Wealth tax plan to help pay for Covid crisis could be ignored if you don’t have your say

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

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6 thoughts on “Wealth tax plan to help pay for Covid crisis could be ignored if you don’t have your say

  1. Jeffrey Davies

    It would be better if they paid their taxes then this wouldn’t have to happen the rich squirm if taxes are mentioned offshore accounts are whot these parasite’s use when the peasants have to pay theirs

  2. Jeffrey Davies

    Mike could you put up in my email a link back to were you mentioned help with electric or gas has I now o tried but was getting fobbed off thanks Jeff

    1. Mike Sivier Post author

      Sorry but from the description, I don’t know which article you mean. I wish I could help. Have you tried using the search facility?

  3. kateuk

    My MP is the odious Ben Bradley who doesn’t ever visit Mansfield and thinks families spend food vouchers on drugs and alcohol so he would never support a wealth tax.

Comments are closed.