Comments on: Mark Steel: Idiot

By: Letters From A Tory

Letters From A Tory — Thu, 14 Feb 2008 15:36:32 +0000

Almost funny, but not quite!

By: Matthew

Matthew — Thu, 14 Feb 2008 13:39:38 +0000

That’s very honest of you.

By: Letters From A Tory

Letters From A Tory — Thu, 14 Feb 2008 08:20:38 +0000

Yet again, the idiotarians come out from their hiding place and embarrass themselves.

http://lettersfromatory.wordpress.com

By: Monty

Monty — Wed, 13 Feb 2008 23:25:35 +0000

Perhaps he doesn’t understand the difference between capital and revenue. I wonder what his own tax rate would be if it were compared percentage wise to his total assets. I suspect that Mark Steele would himself be paying a much lower percentage than someone on the minimum wage with no property.

But I like to think of folk like him, eating their hearts out with the nagging jealousy of other peoples money and pretending they are being spiteful and greedy on behalf of “the poor”.

By: Matthew

Matthew — Wed, 13 Feb 2008 22:56:29 +0000

Do you pay tax only on the real return on assets, not the nominal retunrn? Anyway I’m not sure billionaires tend on average to get only a 3.5% real return on their assets. If they get a 7.5% real return that would mean they are paying only 20% tax.

By: Kay Tie

Kay Tie — Wed, 13 Feb 2008 22:48:08 +0000

Ack, the Guardianistas are always going on about “billionaires” who only pay “1.5%” tax (i.e. tax which equates to 1.5% of their wealth).

A moments thought and you see that this is quite fair (to the UK Government, anyway). Equity assets will grow at, ooo let’s say, 4% above inflation per year, bonds somewhere around 2%, with an asset split that gives an average growth of, say, 3.5%. Paying tax at 1.5% of wealth therefore equates to an investment income tax of 43%.

By: Matthew

Matthew — Wed, 13 Feb 2008 18:04:17 +0000

You could also have pointed out that £1bn less £30k is not £999,999,970.

But I think your coverage of this whole issue has been a bit hysterical too – I’ve only really got my information about this from you and was under the impression it was a complete non-starter. Reading Willem Buiter’s column today I see that there is, confirmed by some Irish paper guy who was threatening to leave the country (and his wife and children!).