what would happen if the govt passed a law that the first

ILW

MacMickster wrote: »

If they do that then charge us all a 90% windfall tax they should have enough to pay off the national debt.;)

Could work, but they would probably have to charge us 110% windfall tax so they could afford to bail the banks out again.

MacMickster

ILW wrote: »

Could work, but they would probably have to charge us 110% windfall tax so they could afford to bail the banks out again.

Oh bu!!er.

ILW

MacMickster wrote: »

Oh bu!!er.

Think that's what Gordon Brown said before he disappeared off the face of the planet.

wotsthat

The_White_Horse wrote: »

£150k of any existing mortgage should be interest free for the next 10 years - but you had to repay at a rate equivalent to 5% interest rates?

This would mean the banks would get paid back their money

The public would lower their debts

All the money currently being paid on interest would be free to go back into the economy.

what is the drawback?

I'd be throwing women and children behind me to remortgage the first £150,000 of my house.

Loughton_Monkey

Time was when Mortgage Interest was tax deductable. So just make it 100% tax-rate deductable and we're there! This is an excellent way for us rich people to make more money. Even better, those who get made unemployed will go bankrupt faster as they have no tax to deduct and therefore have to pay full whack! Brilliant.

I suspect this may add a shilling or two to the national debt. But.... hey.... we are a rich country. We can afford it. If our country is hell bent on going bankrupt by spending even more, then please let's have the sense to spend it all on rich people. If such a scheme must be paid for, then let's pay for it with a special 50% VAT on rents.

johnny_storm

purch wrote: »

Typical White Horse socialist dogma. :eek:

We don't need leftie meddling in the economy.

We just has 12 years of leftie meddling, the current situation is a direct result of it.

Jegersmart

The_White_Horse wrote: »

£150k of any existing mortgage should be interest free for the next 10 years - but you had to repay at a rate equivalent to 5% interest rates?

This would mean the banks would get paid back their money

The public would lower their debts

All the money currently being paid on interest would be free to go back into the economy.

what is the drawback?

Well - in the system that we have this could never happen. You seem to be operating under the misunderstanding that banks and governments etc. actually have or produce any real "money" to operate with? Do you know how the financial system in very broad strokes actually works? I am not asking condescendingly, but am shocked and and now worried that there might be millions like you who do not know how to look after yourselves within this system.....

imho, dyor.

Pimperne1

Controversial I know but I personally think that all "unearned" income should be taxed as much if not more than "earned" income.

I believe that increases in property prices should result in a benefit to the Revenue rather than just the individual - anyone got any firm views on why this shouldn't happen?

As a matter of interest it irritates the h3ll out of me when people say they should be exempt from some inheritance tax because its unfair on them - they wouldn't have reached the threshold if HPI hadn't been rampant.

I think this happens in other countries - why not here?