{"id":51580,"date":"2020-07-15T10:11:01","date_gmt":"2020-07-15T09:11:01","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=51580"},"modified":"2020-07-15T10:11:01","modified_gmt":"2020-07-15T09:11:01","slug":"the-idea-that-capital-gains-tax-might-be-reformed-is-frightening-some","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2020\/07\/15\/the-idea-that-capital-gains-tax-might-be-reformed-is-frightening-some\/","title":{"rendered":"The idea that capital gains tax might be reformed is frightening some"},"content":{"rendered":"

Thew front covers of the Times and Telegraph this morning both refer to the forthcoming capital gains tax review<\/a> that I have already noted today:<\/p>\n

\"\" \"\"<\/p>\n

If clicked enough times the images should be big enough to read.<\/p>\n

What is very clear is that the idea of taxing wealth in any form is not popular in some parts of the political spectrum and yet, as I have shown<\/a>, wealth increases are very heavily undertaxed.<\/p>\n

The question here is an ethical one. The issue is whether those with the greatest ability to pay should pay most?<\/p>\n

And it is a question about whether inequality matters to us?<\/p>\n

And it is also a\u00a0 question on equality of opportunity, since concentrated capital ownership undoubtedly denies that chance.<\/p>\n

But it's also an economic question, because capital gains rarely give rise to additional employment-generating spending, whereas the spending of those with lower incomes does. So, shouldn't we be taxing wealth more when there is a shortage of demand in the economy and reducing tax on those with the lowest incomes has greatest chance of increasing that demand, and so employment?<\/p>\n

These are questions that should be rationally debated. They should not be made into fear-inducing headlines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Thew front covers of the Times and Telegraph this morning both refer to the forthcoming capital gains tax review that I have already noted today:
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,35,182,184,97,150],"tags":[],"class_list":["post-51580","post","type-post","status-publish","format-standard","hentry","category-capital-gains-tax","category-economics","category-tacs-tax-after-coronavirus","category-tacs-tax-and-wealth","category-tax-justice","category-wealth-tax"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/51580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=51580"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/51580\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=51580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=51580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=51580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}