these posts, fonestar?

Also, as far as attempting to destroy the personal wealth of your fellow humans, you are going to end up being as guilty as the banksters who pushed crappy overpriced houses.  You are criminally irresponsible, to be trying to get other people to put their money into this beanie baby scam.  When they lose all their savings, are you going to reimburse them?  Are you going to take any responsibility for your actions?

It really is shameful, to see someone push a scam that will wreck the finances of many, many people.

Stupid, destructive and massively irrepsonsible.

Sat, 03/22/2014 - 20:30 | 4581235 fonestar
fonestar's picture

Bullshit. Bitcoin has been the best performing asset year after year. Just because you don't understand it or how it works doesn't mean the rest of us don't.

Sat, 03/22/2014 - 21:01 | 4581276 kareninca
kareninca's picture

Yes, and Beanie Babies did really well for a while.  So did Madoff.  People who doubted were told that they "just didn't understand."

You troll every thread with your stupid posts; you are a total waste of human protein.  If I could block (from my own view; no I wouldn't censor) one poster on this blog, it would be you.  Actually you are the only poster on this blog that I would block.

Again, when this goes south, are you going to take responsibility for the people who put their money into this scam?  No, of course you're not.  You'll just pack away your cheerleading outfit, very quietly.

Stupidity like Bitcoin makes physical gold look really, really good. 

Sun, 03/23/2014 - 09:48 | 4582104 odatruf
odatruf's picture

If I understand bitcoin right, then I agree with fone - I think it is implausible that .gov could interfere with the crypto system itself. Maths cannot be hijacked so easy.  However, people can. So I do think it would be well within .gov's power to corrupt enough users, data chain processors, etc. to make it moot that the system is so hardened.

Sat, 03/22/2014 - 15:10 | 4580655 vaft
vaft's picture

I have seen you make this claim in the past and I've always assumed you were just baiting for replies. On the off chance that you're actually serious, I would suggest you do some more due diligence. I am a fan of btc because of it's utility and potential, but I also understand the ways in which btc can be disrupted, and for your own sake, you should too.

At this point, all the NSA needs to do is block traffic on tcp port 8333 and the bitcoin network would fall mostly silent. Granted, it would only last a few hours and would trigger an arms race in which everyone decides to use a port the NSA would be unwilling to block like 443, but that does not mean it would be impossible to stop btc traffic. I work in the VPN industry, and I have seen evidence that the chinese government has a method for distinguishing between HTTPS traffic and OpenVPN traffic (over tcp 443) in spite of them both using SSL. Using the same methodology (presumably examining the handshake, destination, traffic pattern, etc), the NSA could require ISPs to filter out anything that LOOKS like btc traffic. A government in it's death throes is a dangerous thing and the internet is usually it's first victim -- I had VPN customers in Syria and Egypt who simply went dark for months when their internet was shut off.

But that would be a hamfisted approach. I could still imagine ways in which they could use a combination of hacking, court orders, gag orders, waterboarding, or whatever in order to gain control of enough mining pools to usurp the blockchain with a 51% attack. For that matter, are you not concerned about a collusion of selfish miners? -no government intervention necessary- http://arxiv.org/abs/1311.0243

 

Sat, 03/22/2014 - 15:37 | 4580708 fonestar
fonestar's picture

fonestar does not believe simply blocking ports would work to disrupt the Bitcoin network.  They would really need to implement ALGs with deep packet inspection all around the entire Earth.  Or basically, fundamentally redisign the internet from the top down and hope everyone gets onboard with it.  Ultimately, they would need to ban encryption technologies altogether and break the entire internet in the process.

Sun, 03/23/2014 - 07:35 | 4581993 prains
prains's picture

whipmecoin needs more than the 20 volts running the 8 lbs of fat residing between your ear holes, when all that's left is your 20 volts, what then?.......fantasy time

Sat, 03/22/2014 - 11:12 | 4580228 constantine
constantine's picture

Yes, and renting one of these 'paper investments' out from a landlord would qualify as a 'paper expense'.  Pick your poison.  Of course there's always door number three... homelessness.

Sat, 03/22/2014 - 10:11 | 4580079 JamesBond
JamesBond's picture

See what you're missing, Crimea?  

Sat, 03/22/2014 - 10:58 | 4580194 Groundhog Day
Groundhog Day's picture

we're all too institutionalized (Shawshank Redemtion).  The only way we MIGHT get a revolution is when these fucktards start taxing air and water....

