Quote:
Originally Posted by roly
those buying million pound homes in london are just making london unaffordable for most people. that doesn't help anyone. and as far as "trickle down" ecconomics goes that's bullshit, why should an average worker pay 1/3 of his salary in tax and a wealthy person who can afford it pay nothing?
and as far as "Remove them from the ecconomy and watch the unemployment rate sore and the establishments throughout the core of london struggle and maybe even shut down." new york, LA, Paris, Barcelona aren't struggling and they don't have these antiquated tax rules that were setup 300 years ago and have no relevance now.
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How are non doms paying nothing? Do you realize non doms are paying 15% land transfer tax when they buy properties? I don't see average worker paying that 15% land transfer or for that matter begging pay to pay their fair share of land transfer tax. Do you know non doms pay £40k a year just for non dom status? Pay nothing? Non doms add far more to the economy than you know.
Let's take the cities you mentioned.
Paris is in the shits. Real estate prices have dropped. Why? Because Hollande drove the rich out of france and right into the UK.
Barcelona... Not struggling? You want london to be more like Barcelona?
New York... that's the only fair example you gave. The problem is New York is the center of business for the US. The US is far bigger than the UK so naturally the business center for it will be far bigger. London is the size it is today because of the favourable rules it has in place. It encourages the richest europeans to keep their money in the UK. It is the safest place to have your money in Europe. The banking industry is huge in London because of the policies in place.
You remove the policies in place that attract money to the UK and you risk really messing with the economy.
What would happen if ireland decided to all of a sudden tax the shit out of all the tech companies set up there. You think the companies would say "ahhh you know what you are right let me pay my fair share. I'm in Ireland because this is a great country." lol hell no. They'd be on the first flight out of ireland and never look back.