So Rachel Reeves has ruled out a wealth tax. We need to know why. Perhaps the Treasury has informed her that it is impossible to know how rich people are, so the Rich List, published every year is self declared riches, not a basis for tax. Perhaps the Rich are not really as rich as they say they are. I mean, how did the former owner of Phones4US get £80 million to restore his Mayfair mansion? Strikes me there is a lot of horse trading going on with promises made that, in the past, have never been met. How about all purchases of personal property requiring that the funds used be already taxed by HMRC. No more making a fortune on investments in tax havens and returning to buy property using untaxed wealth. At what stage will the vast majority of us who PAYE be treated with the same leniency as those who employ tax accountants. It is time to introduce some means by which the rich take their fair share of the burden.
So Rachel Reeves has ruled out a wealth tax. We need to know why. Perhaps the Treasury has informed her that it is impossible to know how rich people are, so the Rich List, published every year is self declared riches, not a basis for tax. Perhaps the Rich are not really as rich as they say they are. I mean, how did the former owner of Phones4US get £80 million to restore his Mayfair mansion? Strikes me there is a lot of horse trading going on with promises made that, in the past, have never been met. How about all purchases of personal property requiring that the funds used be already taxed by HMRC. No more making a fortune on investments in tax havens and returning to buy property using untaxed wealth. At what stage will the vast majority of us who PAYE be treated with the same leniency as those who employ tax accountants. It is time to introduce some means by which the rich take their fair share of the burden.