Sat, 03/22/2014 - 16:33 | 4580798 Waterfallsparkles
Waterfallsparkles's picture

They Tax Rain in Maryland.  It is called the Rain Tax.  It is based on your impervious surface.  Really hits Businesses hard as anyone with a large parking lot or roof pays thru the nose.  In may cases it is more than the Property Taxes.  This is to improve the water in the Chesapeake Bay.

Sat, 03/22/2014 - 12:30 | 4580375 Kirk2NCC1701
Kirk2NCC1701's picture

Thus, even the Top 0.1% are taxed by the 0.01%, who are taxed by the 0.001%.  Call it Corporate Feudalism.

There's a pecking-order/hierarchy even among the rich.  Anybody ever ask who taxes the owners of all those London properties, upon which these buildings have a LEASE?  Bet ya 'Mericans didn't know that a lot/most property in Central London is owned by a small group of families, who held it for centuries and "lease" the land or buildings.

This rich Rentier Class is essentially the extended Royal Family.  And now you know, bitchez.

Sat, 03/22/2014 - 13:01 | 4580446 Winston Churchill
Winston Churchill's picture

A lot is still owned by the trade guilds that developed London after the dark ages.

The same ones that formed the City of London corporation, which is a contaction

of the word co- operation.They also lease their land in the City.The land those offices

sit on is theirs, not the bankers or stockbrokers..

The rents go to charitable foundations,schools etc.

Sun, 03/23/2014 - 05:14 | 4581927 trader1
trader1's picture

i think you just stumbled along a way to transform the international system of speculative finance into a productive utility for common good.

Sat, 03/22/2014 - 21:49 | 4581433 G-R-U-N-T
G-R-U-N-T's picture

“There’s a consensus among the public that a modest additional levy on higher value properties is a fair and reasonable thing to do in the context of further deficit reduction,” he said. “It’s important that the burden is shared."

Yeah, "There's a consensus among the public", indeed because it certainly not a consensus of the private sector.

Any time I think of the IMF and related thieving bureaucracies I think of a nasty tick:

https://www.youtube.com/watch?v=ADRv6AsznH4

“It’s important that the burden is shared."

The only sharing are the productive economic slaves in which you have a desire to exploit yet again and I guarantee you this will not end well.

Sat, 03/22/2014 - 22:42 | 4581535 Ljoot
Ljoot's picture

The television will not be revolutionized.

 

Sat, 03/22/2014 - 10:15 | 4580086 fudge
Sat, 03/22/2014 - 11:36 | 4580269 dogismycopilot
dogismycopilot's picture

just marry a nice hot russian woman. problem solved. putin will even give you $10K in baby gear.

Sat, 03/22/2014 - 10:20 | 4580095 Sudden Debt
Sudden Debt's picture

and move where? Belgium?
We're going to raise income on housing through rent to 25% and the inheritance tax is 47%.
so... don't move to europe because it will cost you a shit load more.

But there's something nobody has noticed.

A billionaire mostly has nothing. zero. not on his direct name at least. most billionaires and transparent.So they'll all evade any tax.

Sat, 03/22/2014 - 10:40 | 4580142 BurningFuld
BurningFuld's picture

With a 47% inheritance tax you would have to be right out of your mind to keep money in a bank there.

Sat, 03/22/2014 - 12:27 | 4580370 Sudden Debt
Sudden Debt's picture

there's plenty of ways to bypass it but there's always enough people who don't prepare even for the worst of things.
If you prepare 3 years in advance you pay nothing.
"officially" my parents house is already mine and for the rest, it'sin a vault and you way to declare people death untill you clean it out.

Sun, 03/23/2014 - 08:18 | 4582031 Marco
Marco's picture

That's the beauty of property taxes, it doesn't matter what paper entity owns the mansion/factory/farm-land ... the tax is going to get paid by the billionaire regardless.

That's why they hate it and why their very well indoctrinated austrian stooges hate it too.

Sat, 03/22/2014 - 10:44 | 4580156 Winston Churchill
Winston Churchill's picture

I have three passports ,and I pay income tax(some) in all three countries..

There are many advantages to being a dual/tri national, but tax evasion isn't one of them.

You have a big target painted on your ass, and the paperwork is horrific.

Sat, 03/22/2014 - 15:47 | 4580727 edotabin
edotabin's picture

Well said!

This is what these "time to move" people don't freakin' get.

1. Move where? Middle of the Sahara?

2. Just because you moved doesn't mean you do not have certain reporting responsibilities

3. What makes you think your new "country" won't require worldwide reporting tomorrow (if doesn't already)?

4. If you do this, the absolute best you can hope for is to slip through the cracks and when they do find you have the vaseline ready.

 

Perhaps you think I'm stupid but I paid accountants some major coin to straightenall this crap out years ago.  It ain't fun and you wind up becoming a slave to the stuff you are supposed to be enjoying.

Simplify, stay on the right side of the law and enjoy the piece of mind.

Naturally not all will agree. Just my 2 cents.

 

 

 

 

Sun, 03/23/2014 - 05:20 | 4581930 JustUsChickensHere
JustUsChickensHere's picture

Retire early with whatever you actually have.

Have no debt and the minimum recurring out goings.   Suprisingly easy and massively reduces not only your workload, but more importantly your stress levels.

Of course, the banks et.al do not want you as a customer any more because their modelling identifies (correctly) that you will not be mugged by them in the future...  which is another plus really.

Gold!, Silver!, cash under the mattress!, Bitcoin ... and friends .... most importantly - friends.

Sun, 03/23/2014 - 10:19 | 4582137 gonetogalt
gonetogalt's picture

The Sahara probably sucks. Amazon works fine for me.

Sun, 03/23/2014 - 15:55 | 4583049 I am a Man I am...
I am a Man I am Forty's picture

one example:

1.  second passport (eventuaily might be your only): st. kitts and nevis

2.  the second passport is for when your current country gets to oppressive, you don't have to report to a country that your not a citizen, this would mean you would need to renunciate your citizenship

3.  no capital gains, gift, or income tax

4.  125 countries of visa free travel

 

Sat, 03/22/2014 - 11:25 | 4580246 dogismycopilot
dogismycopilot's picture

i already have mine and working on 3rd.

the rest of you slackers better catch up.

Sat, 03/22/2014 - 13:38 | 4580512 Atomizer
Atomizer's picture

We told you so. Now what?

Your Children Will...

Sat, 03/22/2014 - 14:29 | 4580583 sessinpo
sessinpo's picture

 I am a Man I am...        Might as well get your second passport now, that window's going to close soon. 

---

To where? It's eventually going global. Corruption and bad policy has no borders.

Sat, 03/22/2014 - 09:56 | 4580048 Motorhead
Motorhead's picture

"Some critics have questioned the practicality of the policy, asking how the State would arrive at valuations for houses."

Just ask the "experts" in the US.

Sat, 03/22/2014 - 10:24 | 4580111 CPL
CPL's picture

Same people that pushed the market into the mess it is right now, sigh...eventually people will understand that there are no experts.  Just experiments and the best anyone can do is listen to the offer and invite compromise to the table to offer a real trade.  Not a 'fair' trade, a real trade that benefits the people transacting something with each other.  (When the term 'fair trade' is used, understand that it's a marketing term to get you to buy something, not a social offering.)

Sat, 03/22/2014 - 13:14 | 4580256 toady
toady's picture

I was recently 'revalued' here in Phoenix. They nearly doubled my square footage. I disputed and ended up finding out they use zillow to estimate square feet.

We had a rather large covered patio installed, shade is critical here in the summer, and put a shed in the back yard. They were looking at an aerial view on zillow and adding all that like it was bedrooms 5 & 6 and a den. They said they'd go back to the original sqft, but I'm still waiting for the updated valuation. I wonder how many people just shrug & say whatever when they get their new valuation. The county/state must be killing it by doubling a bunch of valuations!

Sat, 03/22/2014 - 09:58 | 4580052 Racer
Racer's picture

Tax and inflation are both theft

Sat, 03/22/2014 - 11:05 | 4580216 Bangin7GramRocks
Bangin7GramRocks's picture

Theft of theft. Almost all of these super rich have obtained the wealth through illegal means. Bernanke turns a 10 millionaire into a billionaire and you are upset that the gubmint wants a little taste. 

Sat, 03/22/2014 - 13:49 | 4580529 Graph
Graph's picture

Suprised that you got more up then down arrows since AynRandians of this site do not like this type of coments - like one, below,  that crolled out from the woods right away as a "protectionist of wealth (of any kind)".

Not that I am thinking that taxes collected would go for the "right thing" eather.

That is different topic alltogether. Interesting times that we live in.

Sat, 03/22/2014 - 11:38 | 4580273 desirdavenir
desirdavenir's picture

Please, just emigrate to Somalia. No taxes there, no gouvernment either. Plus you're free to carry any weapon you like.

Won't that be paradise ?

Sat, 03/22/2014 - 12:31 | 4580380 Kirk2NCC1701
Kirk2NCC1701's picture

These are such ugly words. 

Call it "planned and organized redistribution" of wealth, that is "for the greater good".  /sarc

Sat, 03/22/2014 - 14:40 | 4580602 Things that go bump
Things that go bump's picture

Redistribution to whom? It will go towards jacking up the size of government and they will give themselves all nice raises to boot. I see tax revolts coming. 

