{"id":78048,"date":"2024-10-06T08:33:02","date_gmt":"2024-10-06T07:33:02","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=78048"},"modified":"2024-10-06T08:33:02","modified_gmt":"2024-10-06T07:33:02","slug":"tackling-inequality-requires-an-increase-in-taxes-on-wealth","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2024\/10\/06\/tackling-inequality-requires-an-increase-in-taxes-on-wealth\/","title":{"rendered":"Tackling inequality requires an increase in taxes on wealth"},"content":{"rendered":"<p>According <a href=\"https:\/\/www.theguardian.com\/politics\/2024\/oct\/05\/increase-wealth-taxes-to-stop-rise-of-reform-uk-says-ex-labour-minister\" target=\"_blank\" rel=\"noopener\">to the Guardian<\/a> yesterday:<\/p>\n<blockquote>\n<p class=\"dcr-1eu361v\">A failure by\u00a0Rachel Reeves\u00a0to back a \u201cwindfall of wealth taxes\u201d in her budget risks fuelling the rise of the populist right, a former Labour \u00adcabinet minister has warned.<\/p>\n<p class=\"dcr-1eu361v\">Liam Byrne, a senior figure in the New Labour government and chair of the Commons business and trade committee, said that the rise of Reform UK at the last election meant the chancellor and Keir Starmer must urgently consider raising funds to deal with inequality.<\/p>\n<\/blockquote>\n<div id=\"sign-in-gate\">His conclusion, which is apparently in a new book, is:<\/div>\n<figure id=\"9846c965-89cf-4c42-9900-2825865915bc\" class=\"element element-interactive element--inline element-inline dcr-19xqv4h\" data-alt=\"wealth tax graphic\" data-testid=\"interactive-element-wealth%20tax%20graphic\" data-spacefinder-role=\"inline\">With Reeves desperately hunting for revenue-raising measures to pay for a public investment drive, Byrne said she should consider raising capital gains tax\u00a0(CGT) to the same level as income tax,\u00a0closing inheritance loopholes\u00a0exploited by the wealthy,\u00a0cutting tax breaks for rich pension savers\u00a0and charging national insurance contributions on investment income.<\/figure>\n<p>I think he's been reading my <a href=\"https:\/\/taxingwealth.uk\/\" target=\"_blank\" rel=\"noopener\">Taxing Wealth Report 2024<\/a>, which has some more to add.<\/p>\n<p>My point is that the momentum for change is growing. Byre is not the ally I expected, but who cares? It's the change that matters, and this reform is long overdue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the Guardian yesterday: A failure by\u00a0Rachel Reeves\u00a0to back a \u201cwindfall of wealth taxes\u201d in her budget risks fuelling the rise of the populist<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2024\/10\/06\/tackling-inequality-requires-an-increase-in-taxes-on-wealth\/\"><em> Read the full article&#8230;<\/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":[35,50,97,209],"tags":[],"class_list":["post-78048","post","type-post","status-publish","format-standard","hentry","category-economics","category-tax-gap","category-tax-justice","category-taxing-wealth-report"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/78048","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=78048"}],"version-history":[{"count":1,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/78048\/revisions"}],"predecessor-version":[{"id":78049,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/78048\/revisions\/78049"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=78048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=78048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=78048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}