Lib Dems demand £2m mansion tax for the 'stinking rich' The motion called for "an annual mansion tax on the excess value of residential properties over £2million as a first step towards wealth taxation designed to reduce inequality." It was passed in a vote of over 200 delegates, with just two against. Do you back the mansion tax proposals? During the inequality debate, Lord Greaves, a Liberal Democrat peer, said there should be "no more, no more" cuts to benefits. To a round of applause, said: "Many of the policies which the Coalition Government believes it has to put into practice to solve the economic problems are actually making the situation worse and they will be sorted out in due course." Lord Greaves said "progress was being made" after Liberal Democrat leader Nick Clegg recently said there would be no more benefit cuts unless the rich pay more. He said: "I say we have had enough benefits cuts in the present round - what we should be saying is "no more, no more."" Speaking outside the conference hall, Lord Oakeshott, the former Lib Dem Treasury spokesman, who wants a new £2 million mansion tax affecting one in 200 homes. He said it would have most impact in London and the south-east, which are "fast becoming islands of opulence cut off from the rest of the country." The council tax currently charged on a £42 million mansion in Notting Hill is just £42 per week. This would "not even buy a round of drinks at half time for Roman Abramovich at Stamford Bridge," the peer added. He believes it would raise £1.7billion a year but this could rise to £2.5billion a year as property values rise. Lord Oakeshott suggested the party has a realistic chance of securing a mansion tax in negotiations over further spending cuts with "one more heave." "Vince Cable, who with me and others wrote the policy before the election, pushed very hard for it and you'll have heard him yesterday again saying "let's get on with it now." "I think there's discussions at the moment going on between various Treasury officials and indeed both sides of the Coalition, so I wouldn't write it off," he said. According to The Independent, Mr Clegg wants to add extra council tax bands for houses worth more than £1 million.