LETTER TO THE GUARDIAN – TAXING THE RICH
|TAPEWORMS SECRETLY FEED IN HUMAN GUTS|
(Mr) Noel Hodson
* NB - It is nonsense to say that "Homes increase in value and confer surplus wealth without effort". Prices of UK homes rise no more rapidly than Shares, Cars, Food, Laptop Computers, etc etc. A typical UK family invests up to 80% of their after-tax wages into their home (purchase price, 25 years mortgage interest, business overdrafts lost, personal secured loans, repairs, maintenance, improvements, local taxes, death-duties etc). Because they are fixed - and because debt-free homes are mostly owned by defenceless pensioners - and because taxing homes seems a simple, lazy way to pay for government - they make an easy target. The real economic consequences of a significant tax on home values would be catastrophic for any OECD economy. Deny people the value of their homes and it would de-motivate a major part of the economy. Dumb, dumber and dumbest thinking. Get your minds working.