Wealth tax, higher inheritance tax on large estates, new top level of income tax on big bonuses and silly salaries - what’s the problem? There’s no problem paying tax when the poor can’t, the problem is paying tax when the rich don’t
If only it were so simple. See Dan Neidle quoted on page 2 of Money from FT. “a wealth tax is showboating and would damage economy” the tax system needs reform but the last thing one should do is telegraph it. End of piece states
council tax business rates and stamp duty should be replaced with a land tax that would actually act as an engine for growth.
One percent of UK GDP is worth way more than mucking around with pension tax here or there.
Wealth tax, higher inheritance tax on large estates, new top level of income tax on big bonuses and silly salaries - what’s the problem? There’s no problem paying tax when the poor can’t, the problem is paying tax when the rich don’t
If only it were so simple. See Dan Neidle quoted on page 2 of Money from FT. “a wealth tax is showboating and would damage economy” the tax system needs reform but the last thing one should do is telegraph it. End of piece states
council tax business rates and stamp duty should be replaced with a land tax that would actually act as an engine for growth.
One percent of UK GDP is worth way more than mucking around with pension tax here or there.
Fair enough, I just hate it when some people manage to pay a much smaller percentage of total income as tax than others who earn far less
Nothing new.
“a wealth tax is showboating and would damage economy”
A wealthy individual who doesn't want to pay taxes would say that. Donald Trump would say that. It looks rather like a non sequitur.
In what way were economies damaged before we decided to stop appropriately and fairly taxing the wealthy?
What has been the benefit to the majority of society of shifting the burden of taxation?
Why should the wealthiest pay a lower proportion of their wealth in taxes than the poorest?
https://taxjustice.uk/blog/wealth-taxes-will-cause-the-rich-to-flee-12-wealth-tax-myths-debunked/
Also this... https://academic.oup.com/ser/article/20/2/539/6500315
I was quoting Dan Neidle who is a taxation lawyer and labour party member.
Doesn't mean he can't be wrong.