Sun, 03/23/2014 - 08:30 | 4582041 Marco
Marco's picture

Tax is a misnomer, what it really is is rent ... the rent you pay to live on someone else's land and to maintain your claim on assets (generally called by another misnomer, property) within it's borders. Don't like it? Find another landlord (generally called by another misnomer, state).

PS. enclosure, now THAT was and will forever be theft.

Sat, 03/22/2014 - 09:58 | 4580053 nmewn
nmewn's picture

"After all it's only fair. It is also only fair, for now, to only tax the uber-rich, who are so defined merely in the eye of the populist beholder. However, said definition tends to be fluid, and what will be a tax on, i.e., £2  million properties tomorrow, will be lowered to £1  million, £500,000 and so on, in 2, 3, etc, years."

Correctamundo...the debilitating, blood sucking organism that is, the state.

Stay liquid my friends ;-)

Sat, 03/22/2014 - 10:18 | 4580094 Newfie
Newfie's picture

The worst F word is Fair.

Sat, 03/22/2014 - 10:36 | 4580134 nmewn
nmewn's picture

Agreed.

Especially when its being applied by people who never built a business from scratch in order to turn a profit on their risk of capital, had to meet a payroll, went without a paycheck so the employee could be paid first, stayed up with the constant changing regulations etc.

In other words, self righteous progressive scolds who feed at the public trough.

Sat, 03/22/2014 - 11:00 | 4580201 williambanzai7
williambanzai7's picture

Good thing Golfbozo is not self righteous...

Sat, 03/22/2014 - 11:08 | 4580221 Bangin7GramRocks
Bangin7GramRocks's picture

How many of these super rich are people who built a business from scratch? Lived in the office and worked like a dog? The answer is not many. This is ill-gotten gains assholes, trust fund assholes and inherited the business from Dad assholes. Fuck em in the other ear!

Sat, 03/22/2014 - 11:44 | 4580285 nmewn
nmewn's picture

"How many of these super rich are people who built a business from scratch?"

Its based on wealth, not how they got wealthy. Period.

I suppose you're fine with whacking welfare mom's who hit the lottery and moved into an opulent house? And what makes you think allowing the government (of all things) to confiscate wealth is in societies best interest?

17 trillion and counting on how well the government manages money.

Sat, 03/22/2014 - 12:26 | 4580369 NihilistZero
NihilistZero's picture

Well since government gave these assholes the wealth in the first place, fuck 'em.  As the article says they're gonna lower the income tax concurrently so it's a win for England's working stiffs.  .gov ain't disappearing from our lives anytime soon, so can we stop making equivalency arguments when they decide to pick the oligarchs pockets for once instead of the proles? It's all basically a dog and pony show anyway as this just means a few $1000 less every year gets laundered.  Just the politicians reminding the oligarchs they're making the proles feel bad by "flossing" their shit to hard.  Bling, bling LOL!

Sat, 03/22/2014 - 14:25 | 4580580 nmewn
nmewn's picture

Well, you can always go steal it from them yourself, instead of "hiring" the government to do it for you and then trusting that it will favor you with some of the loot.

You might get a little, after they pay themselves, first, of course ;-)

All joking aside, you do realize this class warfare thing is how they keep attention off themselves right? Rich against poor, black against white etc. They could end it all tomorrow with a simple flat tax across the board. We wouldn't end envy or greed but everyone would be paying the same rate and paying their "fair share".

10% of a million is still a 100k. 10% of a hundred is still 10 bucks...and you strip out politicians giving out special favors based on the tax code just to get elected, which is one reason they don't like it. But no, its much better for the oligarchs to counterfeit stock, pay it to themselves as wages, wait till it vests...and then pay 15% on their wages instead of 30-40%.

You see, somehow thats a "progressive" tax system...and nothing says "progressive" like a pol having his wife flown to China at our expense while bitching about corporate jets...lol.

Sat, 03/22/2014 - 17:57 | 4580933 NihilistZero
NihilistZero's picture

Dude, class warfare is the ONLY thing that fuels the entire socioeconomic-political system.  If not for the ruling class, which is far from the noble inventors and businessmen of Rand's wet dreams, and their desire to maintain that rule we could all exist in a state of peaceful anarchy.  Mechanized production has long since eliminated the need for their to be major material differences between men.

The "system" that further enriches the 1% and their lackeys in the 19% deprives the other 80% of the justified fruits of their labor through the inflation tax and the beurucratic barriers to starting/expanding small business. Given that if raising taxes on mansions gives the working stiffs a tax cut or a kid a lunch, fuck the mansion dweller.

