Latest news with #tax the rich
The Guardian
05-08-2025
- Business
- The Guardian
Tell us: what questions do you have about wealth tax?
By now, 'tax the rich' is a familiar slogan. And it makes sense, a tax on the growth in extreme wealth held by individuals and corporations in the UK could generate significant funds. One study suggests a global levy on the top 0.5% could raise about $2.1tn – roughly 7% of national budgets – with the UK alone bringing in around $31bn a year. That revenue could be transformative if used to fund the NHS, education, affordable housing, climate resilience, and long-term care. So why hasn't it happened? In a new video series on our It's Complicated YouTube channel, we're on a mission to untangle confusing everyday topics by speaking directly with experts and asking the questions people actually have. In an upcoming episode, we're turning our attention to wealth tax. We want to hear from you. What have you always wondered about the inequalities in our tax system? Maybe you're confused why governments are often reluctant to impose a wealth tax, or why wealthy individuals and corporations are paying a smaller proportion of their income in tax than most teachers and nurses, or why the poorest 10% of households in the UK pay more of their income in tax than the richest 10%? You can tell us what you would like to know about wealth tax by filling in the form below. Your experiences could help shape the episode and might even feature in the show. Please include as much detail as possible. Please note, the maximum file size is 5.7 MB. Your contact details are helpful so we can contact you for more information. They will only be seen by the Guardian. Your contact details are helpful so we can contact you for more information. They will only be seen by the Guardian. If you include other people's names please ask them first. If you're having trouble using the form click here. Read terms of service here and privacy policy here.
The Independent
24-07-2025
- Politics
- The Independent
Jeremy Corbyn confirms plan to create new political party with Zarah Sultana
Ex-Labour leader Jeremy Corbyn has confirmed he is setting up a new political party. In a message on X, formerly Twitter, he said it was 'time for a new kind of political party - one that belongs to you'. It will be a joint venture with former Labour MP Zarah Sultana. Earlier this month, Ms Sultana announced plans to set up a new left-wing political party alongside Mr Corbyn, taking aim at Keir Starmer's government for having 'completely failed to improve people's lives'. She promised to offer an alternative to 'managed decline and broken promises'. Mr Corbyn said his party would tax the rich and invest in council houses. He also said it would support Palestine and be 'made up of people of all faiths and none'. The former Labour leader said the left-wingers would 'only assist the enemies of Labour' by forming a breakaway challenger party.
The Guardian
16-07-2025
- Business
- The Guardian
Wealth redistribution is good for growth
The reasons that Andy Beckett adduces for Labour foregrounding the redistribution of wealth are all valid and appropriate (Why is Labour so afraid to admit that we must tax the rich? 11 July). But there is one that is even more compelling and even more central to government priorities. Far from wealth redistribution being inimical to economic growth, there is overwhelming evidence – not least from international organisations like the International Monetary Fund and the Organisation for Economic Co-operation and Development – that redistribution to ensure a fairer distribution of income and wealth is extremely positive for economic growth, the main reason being that the less well off spend a higher proportion of their more limited incomes, whereas the better off tend to save or invest in their assets; there is no or very little 'trickling down'. In fact, as a result of increased economic inequality, and even though interest rates remain historically low, the major anglophone economies continue to suffer a classic case of what Keynes called 'underconsumption' due to the inability of the poorer members of society to keep up previous levels of demand for goods and BrownAuthor of The Inequality Crisis The concept of 'wealth taxation' takes up much space in the Guardian. Too little mention is made of how it might operate. Governments need to look much harder at the concept of land value taxation (LVT) to overcome the prejudice and fear of what might be considered as 'wealth' to be taxed. LVT is being seriously considered by the Welsh government and should be debated in England too. It would produce a long-term revenue stream for any future government. For example, land values along the Elizabeth line in London rose hugely when it was being built. Why was that not taxed? Likewise with HS2: land values rose near its proposed stations and are still rising near Euston in anticipation of completion. Tax that value at 2% annually and HS2 is paid CrawChesterfield, Derbyshire Have an opinion on anything you've read in the Guardian today? Please email us your letter and it will be considered for publication in our letters section.
