Burnham shouldn’t let practical problems kill the wealth tax debate |
When governments look for money, the very rich are an obvious place to start.
Listen to this article
They own a disproportionate share of assets, benefit heavily from rising stock and property markets, and very often pay lower effective tax rates than workers whose income arrives in a monthly payslip.
That is why wealth taxes keep returning to the political agenda. The Patriotic Millionaires have already written to Andy Burnham asking to be taxed more and supporting a 2% tax on wealth over £10m. He himself has talked about the need for "greater fairness” in the UK’s tax system.
But why are wealth taxes so notoriously hard to implement? The problem is not a moral one - it’s a practical one.
In California, for example, millionaire wealth has surged while public services face mounting pressure. Taxing even a fraction of that wealth sounds like a way to raise serious money without increasing the burden on ordinary........