Buffett Goes To Britain: Clegg Calls For 'One-Off' Tax On Super Rich

Tyler Durden's picture

We have long talked of the last/next desperate acts of a government in demise as being total repression and confiscation of assets - an ugly endgame indeed - and so today, as The Independent reports, UK's Nick Clegg is proposing a 'Super-Rich' one-off tax. In a very Buffeett-esque speech, Clegg admonished that "people of very considerable personal wealth have got to make a bit of an extra contribution" as the UK remains mired in a "longer economic war rather than a short economic battle." Interesting Churchillian word-choice. The action is designed to ensure that very high asset-wealth is reflected in the tax-system in a way it is not right now and as one would expect he is not making much progress with his more conservative coalition partners, though ever optimistic he adds he is trying to forget the past and aim for the 'sunny uplands' - which we assume will be lit brightly with the excess blubber of fat-cats if he gets his way.

 

Via The Independent:

A radical one-off tax on the fortunes of the rich has been proposed by the Deputy Prime Minister Nick Clegg in a move set to anger Tory backbenchers before the new political season has even begun.

 

Warning that the UK had become mired in "a longer economic war rather than a short economic battle", the Liberal Democrat leader said in an interview that "people of very considerable personal wealth have got to make a bit of an extra contribution".

 

"In addition to our standing policy on things like the mansion tax, is there a time-limited contribution you can ask in some way or another from people of considerable wealth so they feel they are making a contribution to the national effort?" he asked rhetorically. "The action is making sure that very high-asset wealth is reflected in the tax system in the way that it isn't now."

 

The idea is likely to raise the hackles of his Coalition partners, especially as it has been floated at the end of a summer which has seen the greatest friction yet between the two parties in power.

 

...

 

"Frankly, there are a group of people who don't like any government in power and are always going to shout betrayal. We have lost them and they are not going to come back by 2015. Our job is not to look mournfully in the rear-view mirror and hope that somehow we will claw them back. Some of them basically seem to regard Liberal Democrats in coalition as a mortal sin."

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Cognitive Dissonance's picture

Don't worry. We little people are next on the hit list.

HelluvaEngineer's picture

We're rich compared to those hard working people who make iPhones for us.

MillionDollarBonus_'s picture

But what about the poor job creators????!!!! HAHAHAHAHA!! Tax the rich 90%!!! Get the 1%!!!!

Fukushima Sam's picture

Fat-cat blubber is better for making soap than for lighting; the smoke is too oily.

shokdee's picture

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MillionDollarBonus_'s picture

This is a WAR between the common people and the rich. We cannot affect our circumstances by altering our actions. We have ZERO control over our circumstances. The ONLY was to get stuff that we want is to TAKE IT!! This is the progressive revolution ... you're either with us, or you're with the 1%.

TheCanadianAustrian's picture

Your trolling seems to be dropping in quality...

AlphaDawg's picture

Clegg talkin' jive, aint gonna happen

Hugh_Jorgan's picture

One-off tax? Why don't you just use a gun?

Lohn Jocke's picture

But the 1% pay me... and put me in the top 10%

G-R-U-N-T's picture

"But the 1% pay me... and put me in the top 10%"

Exactly and Indeed!!! The other 90% can get off their ass and get creative, productive, innovative, work hard and make me some more coin! What the hell's wrong with them, wallowing in their own cry baby heads.....whaling their whining, wimpish cries of I can't....I can't.....I can't....consumed with sloth and envy and the manufactured idea that their the victim.

I can only thank my lucky stars that Zerohedger's aren't of the slothful enviable kind! Thank you, thank you, thank you....:http://www.youtube.com/watch?v=28BAZ_EFSt8

The Big Ching-aso's picture

 

 

The really rich play in a different game.   The gov't pretends 2 tax them & they pretend 2 pay them.

 

malikai's picture

This is the progressive revolution ... you're either with us, or you're with the 1%.

Said the guy who calls himself "MillionDollarBonus".

