wealth tax

Labour’s policy is unending poverty for the working class

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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

Continue ReadingLabour’s policy is unending poverty for the working class

‘Modest’ wealth tax on richest 0.3% could raise more than £10bn for public services, says TUC

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Abba: Money, Money, Money (“It’s a rich man’s world”.)

https://leftfootforward.org/2023/08/modest-wealth-tax-on-richest-0-3-could-raise-more-than-10bn-for-public-services-says-tuc/

The trade union body has set out options for taxing the small number of individuals with wealth over £3 million, £5 million and £10 million

A modest wealth tax on the richest 140,000 individuals in the country could raise more than £10bn to help pay for public services, according to the Trades Union Congress (TUC).

With the country’s public services in a dire state and with the Tories repeatedly using excuses about not having enough money to invest in them, the TUC has set out a clear plan for how further money could be raised, by taxing the wealthiest 0.3% of the UK population, as it called for a “national conversation about taxing wealth”.

The trade union body has set out options for taxing the small number of individuals with wealth over £3 million, £5 million and £10 million, excluding pensions. It says that the options are illustrative examples of what a wealth tax could look like, using Spain’s existing policy as a potential model.

It proposes the following:

  • A wealth threshold of £3 million with a marginal tax rate of 1.7% would yield £2.7 billion (with the tax payable on wealth above £3 million by 142,000 individuals or 0.27% of adults in the UK)
  • A further wealth threshold of £5 million with a marginal tax rate of 2.1% would yield an additional £3.2 billion (with the tax payable on wealth above £5 million by 48,000 individuals or 0.09% of adults in the UK) 
  • A further wealth threshold of £10 million with a marginal tax rate of 3.5 % would yield an additional £4.6 billion (with the tax payable on wealth above £10 million by 17,000 individuals or 0.02% of adults in the UK).

https://leftfootforward.org/2023/08/modest-wealth-tax-on-richest-0-3-could-raise-more-than-10bn-for-public-services-says-tuc/

Continue Reading‘Modest’ wealth tax on richest 0.3% could raise more than £10bn for public services, says TUC