https://morningstaronline.co.uk/article/labour’s-policy-unending-poverty-working-class

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Labour has ruled out a wealth tax if it wins the next general election.

And to make it absolutely clear, shadow chancellor Rachel Reeves has emphasised that Labour would not increase the top rate of income tax.

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The first of Starmer’s 10 pledges when running to succeed Jeremy Corbyn was to “increase income tax for the top 5 per cent of earners.”

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In a recent study the London School of Economics wealth tax commission concluded that a one-off wealth tax was preferred over increasing taxes on work or spending.

A one-off wealth tax on millionaire couples paid at 1 per cent a year for five years, they found, would raise £260bn.

By way of contrast Reeves’s spending plans rise not even to a modest £12bn.

Labour’s latest policy reversal is the clearest sign that Starmer’s electoral strategy hinges on assuring the rich and powerful that neither their wealth or power is threatened by Labour.

This is Westminster Labour’s new philosophy of never-ending poverty for working people.

https://morningstaronline.co.uk/article/labour’s-policy-unending-poverty-working-class