One off wealth tax to aid Covid recovery proposed for UK

10th December 2020 (Last Updated December 10th, 2020 09:17)

10 December

Robert Palmer, a tax reform campaigner and executive director of Tax Justice UK, re-tweeted about a wealth tax to fund Covid recovery.

In his views, too often during the crisis, the government has been on the back foot but that should not be the case when the next shock hits.

Experts from the Warwick University and London School of Economics announced a plan that could raise $348bn through a one-off 5% wealth tax on millionaires.

The Wealth Tax Commission comprises lawyers, economists, professionals, and think tanks who advise the rich and wealthy.

The wealth tax will be paid by UK residents with personal wealth above a set threshold. It will include all assets but not debts such as mortgages.

The tax will be paid in instalments over a five-year tenure and will apply on the wealth above the threshold, the article highlighted.

The tax will not only aid in Covid recovery but also gain the trust of people about the government confronting issues related to inequality, and racial and gender injustices, the article highlighted.

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