I have received a lot
of e-communications recently regarding the 38 degrees proposal to stop
hedge fund managers from paying 28% tax and 10% tax using the now dubbed Mayfair loophole.
I can
assure you. If they are able to pay 10% tax using a corporate
structure employing entrepreneurs relief, they will. And for the ones with
friends in the tax office there is no risk risk discovery or jail, so they will definitely try.
Over the last 30 years will have amassed unfair wealth,
and if you understand currency, that means a unfair debt over you and,
thanks to the completely avoidable inheritance tax, their children over
your children.
I'm not sure how workable the 38 degrees
amendment is because they are mostly profiting from capital gains, and
as major shareholders in a business...technically this is how lots of
other business practices work.
My personal preference
would be to do away with entrepreneurs relief for any business that does
not produce a physical or digital value added (not value shifted)
product and make capital gains tax no different from income tax. That
will do away with an awful lot of tax legislation and manipulation.
However,
I'm a big fan of trying something that has momentum behind it.
There's
no harm in explicitly focusing on a form of tax avoidance and making
rules against it. Indeed, one of the many ways the establishment
maintain the status quo is by not agreeing on how severe a limitation
should be...and therefore applying no limitation at all.
As a
SMART-voter.org candidate were I committed to supporting treating
capital gains like other income sources (rich people mostly make capital
gains) I would be obliged to
support this bill. That is why you should ONLY vote for candidates
willing to make a meaningful commitment using contractual obligations to
constituents such as SMART-voter.org
For those of you following
my
General Election campaign, I have a set of 5 core policies that I am committed to. I
have since also committed to voting no to Fracking owing to a Greenpeace
pledge that should help advertise my campaign, and is a matter I feel strongly about. The other commitments
will be down to a random sample of the Wokingham electorate.
I
have very little doubt that over 50% of Wokingham support this bill and
therefore very much hope to have it on my promise list, I will
definitely encourage those 20 people to add it to the list which will be on film and open to the public.
My main focus for now is a political system that is resistant to corruption. 1 voice in 300 is not going to pass any legislation so you need to spread the word to voters harder and faster than the vested interests and door steppers do.
Most voters are over 65, and the internet is not their primary source of information. I don't have a doorstep army. You must talk to your family about demanding their Voter Consumer rights.
http://www.independent.co.uk/news/uk/politics/private-equity-bosses-using-700m-tax-loophole--and-donating-to-the-tories-10054911.html
https://s3.amazonaws.com/38degrees.3cdn.net/770fcb1eb520f36c66_hwm6iv3wu.pdf
Pub by Kaz Lokuciewski on behalf of Kaz Lokuciewski. 10 Tangley Drive. RG412NY