Clegg Says U.K. Could Apply Mansion Tax ‘in Five Seconds’
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U.K. Deputy Prime Minister Nick Clegg said the government could determine without difficulty which homes would be subject to a “mansion tax,” brushing aside arguments that it would be tough to apply.
Clegg’s Liberal Democrats propose levying an annual 1 percent charge on houses and apartments valued at 2 million pounds ($3.25 million) or more. Clegg has been pressing at the party conference this week for increased tax revenue from the top 10 percent of earners as he seeks to differentiate the Liberal Democrats from their coalition partners, Prime Minister David Cameron’s Conservatives, who oppose a mansion tax.