LOL +1

theMAXILOPEZpsycho's picture

I work for the government in regulating and taxing small businesses. The ladies often see this as romantic work - and it's true, I do see myself as a modern day Robin Hood, taking back from the greedy rich and giving the poor what's rightfully theirs. but truth be known, its hard work. So many of these business owners move money to overseas accounts, tax havens, hold it in gold etc...

What we need is greater regulation of these escapes. Preferably, we need to change the way we view both money and property. How can it be that some claims to "own" an ounce of gold say? Yes they might have bought it with their wages, but the gold belongs to mother earth - and the best way to fairly distribute mother earths resources is through government. Money needs to be easier for people like me to track - we have all the technology in place for digital money - why aren't we using it? People will also get that feel good factor when using their cool smartphones to pay for things...

So come on Obama - give us these powers. Then you'll make me feel as good as I did back on the campaign trail when you gave me that high five! Its been an inspiration for me ever since!

MillionDollarBonus_'s picture

I agree with all of your points here Maxi. People investing via offshore corporate accounts pay no tax to their governments whatsoever. This is with the exception of the United States, where the IRS has sensibly agreed to tax all offshore profits of American citizens. A digitized global currency system where transactions are monitored by a global government will make tracking money launderers and make sure people are paying their fair share of money to the people who actually run the country. Violations of the social contract are morally despicable will not be tolerated in the 21st century.

 

ParkAveFlasher's picture

How about a one-off cut to the annual federal budget?  We'll say, hmmm, 50%. 

azzhatter's picture

MDB- a little better trolling, you're working hard to regain your luster

theMAXILOPEZpsycho's picture

Thats a salient point. Not only have these dollar chasers chosen a career in the private sector (which is basically an open admission they wish to exploit their fellow man) they refuse to pay their fair share when guys like me come round, using every loop hole imaginable to get away without paying. I'm in there on the front line, and I'm telling you - it ain't easy. And as for morally reprehensible, I find the very idea of property morally reprehensible. As Proudhon said, "property is theft". Many people on zero hedge would do well to look at some good french philosophers for their moral guidance; rather than trying to be Michael Douglas in Wall Street.

MillionDollarBonus_'s picture

Proudhon was correct, and his philosophy lives on in the hearts and minds of Marxists and leftist anarchists. Property rights are invalid - If you need something, you should just take it. You do not own the effects of your actions because the effects of your actions are more a consequence of mother nature than your actions themselves. You do not own the fruits of your labour, only mother nature owns these things and the state takes custody of this ownership. It is up to all of us to honour the value of fairness by voting for politicians that share our values of equal opportunity and equalization of circumstance. That's what whiny libertarians just don't get: There are no right or wrong actions. Any action in the pursuit of fairness is just and moral. Simple as that.

Zero Govt's picture

MDB "If you need something, you should just take it."

What's your home address bud, i'll be round in an hour as i need to top up my fridge?

Thanks


Turin Turambar's picture

The "psycho" part in your name is so appropos.

 

Yeah, let's eliminate all property rights.  Great idea!  Then again, if the government came after you and demanded that you share the health and give up one of your kidneys for the greater good, I'm sure you'd be all for it.

 

As for your waxing eloquently about moral guidance, let's keep it simple.  What part of

THOU SHALT NOT STEAL is so difficult to understand?  Is that too morally ambiguous for your tiny intellect?

TheFuture_MrGittes's picture

Proudhon doesn't exactly support you if include the other two conclusions of 'On Property'.

'Property is theft!' - Proudhon's argument is based on ownership preventing utility by others.

'Property is impossible!' - Proudhon's argument refers mainly to ownership of assets that have a longer existence than the owner, i.e. land exists long before and long after the 'owner', ownership is an 'agreed upon' concept (social fiction) not a solid reality.

'Property is liberty!' - Proudhon argues that without the concept of private property we are all destitute.

 

I read the Cambridge translation a while ago, whilst I found much of it interesting, I found it excessively verbose.

 

 

 

nantucket's picture

classic satire.  reads like a good onion article.

LongSoupLine's picture

"...back on the campaign trail when you gave me that high five! Its been an inspiration for me ever since!"

 

Now that's some funny fucking shit right there...genius!

