Mansion Tax

The prospect of a Mansion Tax has really rubbed rich people up the wrong way.

Myleene Klass has stated that the Mansion Tax, which would be aimed at properties worth over £2m, would affect “little grannies” in London. I believe that’s what she’s concerned about as much as I believe that David Cameron really cares about whether or not the Green Party are involved in the TV election debates.

Millionaire Myleene stated that £2m wouldn’t get you much in London, and that these “little grannies” will have had these properties passed down to them through the generations. Firstly, as I have touched on in a previous blog, some wealthy people are completely out of touch with the real world, therefore, what Myleene Klass classes as “not much” could well be a mansion to someone like us. Secondly, if people are getting mansions passed down to them through generations, these are the types of people who are born into wealth and don’t have to lift a finger their whole lives. Thirdly, if the Mansion Tax would cause these people so much hardship (although, what they call hardship and we call hardship may be totally different things), they could move away from London and purchase a whole street in the North.

Other well-off people have spoken up against the Mansion Tax. Do they expect people to show sympathy for them? If you have a property worth over £2m, you’re a very lucky, wealthy person.  I have seen a lot sympathy for these rich people in the press…but maybe that’s because the people who run the media are very wealthy people with £2m properties. Take it with a pinch of salt. And be under no illusions, very few of these people went from rags to riches. 99.9% of them were privileged from birth and had opportunities presented to them on a platter. The other 00.1% will know what it’s like on the flipside of the coin and won’t oppose the tax.

I’ve seen a few common arguments against the Mansion Tax. One is that a person may have bought a house for much less than £2m originally, but it has since gone up in value. So, am I supposed to shed a tear because the value of someone’s property has skyrocketed? Wait, isn’t that what dreams are made of!?

Some say it’s not equitable because the cash-poor asset-rich owner of a large house is liable for this tax. In other words, these are people who inherit a mansion and blow their money on a hedonistic lifestyle instead of getting a job. If born to the underclass these people would be called scroungers, deadbeats and bums. If they’re so cash poor, why don’t they sell their £5m mansion, buy a £1.5m property (if that’s not beneath them), and then live on their £3.5m? You wouldn’t have to work a day in your life with that sort of dinero. Or they could keep the house, and maybe just sell off one of their Ferraris, or a Rembrandt, to help pay the tax.

A Mansion Tax would help reduce wealth inequality in the UK and redistribute resources to help people at the other end of the scale. The rich will still be rich. The poor will still be poor. But it would be a step towards improving the quality of life of the worst off amongst us.

Bring on the Mansion Tax.

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