If we had honest money during the twentieth century the only difference between a burger flipper an Warren Buffett would be a few toys and surplus income.  The worker could still afford property and a family.  So after a century of fucking the least a worker can hope for is a little wealth redistribution from the oligarchs.  Which in England's case means some foreign fucks the average Brit didn't want in their country to begin with.

Sat, 03/22/2014 - 19:20 | 4581094 nmewn
nmewn's picture

Ahhh, I see now, if all you're looking for is a law to validate theft, you can join Cap'n nmewn's crew. I hold letters of marque from the governments of Lochloosa, Okeechobee and Econfina.

Its all quite legal, in their eyes ;-)

Sun, 03/23/2014 - 09:57 | 4582112 minosgal
minosgal's picture
  1. salvage permits?

Edit: Oh, nevermind, the Ron Paul proposal, I guess. Just trying to figure out what you meant

Sun, 03/23/2014 - 02:33 | 4581843 John_Coltrane
John_Coltrane's picture

It's like the popular libtard phrase "settled science" applied to planetary climatology.  Settled science is not scientific its religious and in fact violates the scientific method whose central principle is that models can never be proven, only falsified. 

Fri, 04/18/2014 - 01:54 | 4672257 MeelionDollerBogus
MeelionDollerBogus's picture

Thanks to you we can now reliably say that we don't have enough debate about F = m a, conservation of momentum or whether or not radio really uses "electro-magnetic waves". We must debunk these hoaxes immediately. Is BP or Exxon available to do some of the funding, Phillip-Morris perhaps?

Sat, 03/22/2014 - 10:30 | 4580122 Amish Hacker
Amish Hacker's picture

In the statists' perfect world, they won't even have to lower the taxation point, inflation will raise nominal home prices to meet it soon enough. Then "fairness" can be applied to everyone.

Sat, 03/22/2014 - 10:32 | 4580128 centerline
centerline's picture

Some straight-up Karl Marx stuff there.  

Sat, 03/22/2014 - 11:02 | 4580209 williambanzai7
williambanzai7's picture

Karl Marx is buried in Hampstead. Does that count as a mansion?

Sat, 03/22/2014 - 11:13 | 4580231 centerline
centerline's picture

Permanent roof = mansion.  Yup.

Sat, 03/22/2014 - 12:34 | 4580388 Kirk2NCC1701
Kirk2NCC1701's picture

If this even comes to the US, tell them that there are no "permanent roofs" in hurricane or tornado alley.  ;-)

Sat, 03/22/2014 - 12:40 | 4580401 kwality
kwality's picture

His monument is certainly large enough to build a shelter inside.

Sat, 03/22/2014 - 15:43 | 4580720 Apostate2
Apostate2's picture

Highgate cemetary actually. I like to stroll by just to make sure the old POS is still six feet under.

Sat, 03/22/2014 - 10:00 | 4580056 agent default
agent default's picture

Time to cease all activity in the UK, move overseas and sever all ties with them. If you have a small business and cannot relocate, try to limit your economic activity to the minimum you need in order to live comfortably.  Whatever you make is not yours to keep anyway. 

Sat, 03/22/2014 - 10:45 | 4580150 Carl Popper
Carl Popper's picture

The chinese in the late 19th and very early 20th century were known as very lazy. They avoided any work above the bare minimum to survive.

This is what happens in a culture where there is no room for advancement and the state and oligarchs would take any wealth you earned from you anyway.

Those with ambition and drive left China and become the chinese diaspora

Sat, 03/22/2014 - 14:51 | 4580621 tip e. canoe
tip e. canoe's picture

well, the opium sure didn't help the situation.

God Save the Queen.

Sat, 03/22/2014 - 15:00 | 4580640 James-Morrison
James-Morrison's picture

What are you saying? We're just a bunch of animals?

Not in Omerica.

Sat, 03/22/2014 - 10:52 | 4580177 BlindMonkey
BlindMonkey's picture

I am not sure the bankers really care. They will keep loaning money into existence and living off the vig of the money they built. Tax them all you want, they will just make more.

Sat, 03/22/2014 - 12:30 | 4580377 NihilistZero
NihilistZero's picture

Considering how this "foreign investment" has created rediculous inflation and screwed native English culture in their big cities I'm sure most of them would be happy to see them leave.  Oligarchs and Muslim's seem to have fucked it up for the natives in my view.

Sat, 03/22/2014 - 10:10 | 4580066 Smegley Wanxalot
Smegley Wanxalot's picture

And not to be outdone, Oblowhard will institute a national McMansion Tax.

