A Millennial Speaks out

andrewf75

ukcarper wrote: »

Perhaps you can explain why.

Not really, I’ve got deeper into this than I ever intended. All I intended was to express my view that of course the state is entitled to a share of inheritance, which you have agreed with “to an extent”. The precise details of who how and what should be taxed to what degree is not something I have considered enough to express a view on. Generally I’m of the view that given the vast inequalities in the country, some kind of shift from tax on earnings towards a tax on wealth would be good.

ukcarper

andrewf75 wrote: »

Not really, I’ve got deeper into this than I ever intended. All I intended was to express my view that of course the state is entitled to a share of inheritance, which you have agreed with “to an extent”. The precise details of who how and what should be taxed to what degree is not something I have considered enough to express a view on. Generally I’m of the view that given the vast inequalities in the country, some kind of shift from tax on earnings towards a tax on wealth would be good.

I don’t think tax on wealth is a good thing and in many cases most if not all of peoples wealth is thier home.

Cakeguts

andrewf75 wrote: »

Not really, I’ve got deeper into this than I ever intended. All I intended was to express my view that of course the state is entitled to a share of inheritance, which you have agreed with “to an extent”. The precise details of who how and what should be taxed to what degree is not something I have considered enough to express a view on. Generally I’m of the view that given the vast inequalities in the country, some kind of shift from tax on earnings towards a tax on wealth would be good.

There already is a tax on wealth. People who earn more pay more tax.

People who can't be bothered to get a job because the jobs on offer don't suit them don't pay any tax at all.

noh

Cakeguts wrote: »

There already is a tax on wealth. People who earn more pay more tax.

People who can't be bothered to get a job because the jobs on offer don't suit them don't pay any tax at all.

That is a tax on income not on wealth.
If anyone is interested the ONS have today published the latest figures on Wealth in Great Britain

https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins/wealthingreatbritainwave5/2014to2016

borkid

noh wrote: »

That is a tax on income not on wealth.
If anyone is interested the ONS have today published the latest figures on Wealth in Great Britain

https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins/wealthingreatbritainwave5/2014to2016

So really penalising the people who save/work hard and don't fritter away their money. OK there are exceptions with people who inherit a lot of money but for 'mr and mrs average' who work hard save some/ buy a house and aim to hand something on to their children they get taxed yet again. The rich find legal ways of reducing their tax bill but the 'average' person is stuck with paying.

Cakeguts

So you tax ordinary people on the value of their homes and then when they go into a carehome later in life the taxpayers pay for it because they no longer have enough value in the homes due to the wealth tax? The only people getting any benefit from this are the people working in the tax offices.

I have never seen the point of wealth tax but that is probably because I don't compare what other people have in terms of money and housing. My wealth is in what I can do to help other people get a better quality of life and most of this has less to do with money and more to do with time and giving skills for free.

GreatApe

ukcarper wrote: »

How has the state giving anybody thier wealth.

It refrained from putting a bullet in your head so clearly you owe the state big time

triathlon

ukcarper wrote: »

I don’t think tax on wealth is a good thing and in many cases most if not all of peoples wealth is thier home.

And what about all those ancestral families going back to Norman times who were given great power and wealth for various reasons, some immoral and evil, but of course that's subjective. Is it right for those dozens and dozens of descendants from moment of birth to know they will have a life of luxury to the day they die because they inherited it.

kabayiri

ilovehouses wrote: »

After thousands of years of wealth progressively increasing with each generation you're calling the boomer generation as the one when it started going backwards?

We should really view the millennial generation as a much larger collective now though, encompassing both Western nations and the emerging economies.

As a collective I would agree that they are indeed wealthier than previous generations.

However, there is absolutely no guarantee that the wealth will be shared out in the ratios it was before, with the bulk always going to the West. The balance was always going to change.

In fact, wealthy Chinese; Russian; Indian and others are contributing to London house prices by treating property as a pure asset class. You can't blame them really. Loads of Brits bought into cheap property in France and Spain etc in years gone by. They didn't really worry about pricing out the locals either.

Cakeguts

triathlon wrote: »

And what about all those ancestral families going back to Norman times who were given great power and wealth for various reasons, some immoral and evil, but of course that's subjective. Is it right for those dozens and dozens of descendants from moment of birth to know they will have a life of luxury to the day they die because they inherited it.

Why are you so envious of people who have more money than you? Were you never told when young that it was not good to be jealous of other people? Why do you keep wanting to compare what you have with others? This isn't good for you to keep doing this. It is common knowledge that the person who loses out will be you if you keep making these comparisons. Money isn't everything. Not everyone's definition of a life of luxury is the same.

You will get more satisfaction from life by achieving something rather than continually comparing yourself to other people. I will give you a hint. You will get a lot of good feeling out of helping other people using your time not your money.