By now, ‘tax the rich’ is a familiar slogan. And it makes sense, a tax on the growth in extreme wealth held by individuals and corporations in the UK could generate significant funds. One study suggests a global levy on the top 0.5% could raise about $2.1tn – roughly 7% of national budgets – with the UK alone bringing in around $31bn a year. That revenue could be transformative if used to fund the NHS, education, affordable housing, climate resilience, and long-term care. So why hasn’t it happened?
In a new video series on our It’s Complicated YouTube channel, we’re on a mission to untangle confusing everyday topics by speaking directly with experts and asking the questions people actually have. In an upcoming episode, we’re turning our attention to wealth tax.
We want to hear from you. What have you always wondered about the inequalities in our tax system? Maybe you’re confused why governments are often reluctant to impose a wealth tax, or why wealthy individuals and corporations are paying a smaller proportion of their income in tax than most teachers and nurses, or why the poorest 10% of households in the UK pay more of their income in tax than the richest 10%?
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