The Bunker – News without the nonsense Time to tax the mega-rich? – How a wealth tax might work
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Jul 30, 2025 Stephen Kinsella, a member of Patriotic Millionaires UK, passionately advocates for a wealth tax on the ultra-rich. He argues that taxing the wealthy could substantially reduce income inequality and raise vital funds for public services. Kinsella dispels myths about rich individuals fleeing the UK and highlights data showing their support for fairer taxation. The conversation explores the political feasibility of implementing such a tax and addresses the societal challenges posed by inherited wealth, making a compelling case for reform.
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Wealth Tax Targets Unearned Wealth
- A wealth tax targets unearned wealth and can reduce extreme wealth inequality effectively.
- Property, shares, and inheritance are often taxed at lower rates than wages, creating imbalance.
Millionaires Want Fairer Tax
- Stephen Kinsella explains many wealthy would pay more tax if everyone in their position did too.
- Patriotic Millionaires UK advocates wealth tax for fairness and collective contribution.
Wealth Tax Isn't Double Taxation
- Wealth tax is not double taxation because capital gains and inheritance often escape heavy taxes.
- Wealthy pay lower effective tax rates than low-paid workers, which is unfair.