TUC launches blueprint to squeeze Britain’s multimillionaires for a ‘modest’ proportion of their wealth and end the country’s ‘increasing wealth inequality’
As Charles Dicken’s had written “it was the best of times and it was the worst of times”. UK is going through its best and worst times at the same time. The tale of two Britain which sees working people suffering. It is the longest pay squeeze in modern history while bankers’ bonuses are at eye-watering levels and chief executive pay is surging.
What is Blue print for Wealthy Taxing?
TUC launched a blueprint to squeeze Britain’s multimillionaires for a “modest” proportion of their wealth. This will end the country’s “increasing wealth inequality”. The blueprint would raise £10 billion for the public purse and should be the “start of a national conversation about taxing wealth.” It would affect only 140,000 individuals, which is 0.3% of Britain’s population.
Why to tax the wealthy?
It is absurd that a nurse pays a bigger share of their income in tax than a city trader does on profits from their investment portfolio. This is not only fundamentally unfair and unjust but also bad for Britain’s economy. Britain’s “broken” tax system means those at the top are hoarding wealth and getting richer and richer while working people struggle to get by.
How is the tax system?
Britain’s “broken” tax system means those at the top are hoarding wealth. The riches are getting richer and poor are getting poorer, this difference increases due to the broken taxation system. That is starving our economy of spending — as it’s working people who spend their money on our high streets – and it’s starving our public services of much-needed funds.
How to combat the Tax structure?
Fair tax must play a central role in rewriting our economy to work for working people. The analysis sets out options for taxing the small number of individuals with wealth of more than £3 million, £5m and £10m, excluding pensions. While working people have been “hit by a pay loss of historic proportions” the wealth of multimillionaires and billionaires has boomed, said the TUC.
