What are Wes Streeting’s plans for a ‘wealth tax’?

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleWes Streeting, the former health secretary, has put forward a proposal for a "wealth tax that works" as part of his campaign for the Labour leadership, aiming to garner support from the party's left wing. His plan involves aligning capital gains tax with income tax rates, which would see higher and additional rate taxpayers paying 40 per cent and 45 per cent respectively on their gains. Streeting argued that the existing tax system is unjust, favouring wealth accumulation over earned income, and highlighted the disparity where a cleaner pays a higher tax rate than a landlord on asset growth. The proposal also includes provisions to safeguard genuine entrepreneurs with reduced capital gains tax rates and to eliminate loopholes used to misrepresent income as capital gains, with the potential to generate up to £12 billion annually. He underscored his working-class background, expressing a commitment to enhancing life chances for children and contrasting his own upbringing with the current housing challenges faced by families in temporary accommodation. In fullWes Streeting pledges wealth tax in bid to win over Labour leftThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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