Sat, 03/22/2014 - 12:37 | 4580393 MrPalladium
MrPalladium's picture

You keep forgetting that fedgov has no power to tax real estate. That is up to the individual states. Fedgov is limited to income tax, tarrifs, excise taxes on sale of specific goods, and any tax that is apportioned per capita by state population. They can nail you when you buy or sell, but not while you hold.

Thus, much of the discussion that follows is based on an erroneous premise.

Sat, 03/22/2014 - 12:59 | 4580436 Smegley Wanxalot
Smegley Wanxalot's picture

Fedgov also has no authority to compel you to buy health insurance, but the SCOTUS fuckheads are allowing them to under a questionable pretext.  So here is how it will work:

Prove that you pay a McMansion Tax voluntarily to the feds on McMansionTax.gov, or the IRS will fine (or tax) you up the ass at the federal level.

That is, according to the SCOTUS fuckheads, precisely what is allowed now: 

... Do as the POSident dictates, or pay a fucking tax. 

...Buy what they say, or pay a fucking tax.

...Goosestep at a pro-obama rally, or pay a fucking tax.

...Shut your fucking mouth about liberty, or pay a fucking tax.

There is no limiting principle in the law or judicial interpretation thereof, thanks to obama and judge roberts.

Sat, 03/22/2014 - 21:50 | 4581435 StychoKiller
StychoKiller's picture

You seem to be under the delusion that princples matter to an unprincipled Govt and Progressive/Socialists.  "Well, HOW did I get here?!"

Sat, 03/22/2014 - 22:05 | 4581471 nmewn
nmewn's picture

Principle, law, morality, ethics, justice, virtue, integrity...what are these things you speak of?

Surely these snobbish technocratic bureaucrats dictating from on high, have all these preferable qualities of human beings you speak of!

Or not ;-)

Sun, 03/23/2014 - 08:47 | 4582052 overmedicatedun...
overmedicatedundersexed's picture

Mr Palladium, you think that.gov does not have the power to tax real estate? try EPA fines on property owners but fines are not taxes, right?

Sat, 03/22/2014 - 10:08 | 4580071 Professor Fate
Professor Fate's picture

Headed this way.  They used to just wait until you died to take everything and redistribute.  Can't wait that long anymore.  The taxman cometh and it is only the TEA that can stop it.  Get rid of the Congressional Vermin before its too late.  The great TEA rising begins in November.

Fate the Magnificent
"Push the Button, Max"

Sat, 03/22/2014 - 10:23 | 4580108 EconomicGenocide
EconomicGenocide's picture

Anyone ignorant enough to think there is a difference between the blue and red, is actually the problem! I'm guessing you own a home and have money in the casino (Invested) and have no problem taking your share of welfare via QE and ZIRP. And if you own a home, you are even a bigger parasite having 50% more equity than you should based on economic genocide and ZIRP!!

Sat, 03/22/2014 - 12:40 | 4580404 NihilistZero
NihilistZero's picture

+1!  More wealth was stolen from the working class through the inflation of the Housing Bubble and "Free Trade" agreement bullshit than Obama's administration could ever hope to tax.  Fucking food stamps and Medicaid are at worst a repayment of the lower class criminal taxation via inflation.  .gov is what it is and making equivalency arguments between general taxation and spending programs vis-a-vis the relatively small amount the oligarchs pay and ZIRP and the other programs that benefit the 1% is retarded.

 

 

 

Sat, 03/22/2014 - 10:46 | 4580076 krispkritter
krispkritter's picture

So the "1%" are now being fed into the machine.  Rat's eating their own. Rofl... I'll welcome a 'reset'.

OT but I now find this affects me in FL: http://grassrootjournal.com/the-nanny-state-blues-robin-speronis-lives-o...  Dealing with the local building department has become a nightmare under the guise of 'uniformity'.  http://www.nchh.org/Portals/0/International%20Code%20Council%20-%20IPMC_...

(and to be clear I do not like the tax system but I have a problem with millionaire Pols & Squids earning millions in bonuses paying a lower effective rate than the rest of 'us', ie. Buffy vs. his assistant)

Sat, 03/22/2014 - 10:12 | 4580080 spanish inquisition
spanish inquisition's picture

Nice plan. Step 1 - Eliminate any investigation of funds when purchasing real estate. Step 2 - Tax the fuck out of them.

Sat, 03/22/2014 - 10:14 | 4580085 shermacman
shermacman's picture

Obama will look at this with hunger, his wispy fingers grabbing reflexively. He will want a McMansion Tax on anything more than a Section 8 apartment.

Sat, 03/22/2014 - 10:23 | 4580104 One And Only
One And Only's picture

What is the goal of politicians attacking income inequality? I'm asking...what would it take for them to win the war on IE?

