TAX

Interesting whinging on LBC – restaurant owner complains that the minimum wage rise will affect his business and then complains that people do not have the money to eat out. Has he not heard of Ford economics? Low earners tend to spend their wages locally – FACT. The rich will not. But the rich invest money in business? Bullshit, they invest in hedge funds and FTSE100 firms (which pay their directors hundreds of millions. CGT should be at least equal to income tax, a tax on squirrelled wealth should not be less than that on labour.

So tax the rich – easy, few to complain unless you count the gullible fuckers who read the trash press! If labour really want to equalise society they will assess carefully the housing market.Bring housing costs down and everyone except the rich will be better off. So building more – especially within cites, to reduce transport and utility costs. But also increase CGT on property.

A conundrum – I bought this house 25 years ago’ish for £170000 and it is now worth approx £400000>. Nice! I paid off the loan with interest so probably at least £100000 profit. I would hope to pass on money to the kids as the housing market has been cruel to them. But if I was asked if a 50% on the £100000 profit was fair I would have to say yes! This sum is easy as I do not move often – Maybe there should be a start date? I suggest 2016 (that fateful year!). And then additions to houses and improvements? Yes complicated but a tax on land would be equable?

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