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As Sunday Instances Wealthy Checklist reveals file variety of UK billionaires, their positive aspects ought to be taxed the identical as earnings from work
Enormous will increase in wealth at prime throughout pandemic reveals how ‘wealth typically begets extra wealth’, suppose tank says
Requires redistribution by way of increased taxes on earnings from wealth, and scrapping council tax for a brand new, proportionate property tax
Reacting to publication of this yr’s Sunday Instances Wealthy Checklist, George Dibbs, head of the IPPR suppose tank’s Centre for Financial Justice, stated: “As we enter a once-in-a-generation value of residing disaster the Sunday Instances Wealthy Checklist reveals us once more that huge wealth typically begets extra wealth. That has proved notably true in the course of the pandemic, when the wealthiest amassed extra wealth than poorer individuals who saved nothing.
“Now there are extra billionaires within the UK than ever earlier than and the collective wealth of the richest has grown once more.
“We have to look urgently at methods to help the households most uncovered by this new worth disaster, and that ought to embrace redistributing the wealth positive aspects of the richest to pay for increased social safety advantages for individuals who most want them.
“Meaning reforming the tax system in order that earnings from wealth – capital positive aspects – is taxed the identical as hard-earned earnings from work. It’s additionally time for a good, proportional property tax to interchange the regressive system of council tax. These with the broadest shoulders ought to be contributing extra.
“On the similar time we should always scrap so referred to as ‘non-dom’ standing by way of which the rich keep away from tax by spending time overseas.”
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