Everyone earning the same income after taxes? I don't get what the end game is here. It feels an awful lot like the war on drugs...it's never going to be won.

Sat, 03/22/2014 - 10:43 | 4580149 the question
the question's picture

It'll be over when the budget is balanced. /sarc 

Like that's even possible anymore

Sat, 03/22/2014 - 10:57 | 4580190 moneybots
moneybots's picture

"What is the goal of politicians attacking income inequality

 

Socialism.

Sat, 03/22/2014 - 11:43 | 4580281 Quinvarius
Quinvarius's picture

I don't see this as helping income inequality.  The government gets all the money.

Sat, 03/22/2014 - 10:23 | 4580109 Unstable Condition
Unstable Condition's picture

I see, the state helps create wealth/income gaps through various redistributive mechinisms and cronyism. Then, to be "fair", they punish those arbitrarily deemed 'rich' to keep the serfs who are blinded by class warfare and propaganda (news media) distracted from who is really responsible... The Central banksters and Govt./corporate cronyism.

Then again, what do I know...

Sat, 03/22/2014 - 10:29 | 4580120 centerline
centerline's picture

Funny that I slammed the other day for saying redistribution was the flavor of the day (decade).

Sat, 03/22/2014 - 10:28 | 4580116 centerline
centerline's picture

It's coming.  Count on it.  Oh, and by the way, a mansion will be considered anything with a permanent roof.  This is not going to kill the 1%.  It will clobber a few in the upper 10%.  But mostly it will be a huge blow to the middle class.  Packaging it as a tax on rich is BS...  come on folks... you've been duped like this how many times now?

Sat, 03/22/2014 - 10:30 | 4580123 Colonel Klink
Colonel Klink's picture

Comment of the thread. /

Sat, 03/22/2014 - 11:09 | 4580220 Groundhog Day
Groundhog Day's picture

The AMT tax was suppose to be for ONLY those who made 250k plus due to thier tax free muni investements....

The Tolls on this highway are only until the construction costs are covered...

The toll at the tunnell will be eliminated once it is paid for....

I promise to pull out.....

Sat, 03/22/2014 - 14:25 | 4580579 New World Chaos
New World Chaos's picture

The telephone tax will only affect a few rich people temporarily until we pay off our debt for the Spanish-American War.

The IRS will only tax a few rich people at 1%.  It won't become a collections goon squad for the bankers.

Social Security is your money.  It's in a lock box.  Definitely not a Ponzi scheme.

It doesn't all go to war and prisons and the needy rich.  Will someone please think of the children!

Sat, 03/22/2014 - 15:04 | 4580648 bluskyes
bluskyes's picture

...and inflation takes care of those thresholds that the workers think they will never reach.

 

Sun, 03/23/2014 - 08:18 | 4582030 BidnessMan
BidnessMan's picture

Actually it happened on the Georgia 400 toll road in Atlanta.  Stopped collecting tolls and tearing down the toll booths now - the construction costs were paid over about 20 years.  

Sat, 03/22/2014 - 10:31 | 4580127 smacker
smacker's picture

A very accurate article.

To be clear, this "mansion tax" idea has been around inside the Westminster bubble for at least three years if only in the backpockets of Lib Dems and of course fully supported by the socialist Labour Party.

And as the article alludes, if introduced it will not be uprated annually in line with official CPI let alone property market valuations. The effect of this will be to lower the net to capture ever more people in it. And drip-drip-drip is exactly what's intended. Before long, people who own a poky 1 bedroom flat will be shelling out this evil asset tax. Also, one will have to look closely at the ownership liabilities; will properties owned by a Ltd Company be liable or only private owners?

Sat, 03/22/2014 - 10:37 | 4580136 Carl Popper
Carl Popper's picture

Just wait until the chinese start liquidating gold.

This new "new normalization" thingie from Mr. Yellen may turn out to be the bitch from hell

Sat, 03/22/2014 - 10:50 | 4580163 Bastiat
Bastiat's picture

They've got some US Treasury paper they may want to liquidate first.

Sat, 03/22/2014 - 10:50 | 4580167 Georgia_Boy
Georgia_Boy's picture

The Lib Dems have suggested that the tax should fall on houses valued at £2? million and more.

50% of shipping containers in London expected to be affected.

