poppet2 Posted August 29, 2012 Share Posted August 29, 2012 Why are some of the wealthy from France coming to live over here after Hollande did exactly what Clegg is proposing? Do you think it's the weather that's attracted them? The rich French have been told to pay 60% tax. Foreigners are also buying up our property as an investment, which is why housing in London in the rich boroughs is so expensive. So the rich are making property more expensive for everyone. Link to comment Share on other sites More sharing options...
Mecky Posted August 29, 2012 Share Posted August 29, 2012 Are yopu prepared for the even larger public spending cuts if this were to happen? Yes I am, why? Link to comment Share on other sites More sharing options...
truman Posted August 29, 2012 Share Posted August 29, 2012 Yes I am, why? So there'll be no complaint from you when it happens? Link to comment Share on other sites More sharing options...
truman Posted August 29, 2012 Share Posted August 29, 2012 The rich French have been told to pay 60% tax. Foreigners are also buying up our property as an investment, which is why housing in London in the rich boroughs is so expensive. So the rich are making property more expensive for everyone. I don't think multi miilionaires buying property in London will have any effect on the prices of properties I may be looking at in my area.. Link to comment Share on other sites More sharing options...
L00b Posted August 29, 2012 Share Posted August 29, 2012 Why would it, it just an empty threat as everyone knows.It would if it "came to pass" (using the OP's words, to which I was replying). Whether it's an empty threat or not, was irrelevant in the context of my reply post. This is the same argument people were using against the bankers.It is and it's not. It is, and in that respect I'll just refer you to the myriad proposals to better regulate banks, all of which are still at the vapourware stage years after the facts. Pursuant to which, the banks are still here - for now. It's not, in that -for a wealthy person, relative to a 'regulated' company the size of a bank- it is vastly easier to up sticks and/or reconfigure assets to avoid the new/updated taxation level. Don't people forget that such a "tax on the superwwealthy" would be cumulative to existing tax levels - and there comes a point at which any country becomes 'fiscally uncompetitive' relative to others. Heck, if Clegg got this through, for all we know France might suddenly become more fiscally competitive than the UK again overall. But that's France and there might be other issues involved.Refer the immediately-above comment. Swings and roundabout, indeed. Let's see some numbers from Mr Clegg, then we'll be able to gauge the cost-benefit and associated risk (that this new-fangled tax could actually result in less takings than currently, as currently forecast in France after the Hollande budget). Link to comment Share on other sites More sharing options...
Mecky Posted August 29, 2012 Share Posted August 29, 2012 So there'll be no complaint from you when it happens? No, and why do you think there would be even greater cuts? A lack of tax? I don't think so, they'll have moved on and I'll take over their job like a shot. I don't mind paying more tax. Link to comment Share on other sites More sharing options...
truman Posted August 29, 2012 Share Posted August 29, 2012 No, and why do you think theyre would be even greater cuts? A lack of tax? I don't think so, they'll have moved on and I'll take over their job like a shot. I don't mind paying more tax. There'd be bigger cuts 'cos there'd be less tax sloshing around..if you could take over their job then why aren't you doing it now? I don't think there's a cap on the number of entrepreneurs allowed in the country you know.. Link to comment Share on other sites More sharing options...
L00b Posted August 29, 2012 Share Posted August 29, 2012 The rich French have been told to pay 60% tax.Pursuant to which, many of them have since shown Hollande the rods (and many more are currently busy doing so), and will not be paying any tax at all in France come the 2013 tax year. For the little story, the French Gvt passed one such 'opportunist tax law' on the quiet in 31 Dec 1996 which affected me directly (tripled my tax liability overnight, and halved my return rate - litterally!) I wasn't wealthy then, I'm still not now - but there comes a point where it's just not worth the effort, the taxation level just about amounts to expropriation. Come 01 Jan 1997, I did exactly the above and haven't invested, kept a taxable capital or owned any taxable assets in France, nor paid a €-cent in tax there since. Their loss. I was in France for the last 3 weeks. Many analysts are forecasting stagnant or reduced tax takings by end 2012, and significantly reduced tax takings by end 2013. The loss is not expected to be compensated by the newly-introduced taxation on overtime pay (which, under Sarkozy, was tax-free...hey, that's "socialism" for you ). But, hey and all that. If you're happy for the UK to descend into the same political mediocrity as France (not much more work required, granted) and make the same mistakes...fill your boots Link to comment Share on other sites More sharing options...
Mecky Posted August 29, 2012 Share Posted August 29, 2012 There'd be bigger cuts 'cos there'd be less tax sloshing around..if you could take over their job then why aren't you doing it now? I don't think there's a cap on the number of entrepreneurs allowed in the country you know.. Because they are currently trading with the UK and would immediately jump on my business if they felt threatened buy it. Yes, there is a cap on the number of entrepreneurs entering the UK, which is 1,000 I believe. Link to comment Share on other sites More sharing options...
truman Posted August 29, 2012 Share Posted August 29, 2012 Because they are currently trading with the UK and would immediately jump on my business if they felt threatened buy it. Yes, there is a cap on the number of entrepreneurs entering the UK, which is 1,000 I believe. So your business would be second best? Link to comment Share on other sites More sharing options...
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