Why a wealth tax would not add up | Letter
Mark Husbands responds to Brian Cox’s call to tax the super-richBrian Cox suggests a wealth tax for the super-rich (Look at Donald Trump and his gang of broligarchs – and tell me we don’t need a wealth tax, 25 February). In theory, it’s an excellent idea – a 2% tax could raise $250bn – but how would it work in practice? The entire tax system in the UK is deliberately complicated and cunningly designed to work for the wealthy.How do you tax a billionaire who spends most of the year trying out their new deck shoes on a yacht or slumming it in a tax haven? Jim Ratcliffe, who used to pay more than £100m a year in tax in the UK, decamped to Monaco reportedly to save himself £4bn. How would HMRC get its hands on the piles of wealth the rich send offshore? Continue reading...
Mark Husbands responds to Brian Cox’s call to tax the super-rich
Brian Cox suggests a wealth tax for the super-rich (Look at Donald Trump and his gang of broligarchs – and tell me we don’t need a wealth tax, 25 February). In theory, it’s an excellent idea – a 2% tax could raise $250bn – but how would it work in practice? The entire tax system in the UK is deliberately complicated and cunningly designed to work for the wealthy.
How do you tax a billionaire who spends most of the year trying out their new deck shoes on a yacht or slumming it in a tax haven? Jim Ratcliffe, who used to pay more than £100m a year in tax in the UK, decamped to Monaco reportedly to save himself £4bn. How would HMRC get its hands on the piles of wealth the rich send offshore? Continue reading...
