Article preview: The best way to shore up UK government finances battered by the coronavirus crisis will be a one-off ‘wealth tax’, tax experts have said. Instead of increasing income tax or VAT, the government should look at a tax on millionaire couples instead. That’s according to a new report by the Wealth Tax Commission, which has prompted a lot of very strong views, both for and against the idea. It said, taxing wealthy households an additional 1% a year over a £1 million threshold could collect £ 260 billion over five years.
Is a one-off wealth tax the solution to coronavirus borrowing?
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This 649-word blog post looks at proposals from the Wealth Tax Commission to introduce a one-off wealth tax of 1% a year for 5 years for wealthy people, as a way to raise tax revenue to repay coronavirus borrowing. Written on 9th December 2020.
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