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This will raise ~£37 billion
I think the problem with wealth taxes is that it's trivially easy to shuffle wealth around the world and avoid these sorts of taxes nowadays. I have a memory that the French give up on their wealth tax because it was too hard to administer and didn't raise a great deal?
The capital gains tax changes make total sense to me. TBH I would go further and tax inheritances as income as well.
NickCJ
@Lebowski
Just coming out of covid and we are about to get hit with Austerity part 2, surely the time is right for raising taxes on the wealthy?
Two of the suggestions from Tax Justice UK (including Patriotic Millionaires):
Raising capital gains tax to be in line with income tax
1% wealth tax on those with over £10million
This seems like a no brainer, right? This will raise ~£37billion and be borne by a small section of the population.
*Come at me with arguments about those poor people with no income but large houses in Kensington who will be forced to sell up.