25th September 2025
One way of redressing the wealth and income imbalance would be via wealth taxes. In July of this year, 30 economists, the Patriotic Millionaires, the Commission for the Reform of International Corporate Taxation, and others called for a UK wealth tax and other reforms. (1) The proposed reforms would not only begin to rebalance wealth inequalities, but would provide useful revenue for funding those things that benefit society – schools, healthcare, a just transition to renewable energy etc
- Apply a 2% wealth tax on assets over £10 million, raising up to £24 billion a year.
- Reform capital gains tax to raise £14 billion a year.
- Apply National Insurance to investment income, raising up to £10.2 billion a year.
- Close inheritance tax loopholes to raise £1.4 billion a year.
- Close the loopholes in the new non-dom scheme to raise up to £1 billion.
- Introduce a 4% tax on share buybacks, raising approximately £2 billion a year. (2)
Altogether this totals over £52 billion a year.
The Green Tau 