Land tax - wealth wax. The for, the against and the for again

I've been arguing for a wealth tax since I first got politically active.

The argument comes down to economics and ethics including from from the perspective or the landowner.

Economics is easy.

Land value tax at first seems complicated regarding farmers etc. The lets say 1% cost will be passed on. I think, if the the money finds it's way to those who can not afford then that is fine and it can.

The cost will also be passed on by private landlords. That is why we need the right2buy extended to the private sector. If you have rented a house, field, office for two years and the landlord is taking too much cream whilst providing only a unnecessary middle man between you and the bank then ...

1. Our economy can not afford the inefficiency. We need less people being paid well for doing nothing of value.
2. The non landlord majority should not tolerate this method of profiteering or perpetual hereditary land titles.

The argument against 

My land wealth hoarding gambling friends, who are nice caring people by the way, simply do not comprehend the hardship 'start from scratch'ers are facing. They are also not willing to accept how significantly that it ties in with their favourite game 'how much will I pass on when I die'.

Anyway. The argument against, especially from people who started their own successful wealth creating business before moving into asset retention and inheritance strategy is... 

"Why should I have to pay more, I already pay more on income tax, it's mine."

The answer

Firstly. I personally do not think you should be expected to pay more income tax as a percentage, (And you don't anyway do you. You sneaky so and so ;)). I'm happy for us to make loads of money getting people working earning what they need in less than 40 hours / week, or create solutions so people need work less to do their resulting fair share.

Regarding taxing your estate. Why don't all the people who are paying too much in mortgage debt or rent just not do it just go and live on your land or take your home by force? 

The reason is that we have a legal ownership system and it is enforced.

Our wealth in this country is protected by the men and women of the armed forces and police most of whom are all the poorer for protecting your estate.

As the cycle continues our grandchildren will hold theirs to the same random, legally devoid of tax in trusts be them off shore or here.

The cost to quality of life, for both.

Their children will miss out on the best things in life which are free, working too many hours trying to fund themselves and our estate growth + what we collectively squander.

Our grandchildren will miss out on having made something of themselves if they survive all the sex and drugs.

So changing the ownership system to tax hoarded wealth, especially in the form of rental properties and rented farm land is not only fairer to those who defend it for us, fairer on the majority for whom our MPs who in effect are Trustees supposed make the law work in benefit of, but on the decedents of the fortunate who will actually build character having a little hardship, and empathy with the majority who are actually their equals.

I welcome innovation and commerce. The lord of the land is not an innovation. It is old custom come back to haunt us.

That is why, as a landlord myself, and someone who will continue to attempt to purchase land and place in trust for my beneficiaries so long as it is the easiest way to secure wealth, I will back any motion to give the right to tenants to purchase their rented properties / land at the mid value between when the moved in and the current market value. #Right2BuyPrivate


On a separate note, it would also be a great moment to scrap inheritance tax. The wealth will be taxed over time in manageable pieces instead. Few wealthy land / business owners pay it anyway causing more wasteful work for tax advisers like John Redwood MP. Those maintaining strategies to help us avoiding paying tax. He should instead spend time actually wealth creating, trying to improve the 'quality of life' index if he is so clever. And if not then there is always the 'Big society'.

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