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Thursday, June 20, 2024

Wealth Tax on Super-Rich Would Raise £70 Billion a Year for Public Services

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An annual wealth tax on the super-rich would raise £70 billion a year for public services like the NHS, say the Scottish Greens.

The party’s manifesto, set to be published in the weeks ahead, will include a commitment for a groundbreaking and progressive annual wealth tax on the wealthiest 1% of households in the UK, those with assets worth £3.4 million and above.

The tax would start at a marginal rate of 1%, rising to 5% for those with £5.7 million and above (the richest 0.5%), and 10% for those with £18.2 million (the richest 0.15%).

Analysis from the University of Greenwich shows that this tax would raise over £70 billion a year and potentially up to £130 billion.

The party’s co-leader, Lorna Slater said:

“The last few years have been really tough for millions of families across the UK.

“People have struggled with sky high bills, soaring costs and stagnating wages.

“Yet, for the super wealthy things have never been better.

“They have continued to get richer and richer while inequality has gotten worse and worse.

“There is more than enough money in the UK to ensure that everyone can grow up with warmth and security, but so much of it is being hoarded by a tiny number of extremely wealthy people who don’t need it.

“A fair income tax system is important, but it misses the vast majority of the money being accumulated by the super-rich.

“That is why it is so crucial that we tax their overall wealth.

“Over the weeks ahead every party will make big promises about what they will do in power.

“Only the Scottish Greens are being honest enough about how we would fund it and who would pay for it.”

Ms Slater added:

“The Scottish Greens have already delivered by far the fairest and most progressive income tax system anywhere in the UK, raising an extra £1.5 billion for public services every year.

“By asking the people with the most to pay a little bit more, we have delivered vital funds to support our NHS and schools, and the services we all rely on.

“With those services under so much pressure though we must go further, and it is right that the very wealthiest in our society are the ones to fund it.”

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