The proposals laid out a five-year plan to tax 1pc of individuals’ wealth above £500,000 after debt.
No. It’s 5%. Taxed at 1% per year for 5 years.
This should be obvious. Household wealth is £14 trillion or so. 1% of that – even without limiting the taxation to the richer folks – is £140 billion. Thus a tax which raises £260 billion cannot be only 1%, can it?