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The injustice and error of a “Mansion Tax”

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A so-called “mansion tax” may appear to embody a particular notion of fairness. One would think from the rhetoric that high-value homes all belonged to wicked billionaires, oligarchs and non-doms. One would think that owning such a home were inherently unjust. Far from it. Many valuable homes will have been bought by hard-working individuals and families using mortgages paid over many years. They will have paid tax on their incomes and capital gains. Hitting them again in this way would be […]

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Gordon Brown: We are ‘sweeping away’ bonus culture of City banks – Telegraph

In a classic case of state intervention begetting state intervention: Executives at RBS, which is 70 per cent owned by the state, are pushing to pay their staff nearly £1 billion in bonuses, even though the bank needed a £20 billion capital injection from the Government to prevent its collapse last year. Opposition parties have said such bonuses should be blocked, but ministers have said they may be unable to stop the payments. Alistair Darling, the Chancellor, said on Sunday […]

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