Cash: The richest people in the UK can afford to lose one per cent of theirs much more easily than you can afford to lose nine per cent of yours. But the Tory government listens to them, not you. What are you going to do about it?

The UK’s wealthiest households should pay a special tax to help cover the enormous cost of the Covid-19 crisis, according to an independent team of experts.

The Wealth Tax Commission said it would be better to pay part of the £394 billion in Treasury borrowing, incurred this year, with a tax on those who have profited during the crisis than by causing more hurt to those whose lives have already been seriously disrupted by the pandemic.

The Commission said a rate of just one per cent per year on households with more than £1 million would raise £260 billion over five years.

The Conservatives are, of course, biased against a wealth tax, with Rishi Sunak saying in July that he could see no reason to impose one.

But times change, and huge increases in taxes on the poor – income tax would have to rise by 9p per pound to produce the same effect; that’s nine times as much as the proposed wealth tax – would seriously harm Tory electability in the future.

That being said, critics have justifiably questioned why the proposed tax is being touted only as a way of paying off a national debt.

They say it would be better to invest the money in projects that will raise more revenue for the UK in the future, helping to reduce the wider national debt which the Tories have more than doubled to over £2 trillion in the 10 years since they took office in 2010.

The message for ordinary people is simple: If you don’t want to end up with an almost 50 per cent increase in income tax – or a 6p rise in VAT, which is the other alternative – get on to your MP at once and lobby for the wealth tax.

The richest people in the UK won’t want it, even though the loss of £10,000 harms them less than the loss of £260 (the equivalent from the so-called average pay packet) harms an ordinary working person.

Better still, how about forming groups to lobby your MP? Large numbers of people working together seem to impress the authorities more than individuals, who they can dismiss as lone voices.

The alternative may be a very expensive, poverty-ridden future.

Source: COVID-19: Experts make case for one-off £260bn tax raid on wealthy | Business News | Sky News

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.

https://www.crowdjustice.com/case/mike-sivier-libel-fight/

Vox Political needs your help!
If you want to support this site
(but don’t want to give your money to advertisers)
you can make a one-off donation here:

Here are four ways to be sure you’re among the first to know what’s going on.

1) Register with us by clicking on ‘Subscribe’ (in the left margin). You can then receive notifications of every new article that is posted here.

2) Follow VP on Twitter @VoxPolitical

3) Like the Facebook page at https://www.facebook.com/VoxPolitical/

Join the Vox Political Facebook page.

4) You could even make Vox Political your homepage at http://voxpoliticalonline.com

And do share with your family and friends – so they don’t miss out!

If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!

Buy Vox Political books so we can continue
fighting for the facts.

The Livingstone Presumption is now available
in either print or eBook format here:

Health Warning: Government! is now available
in either print or eBook format here:

The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here: