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Whats the reason I should pay more?
On average you get paid more, even the minimum wage is higher to reflect higher costs, although I know in practice there's also massive inequality and poverty. Maybe the same percentage of tax on a property would lead to a leveling of house prices.
snottyotter-
On average you get paid more, even the minimum wage is higher to reflect higher costs
There's already a tax on income that takes this into account.
I'm all for taxing wealth. Not sure starting on family homes is the way to go, though. Maybe start with second/third/etc. homes? And/or higher taxes on profits from rental properties?
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But those who earn more already pay more as income tax is progressive.
Doesn’t this all come down to what is a fair way to decide who to tax more - is it those with most income? Most assets? Or how people get their wealth and whether it was taxed on accumulation (e.g. inherited or massive CGT gains on houses not taxed)?
I find an argument that e.g. a couple who work 60hr weeks to afford a family home, pay £30k SDLT on buying it and both have to work a less obvious candidate to pay more tax than someone who bought in that same street 20 years beforehand for £150k, paid no stamp and will not pay CGT on disposal.
(disclaimer - this is probably because it is closer to my own situation, but still)
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Can confirm I don't get paid more than my brother or parents. Just seems like something thats tricky to apply as a blanket rule.
andyfallsoff
Haino
This. Just a normal family home, same as my wider family. I just happen to live in London and they live in North Kent. Whats the reason I should pay more? Their houses are bigger than mine!