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There’s no need to be concerned because they’re never going to build 100,000 new homes, never mind the 1.5M target. Building enough homes to house people would cause supply to meet demand and make the housing market “crash”. And Labour will never upset those who’ve been tricked into thinking that home property is an investment.
The biggest challenge with an “owned wealth” tax is how do you actually measure it? It’s easy if it’s held in cash in a bank, but most billionaire’s wealth is is land, property, and how do you measure the value of a Picasso stored in a vault if they can slip the valuator a grand to say it’s worthless?
Closing offshore money transfer loopholes, heightened tax on luxury spending (100% VAT on private jets and yachts?), making fines income-based, and treating capital gains the same way as income, are all more achievable.
I’m totally on board with the sentiment though.