For a wealth tax political

Governments already tax wealth

Most governments already run wealth taxes by other names — inheritance and estate taxes, property and transfer duties, recurring property levies — introduced with little outcry. The UK has inheritance tax, stamp duty and council tax bands; the US levies estate and property taxes; Spain, Norway and Switzerland run recurring net-wealth taxes. Taxing wealth is the norm, not a radical departure; this campaign just goes further.

2 sources
2 people
1 evidence

Backed by

The Role and Design of Net Wealth Taxes in the OECD OECD (Tax Policy Studies) · 2018 · report
Recurring net-wealth taxes are an established, documented instrument: twelve OECD countries levied one in 1990, and France, Norway, Spain and Switzerland still did in 2017 — sitting alongside the inheritance, estate, transfer and recurring property taxes that nearly every member already runs. Taxing accumulated wealth is the norm, not a radical departure; "tax something else, not wealth" overlooks that governments tax wealth already.

Where it's been said

This Is Why The Rich Get Richer Gary Stevenson · 06:06 · video · 2 years ago
“the top inheritance tax rate at the time was 90% during that period up until the 80s”
Why Jeremy Hunt doesn't pay stamp duty - Gary on BBC Radio 4 Today Show with Nick Robinson Gary Stevenson · 01:50 · video · 6 years ago
“when they brought in the second home stamp duty, an extra three percent for second home buyers — perfectly reasonable tax”