"London house prices have risen inexorably since 2010, by 31 per cent after inflation. The FTSE 100 is 58 per cent higher after dividends. Real average weekly pay is, meanwhile, no higher today than in July 2006. Those who live in Asset Britain have no idea what Austerity Britain is like."

Why Labour's refusal to apply a wealth tax is yet another tax con.

#Labour #UKPol #WealthTax

https://www.newstatesman.com/politics/economy/2023/08/britains-great-tax-con

“Labour and Tories ‘out of step’ with cost of living concerns”

Are you listening @Keir_Starmer @UKLabour?

No more making policy for the profiteers or Murdoch.

Listen to voters

We need REAL change not more ‘Tory Lite’

Tories have wrecked UK infrastructure and syphoned off profits to the wealthy so you must
#WealthTax profiteers & rebuild the UK

And #taxtherich to #SaveOurNHS
https://www.theguardian.com/business/2023/aug/31/labour-and-tories-out-of-step-with-cost-of-living-concerns-poll

Okay, I've cut Labour a lot of slack and chalked up their more Toryish announcements as hollow messaging that will ultimately give way to a progressive, Socially Democratic platform in office.

But this changes all that. This is such a central plank of what Labour needs to be that without it, they really do look like little more than Blair without the style or ambition.

BBC News - Labour rules out wealth tax if party wins next election
https://www.bbc.co.uk/news/uk-politics-66634187

#UKPol
#Labour
#WealthTax

Huge missed opportunity for #Labour. But they are probably right that the electorate wouldn’t vote for it. #WealthTax https://apple.news/AE4y4g3r9SVGNaV9gKCGofQ

And Labour's stepping back from Labour-like policies continues with #RachelReeves assurance to the Telegraph that she & #KeirStarmer are ruling out any #wealthtax if they win the #election

I know they need to neuter the right-wing press, but at some point they may realise that you can only take your core vote for granted for so long....

With a commitment to 'fiscal probity' & no wealth tax, what hope have Labour of reversing the effects of a decade to #Tory wrecking?

This does not bode well!

Labour to continue with the Tories' economic policies, says Chancellor-in-waiting Rachel Reeves.

#Labour #RachelReeves #WealthTax

https://www.theguardian.com/politics/2023/aug/27/rachel-reeves-rules-out-wealth-tax-if-labour-wins-next-election

When you #TaxTheRich with a #wealthtax, you can actually help #workingclass #people, including providing #freeschoolmeals.

https://youtube.com/watch?v=Cv4Lb1N9CoQ&feature=share

Modest wealth tax on richest 0.3% could raise more than £10bn for public services, says UK Trades Union Congress.
https://leftfootforward.org/2023/08/modest-wealth-tax-on-richest-0-3-could-raise-more-than-10bn-for-public-services-says-tuc/
#wealthtax #ukpolitics #wealth #publicservices

@ChrisMayLA6

Worth noting that both #counciltax and #capitalgainstax have ended up being in part a #wealthtax on those of modest means while being designed not to affect the really wealthy at all significantly. Getting rid of inflation indexation on capital gains and then reducing the annual exemption has had that effect - anyone who makes the mistake of holding shares for more than a year or so can expect to be caught by #capitalgainstax even if all that has happened is general inflation!

Rightly the #TUC suggests a 'modest' and clearly focussed #wealthtax would give a significant fiscal boost to #publicservices... we need to (re?)establish fairness in #taxation in the UK as a way of rebuilding society both financially and morally....

The TUC have as yet not 'recommended' this change, but the very act of pointing out what it would entail ratchets up the pressure on the Labour Party to be thinking about such things!

https://www.theguardian.com/politics/2023/aug/11/modest-wealth-tax-could-raise-more-than-10bn-for-public-services-says-tuc

‘‘Modest’ #WealthTax could raise more than £10bn for #PublicServices, says #TUC

Union body raises idea of levy on #UK’s richest 140,000 people as it calls for ‘national conversation’ on issue
https://www.theguardian.com/politics/2023/aug/11/modest-wealth-tax-could-raise-more-than-10bn-for-public-services-says-tuc

@AnthonyFStevens I've now read your eighteen part manifesto, and while there are interesting ideas in it, it's still fundamentally neoliberal in outlook, looking to loans on international money markets (i.e. another way of ensuring the #plutocrats keep profiting).

