On Politics Live today I made the case for taxing wealth as an option that must be on the table if we want to avoid spending cuts – which are not an economic necessity.
I refered to research by Tax Justice UK which sets out 5 taxes the Government could implement which would raise £37 billion:
- Equalize capital gains with income tax rates, raising up to £14 billion a year
- Apply national insurance to investment income, raising up to £8.6 billion a year
- Apply a 1% wealth tax on assets over £10 million, raising up to £10 billion a year
- End the inheritance tax loopholes that benefit the already wealthy, raising up to £1.4 billion a year.
- Reform the rules on non-dom status, raising up to £3.2 billion a year