Wow, look at that, turns out legislative action representing the people's best interests has been proven infinitely more effective than empowering a dictator to execute everyone who initially refuses to redistribute.
Corporations hate this trick.
Its as if the solution to capitalism isnt whitewashing regimes that have done some of the worst crimes against humanity possibly but rather government regulations brought upon by democratic action.
Tankies hate this one weird trick!
Wow, look at that, turns out legislative action representing the people’s best interests has been proven infinitely more effective than empowering a dictator to execute everyone who initially refuses to redistribute.
Er... I have to admit I'm not up to date on politics in Wales. To what is that referring?
I think they're suggesting that it's better to enact left-leaning legislation to curb unfettered capitalism, than it is to cheer on the free market and let pressure on the working class escalate to where we get a communist revolution, which in turn often results in a violent dictatorship. Probably.
Never engage with finitebanjo unless you enjoy talking to the human equivalent of a cork board with a bunch of red yarn connecting various unrelated pictures.
Oh
I've been saying that for a while that secondary residences should lose all tax benefits and should also have additional tax penalties applied to them as long as there is a housing crisis.
Like a second house should cost you double, and if you get a third, then the second and third should cost you triple, and so on and so forth, so that having multiple homes would be a sign of wealth and not an investment practice.
You roll that out with a gradual phase in and you would solve the housing crisis in like 7 to 10 years.
The penalties should be higher for short term rental properties-if it’s listed on Airbnb or VRBO or similar, taxes double.
This should be tied to the multiple properties IMO. With home prices today you may have to AirBNB out the house and live in a shed in the yard for a few years just to afford the mortgage.
Yeah government needs to start ratcheting down on landlords. Tax rental properties as commercial businesses, as well as taxing rental income at a higher rate. If a landlord can't afford that anymore, then they sell the property and get a real job.
A general wealth tax is much more effective.
I agree there needs to be some kind of exponentially growing tax rate for multiple houses. It might kick in after two houses since a single shared vacation home between a family should be fairly affordable.
That being said its basically impossible to get a vacation home now. No one should have 3+ homes without paying much much more.
We can't sustain everyone owning a holiday home in the UK, we are in a housing crisis.
I can't wrap my head around why anyone needs or wants more than one house or flat.
Maybe because much of my life has been lived in areas with holiday homes, and the seasonal nature of life going from hardly anyone around to overrun with privileged assholes feels intensely unnatural and damaging to places where communities used to exist.
Overwhelmed with second homes / vacation homes are not sustainable. I guess my idea of a second home / cabin is much more upper Midwestern USA than what happens in the UK.
Good. Vacation homes should be taxed, and foreigners should get an even bigger tax. Local citizens and businesses should get preferable treatment, so that communities can be more closely knit together. The wealthy are corrosive to society, breaking down many humans for the sake of a few.
foreigners should get an even bigger tax.
Yeah, the Channel Island of Jersey only allows foreigners to buy property if they had lived in the islands for five years. They are only a handful places in the UK where they have relatively less pressure on housing. Not sure if they still do it though. Regardless, I am all for this.
The wealthy are corrosive to society, breaking down many humans for the sake of a few.
The rich co-opted being against rich, corporate landlords-- or any rich individuals-- from overseas buying local properties and contributing to housing crisis as "racist". I feel like this is talked about less. Instead, actual decent working foreigners are scapegoated.
"The rich co-opted being against rich, corporate landlords-- or any rich individuals-- from overseas buying local properties and contributing to housing crisis as “racist."
It's not racism. It's classism. I don't care care if the rich out of town asshole is white, brown or yellow, I care that they are a rich asshole and they are wrecking things for the rest of us.
It's 150% of the old tax rate, not 150% of the value of the home, in case anyone's wondering.
I was excited for a second
Well, seemingly it still works!
Damn that is a misleading title. "Wales is increasing taxes by 50% for second homes, and..." would be better. Or more accurate, at least; probably not generate more clicks.
Why would it be 150% of the value of the home. In most places in America the property tax rate is around 1%. This would make it 2.5%. that's still a lot for the average boomer with a second home possibly on a fixed income from pension and social security.
This is in Wales
Boomer wants a second home he can put it in his grandkids name. Not like the kid is going to be able to afford his own place anyway till grampa dies and leaves everyone that boomer gold they got hoarded away
I have been advocating for triple the real estate taxes on ho.es that are not the primary residence for people. And that only people, not corporations, can own residential single family homes.
And look, it works.
Blackrock didn't like that.
This seems to target home owners that either rent or just park wealth in a second home as asset and then also try to evade the taxes by register their second home as a business to pay a lower tax rate.
This doesn't target landlord / asset management companies at all. Not sure if they are a thing in Wales.
Far better than burning them…
I need to know if my uncle still has his cottage…
Note that the UK does not have a property tax, and is unusual in doing so; I recall reading that it is the only G7 member to not do so.
They do have a (mostly flat) council tax, and a transfer tax.
We have a few states in the US that don't, but normally there is an annual percentage tax on the value of a house. That varies by state, but is typically on the order of 1%.
Interesting. So it sounds like this is an area with a lot of personal vacation homes? They're pretty uncommon in general, so I doubt it would change much where I live.
Enforce it retroactively as well. Then use the taxes to pay for community improvement that was voted on by the community.
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