Many supporters of the Labour Party are advocating for a shift in strategy regarding welfare reform, suggesting that instead of cutting benefits or public spending, the wealthy should be taxed more. Keir Starmer responded to this notion by claiming it is impossible to tax our way to growth; however, millionaire Dale Vince argues otherwise. As part of the Patriotic Millionaires, he and others believe that wealthier individuals should increase their tax contributions to combat inequality. Tax expert Arun Advani discusses the potential efficacy and risks of implementing a wealth tax.
A former new-age traveller who made his money in green energy and has donated to Just Stop Oil, he is part of the Patriotic Millionaires organisation who think it is high time people like them are asked to increase their contributions.
Rich people should pay more tax, and we can use that money to reduce inequality in our country.
A wealth tax could work in a way that addresses the dangers of sending millionaires fleeing from the UK, and it’s vital to consider if that would matter.
Rather than cutting the benefits bill or public spending, why not tax the wealthiest more?
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