With Andy Burnham reported to be weighing up tax rises as he assumes office, some are calling for him to ramp up taxes on the richest people in the UK.
Capital gains tax and income tax could go up for the wealthy, or Burnham could decide on a wealth tax, a levy on the entirety of a person or entity’s total worth. It’s a popular idea: last year YouGov found that 75 per cent of Britons backed it.
Though other countries have brought in such a tax, they have had mixed success. And opponents suggest taxing the rich more would drive them abroad, and stifle the growth which Britain needs.
So, should we tax the rich more? Entrepreneur Charlie Mullins, writer and broadcaster Zing Tsjeng and economist Professor Lucy Barnes give their perspectives.
History shows that taxing wealth is expensive, difficult and often counterproductive. A targeted tax on luxury consumption would be fairer, simpler and far better for Britain’s economy.
