This is the third in my series of video questions published to coincide with the general election:
The transcript is:
Why won't you charge the equivalent of National Insurance on investment income in the UK? At the moment, the only people who pay National Insurance are those who work for a living. Most political parties say that what they want to do is offer a fair choice to working people. But the one thing they're not doing is that.
Because working people pay more tax than people who live off unearned income, whether that be interest from savings or dividends or rents or whatever else. So, why is it that they are actually so biased against working people and in favour of income from wealth? They could charge National Insurance on income from investments.
It would be relatively easy, it would go straight through the tax return, it would only apply to people who are earning above a fixed amount, £5,000, maybe £10,000 a year, but it would raise billions to solve the problems that we have in our society.
So why won't our politicians do that? And why are they telling you a lie about their bias towards working people?
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Quite a good point and easy to implement. In the long-term combining income tax and NI would be a better option but for now the change would as you say raise extra revenue and be fairer. Any idea how much extra could be raised?