Sat, 03/22/2014 - 10:51 | 4580173 Omen IV
Omen IV's picture

The Internet is collapsing commercial retail property values due to a dramatic reduction in units sold, revenues and net cash flow for all retailers - chain stores and mom and pop 

the only" solution for local, county state government as sales taxes and property taxes  drop like stones are to move the tax burden to residential real estate 

as this trend continues people will be forced out - vast change is coming to single family market -  especially for middle class which due to suburban sprall - vast areas to maintain 

will mean huge local government administrative consolidation

 

Sun, 03/23/2014 - 11:22 | 4582267 dizzyfingers
dizzyfingers's picture

Omen IV "...the only" solution for local, county state government as sales taxes and property taxes  drop like stones are to move the tax burden to residential real estate..."

Look for a sudden uptick of house fires while families are "away"... 

Sat, 03/22/2014 - 10:54 | 4580174 Omen IV
Omen IV's picture

The Internet is collapsing commercial retail property values due to a dramatic reduction in units sold, revenues and net cash flow for all retailers - chain stores and mom and pop 

the only" solution for local, county, state government as sales taxes and property taxes  drop like stones are to move the tax burden to residential real estate 

as this trend continues people will be forced out cant maintain properties -change is coming to single family market values as taxes take share of valuation -  especially for middle class which due to suburban sprall have vast areas to maintain 

will mean huge local government administrative consolidation

 

Sat, 03/22/2014 - 10:58 | 4580183 moneybots
moneybots's picture

"It was a week ago that we highlighted the latest implied IMF proposal on how to reduce income inequality"

 

NOTICE THE IMF HAS NOT PROPOSED A TAX ON BANKERS?

 

HANK PAULSON GOT 500 MILLION.  BERNANKE GOT 250,000 JUST FOR MAKING A PROPAGANdA SPEECH.

Sat, 03/22/2014 - 18:56 | 4581043 RichardParker
RichardParker's picture

Notice that The IMF has not proposed to start paying taxes ON THEIR SALARIES either.

Sat, 03/22/2014 - 10:59 | 4580198 Berspankme
Berspankme's picture

Illinois implemented a 67% state income tax increase a couple years ago as a "temporary" measure. Since then their finances have become worse(out migration). Now they want to implement a 3% surtax on millionaires but so far no talk of ending the "temporary" tax on income. And the capper- it's for the children!

 

Fuck every single one of you government assholes. Every one of you needs to die a horrible painful excruciating death and I for one will piss on as many of your graves as possible

Sat, 03/22/2014 - 10:59 | 4580199 whatthecurtains
whatthecurtains's picture

Fuck sell Downton

Sat, 03/22/2014 - 12:17 | 4580355 Winston of Oceania
Winston of Oceania's picture

Actually the English countryside was once dotted with Downton like estates, the owners of most tore them down to escape tax forfiture. Many lost their jobs and as intended the workers were forced into the cities. China takes a more direct approach I hear as 100 million are to be relocated in the next 10 yrs.

Sat, 03/22/2014 - 11:00 | 4580204 drstrangelove73
drstrangelove73's picture

Useful reminder for the young and sub literate:socialism is stealing by the government.
Robbing Peter to buy Paul's vote.
Worse than crack.

Sat, 03/22/2014 - 11:02 | 4580210 moneybots
moneybots's picture

"...the affordability of that piece of property you have your eyes set on, are the property taxes. Because they are about to skyrocket."

 

What else is set to skyrocket, once that happens?

 

Nothing occurs in a vacuum.

Sat, 03/22/2014 - 11:09 | 4580223 Inthemix96
Inthemix96's picture

Google this my friends,

Aangirfan.blogspot

At the top of the page as of an hour ago you will see a video of a bloke pulling up Nick Clegg, the useless waste of skin deputy prime minister about endemic paedophilia in the top echelons of British society.

Watch him and his equally fucking odious child minister Danny Alexander shit themselves.

They know that we know what they are all about.

Mansion tax?  These are children masquerading as men my friends.  By all rights, and by all that is decent, we should drag these cunts out into the streets, give them a fair trial, and hang them like the dogs they are.

And that applies equally to all Western governments.  They are as close to evil personified as anything that I can think of.

;-)

Sat, 03/22/2014 - 11:15 | 4580235 williambanzai7
williambanzai7's picture

Now that is a "fairness" we can all support.

Sat, 03/22/2014 - 12:36 | 4580395 tip e. canoe
tip e. canoe's picture

Crowley's influence on modern Anglo-American society is most definitely severely underrated.

Wed, 03/26/2014 - 22:01 | 4581912 The Chief
The Chief's picture

They will surely kill 10's of thousands of their own countrymen before they are dagged into the street. Their monsterous murderfest will be epic, but they will ultimately be doing a rope dance, mate. Most human beings would be happy martyrs if the result was the end of these cunts.

Personally, I wouldn't miss it for all the piss in all the pubs on the planet. I beg God to get off his duff and carry on with it. Chop fucking chop.

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