Vote LibDem to Knock £100,000 Off Your House Value

Henry GeorgeThis 1/2% tax on homes is basically updated Georgist economics.  Henry George was the most influential proponent of the land value tax, an idea that has floated around in liberal circles for two centuries. The problem is that implementing the tax would immediately discount the price of your home. Not the smartest thing to do in an era when many are struggling to stay out of negative equity.  A middle-class family home in London valued at £2,000,000 would lose £100,000 (1/2% x £1,000,000 x 20 multiple). Douglas McWilliams, chief executive of the Centre for Economics and Business Research, points out that it would hit the property market hard, because prices well below the £1 million level would be knocked as well:

Saleboards… home owners would face a double whammy – more tax and a cut in their wealth. The tax would add to Council Tax and Stamp Duty as yet another heavy tax on homeowners. It would be regionally unfair, since virtually the entire tax would be raised in London and the South East, and would be very unlikely to raise the £1 billion the Lib Dems expect – more like £600 million on  our calculations. Unfortunately the current crisis is not a time for clever-clever ideas for screwing additional tax out of the already hard pressed middle classes at a time when property prices have already fallen sharply, the top rate of tax has been raised and the tax deductibility of pensions has been largely removed.

“Vote LibDem for more negative equity” hardly seems like a winning slogan…

UPDATE : They seem pretty intent on shooting themselves in the foot with this extra tax on homeowners in the South East, it will be a gift to Tory candidates in LibDem seats.  It certainly won’t go down well in leafy Twickenham. Vince Cable has a majority below 10,000…



Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Liam Fox shreds Cameron’s Calais scaremongering:

“Sad and disappointed to see our Prime Minister stoop to this level of scaremongering, especially as he knows the Calais agreement is nothing to do with the EU and agreed between the two govts”

Top Posts This Week

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

Squandermania: Roof Not Fixed Squandermania: Roof Not Fixed
OSBORNE’S BROTHER STRUCK OFF: READ RULING, THREATENING EMAILS OSBORNE’S BROTHER STRUCK OFF: READ RULING, THREATENING EMAILS
HAPPY AS LARRY: SANDERS NEW GREEN PARTY SPOKESPERSON HAPPY AS LARRY: SANDERS NEW GREEN PARTY SPOKESPERSON
LABOUR CAMPAIGN CHIEF: “WE HAD NO STRATEGY” LABOUR CAMPAIGN CHIEF: “WE HAD NO STRATEGY”
CLEGG’S ASTRONOMICAL SPAD BILL HYPOCRISY CLEGG’S ASTRONOMICAL SPAD BILL HYPOCRISY
STRICTLY CYMRU DANCING: LEANNE WOOD’S WONDERFUL WALTZ STRICTLY CYMRU DANCING: LEANNE WOOD’S WONDERFUL WALTZ
LEAVE AHEAD WITH ICM LEAVE AHEAD WITH ICM
HAPPY ‘I HEART UNIONS’ DAY HAPPY ‘I HEART UNIONS’ DAY
CORBYN WEARS SPONSORS’ BADGE CORBYN WEARS SPONSORS’ BADGE
Open Minded Herbert’s Made His Mind Up Open Minded Herbert’s Made His Mind Up
Amazon’s Lawyers Prepare for Zombie Apocalypse Amazon’s Lawyers Prepare for Zombie Apocalypse
PMQs (Rap Version) PMQs (Rap Version)
Top Europhile Defects to Out Campaign Top Europhile Defects to Out Campaign
BARROSO: BRAKE WON’T PUT OFF MIGRANTS BARROSO: BRAKE WON’T PUT OFF MIGRANTS
PESTON OUT OF THE LOOP PESTON OUT OF THE LOOP
LABOUR’S CONSISTENT FLIP-FLOPPING ON SURVEILLANCE LABOUR’S CONSISTENT FLIP-FLOPPING ON SURVEILLANCE
UBER TRIES TO KILL HAILO UBER TRIES TO KILL HAILO
CALAMITY CORBYN’S COMICAL CAMPAIGN COCK-UP CALAMITY CORBYN’S COMICAL CAMPAIGN COCK-UP
PARLIAMENTARY PANCAKE RACE (INSERT MANDATORY TOSSER JOKE HERE) PARLIAMENTARY PANCAKE RACE (INSERT MANDATORY TOSSER JOKE HERE)
SADIQ LOSES IT WITH BBC JOURNALIST OVER TFL FARES SUMS SADIQ LOSES IT WITH BBC JOURNALIST OVER TFL FARES SUMS
FRENCH GOVERNMENT DISPUTES CAMERON ON CALAIS FRENCH GOVERNMENT DISPUTES CAMERON ON CALAIS
EX-LABOUR MINISTER COMES OUT FOR BREXIT EX-LABOUR MINISTER COMES OUT FOR BREXIT
EU GOING TO PAY FOR THAT? EU GOING TO PAY FOR THAT?
TORY MPS PAN CAM’S CALAIS SCAREMONGERING TORY MPS PAN CAM’S CALAIS SCAREMONGERING
LEAK: LANSMAN MOCKS “CLUELESS” UNITE CHIEF LEAK: LANSMAN MOCKS “CLUELESS” UNITE CHIEF
CARSWELL: “NOT GOING TO CRITICISE FELLOW EUROSCEPTICS” CARSWELL: “NOT GOING TO CRITICISE FELLOW EUROSCEPTICS”
SUNNY DAYS AHEAD FOR SCRAPBOOK SUNNY DAYS AHEAD FOR SCRAPBOOK
HOW MANY MPS DOES IT TAKE TO CHANGE A SOAP DISPENSER? HOW MANY MPS DOES IT TAKE TO CHANGE A SOAP DISPENSER?
KEN PREDICTS MCDONNELL WILL BE NEXT LABOUR LEADER KEN PREDICTS MCDONNELL WILL BE NEXT LABOUR LEADER
Don’t Criticise Fellow Brexiteers Don’t Criticise Fellow Brexiteers