A key concern for the British public is the implementation of a wealth tax targeting the wealthiest individuals, with growing pressure on Keir Starmer to take action.
Labour has been resistant to increasing taxes on the ultra-rich as a means to bolster government revenue and address financial imbalances.
In a large-scale survey known as the Giga Poll, involving over 45,000 participants, imposing a wealth tax emerged as the third most favored demand among the public.
The survey revealed that three-quarters of respondents believe that wealthier individuals are becoming richer while the less affluent are falling further behind, with only 7% in disagreement. Additionally, 40% of Britons ranked the introduction of a new wealth tax as their top priority, based on a poll commissioned by environmental entrepreneur Dale Vince.
Vince, who has actively advocated for increased taxation on the wealthy, expressed satisfaction at the public’s backing for taxing the rich, including himself. He highlighted the urgent need to address the substantial deficit in public finances by ensuring that the wealthiest contribute their fair share through taxes.
Proposing a tax rate of 2% on assets exceeding £10 million, which could potentially generate £24 billion annually and impact around 20,000 individuals, Vince emphasized the necessity of rectifying the existing imbalance in the tax system.
He further stated, “If millionaires are unwilling to contribute, they should depart. The current tax system disproportionately favors the wealthy, leading to reduced tax obligations as wealth increases, a situation that Vince deems unjust given the prevalence of extreme poverty in the country.”
Acknowledging his position as one of the top 100 taxpayers in the UK, he emphasized his adherence to transparent tax practices and his belief in the necessity for individuals like himself to contribute more substantially, contrasting this with the tax avoidance strategies employed by certain figures in the political landscape.
The Giga Poll results underscore a significant public sentiment, with 75% of Britons viewing wealth taxation as a viable solution to address economic disparities.
A mere 2% levy on wealth exceeding £10 million, affecting a limited group of 20,000 individuals yet potentially raising £24 billion annually, could fund various social initiatives, such as eliminating the two-child benefit cap with ample funds remaining.
Calls for tax reform, particularly the implementation of a wealth tax, are gaining traction, contrasting with the reluctance of certain political figures to advocate for such measures.
<p class="Paragraph_paragraph-text__PVKlh " data-tmdatatrack="content-unit" data-tmdatatrack-type="
