Taxing multi-millionaires – an investment income surcharge

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In a series of videos (the production of which has been delayed by Jack Lennon, my video editor, moving house)  I am looking at practical ways to tackle the problems that millionaires are creating in society, largely as a result of increased inequality.

In a previous video, I suggested that national insurance creates an incredibly unlevel playing field in UK taxation, with the income from wealth taxed as a result at much lower rates than the income from work is.

There is an obvious way to tackle this inequality. It is called an investment income surcharge. We had one in the UK for more than 20 years, but Margaret Thatcher got rid of it. It is time that we had one again, creating an additional 15% tax charge on income from wealth of more than £10,000 a year.

This video is one of a series. All of the videos are linked from this page on the Tax Research wiki, which is being updated as new videos are produced.