Cuts to public services and welfare are wrong – and unnecessary. The government could tax extreme wealth and close loopholes instead. Here are ten tax reforms to raise over £60 billion a year taxjustice.uk/blog/how-to-... - ThreadSky

taxjusticeuk.bsky.social • 27 days ago

Cuts to public services and welfare are wrong – and unnecessary.

The government could tax extreme wealth and close loopholes instead.

Here are ten tax reforms to raise over £60 billion a year

https://taxjustice.uk/blog/how-to-raise-60-billion-for-public-services-our-ten-tax-reforms/

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cornishskipper.bsky.social•26 days ago

France & Spain eg already have wealth tax. New proposal in France to tax those with >€100m @2% would bring in €15bn pa from just 1800 households! #TaxTheRich #WealthTax https://www.thelondoneconomic.com/politics/french-wealth-tax-what-is-zucman-tax-ultra-rich-390086/

verityplayer.bsky.social•25 days ago

This is one of the many reasons French people live longer than we do.

taxjusticeuk.bsky.social•27 days ago

They could apply a 2% tax on assets over £10 million, to raise up to £24 billion a year.

This would affect just 0.04% of the population (20,000 people).

taxjusticeuk.bsky.social•27 days ago

They could reform the Capital Gains Tax system through increasing rates and closing loopholes, to raise around £12 billion a year.

The UK’s CGT rate is the lowest in the G7. It should be equalised with income tax rates.

taxjusticeuk.bsky.social•27 days ago

They could end and redirect fossil fuel subsidies for oil and gas companies to raise £2.2 billion per year.

By providing billions in subsidies to fossil fuel producers, the UK Government is losing this vital revenue – and is also pushing companies to continue investing in harmful fossil fuels.

taxjusticeuk.bsky.social•27 days ago

They could stop rich multinational corporations evading tax by forcing them to declare profits wherever they operate, to raise just under £15 billion a year.

Using 2021 data, the UK was found to suffer £71 billion of profit shifting, leading to an estimated £15 billion loss in corp tax revenues.

taxjusticeuk.bsky.social•27 days ago

They could properly tax income from wealth, by applying National Insurance to investment income, raising up to £10.2 billion a year.

Currently National Insurance is paid on income from work but not income from investment.

taxjusticeuk.bsky.social•27 days ago

These are just some of the options available to the government.

See our full list of ten tax reforms here https://taxjustice.uk/blog/how-to-raise-60-billion-for-public-services-our-ten-tax-reforms/

clearlight.bsky.social•24 days ago

That's what they would do if they thought their job was to serve the public. They think their job is to serve their investors though, so instead, they are pushing ahead with Austerity even crueller than the Tories ever dreamed of, in order to let their looter-class investors cannibalise our society.

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