Nearly 70 percent of Britons think high-earners pay fair share of tax
Political commentator Jason Reed analyses Andy Burnham saying he wants wealth creators to stay, despite signalling that he was in favour of a wealth tax
TL;DR
- Nearly 70% of Britons believe the top one percent of earners pay their fair share of taxes.
- Two-thirds of those polled suggested that taxes on working people would increase if the wealthy were compelled to leave the country.
- The TaxPayers' Alliance stated that the top one percent earn 13.3% of total income but pay 28.2% of all tax.
- Wealthier households experienced higher price increases than poorer ones for the first time since March last year.
- The number of British millionaires dropped to 442,000 last year, a 7% decline.
- Critics argue that increasing taxes on wealth creators and entrepreneurs could lead to economic self-harm.
- A wealth tax proposal includes taxing assets above £10 million at 1% annually and assets above £1 billion at 2% annually.
- Proposed reforms to Capital Gains Tax aim to align rates with income tax, affecting less than 2% of taxpayers.