The campaign group, which is calling for a “fairer tax system that actively redistributes wealth to tackle inequality”, suggests five “wealth tax reforms” that it said could bring in an additional £37bn in tax income. It said:
Equalising capital gains tax with income tax could raise up to £14bn a year. At present many well-paid people collect their salaries via sole trader or business partnership companies, and can pay capital gains tax at a rate of 20% rather than income tax, which is as high as 45% for earnings over £150,000. CGT also applies to income from renting out a second home, and dividend income on stocks and shares.
So that’s a load of bollixy cobblers. You don’t, in fact, switch to CGT by gaining your salary through being a sole trader or a business partnership.
Now, of course, it could be The Guardian that doesn’t know what it’s talking about. Wouldn’t surprise. But then that just shows the stupidity of sending the press release out for publication before you publish the report. Because it’s not possible (yes, I have looked) to read the report to find out whether it’s The G or TJN that is wildly ignorant.
And CGT applying to dividends and rental income? Which of the two is insane here?
Rupert Neate Wealth correspondent
Tue 25 Oct 2022 22.00 BST
Well, that’s one person who needs to be fired given the pile of shite being spouted here. Journalists are expected to have at least some familiarity with their specialty, no?
And yes, Neate gets worse:
The UK Wealth Tax Commission last year recommended that a one-off 1% wealth tax on households with more than £1m, perhaps payable in instalments over five years, would generate £260bn – more than enough to cover a year’s funding of the NHS and social care spending.
No, the suggestion is 1% a year, each year, for five years.