Yet, as the think tank highlights, while wealth has been increasing compared to GDP, the tax revenue from wealth has not. The burden of funding public services is firmly on labour, not capital.
Err, no. The burden of funding is upon incomes, the flow, not wealth the stock.
This all helps explain why the idea of taxing wealth is gaining traction and not just on the Left. Nick Timothy, the former chief of staff of Britain’s Conservative Prime Minister Theresa May, writing in The Sun newspaper, called on the Government to “increase taxes on accumulated wealth”.
I agree with Nick – with the current capitalist model seemingly unable to deliver prosperity for all, it’s time to seriously examine the case for wealth taxes. Which is exactly what we’re doing in a forthcoming UnHerd audio-documentary.
Which is where Unherd seems to be. Continuity SDP perhaps?