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This from Hans Bromwich, Cowes. Ed
Our tax system is broken, and is in urgent need of levelling up.
The New Statesman recently reported that over the last three years Rishi Sunak earned £4.8 million. One million came from income on which he pays 37% tax, the remaining £3.8million was from wealth on which 20% capital gains tax is levied. When combined his overall tax burden was 23%, lower than someone earning £37k.
Let that sink in for a minute; someone earning nearly £5 million is effectively paying just 23% in tax. So don’t look towards Rishi Sunak, or the Conservative government, for any radical change to our tax system.
Wealth has doubled for the super rich
Wealth has doubled for the super rich over the period of this government, and is held by a relatively small number of people.
During the pandemic the richest 5% saw their wealth increase by 8%, whilst the remaining 95% became on average 8% poorer. In short, we have a grossly unfair tax system.
Tax wealth fairly
If wealth was taxed fairly it’s been estimated income tax could be reduced by 4%, which would put significantly more money in everyone’s pocket. Imagine the boost that would give to our economy.
We are told if you tax the super rich they will leave Britain. But once they have sucked every last cent out of the British economy they will sail off anyway, usually to live in an overseas tax haven.
Genius has its limits
As we approach the next general election, is the answer to doff one’s cap and simply accept more of the same? I’m minded to reflect upon what Albert Einstein once said, “the difference between stupidity and genius is that genius has its limits”.
Are we really going to vote for the continuation of limitless stupidity, a taxation system that for years disproportionately favours the rich, and that is inflicting so much damage to the fabric of our society and Country?
