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politicalbetting.com » Blog Archive » Just six months ago Betfair punters were making LAB the favour
politicalbetting.com » Blog Archive » Just six months ago Betfair punters were making LAB the favourite to win most seats
The above betdata.io chart shows how views of the general election “seat winner” market have changed so much in the past six months. On May 12th Corbyn’s party was rated as a 48.1% chance ahead of what was then TMay’s Tories.
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The current Labour vote base either does not own property or is happy to be taxed for the greater good.
Ask T May.
1) how quickly does Corbyn resign?
2) who will become new leader? Sure to be female?
Tips please for my grubby tenner.
In order to respect property rights, tax on inheritance and gifts should be kept at a reasonable level (50% feels about right). But up to that level, legatees can have no complaints if they are forced to share their windfall with the state.
Whilst av house price is above 200k, most people have more than one inheritor, many will have outstanding debts at death, be that mortgage or taking money out of their homes for renovations or pension top ups, and many older people will have to sell their homes to cover care costs.
The inheritance tax proposal seems risky to me, but it is possible that it enables a battleline to be drawn between Labour (on the side of workers) and Tories (on the side of millionaires and unearned income).
Go big or go home, the right wing branding on IHT has always been a "Death Tax" and for all the hacks here I would suggest sticking to that...
Who do you think was until today saying “Yeah I’ll vote for Corbyn. He’s the absolute boy.” will now suddenly be like “Shit. My house. Best vote Tory”?
What the electorate really wants is massive spending increases, paid for by other people. When massive tax rises will hit them .......
Can’t see Jezza voting Tory. Maybe Lib Dem?
You better not cry
You better not pout
I'm telling you why
SANTA TAX is coming to town
Corbyn's making a list,
He's checking it twice,
He's gonna find out who's naughty or nice
SANTA TAX is coming to town
So - Alastair - as someone who has reached the top 2% of personal wealth in this country entirely on my own efforts - I concur with you entirely.
Now, when it comes to unafforable housing, now that is something that really gets people heckles up.
Disputes over inheritance can be absolutely vicious.
Not work hard, get a home, then the state will take basically all the equity and leave you nothing to give your kids. It is why the dementia tax was so toxic.
The present system is sensible and equitable
If they aren't generous with the thresholds then either I've misunderstood something, Labour are crap at politics, or both.
https://twitter.com/DavidHenigUK/status/1194896373386219520
https://www.yourmortgage.co.uk/news/average-inheritance-100k/
Labour would be far better concentrating on that, rather than work hard, make your life better, but we are going to then reset the system for your kids.
The Tories should really be focused on this too, especially more on getting people access to homes. Owning a home is a British religion in the same way the NHS is.
State takes money from you to pay for looking after you when you've got dementia = boo!
I sincerely think a left wing country will give me a better standard of living even if it taxes me more, because all the public services those taxes go towards will save me money in the long run.
Just like the medicare for all argument; private insurance is a private tax. Sure, federal taxes increase, but the private tax goes away, and overall the taxpayer saves money and gets a better product. So if my IHT goes up, but if quality of life goes up, I'm still quids up.
Labour speak of two Britains. In the first everyone is Daniel Blake's Nephew. Either in a low paid zero hour shafted by The Man job or sanctioned off Universal Credit whilst at your dad's funeral in the midst of Cancer treatment. In the other Britain everyone is Jacob Rees-Mogg levels of caricature. That almost everyone voting in this election is NEITHER of these is the pronblem.
For all of his many failings - and they are vast - Shagger Johnson is at least someone that most people could have a pint with. Same with Farage. Swinson, Sturgeon, Lucas - all normal. Not Corbyn. Never speaks to the majority of people in the 80% of the population. Looks ANGRY all the time and can't speak without SHOUTING. On AND ON.
It is stupid
https://www.gov.uk/government/news/uk-house-price-index-january-2019
However, a) people know that houses go up in value fairly rapidly, while politicians have no incentive to increase taxation bands accordingly (see how many people now pay 40%+, when they used to be only for the mega wealthy) and b) are hugely suspicious of claims that it won't affect you, because history shows it more than likely will as politicians always have the incentive to drag a few more people into the net.
You could well find for a lot of people even with smaller homes, they will have used up a large chunk (if not all) of that allowance by the time they die.
Edit - What about weddings....father of the bride paying for that, that £10k at least. Asian weddings, if they are half as crazy as a few I have been to, now that's your £100k gone there.
Unfortunatley, he is about to find out that the Have Nots includes a bloody massive subset: the Hope To Have One Days......
To be honest I think it immoral that people with assets get free care. Everything else is means tested before retirement age. If someone has to have care and their assets after death have to be used to pay for this I have no problem with that and I speak as someone who might inherit.
The recipient may not mind (maybe!) as it's long in the future. But the parents and grand-parents sure will.
Give your child a helping hand? Corbyn's coming to get his slice!
A lot of Tories in here talking as if the IHT policy was confirmed .
Labour are about to announce unlimited free movement in the next few days and watch how the table will turn
In its report the IPPR says quite a bit about trusts, increasing transparency, and getting rid of non-dom. I couldn't find an answer to your question, but there's this: "where a settlor has placed assets into a trust but they are deemed to have no beneficial owner for tax purposes, the assets should be deemed to belong to the settlor. This would mean that tax would be levied at the point of death of the settlor or when a distribution was made." That might give an indication of another solution when a legatee tries to avoid LGT by legging it abroad while their parent's body is still warm: in that case tax the estate.
The IPPR also proposes to abolish council tax and replace it with a "far more progressive" property tax based on current values.