Mansion Tax - Miliband shows his Marxist credentials

If introduced, the uniquely pernicious mansion tax would 
mean that a Labour Government would apply an annual
levy on the gross value of the family home, rather than on
its valuation, less the amount of any mortgage.
In other words, tax would be levied on borrowed money.

Moreover, it begs the question of how property values 
would be determined in what would be a falling market.
Also, how soon would the proposed £2m threshold have
to be lowered, in order to generate the quoted tax 
revenue of £1.7bn, which Labour says it would use in
addressing the developing £30bn black-hole in 
financing the NHS.

Another unknown would be the effect on the solvency of
small businesses, where often the family home is used
as collateral for working capital.