#033 Tax The Fat Cats

Ten Progressive Tax Changes To Obviate The Need For Austerity 2.0

Jeremy Hunt MP reverses ‘almost all’ tax cuts of mini-budget (October 2022)
  1. Tax personal wealth & capital intelligently,
    eg, 1% over £5 million in net assets.
  2. Institute a land value tax on commercial property, to replace business rates.
  3. Institute a tougher windfall tax on the profits of oil and gas companies
    (
    https://www.bbc.co.uk/news/business-63409687 & shorturl.at/itFZ7).
  4. Decrease the threshold for the additional (highest) rate of income tax (currently 45%), down from £150'000, to say income earned above £125,140 per year, the point at which people get zero personal (income tax free) allowance.
  5. Turn national insurance into a progressive tax by taxing the higher rate, at a higher rate than the basic rate,
    e.g., basic N.I. rate at 12%, taxed on income between £12'570 and £50,270, 15% on income earned between £50,270 and £125,140, and then say 20% for income earned above £125,140.
  6. Apply national insurance to investment income.
  7. Tax dividends at the same rate as income tax and scrap the tax-free dividend allowance.
  8. Tax capital gains at the same rate income is taxed.
  9. Institute an online sales tax.
  10. Scrap the “non-dom” regime for those living in Britain.
‘The Case for a Wealth Tax’ (The Financial Times)
Economist Richard J. Murphy

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Exploring and arguing for radical, green & progressive ideas. https://twitter.com/ProgressiveJimi

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