The UK isn't "broke". Wages are not paid by the nation, but by corporations, which are raking in record profits. Anyone who believes in taxation as a social good who is not contemplating some form of #WealthTax probably hasn't really grasped the scale and nature of #inequality under capitalism (accelerating under its current neoliberal manifestation).

"Better links between universities and industry" entails further corporatisation of education and research (a neoliberal priority).

Why is the rail infrastructure so archaic and neglected? Privatisation, which has been a disaster, but was also a core neoliberal plank from #Thatcher onwards.

Public-private partnerships: not a solution, but another metastatis of neoliberal state capture, privatising much of the profits while effectively socialising losses and risks. Businesses often prefer this on risky infrastructure builds, so they can effectively walk away from the provision of critical needs once they've extracted maximum value (cf #ThamesWater).

#BanPrivateJets
But not because their emissions matter the most (fixing old, methane-leaking gas fields is probably the most efficient way to cut global emissions), but because they are a symbol of arrogant arseholism.

Some data:

Aviation accounts for around 2.5% of global CO₂ emissions, but 3.5% when we take non-CO₂ impacts on climate into account.
https://ourworldindata.org/co2-emissions-from-aviation

Commercial passenger aviation makes up 71% of the global proportion of total aviation fuel use, whereas commercial freight aviation accounts for 17%, military aviation 8%, and private aviation 4%. Even though private aviation makes up only a small portion of the total aviation fuel use, private aviation is the most energy-intense form of air travel (Gössling and Humpe, 2020).
https://www.sciencedirect.com/science/article/pii/S2590198222000380#:~:text=2.2.-,Private%20aviation,%2C%20and%20private%20aviation%204%25
...and military the most stupid...

Those who can afford to own a private jet make up just 0.0008% of the global population.

Tax them. Most global problems solved.

#TaxTheRich #PatrioticBillionaires #TaxMeNow #WealthTax #Erbschaftssteuer #Reichensteuer #Vermögenssteuer

@riverlight @steve

There’s a timeline where we tax all wealth in excess of one billion dollars and use the money to pay off every mortgage in the country. That math works.
#WeDontNeedBillionaires #WealthTax #TaxTheRich

Intellectually, politically and equity-wise, Hipkins call to categorically rule out a wealth or capital gains tax for the duration of his political career is a monumental mis-step.

And it’s clear the decision is not supported by a number of his Cabinet colleagues.

#nzpol #cgt #wealthtax

"New Zealand has been slow to fund certain drugs that Pharmac hasn't been able to fund, we've been slow in being able to take corrective action against climate change because we just haven't got the funds in New Zealand to invest in the things that we care about."

Yes we have got the funds. See #wealthTax #CGT #WindfallTax eg

https://www.rnz.co.nz/programmes/the-detail/story/2018898870/the-dangers-of-our-productivity-slide

Treasury and Inland Revenue officials were concerned that a wealth tax would result in reduced social cohesion. WTF?
#WealthTax #EconNZ #NZPol

Wealth tax: Keep it simple, tax the 177 dollar billionaires in India

According to the Hurun Global Billionaires list, the number of US dollar billionaires in India increased to 187 in 2023, writes Jayati Ghosh.

#economy #wealth #taxes #billionaires #WealthTax #inequality #india

https://www.deccanherald.com/opinion/panorama/wealth-tax-keep-it-simple-tax-the-177-dollar-billionaires-in-india-1234630.html

If implemented well it should work pretty well. It can keep being adjusted to improve the effect.

Along with it, America should tax wealth, and offer zero-barrier progressive cash assistance to the poor. By reducing wealth hoarding, we can push the wealthy toward limiting polluting activity, because they will become more sensitive to the carbon tax.

🧵 3/x
--
#WealthTax

The Supreme Court May Preemptively Ban a Federal Wealth Tax

https://newrepublic.com/post/173913/supreme-court-may-pre-emptively-ban-federal-wealth-tax

#SupremeCourt #WealthTax #FederalBan #PreemptiveBan #TaxLaw #FederalCourt #Politics #News