Zero Govt's picture

Max the Psycho and Million Dollar Bankrupt give us a crystal clear view of how Progressives think thieving other peoples hard earned is their birth right

Max even explais how peoples property would be better taken and carved up by Jabba the Huts behind Govt desks ..it worked so well in Communist China and Russia, in socialist Greece and Spain, they just can't wait to work the magic of redistribution (theft) again

but this is the political class in a nutshell (see Cleggs statements)

Stop Paying Your Taxes : don't feed the scum

TheCanadianAustrian's picture

I take exception to all your downvotes. This was a good troll.

Renfield's picture

Seconded.

Irony, guys. Look it up.

Antifaschistische's picture

Lol...yah, 5% yearly tax on all net assets, that'll fo it.

He who hides his assets best loses the least. Which is a terrible economic/personal finance model.

mkkby's picture

If you hurry, you can catch a glimpse of the last super rich heading out to Singapore.  This will make virtually no difference, so the next "logical" step will be to take the middle class more... And no, spending will never be cut WILLINGLY.

Broomer's picture

If politicians are targeting the rich, the end is near.

Desert Irish's picture

Nah...In the UK it's a time honoured sport.

prains's picture

Nah...In the UK it's a time honoured sport.

 

exactly cue the sudden rise in campaign donations and all is forgotten

Comay Mierda's picture

nah they are just pressuring the rich into paying more protection money - er, i mean "donations" - to their campaigns

Zero Govt's picture

well the going rate is £100,000 plus sitting next to the PM for dinner, i presume Deputy PM, Nick Clegg, charges a bit less

i think it's cheaper to just up sticks and leave Blighty than pay good money to these social parasites 

LongSoupLine's picture

I owned a fat cat...22 lb Maine Coon...great cat.  Used to chase dogs.  Ate a whole porterhouse steak left on the counter once. 

 

I'm sorry, what are we talking about?

LMAOLORI's picture

 

Cognitive Dissonance

IF THE BUSH TAX CUTS EXPIRE, HOW MUCH MORE WOULD YOU HAVE TO PAY?

 

 

In the U.S. people fell for obama's buffet rule hook line and sinker fact of the matter is the buffet rule would not have affected bailed out warren one bit since he hides his money in bill gates tax exempt foundation.  

 

Nor would it matter if they tax them way higher our debt is just out of control even the 1% doesn't have enough money to cover it.

 

Where the Tax Money Is Obama targets the middle class while pretending to tax only the rich.

 

ACP's picture

Now he's stealing suggestions from Donald Trump?

Trump suggested this EXACT SAME THING in 1999:

http://www.sfgate.com/politics/article/Trump-Proposes-a-Tax-for-the-Rich-One-time-levy-2896502.php

the 300000000th percent's picture

Like trying to put out a wildfire by pissing on it. 

Cognitive Dissonance's picture

Just don't piss into the wind bro.

Messy. Very messy.

the 300000000th percent's picture

i think thats actually a beeter analogy, the wind IS changing and now they will be covered in their own piss

LongSoupLine's picture

...and never piss on a bear (natural or market for that matter)

the 300000000th percent's picture

its way too late the problems are way to big for these simplistic simple simon solutions

Broomer's picture

One-off. Ok.

And the drunkyard said, "just one more."

Winston Churchill's picture

jUST LIKE THE 'TEPORARY' INCOME TAX TO FUND THE CRIMEAN WAR.

hOW IS THAT WAR GOING BY THE WAY ?

i-dog's picture

It may be drawing to a close, soon. About time...those poor soldiers must be getting exhausted!

The Axe's picture

No sense taxing the rich in any country....In India and Russia   they just steal outright   

http://www.bloomberg.com/news/2012-08-28/poor-in-india-starve-as-politicians-steal-14-5-billion-of-food.html#disqus_thread

tmosley's picture

And then all the rich people left Britain, along with all of the regular taxes they paid, and all of their capital, leaving numerous people without jobs.

Capital goes where it is treated well.  This is not rocket science.

Dr. Kenneth Noisewater's picture

I'm sure there'll be plenty of muzzies to take their place and pay their tax.