The LibDem idea of a mansion tax is the craziest coalition policy since the NHS bill. There are two main objections.
1. As with the old rates system you can have someone who appears property rich who is income poor who will then struggle to pay. I wouldn't want to see someone who has lived in the same house for 80/90 years being evicted because they can't pay the tax.
2. The rich will simply avoid paying this tax. They already avoid paying stamp duty when they buy these £1M+ homes. What on earth makes Vince Cable think they are going to fail to find an avoidance mechanism for a mansion tax.
I think I can now be officially categorised as cynical. I think the LibDems know that and it's just cover for agreeing the removal of the 50% tax rate. Or at least flying a kite to see if the public go for it.
Pathetic!
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