Most tax revenue comes from taxes on work, not wealth. Taxes on work currently bring in almost half of all government tax receipts. While taxes related to wealth, such as capital gains and stamp duty, are only set to bring in less than 5% of tax receipts.
Former Prime Minister Rishi Sunak – from one of the 250 richest families in the UK – paid just 23% in tax in 2023 on his £2.2 million in earnings. That’s a lower rate of tax than a teacher.
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Polling shows that the public and 65% of millionaires themselves want the wealthiest to pay more, and are more likely to vote for a party that commits to higher taxes on the wealthiest to invest in public services.
It's perverse that they'll take from those in most need and not touch the insanely wealthy who wouldn't even see an impact on their lifestyle.
I can't recommend Gary's Economics enough, especially his recent video "How to stop the economy collapsing" which goes into the idea of taxing wealth not work.