And there we were thinking that Mr. Mandelson was just a \u2018hob knobbing\u2019, \u2018champagne socialist\u2019 before his pronouncement on Mansion Tax as daft, crass and ineffective.<\/p>\n
He is absolutely right you know and it is typical of the two \u2018Eds\u2019 and their penchant for stealing other parties policies without giving the matter much pre-thought !<\/p>\n
They did this with the Tories Inheritance Tax Thresholds and then with Non-Dom payments and now The Mansion Tax (stolen from the Lib Dems).<\/p>\n
The Tax is causing consternation amongst the aspiring Labour MPs and mayoral candidates \u00a0in the South (Diane Abbot, Tessa Jowell and Margaret Hodge, have been openly critical) such that Ed Balls \u00a0had to hurriedly reduce the one per cent band between \u00a32-3million to 0.3per cent to try to quieten the howls of discontent.<\/p>\n
Yes, in the Midlands and North they love a bit of \u2018rich kicking\u2019 and what better sport to play than some politics of envy, but the Party are going to pay a hefty price in the South by this \u2018Folly de Grandeur\u2019.<\/p>\n
Lets put it this way, since this Tax is indiscriminate it will be the first time that you would get taxed on your debt as well as your equity.\u00a0 Go figure that?<\/p>\n
This means that, for instance, if you have a \u00a35million house with a \u00a33million mortgage, you effectively have \u00a32million of equity but will nevertheless pay\u00a0 \u00a330,000 per annum in Mansion Tax (closer to \u00a360,000 per annum before tax).\u00a0 If you contrast this against someone who owns a \u00a32million house (without a mortgage) they wont pay any tax at all yet they both own the same amount of equity between them. The former will be paying a Tax on their mortgage and this will be the first time in living memory that \u00a0any administration has tried to tax debt. \u00a0Even Ted Healey (the former Labour Chancellor ) would shudder at the thought.<\/p>\n
The spectre of Mansion Tax is \u2018hanging like a black cloud over the market\u2019 and if the Election favours the Labour Party resourceful wealth creators will be \u2018running for the hills\u2019 and Britain PLC will be a great deal worse off!<\/p>\n
Stop these lunatics now before its too late and vote Tory!<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
And there we were thinking that Mr. Mandelson was just a \u2018hob knobbing\u2019, \u2018champagne socialist\u2019 before his pronouncement on Mansion Tax as daft, crass and ineffective. He is absolutely right you know and it is typical of the two \u2018Eds\u2019 … Continue reading