"Paul Nowak, TUC general secretary, told the BBC that ministers should not "take anything off the table", including a conventional wealth tax, equalising capital gains tax with income tax, and higher levies on banks and financial institutions. "We need a progressive tax system - a tax on online gaming companies and gambling companies, a tax on windfall profits which the banks and financial institutions have seen over the last couple of years," Nowak said."
"Reeves has so far resisted demands for a broad-based wealth tax, but she has pointed to recent moves to tax private jets, second homes and capital gains as evidence Labour is already asking more of the wealthy. In a statement last month she said: "I think we've got the balance right in terms of how we tax those with the broadest shoulders. But any further decisions will be made at a budget in the normal way.""
The TUC calls on Chancellor Rachel Reeves to consider a package of wealth taxes in the autumn budget to raise extra revenue for public services. Proposals include a conventional wealth tax, equalising capital gains tax with income tax, higher levies on banks and financial institutions, and taxes on online gaming, gambling and windfall profits. The TUC highlights that Britain's big four high street banks made £46bn in one year and argues they can still be profitable while paying more. Reeves faces a potential funding gap up to £40bn and insists fiscal rules are non-negotiable, increasing pressure for tax rises.
Read at Business Matters
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