The article discusses the challenges of implementing a wealth tax in the UK, as highlighted by economist Paul Johnson. Although there is increasing public support for such a tax in light of proposed welfare cuts, Johnson points out that no country successfully enforces a wealth tax that generates substantial revenue due to its complexity. The Labour party is facing pressure to consider a wealth tax instead of enacting cuts to welfare programs, particularly at a time when many disabled individuals are expected to lose their benefits.
Paul Johnson, the director of the Institute for Fiscal Studies (IFS), stated that a wealth tax is almost impossible to implement, highlighting significant administrative challenges.
Polling reveals overwhelming public support for a wealth tax, coinciding with Labour MPs calling for such measures instead of welfare cuts amid looming government spending reductions.
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